funds

PERAC introduces a new dedicated PROSPER panel for retirement boards to electronically upload investment manager statements, starting with January 2025 cash books. This replaces the prior practice of submitting statements through various ad-hoc methods, centralizing documentation and streamlining cash book reporting. Boards only need to submit statements for non-PRIM investments; PERAC receives PRIM statements directly. Staff with the Finance role in PROSPER will have automatic access, and a user manual is attached.

PERAC requests that all boards submit actuarial data as of December 31, 2024 — covering active members, retirees/survivors, and disability retirees — via the PROSPER portal by March 31, 2025, using the standard PERAC record format. After submission, boards will receive data analysis reports through PROSPER identifying errors, warnings, and questionable items for review and correction. Boards scheduled for a 2025 PERAC actuarial valuation should have already received a separate data request.

PERAC distributes an updated April 2025 Tobacco Company List under Chapter 119 of the Acts of 1997, which prohibits retirement systems from making new investments in companies deriving more than 15% of revenue from tobacco sales. This list supersedes all prior versions and is effective upon receipt; boards must forward it to their investment advisors. PERAC will assess portfolios for compliance during audits, and any non-compliant investments must be divested in a prudent manner after consulting PERAC.

PERAC alerts boards to a recent attempted fraudulent capital call scam targeting a retirement board, in which an email impersonated an investment consultant employee to solicit a fund transfer; the attempt was caught due to staff vigilance. Additionally, an investment manager reported two fraudulent capital call attempts impersonating one of its own employees. Boards should verify all financial requests and correspondent identities, review Memo 30/2021 best practices, and report any cyber intrusion or attempted fraud to PERAC.

PERAC distributes an updated July 2025 Tobacco Company List, replacing the April 2025 version. The same statutory prohibition under Chapter 119 of the Acts of 1997 applies: retirement systems may not make new investments in companies deriving more than 15% of revenue from tobacco. Boards must forward the updated list to their investment advisors and confirm it supersedes any prior version they may be using.

This memo sets the 2024 "regular interest" rate at 0.1% for regular and additional deductions made after January 1, 1984, as required by G.L. c. 32, § 22(6)(b). The rate is derived from the average rates paid on individual savings accounts at a representative sample of at least 10 financial institutions. Boards must apply this rate to accumulated total deductions for refunds, retirements, and year-end crediting on December 31, 2024.

PERAC distributes the updated April 2024 Tobacco Company List, which supersedes all prior versions and is effective upon receipt. Under Chapter 119 of the Acts of 1997, retirement systems are prohibited from making new investments in any company that derives more than 15% of its revenue from tobacco product sales. Boards must forward the list to their investment advisors and, if any portfolio holdings are found to be non-compliant, must consult with PERAC before divesting in a prudent manner. The list covers more than 100 companies across roughly 30 countries.

PERAC distributes the updated July 2024 Tobacco Company List, which supersedes all prior versions and is effective upon receipt. Under Chapter 119 of the Acts of 1997, Massachusetts retirement systems are prohibited from making new investments in any company that derives more than 15% of its revenue from tobacco product sales. Boards must share the list with their investment advisors and, if any holdings are found non-compliant, must consult with PERAC before divesting. This mid-year update replaces the April 2024 list issued with Memo #10.

PERAC has issued PROSPER tasks to all boards for disability retirees who failed to file their 2023 Annual Statement of Earned Income (91A form) or who reported earnings that may require a benefit adjustment. Boards must provide written notice and a hearing opportunity to non-compliant retirees; benefits may be terminated after the hearing, subject to CRAB appeal. Boards are also asked to respond to upcoming "Salary Verification" tasks in PROSPER by entering 2023 pension and salary figures so PERAC can calculate whether each retiree is within their allowable earnings limit.

This memo provides the 3rd Quarter 2024 mandatory training schedule for retirement board members, who must earn 18 credits over their term and at least 3 per year. Key offerings include July and August webinars on open meeting law, fiduciary duty, and procurement, plus the PERAC Emerging Issues Forum on September 18 in Westborough (3 credits). PERAC is also launching a new New Administrator Training series, with the first session on August 21 in Northampton, designed for staff with fewer than five years of experience. All non-live-PERAC training requires a Training Affidavit submitted through PROSPER.

Chapter 141 of the Acts of 2024 (Salary Transparency Act), signed July 31, 2024, amends G.L. c. 32, § 5(2)(f) to exempt from the anti-spiking provision salary increases required under the Massachusetts Equal Pay Act (MEPA) and employer-wide "systemic wage adjustments," retroactive to July 1, 2018. Because DALA had previously ruled that MEPA increases were not exempt, some members had their retirement allowances improperly reduced. Boards must now identify affected retirees, recalculate their allowances, and pay a lump-sum correction plus correction-of-errors interest, offsetting any contributions that were previously refunded when anti-spiking was applied.

