The complete schedule can be found here
http://relay.acsevents.org/site/TR/RelayForLife/RFLCY14NE?pg=informational&fr_id=59244&type=fr_informational&sid=128433
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| Relay for Life 2013 |
Wednesday, June 11, 2014
Relay for Life - Jun 13-14 at Tri-County
The Relay for Life is happening this Friday and Saturday at the Tri-County Regional Vocational Technical School. The opening ceremony is scheduled for 6:00 PM on Friday with the closing at 10:00 AM on Saturday.
The complete schedule can be found here
http://relay.acsevents.org/site/TR/RelayForLife/RFLCY14NE?pg=informational&fr_id=59244&type=fr_informational&sid=128433
The complete schedule can be found here
http://relay.acsevents.org/site/TR/RelayForLife/RFLCY14NE?pg=informational&fr_id=59244&type=fr_informational&sid=128433
Democratic Candidates for Governor Tackle Issues during Suffolk University-Boston Herald Debate
With the dedicated override question set to appear on the Franklin ballot this November, what else will be? It is a state election so the major positions are up for vote including the Governor. On the Democratic side, there are five candidates from which the Democratic convention will choose one.
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| Suffolk Univ - Office of Public Affairs |
Democratic Candidates for Governor Tackle Housing, Casinos, Patronage and More
during Suffolk University-Boston Herald Debate
BOSTON—Building affordable housing on public land, funding programs with savings realized by instituting single-payer health care, potential repercussions of a casino referendum, and hiring only the most qualified candidates for state jobs were among the ideas bandied about as the five Democratic candidates for Massachusetts governor debated at Suffolk University's downtown television studio. The debate, sponsored with the Boston Herald, featured questions from students, the public and moderators Rachelle Cohen, editor of the Boston Herald Editorial Page, and Suffolk University Vice President of Government Relations and Community Affairs John Nucci. Video of the conversation will be available online. Referring to the Probation Department patronage case now being tried in federal court, Steve Grossman said that, as Massachusetts Treasurer, he revamped hiring standards and has a track record proving that "every person we hire in the Treasurer's Offices … will be the best person for that job." As governor, he would maintain those practices, he said.
"Health care has got to become more affordable," he said as he responded to Suffolk student Joseph Presti's question about how the candidates would make repayment of student loans more affordable. Chided by Cohen, who suggested he was changing the subject, Berwick said: "Where does the funding come from for a 59 percent increase in health care costs?" and noted that areas from parks and recreation to education feel the pinch, and "that's why health care is pertinent." In discussing a citizen initiative to repeal the casino law, Attorney General Martha Coakley said the referendum question is illegal and that "if repeal passes, the taxpayers could be forced to repay." Yet she also said that she "would not have gone to this for revenue." "We have a law; we should let it play out," said businessman and physician Joe Avellone, "What I don't like is referendum government," he said, drawing a comparison to California, where, since Proposition 13 dramatically cut property-tax rates in 1978, voters have overturned laws, recalled a governor and made their own rules.
Berwick said that he is unequivocally opposed to casinos, arguing that they will result in a mental health burden, lost jobs, and cannibalization of the state lottery.
In response to student Taylor Cole's question about how the candidates would make "safe and affordable housing available to college students," Grossman propose seeking developers to build mid-priced housing on the "vast amounts of public land" owned by the state, the MBTA and other public entities. In exchange for rock-bottom leases, the developers would pledge to reduce rents, Grossman also called on colleges and universities to provide more campus housing for students. Juliette Kayyem, former assistant secretary for intergovernmental affairs at the U.S. Department of Homeland Security, focused on technology as an answer to a variety of challenges in Massachusetts, arguing that it could be used to prevent fraud in public programs and even to keep children safe.
In a discussion of the Department of Children and Families, Kayyem said that "the caseworker goes to the door and does not have the information that's out there." Her solution would be to provide a tablet that DCF employees could use to review reports from schools or police and the case file.
-----Suffolk University, located in historic downtown Boston, with an international campus in Madrid, is a student-centered institution distinguished by excellence in education and scholarship. Suffolk University offers a wide range of undergraduate and graduate programs in more than 90 areas of study. Its mission is to empower graduates to be successful locally, regionally and globally.
