procurement

PERAC issues expanded administrative reminders covering asset management and a wide variety of retirement board activities. Key topics include: Section 23B contract expiration (April 2019 marks the seven-year term limit for many existing service provider relationships, requiring new searches); cash book submission requirements (complete packages including Trial Balances and Adjusting Journal Entries due within four weeks of month-end); monthly financial reporting to the board; vendor selection and RFP compliance under Section 23B; child support enforcement obligations before releasing accumulated deductions; management fee disclosure and accounting on Schedule 7; board meeting minutes requirements under the Open Meeting Law; executive session minutes handling; and the correct interest rate to use for refunds involving members who transferred from another system.