PERAC distributes the updated October 2024 Tobacco Company List, which supersedes all prior versions and is effective upon receipt. Under Chapter 119 of the Acts of 1997, Massachusetts retirement systems are prohibited from making new investments in any company deriving more than 15% of its revenue from tobacco product sales. Boards must share the list with their investment advisors and consult with PERAC before divesting any non-compliant holdings. This replaces the July 2024 list issued with Memo #14.

PERAC is transitioning the FY26 appropriation questionnaire and letter process entirely to PROSPER, replacing the prior paper/email workflow. Boards should complete and submit the questionnaire, which was sent via PROSPER, as soon as possible so PERAC can calculate and return the FY26 appropriation amounts under G.L. c. 32, §§ 22D, 22(6A)(b), or 22F. Two process changes to note: the 5-year projection page will no longer be included in the appropriation memorandum, and starting this year PERAC will only send the appropriation letter to the board — boards are responsible for forwarding copies to the appropriate governmental bodies.

PERAC distributes the updated January 2025 Tobacco Company List, which supersedes all prior versions and is effective upon receipt. Under Chapter 119 of the Acts of 1997, Massachusetts retirement systems are prohibited from making new investments in any company deriving more than 15% of its revenue from tobacco product sales. Boards must forward the list to their investment advisors and consult with PERAC before divesting any non-compliant holdings in a prudent manner. This update replaces the October 2024 list issued with Memo #24.

This memo announces that retirement boards will soon be able to submit Cash Books and Annual Statements entirely through PROSPER, including board approval of the Annual Statement within the system, with the new module expected to be available in March 2023. Boards are instructed not to submit 2022 Annual Statements until after the module launches and they have attended or viewed the training webinar scheduled for February 16, 2023. Staff who currently hold the disability role in PROSPER will automatically receive the new Finance role; additional staff needing access should submit the Individual Account Request Form to PERAC.

This memo sets the "regular interest" rate for calendar year 2023 at 0.1%, as determined by PERAC in consultation with the Commissioner of Banks based on the average rates paid on individual savings accounts at a representative sample of at least ten financial institutions, pursuant to G.L. c. 32, § 22(6)(b). This rate applies to accumulated total deductions and accrued interest for refunds and retirements credited during 2023, and to outstanding balances as of December 31, 2022 credited on that date. No action is required of boards beyond applying this rate in their calculations.

This memo transmits the April 2023 Tobacco Company List, which supersedes all prior versions and takes effect upon receipt, prohibiting retirement systems from making any new investments in companies deriving more than 15% of their revenue from tobacco products as required by Chapter 119 of the Acts of 1997. Boards must forward the list to their investment advisors (noting it is for Massachusetts public fund clients only), and PERAC will assess compliance during audits; any portfolio found out of compliance must be divested in a prudent manner after consulting with PERAC. The 15% rule is applied to pooled funds based on the overall pool, not individual holdings.

This memo transmits the July 2023 Tobacco Company List, which supersedes all prior versions and takes effect upon receipt, prohibiting retirement systems from making any new investments in companies deriving more than 15% of their revenue from tobacco products under Chapter 119 of the Acts of 1997. Boards must forward the list to their investment advisors (for Massachusetts public fund use only), and PERAC will assess portfolio compliance during audits; non-compliant portfolios must be divested in a prudent manner after consulting with PERAC. This is the second tobacco list issued in 2023, following the April 2023 list in Memo #9/2023.

This memo transmits the October 2023 Tobacco Company List, which supersedes all prior versions and takes effect upon receipt, prohibiting retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco products under Chapter 119 of the Acts of 1997. Boards must forward the updated list to investment advisors (for Massachusetts public fund clients only) and PERAC will verify compliance during audits; non-compliant portfolios must be divested prudently after consulting PERAC. This is the third tobacco list issued in 2023, following the April 2023 (Memo #9) and July 2023 (Memo #14) lists.

This memo transmits the updated text of PERAC's travel and expense regulations at 840 CMR 2.00, showing tracked changes to the existing rules governing retirement board member and staff travel, lodging, meals, and reimbursements. Notable revisions include clarified language on board authorization procedures for travel, updated provisions for mandatory resort fees (now potentially reimbursable if they include internet/Wi-Fi), updated credit card usage rules under the newly numbered § 2.11, and refined conflict-of-interest restrictions on third-party reimbursements. Boards whose supplementary travel regulations were approved by PERAC before June 6, 2003 remain valid, and boards may adopt updated supplementary regulations consistent with the revised CMR by submitting them to PERAC for approval.