The 57 Cent Church
From Father Bob:
I came across this story over the weekend and discovered it is true, in fact it resulted in becoming Temple University. I want to share it with you especially as we strive to raise enough money to obtain a more reliable, safer and economical vehicle for our ministry in order to fully resume our visitations and outreach to those often forgotten, like what our diocese did this weekend bringing the Holy Spirit Festival and liturgy to Crawford Nursing, pictures of which can be found on our Facebook Page. https://www.facebook.com/FriarBobJohn
The 57 Cent Church
A real example of the story as it has been circulated:
A sobbing little girl stood near a small church from which she had been turned away because it "was too crowded." "I can't go to Sunday School, "she sobbed to the pastor as he walked by. Seeing her shabby, unkempt appearance, the pastor guessed the reason and, taking her by the hand, took her inside and found a place for her in the Sunday School class. The child was so touched that she went to bed that night thinking of the children who have no place to worship Jesus.
Some two years later, this child lay dead in one of the poor tenement buildings and the parents called for the kind hearted pastor, who had befriended their daughter, to handle the final arrangements. As her poor little body was being moved, a worn and crumpled purse was found which seemed to have been rummaged from some trash dump. Inside was found 57 cents and a note scribbled in childish handwriting which read, "This is to help build the little church bigger so more children can go to Sunday school. For two years she had saved for this offering of love. When the pastor tearfully read that note, he knew instantly what he would do. Carrying this note and the cracked, red pocketbook to the pulpit, he told the story of her unselfish love and devotion. He challenged his deacons to get busy and raise enough money for the larger building.
But the story does not end there! A newspaper learned of the story and published it. It was read by a Realtor who offered them a parcel of land worth many thousands. When told that the church could not pay so much, he offered it for 57 cents. Church members made large donations. Checks came from far and wide. Within five years the little girl's gift had increased to $250,000.00 a huge sum for that time (near the turn of the century). Her unselfish love had paid large dividends.
When you are in the city of Philadelphia, look up Temple Baptist Church, with a seating capacity of 3,300 and Temple University, where hundreds of students are trained. Have a look, too, at the Good Samaritan Hospital and at a Sunday School building which houses hundreds of Sunday scholars, so that no child in the area will ever need to be left outside during Sunday school time. In one of the rooms of this building may be seen the picture of the sweet face of the little girl whose 57 cents, so sacrificially saved, made such remarkable history. Alongside of it is a portrait of her kind pastor, Dr. Russel H. Conwell, author of the book, "acres of Diamonds"---a true story. Goes to show WHAT GOD CAN DO WITH 57 cents.
Please forward this on to all your friends, perhaps someone will be touched by this true story as I was.
Pax et Bonum
Peace and All God's Goodness be with you
Rev. Fr. Bob Johnnene OFD
Mission Saints Sergius & Bacchus
Divine Mercy Old Catholic Parish
Independent Catholic Church of the Americas
Link to Fr. Bob's Weekly TV show
Our Facebook page: https://www.facebook.com/FriarBobJohn
Mission Web Site www.missionstsergius.org
Franciscan Web Site www.franciscansdivinemercy.org
ICCA Seminary Link http://www.iccamericas.org/seminary/
Diocese Office: http://stjosephcupertino.com/index.html
YPO Summer Social @Twenty8 Food & Spirits Wednesday, June 18th 6:00 - 8:00 PM
Golf with the United Regional Chamber Next Monday
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The United Regional Chamber of Commerce | 42 Union Street | Attleboro | MA | 02703
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You can obtain the registration form here
http://www.unitedregionalchamber.org/wp-content/uploads/2014/04/2014-URCC-Golf-Registration-Form.pdf
or on the United Regional Chamber webpage
Tuesday, June 10, 2014
Companion Caregiver program
The Companion Caregiver Program at the Franklin Senior Center recently received an award from the Massachusetts Council on Aging for "innovative program". The award ceremony was on June 6 at Lake Pearl in Wrentham.
The program offers in home full time caregivers respite for 2-4 hours per week if they are caring for someone 60 years of age or older with Dementia or a major medical illness. There is NO restriction on age of caregiver to be eligible for the program.
The cost of the program is between $8 and $12 per hour depending upon household income. This cost is at least $8 below current market rate.
Our companions provide socialization and stimulation for the recipient of care in the home setting. The companions are trained in Dementia and Elder Care, cultural competency, CPR and first aid, and fall risk.
We tailor activities with the recipient based on our review of their interests.
For more information please feel free to contact Elaine Owens at the Franklin Senior Center. the number is 508-520-4945.
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| Franklin Senior Center |
http://town.franklin.ma.us/Pages/FranklinMA_Senior/index
Best Practice: How is Needham Addressing OPEB?
Franklin's Other Post-Employment Benefits (OPEB) obligation is currently estimated at $89 million. We have started addressing this by setting aside some amount each year in a stabilization fund. We currently have about $822,000 so we have a long way to go.
Massachusetts Department of Revenue's Division of Local Services (DLS) publishes a newsletter "Cities and Towns" and the most recent issue has a long and detailed write up on how Needham is addressing their OPEB obligation.
