Organized under the laws of the Commonwealth of Massachusetts effective January 1, 1937, the Retirement System has over three thousand (3,000) active members and one thousand five hundred (1,500) retirees and beneficiaries from thirty-five (35) member units throughout Hampden County.
The Retirement System is governed by a five-member Retirement Board, made up of two elected members, one member appointed by the member unit treasurers, one member appointed by the Board and a chairman also appointed by the Board. This retirement system is subject to the provisions of Chapter 32 of Massachusetts General Laws. Our system, as well as all of the 105 other retirement systems in Massachusetts, is overseen by the Public Employee Retirement Administration Commission (“PERAC”).
This is a defined benefit plan. That means that a specific formula based upon a member’s age, retirement service credit, and highest three or five consecutive year’s average salary are used to determine a member’s gross retirement allowance. This is a guaranteed lifetime benefit.