This memo requests that retirement boards submit the annual appropriation data questionnaire by October 31, 2023, which PERAC uses to calculate FY25 appropriation amounts to be assessed against governmental units under G.L. c. 32, §§ 22D, 22(6A)(b), or 22F. Boards are strongly encouraged to submit through the PERAC website rather than by mail; the previously included five-year projection page has been discontinued, and boards needing to make pension reserve fund transfers should petition PERAC's actuary for approval under § 22(6A)(b). Timely submission is critical to ensure accurate FY25 funding schedule calculations.

This memo establishes PERAC's policy on the use of Outsourced Chief Investment Officers (OCIOs) by retirement boards, describing two permissible models: a "Proprietary OCIO" (which invests in the OCIO's own funds without asset limits) and a "Full OCIO" (which acts as a discretionary investment manager, limited to 10% of board assets). Boards selecting either type of OCIO must follow the same Section 23B procurement process as for any investment manager, and the OCIO must meet nine specific requirements, including fiduciary acknowledgment, flat-fee compensation, full disclosure submissions, and a board-approved process for reviewing manager selections. This memo supersedes Memorandum 18 of 2014 with respect to discretionary manager selections.

This memo transmits the January 2024 Tobacco Company List, which supersedes all prior versions and takes effect upon receipt, prohibiting retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco products under Chapter 119 of the Acts of 1997. Boards must forward the list to investment advisors (for Massachusetts public fund clients only), and PERAC will assess portfolio compliance during audits; boards found out of compliance must divest prudently after consulting PERAC. This is the fourth and final tobacco list issued in the 2023 memo series, replacing the October 2023 list from Memo #19/2023.

This memo alerts all retirement boards to an attempted cyberattack in which a fraudster impersonated a board administrator to obtain funds from the board's custodian. Boards are directed to implement secondary confirmation measures — including phone verification — for all financial and investment transactions, and to treat any messages expressing urgency or requesting wire changes with heightened scrutiny. PERAC urges boards to share the memo with their investment providers and immediately review transaction protocols.

This memo establishes the "regular interest" rate for calendar year 2022 at 0.1%, as determined by PERAC in consultation with the Commissioner of Banks pursuant to G.L. c. 32, § 22(6)(b). This rate applies to accumulated total deductions and accrued interest for regular and additional deductions made after January 1, 1984, and must be credited for all refunds, retirements, and outstanding year-end balances in 2022.

This memo requests that all retirement boards submit actuarial data for active members, retirees/survivors, and disability retirees as of December 31, 2021, by March 31, 2022. Data should be submitted in the standard PERAC record format via the Interchange File Transfer website to PER-edoc-Actuary@per.state.ma.us; after submission, boards will receive data analysis reports to review and correct errors before actuarial valuations are completed.

This memo transmits the quarterly Tobacco Company List dated July 2022, which replaces all previously issued lists and takes effect immediately upon receipt. Retirement boards are prohibited under Chapter 119 of the Acts of 1997 from making new investments in companies deriving more than 15% of revenue from tobacco products, and boards must forward this list to their investment advisors. PERAC will assess each board's portfolio for compliance as part of its audit process, and any non-compliant board must divest in a prudent manner after consulting PERAC.

This memo requests that retirement boards verify 2021 salary information for disability retirees through the PROSPER system to determine whether any retiree exceeded their allowable post-retirement earnings limit under G.L. c. 32, § 91A. Boards must enter each disability retiree's 2021 annual pension and current salary figures into PROSPER, which will calculate whether earnings thresholds have been exceeded. Where excess earnings are found, PERAC will issue an Excess Earnings letter and boards must notify the retiree and suspend the allowance until any overpayment is recovered.

This memo transmits the quarterly Tobacco Company List dated July 2022, which supersedes all prior lists and takes effect immediately upon receipt by retirement boards. Under Chapter 119 of the Acts of 1997, boards are prohibited from making new investments in companies deriving more than 15% of revenue from tobacco products, and must forward this list to their investment advisors for use only with Massachusetts public fund clients. PERAC will review each board's portfolio for compliance during audits and requires non-compliant boards to divest in a prudent manner after consulting PERAC.