Massachusetts Department of Revenue's Division of Local Services (DLS) publishes a newsletter "Cities and Towns" and the most recent issue has a long and detailed write up on how Needham is addressing their OPEB obligation.
Best Practice: How is Needham Addressing OPEB?
Rick Kingsley - Municipal Data Management and Technical Assistance Bureau Chief
With many local officials struggling to understand and plan for looming liabilities related to Other Post-Employment Benefits (OPEB), we thought it would be beneficial to explore the approach that the Town of Needham has taken to address these future obligations. A community that fails to act on its OPEB liabilities runs the risk that future health insurance expenses will become so large that they eventually overwhelm other budget priorities and have a detrimental impact on municipal services.
Background
For those that may not be familiar with this topic, other post-employment benefits refer to benefits other than pensions that employees receive after they retire. By far, the most significant of these is health insurance, but may also include life insurance, dental or other benefits paid after an employee's retirement. In 2004, the Governmental Accounting Standards Board (GASB) issued directives concerning how these liabilities must be presented in a municipality's financial statements going forward (Pronouncements 43 and 45).
Similar to an employee's pension benefits, OPEB are earned during the employee's active working career, but are not actually paid until after the employee retires. GASB directed that these future costs no longer be accounted for on a pay-as-you-go basis, but rather these liabilities must be recognized as they are earned or accrued. In other words, employees earn the right to receive health insurance and other benefits upon retirement incrementally over their active working career. Therefore, on an accrual basis, the annual cost of an employee's health insurance includes both the municipal share of the actual premium paid on the employe's behalf plus a portion of the projected post-retirement benefit earned in the current accounting period.
These projections are done by actuaries who look at several variables to estimate these future costs. These variables include a projected rate of inflation for future medical costs, assumptions about employee turnover, age at retirement, Medicare eligibility, election rates for various plans at retirement, and mortality. Factored in as well are the respective cost sharing agreements for splitting benefit costs between the municipality and retirees. To attribute these future costs to current accounting periods, it is necessary to calculate a present value of these future benefits using a discount rate. As we will discuss later, the discount rate has a tremendous impact on the calculation of OPEB liabilities.
The important estimates that emerge from an actuarial analysis include the total present value of future OPEB benefits and the required contribution that must be appropriated annually to address this liability over multiple years. The projected cost of future benefits discounted to a present value is referred to as the Actuarial Accrued Liability (AAL). This amount is then attributed to the current and prior fiscal years based on when these benefits were earned. The amount of the AAL is reduced in cases where there are OPEB reserves set aside. The Annual Required Contribution (ARC) is the portion of projected benefits earned in or attributable to the current fiscal year (normal cost), plus an additional amount necessary to amortize the unfunded actuarial accrued liability for prior years. The amortization period cannot be more than 30 years.
Needham's Experience
Well before the formal issuance of GASB's OPEB pronouncements, Needham was among the first municipalities in the state to recognize the need to take action regarding OPEB liabilities. In January of 2002, the Legislature approved the Town's special act to establish a post retirement insurance liability trust fund. The act was modeled after similar legislation that had been approved earlier for Bedford.
An initial appropriation of $380,000 was achieved through savings that arose in the contributory pension appropriation and a favorable actuarial analysis of the retirement system. An additional $380,000 was appropriated to the trust fund in each subsequent year from FY2002 through FY2007. In FY2005, when the town converted its health insurance coverage to the West Suburban Health Group, it saved more than $1 million. Half of the savings ($500,000) were also appropriated to the trust fund.
By 2007, with a modest amount set aside in the trust, the Town reviewed its pay-as -you-go retiree health insurance appropriation in relation to its Annual Required Contribution. It found that with the retiree health insurance appropriation, plus the annual set aside of $380,000, that the town was only about $120,000 away from appropriating its full ARC. The important message here is that retiree health costs can be paid as part of the annual appropriation of the ARC with the difference between the ARC and retiree health costs reserved in the trust for future liabilities.
Through a second special act approved by the Legislature in 2008, the Town amended the investment standard for assets in the trust from investments that are legal for savings banks to the more flexible prudent investor standard. This change opened the door to more lucrative investment opportunities and put the fund on equal footing with the investments allowed for a pension fund. It also made it far more likely that the town could achieve its targeted rate of return on these investments of eight percent.
As noted earlier, the discount rate used to calculate the present value of future OPEB costs plays a significant role in the size of the liability. For communities contributing their full ARC, GASB allows a discount rate of eight percent based on the estimated long-term yield on plan investments needed to pay future benefits. For plans that are pay-as-you-go and not funded at all, a discount rate of four percent or less is required, reflective of the much lower rate of return on general assets. For partially funded plans, a blended discount rate can be used.
