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[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” min_height=”686.7px” custom_margin=”||24px|||” link_option_url=”https:\/\/pretty-violet-bear.209-59-156-6.cpanel.site\/wp-content\/uploads\/2022\/07\/Annual-Stmt-2021.pdf” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
\u00a0The board would like 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\u2019s 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.<\/span> For further financial information you can reference the following sites that you will need to copy and paste into your browser:<\/span><\/span><\/p>\n 1) Actuarial Valuation & Review as of January 1, 2022<\/a><\/span><\/span><\/p>\n 2) Prim June 30, 2022 HCRB<\/a><\/span><\/span><\/p>\n 3) HCRB Powers & Sullivan Financial Statements as of 12\/31\/2022<\/a><\/span><\/span><\/p>\n 4) HCRB Powers & Sullivan Management Letter as of 12\/31\/2022<\/a><\/span><\/span><\/p>\n 5) HCRB Governmental Accounting Standards Board Stmts 67 & 68 as of 12\/31\/2022<\/a><\/span><\/span><\/p>\n 6) <\/span><\/span><\/a>HCRB RRS Actuarial Valuation & Review as of January 1, 2022<\/a><\/p>\n 7) <\/span><\/span><\/a> PRIT Fund Performance – HCRB 2023<\/a><\/p>\n 8) MASS Prim Presentation<\/a><\/span><\/span><\/p>\n 9) MASS PRIM Hampden County<\/a><\/span><\/span><\/p>\n 10)<\/span><\/span><\/a> GASB 67\/68 Actuarial Valuation as of December 31, 2023<\/a><\/p>\n 11) <\/span><\/span><\/a>HCRB Actuarial Valuation as of January 1, 2024<\/a><\/p>\n
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.<\/span><\/span>The Retirement System is governed by a five-member Retirement Board, made up of two elected members, one member appointed by the member unit treasurers, one member appointed by the Board and a chairman also appointed by the Board. This retirement system is subject to the provisions of Chapter 32 of Massachusetts General Laws. Our system, as well as all of the 105 other retirement systems in Massachusetts, is overseen by the Public Employee Retirement Administration Commission (“PERAC”).<\/span>
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<\/span>This is a defined benefit plan. That means that a specific formula based upon a member’s age, retirement service credit, and highest three or five consecutive year’s average salary are used to determine a member’s gross retirement allowance. This is a guaranteed lifetime benefit.<\/span><\/p>\n