This memo distributes the updated October 2022 Tobacco Company List, which replaces all previous lists and is effective immediately upon receipt. Under Chapter 119 of the Acts of 1997, retirement systems are prohibited from making new investments in companies deriving more than 15% of their revenue from tobacco products; boards must forward the list to their investment advisors and consult with PERAC before divesting any non-compliant holdings identified in PERAC's audit process.

This memo requests that retirement boards submit appropriation data by October 31, 2022, needed for PERAC to calculate FY24 appropriation amounts for all governmental units under G.L. c. 32, §§ 22D, 22(6A)(b), or 22F. Boards should submit the questionnaire through the PERAC website rather than by hard copy, and PERAC notes it will no longer include the five-year projection page in appropriation memos — future payment projections are available in each system's current funding schedule.

This memo distributes the updated January 2023 Tobacco Company List, which replaces all previous lists and is effective immediately upon receipt. Under Chapter 119 of the Acts of 1997, retirement systems are prohibited from making new investments in companies deriving more than 15% of their revenue from tobacco products; boards must forward the list to their investment advisors and consult with PERAC before divesting any non-compliant holdings identified in PERAC's audit process.

This memo transmits the second quarterly Tobacco Company List for 2021 (dated April 2021), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that the list supersedes all previously distributed versions effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after consulting with PERAC.

This memo transmits the fourth quarterly Tobacco Company List for 2021 (dated October 2021), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the updated list to their investment advisors, noting that it supersedes all prior versions and is restricted to use with Massachusetts public fund clients only. PERAC will assess board portfolios for compliance during audits, and any non-compliant board must divest in a prudent manner after first consulting with PERAC.

This memo distributes the January 2022 Tobacco Company List, which replaces all prior lists and takes effect upon receipt. Under Chapter 119 of the Acts of 1997, Massachusetts retirement systems are prohibited from making any new investments in stocks, securities, or other obligations of companies deriving more than 15% of their revenue from tobacco product sales; PERAC will assess board portfolios for compliance during its audit process and requires boards that are out of compliance to consult with PERAC before divesting.

This memo transmits the first quarterly Tobacco Company List for 2020 (dated January 2020), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo transmits the second quarterly Tobacco Company List for 2020 (dated April 2020), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo transmits the third quarterly Tobacco Company List for 2020 (dated July 2020), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo transmits the fourth quarterly Tobacco Company List for 2020 (dated October 2020), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo transmits the Tobacco Company List dated January 2021 (issued December 30, 2020), pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo transmits the second quarterly Tobacco Company List for 2019 (dated July 2019), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo transmits the third quarterly Tobacco Company List for 2019 (dated October 2019), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo transmits the first quarterly Tobacco Company List for 2018 (dated January 2018), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo requests that all boards submit active member, retiree/survivor, and disability retiree data as of December 31, 2017 via the PERAC Interchange File Transfer system by March 31, 2018. After submission, boards will receive data analysis reports to review for errors; boards scheduled for a 2018 actuarial valuation should have already received a separate data request.

This memo establishes the 2018 regular interest rate at 0.1% under G.L. c. 32, § 22(6)(b), determined from the average rates paid on individual savings accounts at a representative sample of financial institutions. This rate applies to accumulated deductions for refunds and retirements during 2018 and is credited on December 31, 2018 for balances outstanding as of December 31, 2017.

This memo covers several investment compliance reminders for retirement boards: contract relationships governed by § 23B must be re-bid before April 2019 (seven years from Chapter 176 of the Acts of 2011); boards must formally acknowledge SEC vendor disclosures at a board meeting with minutes reflecting the review; and accounting procedures for investment fees, carried interest, and ancillary expenses have been updated for 2018. Boards investing assets independently must submit annual reviews of investment objectives and asset allocation, including systems committed to PRIT or an OCIO strategy; RFP processes must not restrict entry to Massachusetts-only providers.

This memo transmits the second quarterly Tobacco Company List for 2018 (dated April 2018), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo transmits the third quarterly Tobacco Company List for 2018 (dated July 2018), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo alerts boards that investment side letter agreements increasingly contain provisions conflicting with Massachusetts Public Records Law (G.L. c. 4, § 7; c. 66). Boards are advised to include language in all side letters for limited partnerships, group trusts, and similar vehicles explicitly acknowledging that Public Records Law requirements supersede confidentiality provisions in the agreement. A sample side letter clause is provided.

This memo alerts boards to an active scam in which a fraudster impersonates a member to redirect their retirement allowance to a prepaid debit card account by submitting a direct deposit change with a routing number pointing to Green Dot Bank. PERAC is aware of one successful interception and two attempted ones, and urges boards to verify any direct deposit change requests directly with the member before processing.

