|| Board Members, Meeting Dates and Posted Monthly Meeting Agenda
|The recent audit by PERAC for the period 1/1/2014-12/31/2017 is not the only audit that the board has had. Powers and Sullivan is an outside, independent auditor who provides services to the board and completes their own audit of the system and the financial condition of the system. The latest audit from them is dated 12/31/2019 and this is their opinion:|
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Hampden County Regional Retirement System as of December 31, 2019, and the results of its operations and changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Finally, I want to assure all of the active and retired members of the Hampden County Regional Retirement System that the assets of the system for the last 10 years have exceeded the boards assumed rate of return. For the period beginning 01/01/2011 the market value of the board’s assets were $223,619,249. Now, as of 12/31/2020, the ending marking value is $456,402,793. An average rate of return of 8.8% for this 10-year period.
As a board, we are very proud of this more than doubling of the assets for this 10-year period of time. This will help to ensure that the board continues on its current funding schedule which has been established to have the system fully funded by June 30, 2036.