Outlook Newsletter Fall 00

8 Pages·2000·0.25 MB·English

by  Massachusetts Port Authority

Outlook
Vol. 1, No. 2 Published by the
Fall, 2000 Massachusetts Port
Authority Employees’
Retirement System
(MPAERS)
FOCUSING ON RETIREMENT ISSUES FOR MASSPORT EMPLOYEES PAST AND PRESENT
Tickets Available for Globe Money Matters Conference
T
he Retirement System is pleased to offer members a chance to attend the Boston Globe(cid:213)s
upcoming Money Matters Personal Finance Conference and Expo. The conference takes
place on Saturday, November 18, 2000 from 8:00 a.m. to 4:00 p.m. at the World Trade
Outlook for Fall Center Boston.
The unique feature about this conference is that attendees can choose from seven different
BY LISA ALLEN BROWN, tracks depending on their personal interests and level of investment knowledge. Keynote Speakers
MANAGING EDITOR include Morningstar CEO Don Phillips and Social Security Commissioner Kenneth S. Apfel.
T We hope that by attending, members will be motivated to start (or continue) focusing on their
he response to the
financial outlook and planning for the future. Tickets will be distributed on a first come first served
first issue of Outlook
basis. You should have received a flyer in early October. Any employee or retiree who is interested in
was terrific! The
attending should contact Lisa Allen Brown at 617-568-3903. More information about the event can
retirement system is
also be accessed at www.boston.com/moneymatters.
grateful for your feedback
and we welcome your
comments and suggestions.
Money Matters 2000 Tracks
Fall brings a host of
new topics including
tickets to the upcoming A. Financial Independence E. Planning for Retirement
Boston Globe Money • Get Out of Debt • Getting the Most From Your 401(k)
Matters Conference that • Making Ends Meet: Budgeting and • Rethinking Retirement Planning
Planning • How Much Is Enough?
we are very excited to offer!
• Squeezing More From Less • Annuities—Good or Evil?
For Your Benefit also • Picking a Mutual Fund
covers Medicare
reimbursement and
deferred comp issues. Don(cid:213)t B. Getting Started F. Living in Retirement
miss the Legislative • How to Find the Right Mutual Fund • Managing IRA Withdrawals
Update postings about • The 7 Most Costly Mistakes Investors • Long-Term Care Insurance: Who Needs It?
Make • The Truth About Trusts
survivor news and the
• Saving for College • What’s Next? Financial Decisions for the
Pension Reform Act. Get to • The Right Way to Hire Financial Help Rest of Your Life
know Leslie Kirwan in a
special feature. Plus, get
motivated with Ahead of C. Intermediate Investing G. Online Investing
• Evaluating Your Fund Portfolio • Picking an Online Broker
the Game(cid:213)s Bob Reyes and
• Stock Research & Analysis • Mutual Fund Investing on the Internet
Retired Life(cid:213)s Shirley
• Assessing Your Risk Tolerance • Using the Net as a Research Tool
Cesvette. Then get
• Buying Stocks Without a Broker • Investing in Internet Stocks
connected to info about
insurance, medicare,
mutual funds and more D. Advanced Investing s
with Web Watch. • Alternative Investment Strategies: FREE Tickets!
We hope you enjoy Beyond Mutual Funds Call Lisa at
this issue of Outlook. This • Tax-Efficient Investing 617-568-3903.
• Does Asset Allocation Really Work?
newsletter is for you—so let
• Wealth Preservation
us know what you think!
1
For Your Benefit
Aetna Reps(cid:209)Appearing Live and In Person
R
epresentatives from Mongiello). If any department office hours with Aetna reps,
deferred compensation or facility has questions or please call Lisa Allen Brown Get Out and Vote!
plan administrator, Aetna concerns about scheduling in Retirement at x3903.
