PERAC Memo #19 - 2021: Mandatory Retirement Board Member Training – 3rd Quarter, 2021

Memorandum Memorandum #19: Mandatory Retirement Board Member Training – 3rd Quarter, 2021 Date: 06/30/2021 Referenced Sources: PERAC Website PERAC Memo #19, 2020

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top Table of Contents To All Retirement Boards: M E M O R A N D U M

TO: All Retirement Boards

FROM: John W. Parsons, Esq., Executive Director

RE: Mandatory Retirement Board Member Training – 3rd Quarter, 2021

DATE: June 30, 2021

Chapter 32 mandates retirement board members to complete training during each year of service on the retirement board. This requirement has two elements: 18 credits over the course of the member’s term and at least 3 credits in each year of the term. Failure to meet either of these statutory standards will prohibit the member from serving beyond the conclusion of the term for which the training requirement was not met. We urge board members to utilize the full array of training choices in order to remain eligible to serve. All classes, webinars, seminars, and conferences listed will earn three credits each, unless otherwise noted.

While the State of Emergency ended June 15, all offerings will continue to be offered virtually this quarter. One of the webinars offered this quarter will be presented by representatives from the Office of the Inspector General. I would like to thank their office for customizing the content specifically for retirement board members. In addition, there will be no Emerging Issues Forum this September. As the Commonwealth continues to emerge from the pandemic, we will be considering in-person training options for the fourth quarter.

Ways to receive your credits:

Credits for attending live PERAC webinars are updated by PERAC staff approximately one week after the event. The registration process for these webinars was updated earlier this year: All attendees must register through the links available on our website. Board members – it is important that you register with your full name and the email address we have on record so we can accurately update your account. Viewing a recorded session will continue to require a Training Affidavit, which must be submitted through PROSPER. If a Certificate of Completion is offered for any training not directly provided by PERAC, you must submit the certificate through PROSPER for proper credit. You must submit a completed Training Affidavit in PROSPER for all other trainings, including pre-recorded PERAC webinars and pre-approved webinar and conference attendance. Any session listed under sections I through V are pre-approved. New this quarter – PERAC Cybersecurity Training. See section II for details on obtaining credit. I. Training Offered by PERAC (pre-registration is required)

Date Topic/Organization Location / Registration Information July/August Self-Guided Cybersecurity Training Online Tutorial – register by July 15th PERAC mass.gov/forms/perac-cybersecurity-training July 28 Fiduciary Duty for Board Members; Fraud Awareness & Prevention Webinar 10:00 a.m. Office of the Inspector General/PERAC https://tinyurl.com/perac-0728 September 28 The Retirement Onramp New board members and employees are encouraged to attend Webinar (this session will be recorded) 10:00 a.m. PERAC https://tinyurl.com/PERAC-0930 Date Topic/Organization Location / Registration Information II. PERAC Cybersecurity Training

PERAC will be offering retirement board members and staff the opportunity to participate in a self-led cybersecurity training this summer through a company called Wizer. Please go to https://www.mass.gov/forms/perac-cybersecurity-training by July 15th to register.

Once you register, you will receive a unique link to take a self-guided training on your own time in approximately one week. You will have until the end of August to complete this training. Board members who complete the training will need to upload their completion certificate into PROSPER to receive three educational credits.

III. Recently Added PERAC Produced Online Training (available on demand)

Topics Liability in Certain Situations / Dual Membership Topics Additional recorded webinars presented by PERAC are available on the website at https://www.mass.gov/info-details/perac-online-training

IV. Training Offered by Other Organizations (pre-registration required)

Date Topic/Organization Location / Registration Information July 13 Demystifying Operational Due Diligence Webinar 1:00 p.m. NCPERS https://tinyurl.com/NCPERS-0713 July 19 Open Meeting Law Webinar 4:00 p.m. Office of the MA Attorney General https://tinyurl.com/AGO-OML-0719 July 22 Conflict of Interest Law Training* Webinar 12:00 p.m. State Ethics Commission https://tinyurl.com/0722-ethics July 26-28 Trustee Workshop Virtual Conference, Cost: $600 NCTR https://nctr.org/upcoming-events/trustee-workshop/ August 4 How to Navigate an Investigation by an Oversight Agency Webinar, Cost: $29 10:30 a.m. MCPPO https://tinyurl.com/MCPPO-0804 August 22-24 2021 Public Pension Funding Forum Conference, Cost: see website Scottsdale, AZ NCPERS https://tinyurl.com/finra21 August 31 Public Sector Ethics Webinar, Cost $29 10:30 a.m. MCPPO https://tinyurl.com/MCPPO-0831 September 9 Open Meeting Law Webinar 6:00 p.m. Office of the MA Attorney General https://tinyurl.com/AGO-OML-0909 September 23 Conflict of Interest Training* Webinar 10:00 a.m. State Ethics Commission https://tinyurl.com/ethics-0923 September 26 FALL Conference Virtual Conference, Cost: see website NCPERS https://www.ncpers.org/fall-conference Date Topic/Organization Location / Registration Information

• Board members must complete the Conflict of Interest Law training once every two years. A certificate of completion is required to receive credit for the Conflict of Interest training. Board members may receive credit for attending the live session every year.

V. Other Recently Added or Recurring Pre-Approved Online Training (available on demand)

Organization Topic How to find webinar: National Council on Public Employee Retirement Systems The Fallacies of Asset Allocation https://www.youtube.com/watch?v=QxUsiaN4a5k State Ethics Commission Conflict of Interest Law*

select either State and County or Municipal links

https://go.usa.gov/xpPxD and view appropriate webinar Office of the Inspector General Inspector General Videos You must watch all three videos https://www.mass.gov/info-details/inspector-general-educational-videos Office of the Attorney General Open Meeting Law Training You must watch all six videos https://go.usa.gov/xpPx5 Organization Topic How to find webinar:

• Board members must complete the Conflict of Interest Law training once every two years. A certificate of completion is required to receive credit for the Conflict of Interest training. Credit for the recorded session may only be awarded once every two years.

VI. Other Opportunities to Obtain Educational Credit

The Commission is willing to approve other educational credits for a variety of events sponsored by “…local, state, regional and national organizations recognized by the Commission as having expertise in retirement issues of importance to retirement board members or other entities…”

Additionally, the Commission has approved education credit for participating in webinars. In 2021, we will again entertain requests for credit in relation to relevant webinars provided that such a request is made well in advance of the session.

Approval for credit must take place well in advance of the date of the event or webinar. This will enable the Commission to analyze the program and provide a general notice to other retirement board members to maximize participation. Once approved, you must complete the Training Affidavit in PROSPER to ensure proper credit. Board members experiencing Extenuating Circumstances in meeting educational requirements should review Memo 15 of 2019 and contact PERAC with any questions.

The following list of local and national organizations provide additional educational opportunities that may be relevant for retirement board members:

American Society of Pension Professionals and Actuaries (ASPPA) City/Town Sponsored Conflict of Interest or Open Meeting Law Training Government Finance Officers Association (GFOA) International Foundation of Employee Benefit Plans (IFEBP) MA Association of School Committees Open Meeting Law Training MA Town Clerks Association Ethics Training National Association of State Retirement Administrators (NASRA) National Conference on Public Employee Retirement Systems (NCPERS) National Council on Teacher Retirement (NCTR) National Pension Education Association (NPEA) The Commission would be remiss if we did not thank all the members of the retirement boards who are making a good faith effort to fulfill their duties and responsibilities. Your continued engagement this past year is to be commended.