City of New Bedford Retirement Board
The City of New Bedford Retirement System is one of 104 contributory retirement systems within the Commonwealth of Massachusetts. Chapter 32 of the Massachusetts General Laws defines the benefits, contribution requirements, accounting procedures, and funding for all 104 systems. The Public Employee Retirement Administration Commission (PERAC) oversees the systems and ensures that all boards are in compliance with Chapter 32.
The City of New Bedford Retirement Board is responsible for providing all members with information regarding benefits and regulations pertaining to retirement, in addition to overseeing the administration of the office. The Board is made up of 5 members; an Ex-Officio member, 2 elected members, 1 member appointed by the Mayor, and 1 member appointed by the other 4 members.
To become a retirement benefits leader in member counseling and benefits delivery by embracing technology, supporting staff development, and focusing on member needs.
To provide accurate, timely, and consistent guidance and benefits to members and their beneficiaries in a courteous and professional manner.
To ensure that the investment portfolio is adequately diversified at an acceptable risk level to provide sufficient assets to fund the benefits when due.