The presidential election
Financial Services, are available
is November 7 and there
to meet with employees and
are many retirement issues
Medicare Reimbursement for Retirees
retirees on a one-on-one basis.
on the table affecting
Anne Gately has been assigned
Did you know that both you and your spouse could be everyone(cid:213)s lives, young
to the Logan Office Center and
reimbursed for the $45.50 monthly premium you pay to Social and old. Cast your vote to
Scudder Sinclair will be
Security for Medicare Part (cid:210)B(cid:211)? impact the future of social
visiting the Fish Pier. For an
Many retirees take advantage of this subsidy, but there are security, long term care,
appointment to meet with
probably some of you who aren(cid:213)t. To be eligible for the medicare and prescription
either Anne or Scudder, please
reimbursement you must have both Medicare Parts (cid:210)A(cid:211) and (cid:210)B(cid:211) drug costs, as well as
call them directly at (617) 328-
which you should apply for prior to your 65th birthday. For those managed health care
8868 (ext. 226 & ext. 217
of you who have Blue Cross (Medex III), contact Loren Riley in among other things.
respectively). For Aetna
Massport(cid:213)s benefits unit at 617-568-3920 about receiving a Call your local election
customer service you may call
reimbursement check from Massport in March and September office for more information
1-800-584-6001.
each year. If you have any other type of GIC plan, including an about getting to the polls.
Hanscom will be
HMO, you should contact the Group Insurance Commission(cid:213)s If you can(cid:213)t make it there,
represented by Aetna(cid:213)s John
retirement unit about this benefit. The GIC sends out checks ask about voting with an
Mongiello (not to be confused
once a year in August and can be reached at 617-727-2310 x806. absentee ballot.
with Massport(cid:213)s John
Legislative Update
Key Changes in Retirement Law
Survivors Can Remarry Senate to Review
Illustrating a sign of the times, Pension Reform Act
an outmoded retirement law The U.S. House of
was changed recently when Representatives recently
Governor Cellucci signed the passed The Comprehensive
FY2001 state budget into law Retirement Security and
on July 28. Under the previous Pension Reform Act and at rollovers from the 457 plan Better Benefit for
law, in certain circumstances, press time it was moving to other deferred comp Some Survivors
when the spouse of a deceased through the U.S. Senate. plans including IRAs; Also changed under state law
member chooses to remarry, his Key provisions in the bill more generous catch-up is an improved benefit for
or her pension benefits would would affect everyone who contribution provisions; and surviving beneficiaries of
be reduced or eliminated. This participates in the deferred using 457 deferred comp some members who die before
important legislation, effective compensation plan at funds to purchase service retirement. These beneficiaries
July 1, 2000, gives all survivors Massport. These include credit in a defined benefit will receive increased benefits,
the right to remarry without increasing the maximum plan (like your Massport compared to what they would
facing the loss of pension contribution to a 457, 403(b) retirement system). We will have under the old law. This
benefits. This does not apply to or 401(k) plan to $15,000 keep you updated on any change affects applications
benefits terminated or reduced (phased in over 5 years). It changes in this important filed on or after February 1,
prior to that date. also includes: allowing federal legislation. 2000.
2
Ahead of the Game
It’s Never Too Late
M
ore than half personal retirement account to
of all U.S. which he makes annual
households have contributions and participates
saved less than they should for in the deferred compensation
a comfortable retirement program using its (cid:210)catch-up(cid:211)
according to a recent study by provision. This provision
the Consumer Federation of allows for employees nearing
America in Washington, D.C. retirement age who did not
Procrastination is natural, always participate in deferred
especially considering that for comp to contribute more than
many people retirement seems the maximum allowed, making
a long way off. up for lost time. You can make
When asked how he (cid:210)catch-up(cid:211) contributions for up
became motivated about to three years.
financial planning, Bob Reyes
of Massport(cid:213)s planning & Free Advice
development department says, It seems that Bob can(cid:213)t
(cid:210)I think hitting 50 was a recommend this program
motivation.(cid:211) Many of you may enough. (cid:210)Join the deferred
share Bob(cid:213)s sentiments. comp program yesterday!(cid:211) he
The reality is that most of says. (cid:210)Put away something
us will retire at some point and every week. If you possibly can,
Massport’s Bob Reyes shares his plans with us.
