Lawrence Marino

The Holyoke Contributory Retirement System is one of 106 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 106 systems.� The Public Employee Retirement Administration Commission (PERAC) oversees the systems and ensures that all boards are in compliance with Chapter 32.The retirement system is funded by an annual appropriation from City departments and from employee contributions.� These funds are invested in stocks, bonds, domestic and international equities and real estate and the board has just recently added alternative investments, specifically fund of hedge funds.