Board Members

New (and prospective) Board Members

Welcome to the Board, we are glad you are interested in serving as a Board Member. Below are the forms you need to fill-out, the issues you need to follow, and a reading list of the most important aspects of the work we do.  Please note that there are a number of requirements you must comply with as a Board member, the Statement of Financial Interests being the most important second to the number of trainings you must complete. Information regarding these requirements can be found below in the “Responsibilities”, and the “Forms . . ” sections.

Quick overview of board member commitment

• Maintain 6 to 9 education credits per year
  • Some online, some travel
• Monthly meetings from 8:30 to 11:30 am (end of month)
  • Read agenda the weekend before meeting
  • Participate in discussion and decisions regarding hiring investment managers
• Extra meetings 3-4 times per year
  • Hear and decide disability applications
• Generally be available to have casual conversations with members and retirees as they occur

FRRS Operations:

• List of Board members
• Selection/Election process of Board members
  • Prohibitions for Fifth Member position
• Election 2023
• History of ELECTION RESULTS
• Location, Staff, Hours, etc.
• Video of Meeting Room

General overview:

• Board Meeting Guidelines
  • Sample meeting agendas
• Regular Retirement Guide
• Disability Retirement Guide
• Retiree Rights and Responsibilities
• Beneficiaries and Survivors Guide

Responsibilities:

• PERAC – Board Duties
• Fiduciary Responsibility
• Board member Education
  • On-line Training
  • Available Webinars
• Ethics Certification
  • Summary of Ethics Law
• Open Meeting Guide book
• Open Meeting Law
• Standard Rules for Disclosure of Information

Investments:

• PERAC – Investment regulations
• PERAC – Understanding Investments
• PERAC – Investments Best Practices
• FRRS – Investment Policy

Actuarial Valuations:

• PERAC – Understanding a Actuarial Valuation
• FRRS – Actuarial Valuations
• FRRS – Assessments/Appropriations to employer units

Financial Reports:

• Monthly Budget Reports
• Annual Reports and Audits
• Asset Allocation

Rules and Regulations:

• MGL Chapter 32
• MGL Chapter 34B – Regional Retirement Systems (former county)
• PERAC – Regulations
• FRRS – Regulations
• Retirement Percentage Chart – Regular Members (Group 1)
• Retirement Percentage Chart – Public Safety (Group 4)

Forms to submit to State:

• Annual Eligibility Cerification
• Ethical Conduct (MGL 268A)
• Receipt of Open Meeting Law materials
• Conflict of Interest law Summary and Receipt
• Completion of State Ethics Online Training
• Statement of Financial Interest
  • 2016 Instructions only
  • 2016 Statement – Fill-in version

Forms to submit to the retirement office:

• Payroll Direct Deposit Form 
• New Member Enrollment Form (if needed)
• Dept. of Homeland Security I-9 form
• IRS Form W-4
• Mass. DOR Form M-4 (if needed)