PERAC Memo #7 - 2011: Calendar Year 2010 Annual Statements
Calendar Year 2010 Annual Statements
View original on mass.gov →Summary
This memo announces PERAC's requirements for preparing the Calendar Year 2010 Annual Statement, distributed via CD along with sample statements and preparation guides, and notes updates related to 3% interest on refunds, ERI funds, and Buyback agreement accounting. Boards must complete and return the signed Annual Statement to PERAC by May 1, 2011, and submit their pre-closing cashbook and trial balance for December 2010 prior to February 28, 2011. Boards are also encouraged (though not required) to sign up for the seminar or request the CD presentation for training assistance.
Full Text
MEMORANDUM #07, 2011
M E M O R A N D U M
TO: All Retirement Boards
FROM: Frank E. Valeri, Deputy Director
RE: Calendar Year 2010 Annual Statements
DATE: January 14, 2011
It is time for the preparation of the Annual Statement, which must be completed, signed, and returned to the Public
Employee Retirement Administration Commission (PERAC) by May 1, 2011. One of our Auditors will be assigned to
work with you to provide technical assistance as needed.
The Annual Statement publications are now being distributed primarily via compact disc (CD). However, printed
copies of all of the documents will still be available upon request.
The attached CD contains the 2010 Annual Statement, a Sample Annual Statement, and the guide, Preparing the
Annual Statement in PDF. All of these documents are designed to be printed on 8 ½ by 11 paper.
This year, our auditors will make a presentation about the changes in the 2010 Annual Statement that are related to
recent statutory changes, such as the accounting for the 3% interest on refunds and ERI funds contributed by an
employer. In addition, they will review certain recent revisions to PERAC’s Accounting Manual for Massachusetts
Public Pension Systems, which include accounting for Buyback agreements as assets and the use of the new general
ledger accounts. After the presentation, PERAC auditors will also be available on an informal basis for one-on-one
consultations about preparation basics, the process in general, and other Annual Statement issues.
Our goal is to provide whatever assistance is needed by retirement board staff members who are new to the entire
process as well as those who are simply seeking clarification about a few points. We hope that each individual’s needs
will be better met by including time for such consultations.
Please note that PERAC staff members are currently working on a video of the 2010 Annual Statement seminar that
was filmed in-house. In the event that you unable to attend one of the scheduled presentations because of schedule
conflicts or inclement weather, you will still be able to view the 2010 Annual Statement presentation via CD. Our
goal is to mail a CD featuring Chief Auditor Chadwick and Deputy Chief Auditor Tivnan’s presentation to every
retirement board within the next two weeks.
We invite you to attend the seminar in-person and/or view the presentation via CD – whatever approach you feel
works best for you.
A sign up sheet for the seminar about preparing the 2010 Annual Statement is attached. It would be very much
appreciated if you would let us know if you plan on attending. It will help us to ensure that we have the right number
of auditors and reference materials on hand.
Please submit your pre-closing cashbook and trial balance for December 2010 to PERAC prior to February 28, 2011. If you encounter difficulties with this deadline, please contact me directly. Thank you for your cooperation in this year-end closing process. Enclosure