31,000+ Retirees: Retirement Board City of Boston's Mission

Retirement Board City of Boston: Ensuring Financial Security

The Retirement Board City of Boston is a public agency responsible for administering the pension and healthcare benefits of over 31,000 retired city employees and their beneficiaries. With an estimated $12 billion in assets under management, the Board plays a vital role in ensuring the financial security of Boston's retirees.

Mission and Responsibilities

The mission of the Retirement Board City of Boston is to provide comprehensive and secure retirement benefits to eligible city employees while prudently managing the pension and healthcare trust funds. The Board's core responsibilities include:

• Administering the pension plan, which provides monthly retirement benefits to eligible employees upon retirement.
• Managing the healthcare trust fund, which provides health insurance coverage to eligible retirees and their beneficiaries.
• Investing the trust funds to generate returns that help meet the long-term financial obligations to retirees.

Membership and Governance

The Retirement Board City of Boston is governed by a 15-member Board of Trustees appointed by the Mayor of Boston. The Board consists of representatives from the Mayor's office, the City Council, the Boston Public Schools, and retirees. The Board is responsible for setting policies, managing the trust funds, and ensuring compliance with applicable laws and regulations.

Pension Plan

The Retirement Board City of Boston administers a defined benefit pension plan, which guarantees a fixed monthly benefit to eligible employees upon retirement. The plan is based on a formula that considers factors such as years of service, age, and salary.

Healthcare Trust Fund

The Retirement Board City of Boston also manages a healthcare trust fund that provides health insurance coverage to eligible retirees and their beneficiaries. The trust fund is funded by contributions from the City of Boston and retirees. The Board is responsible for selecting and negotiating health insurance plans that meet the needs of retirees while controlling costs.

Investment Strategy

The Retirement Board City of Boston has a long-term investment strategy designed to generate returns that help meet the financial obligations to retirees. The Board's investment portfolio is diversified across a range of asset classes, including stocks, bonds, real estate, and alternative investments. The Board's investment strategy is designed to balance risk and return, with a focus on long-term growth and stability.

Challenges and Opportunities

The Retirement Board City of Boston faces a number of challenges, including:

• Funding: The Board is responsible for ensuring that the pension and healthcare trust funds are adequately funded to meet the long-term benefits obligations to retirees.
• Market Volatility: The Board must navigate market volatility to generate investment returns that meet the financial needs of retirees.
• Rising Healthcare Costs: The Board must manage rising healthcare costs while maintaining the quality of coverage provided to retirees.

Despite these challenges, the Retirement Board City of Boston is committed to fulfilling its mission of providing comprehensive and secure retirement benefits to Boston's retirees. The Board is proactively exploring opportunities to improve the plan, reduce costs, and enhance benefits for retirees.

Conclusion

The Retirement Board City of Boston plays a vital role in ensuring the financial security of Boston's retired city employees and their beneficiaries. The Board is committed to providing comprehensive and secure retirement benefits while prudently managing the pension and healthcare trust funds. The Board faces a number of challenges, but is proactively exploring opportunities to improve the plan and meet the needs of retirees in the years to come.

Frequently Asked Questions

1. Who is eligible for benefits from the Retirement Board City of Boston?

All retired city employees who have met the age and service requirements of the pension plan and healthcare trust fund are eligible for benefits.

2. How much are monthly pension benefits?

Monthly pension benefits are calculated based on a formula that considers factors such as years of service, age, and salary. Each retiree's benefit amount is unique.

3. What health insurance coverage is available to retirees?

The Retirement Board City of Boston offers a range of health insurance plans to eligible retirees and their beneficiaries. The specific plans available and their coverage terms vary depending on the retiree's age and other factors.

4. How can I enroll in the health insurance plan?

Eligible retirees should contact the Retirement Board City of Boston to request an enrollment packet.

5. How can I change my health insurance plan?

Eligible retirees can change their health insurance plan during the annual open enrollment period or during certain qualifying events. They should contact the Retirement Board City of Boston for more information.

6. How can I get a copy of my pension benefit statement?

Eligible retirees can request a copy of their pension benefit statement by contacting the Retirement Board City of Boston.

7. How can I contact the Retirement Board City of Boston?

The Retirement Board City of Boston can be contacted by phone at (617) 635-2200 or by email at [email protected]

8. Where can I find more information about the Retirement Board City of Boston?

More information about the Retirement Board City of Boston is available on the Board's website at www.bostonretirementboard.com.

Tables

Table 1: Retirement Board City of Boston Trust Fund Assets

Table 2: Retirement Board City of Boston Pension Plan Benefits

Table 3: Retirement Board City of Boston Healthcare Trust Fund Coverage

Table 4: Retirement Board City of Boston Investment Returns

Closing

The Retirement Board City of Boston is a dedicated team of professionals committed to providing comprehensive and secure retirement benefits to Boston's retired city employees and their beneficiaries. The Board is proud to serve the City of Boston and its retirees, and is committed to meeting the financial needs of retirees for years to come.