reporting

PERAC is alerting boards to a fraud attempt where a bad actor used stolen personal information (name, date of birth, last four of SSN) to create a self-service portal account for a retiree and then requested a direct deposit change. The attempt was thwarted when the board independently contacted the retiree to confirm the request, which the retiree denied. Boards should review their security procedures, including: requiring matching email/phone on file to create portal accounts, fully hiding bank account numbers on deposit notices, reviewing IT quarantine procedures, and periodically auditing new portal account creation.

PERAC is requesting boards submit actuarial data for active members, retirees/survivors, and disability retirees as of December 31, 2025, by March 31, 2026 via the PROSPER portal in standard PERAC record format. Boards scheduled for a 2026 actuarial valuation by PERAC should already have received a separate request. After submission, boards will receive data analysis reports through PROSPER identifying errors and questionable items requiring review or correction.

PERAC's Q2 2026 training memo lists educational opportunities from April through June 2026 for retirement board members, including PERAC webinars on Recent Cases of Interest (April 30) and History of Call Fire and PIPOs (May 12), the NCPERS Annual Conference in Las Vegas (May 17–20), and the MACRS Spring Conference in Springfield, MA (May 31–June 3) offering up to 9 credits. Board members must register via PROSPER and submit Training Affidavits for non-PERAC sessions. Note: the MACRS Spring Conference location has changed to Springfield this year.

PERAC has filed proposed amendments to 840 CMR 6.00 (Standard Rules for Disclosure of Information) to align the regulations with the Public Records Law and Fair Information Practices Act. Key changes include: deleting 840 CMR 6.05 (Notice to PERAC); amending 840 CMR 6.08 to require written member consent before a retirement file may be provided to that member's employer; and renaming 840 CMR 6.13 to direct boards seeking public records guidance to contact the Public Records Division directly rather than requesting a formal advisory opinion. A remote hearing is scheduled for May 21, 2026 at 10 a.m.; written comments accepted through May 22, 2026 at 5 p.m.

PERAC's 4th Quarter 2025 training memo reminds retirement board members of their statutory obligation under Chapter 32 to complete 18 credits over their term and at least 3 credits per year. The memo lists live webinars, on-demand online courses, and conferences scheduled from October through December 2025, including the MACRS Fall Conference in Springfield (December 7–10) offering up to 9 credits. Board members must use PROSPER to register and submit Training Affidavits for non-PERAC-sponsored sessions; the next New Administrator Training is November 5, 2025 in Danvers.

PERAC is requesting boards complete the FY27 appropriation questionnaire through PROSPER to allow PERAC to calculate the amounts that governmental units must appropriate under G.L. c. 32 §§ 22D, 22(6A)(b), or 22F. Boards will receive the completed FY27 appropriation letter back through PROSPER once reviewed; PERAC will no longer distribute the letter to other interested parties — the board is responsible for forwarding it. Five-year projections are no longer included in the memo but remain in the system's funding schedule.

PERAC's annual pension fraud awareness campaign is underway with the theme "See Something Fishy?" Boards are asked to display the enclosed posters and brochures prominently in their offices. The PERAC fraud hotline is 1-800-445-3266 and the email is pensionfraud@mass.gov; digital materials for social media use will be emailed separately. County and regional systems will receive additional materials to distribute to associated governmental units.

Boards must review and update their disability retiree records in PROSPER for 2025, including address changes, deaths, nursing home placements, waived allowances, returns to active status, and Power of Attorney updates. All changes must be returned to PERAC's Sandra King by January 16, 2026, to ensure accuracy before the mailing of 2025 Annual Statements of Earned Income (91A forms). PERAC will mail 91A forms by end of February 2026; electronic filing is strongly encouraged and available to all disability retirees.

PERAC's Q1 2026 training memo outlines live webinars, on-demand training, and conferences available January through March 2026 for retirement board members to meet their Chapter 32 educational credit requirements (18 over a term, minimum 3 per year). The next New Administrator Training is March 3, 2026 in Norwood, MA. Board members must use PROSPER to register and submit Training Affidavits for non-PERAC sessions; Conflict of Interest training certificates are now required every two years through the State Ethics Commission online portal.

840 CMR 4.00 establishes the standard methods of accounting that all retirement boards must follow, ensuring uniform financial reporting across all Massachusetts public retirement systems. Boards must maintain PERAC-prescribed ledger accounts, enter transactions daily, run monthly trial balances and general ledgers, and submit monthly financial reports to PERAC. The regulation defines core accounting terms and requires boards to send annual statements by May 1 each year (with extensions available upon written request). Boards that fail to file timely reports may have their investment exemptions revoked after 14 days' written notice.

840 CMR 5.00 establishes the records and reports that retirement boards must maintain and submit to PERAC. Boards must file quarterly reports identifying any changes in board membership or staff, and an annual report by May 1 each year using PERAC's prescribed form. Each retirement system must also furnish the actuary with appropriation data by October 15 annually, and must notify PERAC 30 days before automating any board functions. Extensions to the annual filing deadline may be granted upon a written request submitted before May 1, at PERAC's discretion.

840 CMR 25.00 governs the field examinations of contributory retirement systems conducted by PERAC to assess each system's financial condition and compliance with M.G.L. c. 32. Examinations must be conducted at intervals not exceeding every three years and must cover the period since the last examination. Before an examination begins, the board's administrator receives an Internal Control Questionnaire from PERAC. A board may also hire a certified public accountant or public accountant to conduct the examination; upon PERAC's acceptance of that report, it satisfies the statutory examination requirement. PERAC audit staff may rely on portions of a board-selected accountant's work and supplement it to complete the required examination.