should plan accordingly. For max out your contributions as
Bob, who is the assistant soon as possible. Compound
director of transportation & interest works miracles.(cid:211) potential dates before we got too late to start.
land use planning, the reality Because of his aggressive married.(cid:211) Who knows which If you know someone at
set in with middle age. He savings plan Bob seems to be topics are more worthwhile in Massport who is Ahead of the
started meeting with financial ahead of the game. One of the the end, but one thing is for Game (cid:209) or maybe you are,
planners to strategize for reasons he attributes this to is sure (cid:209) when it comes to yourself (cid:209) please call Lisa
retirement. (cid:210)It(cid:213)s a bit scary, the fact that he has no children. retirement planning, it(cid:213)s never Allen Brown [phone].
especially after retirement (cid:210)I am dumbfounded at how
planners told me that I should much money my colleagues are
have enormous amounts of laying out to educate their Nest Egg vs. Empty Nest
money saved to continue the children. I do not face that
standard of living I have now.(cid:211) burden, so I am able to save
According to the May 2000 issue of Mutual Funds
aggressively when many others
magazine, many adults fail at planning a secure
The Plan are actually taking on more
retirement because of emotional reasons. One of the
Bob has structured his debt.(cid:211) He has an advantage
biggest offenders is GUILT. Many people might feel
mortgage so that it will be paid over many of his colleagues
off by the time he turns 60. He who are struggling with this guilty funding their own retirement savings over their
has been at Massport for 15 issue. kid’s college fund. However, experts are quick to point
years which means he is vested Most of Bob(cid:213)s friends out that, while children have a wide variety of
in the retirement system and are also thinking about
resources to use when finding a way through school–
plans on collecting a benefit retirement, (cid:210)Now at parties
no loans are available for retirement.
once he retires in his early to we talk about investments
mid sixties. Bob also has a the way we used to talk about
3
Retired Life
Shirley Cesvette Goes From Investments to Manicures
S
hirley Cesvette portfolio worth $350 million However, as soon as she California. Now her son
didn(cid:213)t waste much at that time. retired, Shirley started Anthony helps out, enabling
time after she retired While at the Authority ironing out her ideas and Shirley to take a day off.
from Massport in 1996. Shirley was able to take began planning for the salon Eventually, she will take more
Shirley retired in July and by advantage of an early form of business she and her husband time to enjoy her retirement,
December she had opened her tuition reimbursement and had talked about opening. likely turning the business
own business (cid:209) a nail salon studied at Northeastern over to her children.
called Ing(cid:142)nue off of posh University. (cid:210)It was a pilot Retirement Is Hard Work Shirley also spends a
Newbury Street in Boston. program,(cid:211) recalls Shirley. After their first year, Ing(cid:142)nue good deal of time with her
Before she became a nail (cid:210)Northeastern came to was awarded Boston three grandchildren (cid:209) two
expert, Shirley spent more Massport and asked if there Magazine(cid:213)s prestigious (cid:210)Best boys, ages 14 and 4 and one
than 25 years working at were any women interested in of Boston(cid:211) award. Shirley, who girl, age 10. The kids get a
Massport under the esteemed going back to school. I said had taken courses at Blaine kick out of coming to the
leadership of now-retired (cid:212)yes(cid:213) and I went back.(cid:211) and is a certified nail salon and her granddaughter
treasurer George O(cid:213)Brien. After her long and technician, used to do her especially likes to visit and
Starting out as a bookkeeper fruitful Massport career, clients(cid:213) nails but now focuses help out. When not sorting
in the Keystone Building, Shirley decided it was time to her energy on the business through bills to keep the
Shirley worked her way up move on. This was not an easy side. (cid:210)I do the paperwork,(cid:211) supplies stocked and pedicure
and eventually retired as parting. (cid:210)It was devastating,(cid:211) she says. Shirley(cid:213)s daughter stations up and running,
investment manager. She she says. (cid:210)I missed all of my Keya managed the salon until Shirley found time to travel
managed an investment friends at Massport.(cid:211) recently, relocating to home to Jamaica, as well as to
Atlanta, Las Vegas and
Mexico.