This memo transmits the fourth quarterly Tobacco Company List for 2018 (dated October 2018), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo requests boards to submit FY2020 appropriation data by October 31, 2018, needed for PERAC to calculate governmental unit appropriation amounts under G.L. c. 32, §§ 22D, 22(6A)(b), or 22F. The questionnaire is available on the PERAC website; electronic submission is strongly preferred.

This memo reminds all § 23B investment service providers that "compensation, in whatever form" must be disclosed annually and in RFP responses, including non-cash arrangements such as directed brokerage, conference sponsorships, charitable or political contributions made at investor request, and economic interests in general partnerships. PERAC flags recent filings showing law firm economic interests contingent on fund-raising success as examples of arrangements that must be fully disclosed.

This memo provides procurement guidance as boards approach the April 2019 contract re-bid deadline under § 23B. Key reminders: RFPs must not exclude qualified vendors through minimum Massachusetts client counts, asset thresholds, or other bid-tailoring requirements that limit competition; award points for such criteria rather than using them as pass/fail gates. Boards are also strongly advised to conduct in-person interviews with finalists, as case law (Unisys) shows that interviews are a critical shield against breach-of-fiduciary-duty claims when investments later fail.

This memo transmits the Tobacco Company List dated January 2019 (issued December 14, 2018), pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.

This memo requests that retirement boards submit actuarial data for active members, retirees/survivors, and disability retirees as of December 31, 2016 by March 31, 2017, using the standard PERAC record format via the Interchange File Transfer website. Boards will receive data analysis reports after submission to help identify and correct errors prior to actuarial valuations. Boards scheduled for a 2017 valuation by PERAC should have already received a separate data request.

This memo formally establishes the 2017 regular interest rate for annuity savings accounts at 0.1%, as determined in consultation with the Commissioner of Banks pursuant to G.L. c. 32, § 22(6)(b). This rate applies to accumulated total deductions and accrued interest, must be used for refunds and retirements during calendar year 2017, and must also be credited on December 31, 2017 for outstanding balances.

This memo encourages retirement board administrators to attend PERAC's Annual Statement training sessions in early 2017, and covers several asset management reminders: the approaching April 2019 deadline for existing investment service contracts under Section 23B, the requirement to formally acknowledge annual vendor disclosures at board meetings with minutes reflecting the review, and the obligation to annually review and submit investment objectives and asset allocation plans whether invested directly, through PRIT, or via an OCIO strategy.

This memo warns retirement boards about an unsolicited investment event at Gillette Stadium sponsored by STS/LStar that some board members received invitations to attend. PERAC advises that retirement system assets cannot be directly invested in real estate, and that STS does not appear to be SEC-registered as required under PERAC's Placement Agent Policy. The memo also clarifies that MACRS did not sponsor or endorse the event.

This memo transmits the April 2017 Tobacco Company List, which replaces all prior versions and is effective immediately upon receipt. Under Chapter 119 of the Acts of 1997, retirement systems are prohibited from making new investments in companies that derive more than 15% of their revenue from tobacco products. Boards must forward the list to their investment advisors and PERAC will verify compliance through its audit process.

This memo transmits the July 2017 updated Tobacco Company List, which replaces all prior versions and is effective immediately upon receipt. Under Chapter 119 of the Acts of 1997, retirement systems may not make new investments in companies deriving more than 15% of their revenue from tobacco. Boards must forward the list to their investment advisors; PERAC will verify compliance during audits.

This memo reminds boards that investment service providers must file annual vendor disclosures with both the retirement board and PERAC under Section 23B of Chapter 32. Where a vendor has a relationship with a third party solicitor under SEC Rule 206(4)-3(b), the solicitor must also make disclosures directly to the board. Copies of all such disclosures must be submitted to PERAC via PROSPER as part of the Acknowledgement Process before any Acknowledgement Letter is issued.

This memo requests that retirement boards complete and return the appropriation data questionnaire by October 31, 2017 so that PERAC can calculate FY19 appropriation amounts for all governmental units under G.L. c. 32, §§ 22D, 22(6A)(b), or 22F. Boards are encouraged to submit the questionnaire online via the PERAC website; questions should be directed to PERAC actuary Jim Lamenzo.

This memo transmits the October 2017 updated Tobacco Company List, which replaces all prior versions and is effective immediately upon receipt. Under Chapter 119 of the Acts of 1997, retirement systems may not make new investments in companies deriving more than 15% of their revenue from tobacco products. Boards must forward the list to their investment advisors; PERAC will verify compliance during its audit process.