June 25, 2014 Election for a seat on the Springfield Retirement Board AND Duties and Responsibilities

NOTICE OF AN ELECTION TO THE SPRINGFIELD RETIREMENT BOARD

An election is to be held on, June 25, 2014, for the purpose of electing a member or retiree
of the Springfield Retirement System to serve on the Springfield Retirement Board for a
term of three years.

All holding membership in the Springfield Retirement System qualify as a candidate, by filing
with the Springfield Retirement Board,a nomination paper containing the signatures and addresses
of at least twenty (20) members and/or retirees of this retirement System.

The nomination papers must be filed on or before 12:00 P.M. on Friday, May 2, 2014.
Nomination papers may be obtained at the Retirement Office located at 70 Tapley Street,
Springfield, MA.

Co-Election Officers: Judy L. Dziobek and Eileen P. Hanley

DUTIES AND RESPONSIBILITIES OF A BOARD MEMBER

Eligibility, Education, Financial Disclosure, and Compliance Pledge

Board Member
Several provisions of the new law relate to retirement board members. As noted, these include matters regarding eligibility to serve, education and financial disclosure.

Eligibility
Although there are several areas in which an individual is prohibited from serving on a board (for failing to meet education requirements or file financial information), Sections 33 and 53 provide that, "No employee, contractor, vendor or person receiving remuneration, financial benefit or consideration of any kind, other than a retirement allowance or the statutory stipend for serving in the retirement board shall be eligible to serve on a retirement board

Education
This requirement is contained in the new Subdivision 7 of Section 20 of Chapter 32 added by Section 35 of Chapter 176. The law requires that during each term a retirement board member complete 18 hours of training. In each year a member must take a minimum of 3 hours of training. However, no more than 9 hours may be credited in any one year.
There is no prohibition on a member completing more than 18 hours of training in the course of a term.
PERAC will provide board members with appropriate forms to file as statements of completion of education.
Failure to meet this mandatory requirement will prohibit the member from serving beyond the conclusion of the term for which the training requirement was not met.
PERAC is required to sponsor at least 9 hours of training which include, at a minimum, the topics of fiduciary responsibility, ethical conduct and conflict of interest. An additional 9 hours is to be related to topics prescribed by the Commission and provided by local, state, regional or national entities as it may determine.

Financial Disclosure
Sections 1 and 36 of Chapter 176 require that each board member file an annual "Retirement Board Member Statement of Financial Interest" with PERAC.
Section 1 provides that these statements will be exempt from the Public Records Law and thereby not subject to public release. Section 36 provides that "...every member of a retirement board shall file a statement of financial interests for the preceding calendar year with the commission: (i) within 30 days of becoming a member of a retirement board; (ii) by May 1 of each year thereafter that the person is a member of a retirement board; and (iii) by May 1 of the year after the person ceases to be a member of a retirement board".
Those items that must be disclosed closely parallel several of the provisions of Chapter 2688 with certain exceptions. Other employment, investments, loans, reimbursements, gifts, honoraria, and other items must be disclosed.
Failure to file a Statement or the filing of an inaccurate or incomplete Statement will result in removal of the person from the board and a prohibition on that person from serving on any board.

Chapter 268A Compliance Pledge
Section 41 of Chapter 176 requires each retirement board member upon the commencement of his/her term to file with the Commission "...a statement acknowledging the member is aware of and will comply with the standards set forth in Chapter 268A, this chapter (Chapter 32) and rules and regulations promulgated under this chapter." This form must be filed by any retirement board member beginning a term after February 16, 2012.