Who is a member?
Our members are the local governments of Massachusetts and their elected and appointed leadership.
The Northbridge Retirement Board is seeking proposals from qualified vendors to provide actuarial services to include full actuarial valuations, a review of the Northbridge Retirement Board to determine whether assets and contributions are sufficient to provide prescribed benefits under M.G.L. Chapter 32 and Chapter 34B, Section 19, and provide an appropriate funding schedule pursuant to M.G.L. Chapter 32.
The consulting actuary to the Northbridge Retirement Board must be either an Enrolled Actuary, a member of the American Academy of Actuaries, or an Associate or Fellow of the Society of Actuaries. The actuary must be qualified to perform actuarial valuations of public pension plans, developing appropriation assessments, and preparing GASB Statements Nos. 67 and 68 Accounting Valuation Reports.
The Northbridge Retirement Board prefers that responding vendors have a minimum of three years of relevant experience.
The Northbridge Contributory Retirement System had approximately $52.2 million in assets as of Jan. 1, 2024, managed under the Pension Reserves Investment Management Board. The System had 249 active participants, and 122 retired members within the retirement system.
The Board reserves the right to cancel or reject in whole or part any or all proposals in the best interest of the Northbridge Contributory Retirement System.