Shirley offers sage advice
about life after retirement,
(cid:210)Find something to do to be
After their first year, away from the house. It can be
anything. I(cid:213)m an accountant
Ing(cid:142)nue was awarded
(cid:209) this was way off (cid:209) but it(cid:213)s
Boston Magazine(cid:213)s good!(cid:211)
So the next time you(cid:213)re
prestigious
daydreaming about the golden
years of retirement, think
(cid:210)Best of Boston(cid:211)
about what you(cid:213)ll actually do
award. once you retire. Have a plan.
It can be anything, as Shirley
has shown us. Maybe you(cid:213)ll go
from being a toll officer to a
gourmet chef or from being an
administrator to an opera
singer, or maybe you(cid:213)ll spend
every day on the golf course.
Whatever you decide,
remember the bottom line is
Shirley Cesvette that you should enjoy
Retired Massport Employee yourself.
4
Board Member Profile
She Who Holds the Purse Strings
C
ould the color of great team in place that can
money clash with accomplish that.(cid:211)
Leslie Kirwan,
Massport blue? (cid:210)The treasurer-custodian
treasurer-
There is a delicate balancing of the retirement system is
custodian of
act that must be performed to the person who is chiefly Massport’s
ensure Massport(cid:213)s initiatives concerned with the Retirement
are funded, facilities are safekeeping of the financial Board.
operating, employees and assets of the system,(cid:211) says
vendors are paid and runways Leslie. This is, of course,
get plowed. Some people necessary to make certain
might not take time to stop every member is able to
and think about the big access the retirement funds
picture, financially, and what that he or she depends on and opinions shared and different financial stability and
it all means. Leslie Kirwan deserves. Although primarily interests represented by each continuing to look at other
does this on a daily basis. focused on safeguarding those board member, pushing them innovations we can achieve,
At Massport Leslie performs assets, she emphasizes that to work harder to accomplish both financially and from a
a dual role serving both the each member of the a desired result and, in the member services/benefits
Authority and the Retirement Retirement Board needs to end, achieving an essential perspective.(cid:211) When asked
System. have the interests of members balance. (cid:210)It is logical that I what she would change about
in the front of their minds. would be most concerned the retirement system, Leslie
Multi-tasking about finances. Not everyone answers, (cid:210)I wish we had
Leslie is director of Fresh Perspectives on the Board has to have the more flexibility to customize
administration and finance/ There are times when the exact same perspective.(cid:211) benefits to better match our
secretary-treasurer of retirement board members Leslie(cid:213)s goals for the needs. I think the
Massport and has served as don(cid:213)t necessarily agree on retirement system include, Commonwealth(cid:213)s pension
treasurer-custodian of the certain issues. However, (cid:210)staying at the forefront of all legislation may need to be
Retirement Board for three Leslie is quick to point out Chapter 32 systems, adjusted to something other
years. (cid:210)It is my job to balance the necessity of having diverse maintaining excellent than a one-size-fits-all
the financial interests of the structure, recognizing the
Authority with those of the fact that long-term employees
Retirement System,(cid:211) says Preserving Your Health (Insurance) and short-term employees
Leslie. have different needs, as well
One of the most valuable and unique aspects of a
In her position at as the fact that different
Massport pension is the continuation of coverage for
Massport, Leslie faces many agencies have different
challenges. (cid:210)Massport is in a health benefits. Leslie Kirwan reports that Massport’s needs.(cid:211)
period of extensive budget contains funds for a study analyzing the costs
expansion. It(cid:213)s the A&F of pre-funding retirees’ health insurance. As Dave The Buck Stops Here
department(cid:213)s role to make Davis mentioned in the last issue, pre-funding health Leslie does not spend her
sure we have the resources as weekends poring over
insurance is an important endeavor the Authority can
an authority to carry out our financial documents (usually)
bring about to safeguard this crucial benefit in the
goals,(cid:211) notes Leslie. (cid:210)The and instead spends much of
years to come. The Retirement Board has had this
challenge is to do that in a her free time doing activities
way that is professional, as one of its priorities for some time now, and the with the kids. As far as
innovative, and at the highest funding of the study by Massport represents the first knowing what their mom
level of efficiency and concrete step towards achieving this goal.