To illustrate the importance of this discount/investment rate in these actuarial calculations, Needham's unfunded actuarial accrued liability as of July 1, 2007 was $76.4 million using a four percent discount rate and it dropped to $43.6 million with the use of an eight percent discount rate.
Investing with PRIT
With the adoption of the prudent investor standard, Needham began analyzing its options for investments and investment advisory services. For many years, the Town's pension assets had been invested with state pension assets in the Pension Reserves Investment Trust (PRIT). Through this long-standing relationship, Town officials were aware that the PRIT fund had an average annual rate of return of more than 9.6 percent since its inception in 1985. At the time, however, there was no legal mechanism to combine the Town's OPEB funds with its pension assets or otherwise invest these funds with PRIT, so the Town was forced to invest its OPEB trust on its own.
With the approval of Outside Sections 50 and 57 of the FY2012 state budget (Chapter 68 of the Acts of 2011), cities, towns, districts, counties and municipal lighting plants were authorized to invest their OPEB trusts with PRIT. To do so, entities must accept MGL c.32B, s.20 to establish a trust fund and seek approval from the Board of Trustees of the state's Health Care Security Trust (HCST) to invest in the State Retiree Benefits Trust Fund (SRBTF, MGL c.32A, s.24). The SRBTF is invested in the PRIT Fund's General Allocation Account (GAA), also known as the PRIT Core Fund. This fund contains about $58 billion in state and local pension assets, as well as the state's OPEB assets. For communities like Needham with existing OPEB trusts authorized by special act, similar permission to invest in PRIT was contained in an amendment to MGL c.32A, s.24.
To receive approval from the HCST Board to invest in PRIT requires that a municipality submit several documents as part of the application process. This documentation includes evidence of adoption of MGL c.32B, s.20 or special legislation, acknowledgement of investment risk and an investment agreement and a designation of a custodian. The custodian can be either the municipal treasurer or the HCST. If the treasurer is to be the custodian, the SRBTF should be identified as an authorized investment vehicle for the treasurer. Lastly, the Board requires indication of the commitment to fund these liabilities. The Board has set a minimum initial investment requirement of $250,000 and a non-binding goal for qualified governmental entities to reach $1,000,000 over three years.
Earlier this fiscal year, Needham liquidated its OPEB investments and transferred the resulting cash balance to PRIT. The town now has about $15 million in assets invested with PRIT, or roughly 20 percent of the total municipal OPEB assets invested with PRIT. Needham officials identified several factors that influenced their decision:
- The Town's longstanding, successful relationship with PRIT to invest the Town's pension assets provided a comfort level with moving OPEB funds to PRIT.
- Investing with PRIT eliminated the need for Needham to procure investment management services through the MGL c.30B procurement process.
- The PRIT fund is one of the best performing state pension funds in the country and serves as an excellent vehicle for attaining the town's targeted rate of return on OPEB investments
- Professional investment management is provided at a lower cost due to economies of scale than the Town of Needham would have realized by going out on its own for the services.
- A highly diversified portfolio that makes use of investment vehicles not available to smaller investors (e.g., private equity, direct hedge funds, timber, and private real estate).
- PRIT understands the investments that are legal in MA where an outside investment advisor might not be aware of various prohibited investments.
Conclusion
Needham's experience provides several important takeaways for other cities and towns that might not be as far along with OPEB. Although GASB has not mandated a funding requirement for OPEB liabilities, it is important for municipalities to start saving for these costs as soon as possible. Through the adoption of MGL c.32B, s.20, a community can establish an OPEB trust, use the prudent investor rule for trust assets and invest these funds with PRIT. Even if your community is not in the position to contribute the full ARC each year, modest and manageable contributions are better than nothing. Strategies to set aside one-time revenues, appropriation balances or other windfalls and appropriate them to the trust as available or identifying an appropriate recurring revenue stream can make a significant difference.
Once funding sources have been identified, it is important that these assets are invested with a long-term outlook similar to pension assets. A simple, low cost way to meet these long-term funding needs is to apply for authorization to invest these funds in the state?s PRIT fund. The tremendous diversification of investments, the annual performance of this fund over time for pension assets and the similarities between the long-term investment horizons for pension and OPEB liabilities make the PRIT fund an excellent vehicle for the investment of OPEB trusts. For additional information about PRIT, please contact Senior Client Services Officer Paul Todisco at 617-946-8423 or ptodesco@mapension.com.
Needham Town Manager Kate Fitzpatrick, Assistant Town Manager/Finance Director David Davison and Treasurer/Collector Evelyn Poness contributed to this article.
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| MA DOR Division of Local Services webpage |
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