| Eleven Systems To Join PRIT |
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As our 104 local retirement boards continue to grapple with the newly passed Chapter 68, it now appears that 11 local retirement systems have opted to join the state’s PRIT Fund prior to the October 1 deadline.
While MACRS vehemently opposed the passage of Chapter 68, our legislative representatives were successful in altering the parameters of the bill. As passed into law, Chapter 68 is far less intrusive and damaging than originally proposed. The bill filed by Governor Deval Patrick in late February would have rendered as many as two-thirds of the local boards “underperforming” using 2006 return data. “We should not forget that the original bill required the boards to be 80% funded or within 2.25% of PRIT’s five year return,” said MACRS Legislative Committee Chairman Ralph White. “The legislative leadership realized that this standard set the bar unreasonably high and agreed to a more reasonable approach that allows for a board to withdraw from PRIT after five years, if the new benchmarks are met. This is not ideal, especially for the handful of systems caught in the net.”
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2010 Spring Conference
Are there any topics not on the agenda that you would like us to cover during the upcoming conferences? We would like to hear your thoughts and ideas.
Email your ideas for the preconference Saturday June 5 to Sunday June 6, 2010.
Email your ideas for the General MACRS Conference June 6-9, 2010.
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