The Saugus Contributory Retirement System is one of 104 Contributory Retirement Systems in the Commonwealth of Massachusetts. Members are employees of the Town of Saugus, the Saugus Housing Authority and some positions within the School Department. The system represents approximately 328 active, 302 retired and 97 inactive members.
The system is overseen by a five-member board. The Town’s Accountant is the ex-officio member, a second member is appointed by the Board of Selectman. The third and fourth members are elected by the members and retirees of the system for a term of three years. A fifth member who is not an employee, retiree, or official of this governmental unit is chosen by the other four members for a term of three years. These board members are fiduciaries of the system responsible for making decisions on a member’s eligibility for benefits, investing the board assets and the supervision of the board staff. The system is overseen by a state agency, the Public Employee Retirement Administration Commission.
The Retirement Board usually meets the last Wednesday of the month at 12:00pm at 25R Main Street, Saugus. Meetings are open to the public. If the meeting is rescheduled, it will be posted on the calendar so be sure to be confirm the date and time.
The office staff, consists of two full time employees, who are responsible for all active and inactive members; all retirees, survivors and beneficiaries; all financial transactions, investment activity, member accounts, retirement and pre-retirement counseling and government reporting. The Board members, along with the staff, are committed to serve the employees and retirees of the Town of Saugus with diligence, honesty and courtesy.