integrity. Fortunately, I have a
• Continued on page 6
5
Web Watch
For those of you who have access to the Internet, there is a wealth of information to be found there.
In this section we will highlight web sites that we have found helpful, informative, interesting or just plain fun.
d
ª Insurance up the Wazoo Starting Out Small A Female Perspective
For loads of helpful articles Teachers Insurance and Addressing concerns of the
on a wide variety of insurance Annuity Association - female population is the
issues go to www.insure.com. College Retirement Equities Women(cid:213)s Financial Network
Just a sampling includes: Fund (TIAA-CREF) is a located at www.wfn.com.
You can read Outlook (cid:210)When to Add Your Teen leading financial services This site provides a wide
on line at massport.com! to Your [Auto] Policy,(cid:211) organization that has served variety of articles on
Click on About Massport (cid:210)Annuities 101,(cid:211) and even a the world of educators for financial planning issues
and then Retirement (cid:210)Life Expectancy Calculator(cid:211) more than 80 years. However, that relate to women as well
Information to find the and (cid:210)Burglary Prevention some of their services such as discussion groups and a
newsletter link or, to be Tips.(cid:211) In 1999 the site was as mutual fund IRAs are question & answer section
more specific, go to featured in U.S. News & available to the public. One covering many different
massport.com/about/ World Report(cid:213)s (cid:210)Best of the distinct aspect of TIAA-
retir_newsl.html. Web.(cid:211) The best part being CREF is the low minimum
that they are not selling investment required to open
insurance so you can count a mutual fund IRA. For the
Purse Strings on receiving unbiased new investor, it might be
consumer information. worth checking into
Continued from page 5
www.tiaa-cref.org and
does for a living, Andy, 12 and looking under Mutual Funds.
Chris, 7 are interested in what The initial investment is
they believe is the coolest $250 per fund, but if you
aspect of her job (cid:209) the airport. are willing to have them topics. Categories include
Among other things, Leslie withdraw the money Single & Striving, Financing
loves to read mysteries and automatically from your Family and Retiring Smart
recently discovered quilting. checking account, the among others. Another
For other parents who, like minimum to get started is special feature is the
Leslie, are doing their best to $25. It could be a good financial workbook that the
manage work and family life, remedy for those of us who site provides. To access it
she advises, (cid:210)Teamwork is procrastinate! you must become a member
essential.(cid:211) Leslie(cid:213)s husband, (free other than providing
Ken, takes on a great deal of A Medicare Resource them with your e-mail
responsibility, helping them to address and some basic
Medicare has its own official
achieve balance. information like your zip
web site located at
As far as retirement goes, code). The workbook lets
www.medicare.gov. The
the one thing that Leslie wants you browse through the site
site offers basic information
to convey to everyone is that and save useful articles,
about Medicare, but also has
it(cid:213)s a shared responsibility calculators and worksheets
some useful tools such as the
between each member and the along the way. Don(cid:213)t forget
(cid:210)Nursing Home Compare(cid:211) that
Authority. (cid:210)It is important that to check out your money
includes a (cid:210)Guide to Choosing
we each take every opportunity horoscope before you leave!
a Nursing Home(cid:211) and the
to save and to develop a
(cid:210)Nursing Home Checklist.(cid:211)
financial plan that will
Another helpful link might be *Legal note: The Retirement System is not responsible for the content of
supplement our pensions.
their (cid:210)Top 20 Questions from these web sites or for the accuracy and completeness of any information
None of us should take a
the Medicare Help Line.(cid:211) contained in them.
passive role in planning for
retirement.(cid:211)
6
Lookout Transitions
The views expressed here are those of each individual and do not necessarily H Congratulations
reflect the views of any other members of the Retirement Board.
