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02-09-2024

Notice of Posting

Executive Director Cambridge Retirement System

Posting Date: 02/09/2024

Closing Date:  03/22/2024

Duties and Responsibilities:

Reporting directly to a five-person Retirement Board, the Executive Director directs the day-to-day operations of the Cambridge Retirement System (CRS).  Specific duties include but are not limited to:

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01-23-2024

1099-R forms for 2023 were mailed on January 23.  All retirees, beneficiaries and members who took refunds in 2023 will receive one.  Please call the Retirement Office if you do not receive your from within seven days.

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12-12-2023

All retirees and spouses who currently receive a reimbursement of Medicare premiums from the City should review this information.  The 2024 standard amount for Medicare Part B is $174.70 per month.

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06-15-2023

It is hereby determined that James Monagle was the only candidate to have submitted valid nomination papers for election to the Cambridge Retirement Board.  Therefore, at the meeting of the Cambridge Retirement Board held on Monday, June 12, 2023, the Board voted to declare that James Monagle be considered elected to the Cambridge Retirement Board and that no election shall be held.  His term will run from August 1, 2023 through July 31, 2026.  He will serve in all respects as though he had been elected by election.

 

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05-23-2023

Effective on May 29, 2023, there is no parking available behind 125 CambridgePark Drive.  Visitor parking is available in the garage at 140 CambridgePark Drive.  This garage is across the street from our office, and behind the building at 150 CambridgePark Drive.  If you wish to park there you must make an appointment with the Retirement Office at least 24 hours in advance.  You will have to press a button at the gate and give your name to security in order to be admitted.  

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04-28-2023

The April retirement allowance includes an increase to the cost-of-living adjustment that was granted in July 2022.  The Cambridge Retirement Board voted to retroactively grant a 5% COLA rather than a 3% COLA.  The Board has also approved a further 3% COLA which will be effective on July 1, 2023.

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03-24-2023

An election is to be held on July 18, 2023 for the purpose of electing a member or retiree of the Cambridge Retirement System to serve on the Cambridge Retirement Board for a term of three (3) years, said term to commence on August 1, 2023.

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

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02-27-2023

All retirees and spouses who currently receive a reimbursement of Medicare premiums from the City should review this information.  The 2022 maximum reimbursable amount is $170.10 per month. Some retirees might be eligible to have the reimbursement increased as the cost of the Medicare premium is increased.  However, in order to have the reimbursement increased, you must inform the Benefits office at Cambridge City Hall of the annual increase in monthly Medicare payments

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01-05-2023

As of January 1, 2023, the waiver on post-retirement work has expired.  This means that all restrictions on earnings and hours worked by Superannuation retirees for a public employer, are back in effect.  Going forward, all Superannuation retirees who are working for a Massachusetts public entity should work with their employers to ensure that they do not exceed the limits on income or hours worked.

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09-27-2022

We were notified by our regulatory agency, the Public Employee Retirement Administration Commission (PERAC) that there have been several phishing attempts against active members of various retirement systems in Massachusetts. This  scheme involves a person/entity reaching out directly to active members of retirement systems, pretending to be a retirement advisor, and seeking to set up a meeting with the member to discuss their pension, 401K-type retirement plans, life insurance, and/or social security benefits.

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