Congratulations to our recent
retirees!
When is a benefit not a benefit?
Answer: When you pay for it yourself. Richard Foley 3/1/00
Elizabeth Sposato 3/1/00
BY PHILIP MALLETT
Paul Jennette 5/1/00
I Carolyn Gedutis 6/1/00
f you were hired on or after 32. Because the employee 1) Have legislation passed that
Joseph Halligan 6/1/00
July 1, 1998 you are funding contribution is approximately would require Massport to
Toni Esposito 8/1/00
your own retirement five million dollars per year and make an annual contribution to
Zahida Mohammed 8/1/00
benefits. Starting in fiscal year our investment income is at the retirement system, or
Nancy Barnhart 9/1/00
1999 Massport was not required least 8% of our total portfolio 2) Convince the Massport
to make a contribution to the or approximately 20 million Authority Board of Directors to
ƒ Condolences
Massport Authority dollars, our funding schedule make the employees(cid:213)
Employees(cid:213) Retirement System. is satisfied by keeping our contribution in any year that We regret to inform you that
Unlike most other state system over funded. Massport the Authority is not required to the following retirees have
systems, Massport as the by law is not required to make make a contribution. passed away.
employer does not have a set any contribution. If Dave Davis and I could Kenneth Anderson
contribution rate per employee. For this year or the years accomplish one of the above, Ed Bradley
Instead the Port Authority(cid:213)s to come, I think there are a few then—and only then—could we Herman Culp
contribution is set by a funding alternatives to the way our call our retirement plan a Robert E. Kirby
schedule required by Chapter retirement system is funded: benefit. Thomas Manning
John McNamara III
Francis Noonan
Another Perspective
Kenneth Thomas
We also offer our condolences
A View from the Top to friends and family of Edward
Aiello, formerly of Logan
BY LESLIE KIRWAN Airport’s Facilities Department.
M
assport(cid:213)s Davis(cid:213)s leadership by the way, are inequities that we need to
retirement was the first Massachusetts work on, but the contribution
¤
benefits are public agency to begin a funding rates are set by statute and a
Hot Gossip
second to none of the 106 public program for its pension costs. change requires legislation.
The retirement
pension systems in the Over the years, rather than pay Maybe Phil(cid:213)s right in one sense,
system is sponsoring a
Commonwealth governed by the minimum possible, it took a though. Maybe it(cid:213)s time to move
financial planning library
Chapter 32, the state pension conservative approach to ensure to a defined contribution plan on
to be housed in the
law. Criticizing the Authority that there would not be a an optional basis for those who
retirement office at the
because its pension contribution shortfall in later years, like now. want it. That(cid:213)s a discussion that
LOC—stay tuned for
rate was $0 this year is like being And they were so right. That we, as a retirement board, can
details in the coming
mad at our parents because they extra investment earned extra help promote. But keep in mind
weeks!
paid off the mortgage. (cid:210)OK, Mom money because of a great stock that there(cid:213)s no free lunch. Right
n
and Dad, since you(cid:213)re not paying market. Now we(cid:213)re reaping the now, the Authority is obligated
for my room anymore, you rewards. That(cid:213)s not bad, that(cid:213)s to pay the benefits defined in Good News
should rent me an apartment. good! We shouldn(cid:213)t be griping Chapter 32 for all of our The Massport Retirement
And don(cid:213)t forget to raise my about good financial members regardless of what System received a clean
allowance because I(cid:213)ll be paying management in government, happens in the stock market. In a report after the Public
my own light and heat.(cid:211) we should be celebrating it. defined contribution plan, on the Employee Retirement
The reason that the This doesn(cid:213)t mean that the other hand, a stock market crash Administration
Authority(cid:213)s contribution rate is system is perfect. I think that all could mean no pension. Still, Commission (PERAC)
$0 this year is that it prefunded of us would agree that the let(cid:213)s have the dialogue. completed its periodic
these costs in earlier years. In contribution rates for our newer But let(cid:213)s not distort the audit this past Spring.
1979 the Authority, under Dave employees are too high. These facts!
7
Calendar
The Difference between Us & the T OCTOBER
26 Board Meeting: Logan Office Center
M Board Room, 10 a.m.
edia attention surrounding the MBTA(cid:213)s pension plan
brought some highly questionable practices to light, 27 Retirement checks mailed
prompting Massport(cid:213)s Leslie Kirwan & Irene Moran to e-mail NOVEMBER
active members about the safeguards in place to ensure these 10 Veterans’ Day (celebrated): Massport
kinds of things would not happen here. Here(cid:213)s a recap for anyone
offices closed
who missed it.
18 Money Matters Conference, World Trade
¥ Unlike the MBTA, the retirement board investment decisions are
open to full public scrutiny. In addition to State Ethics laws, our Center, Boston. Tickets purchased, call
Retirement Board is subject to the open meeting and public 617-568-3903 to reserve a seat
records disclosure laws.
23 Thanksgiving Day: Massport offices
¥ Under M.G.L. Chapter 32, which governs the Retirement
closed
Board(cid:213)s actions, all investment decisions are regulated by the
Public Employee Retirement Administration Commission 27 Retirement checks mailed
(PERAC). The MBTA Retirement Board does not fall under the 29 Board Meeting: Logan Office Center
same set of laws.
Board Room, 10 a.m.
¥ Our investment options are limited to mainstream investments
DECEMBER
that would not give rise to potential conflicts. For example,
state investment regulations prohibit us from issuing loans to 20 Board Meeting: Logan Office Center
employees or individuals and from direct purchase or lease of Board Room, 10 a.m.
real estate. 21 Retirement checks mailed
¥ Our experienced and well-known investment consultant,
25 Christmas Day: Massport offices closed
Wilshire Associates, assists the Board in developing our
JANUARY
investment policy including an asset/liability study and asset
allocation plan. 1 New Year’s Day: Massport offices closed
¥ When hiring a new investment manager, competitive bidding 26 Retirement checks mailed
practices are followed and board members collaborate with our
31 Board Meeting: Logan Office Center
consultant to determine if the manager is qualified, resulting in
Board Room, 10 a.m.
first-tier firms managing the money of Massport(cid:213)s Retirement
System.
If you have any questions or concerns about the Retirement * Meeting schedules are subject to
System(cid:213)s investment policy or its holdings, please contact us at
change.
[phone].
Retirement Board & Staff
Outlook is published Managing Editor Retirement Board
quarterly by the Lisa Allen Brown James P. Costello, Chairman
Massachusetts Port [email protected] David W. Davis, Elected Member ([email protected])
Authority Employees’
Michael A. Grieco, Appointed Member
Contributors
Retirement System
Leslie Kirwan Leslie A. Kirwan, Treasurer-Custodian (ex officio)
(MPAERS)
Phil Mallett Philip H. Mallett, Elected Member ([email protected])
Irene Moran
One Harborside Drive
Paula Andrus, Human Resources Retirement Office Staff
Suite 200S
Irene E. Moran, Retirement Administrator ([email protected])
Boston, MA 02128 Design
Nancy Wong, Financial Services ([email protected])
[phone] Colvin/Williams, Inc.
Lisa Allen Brown, Member Services ([email protected])
Photography
Bruce DiLoreto Laura E. Barbosa, Coordinator ([email protected])
8