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100% *     For audit testing purposes, we defined “in compliance” as “processed within 62 days.” By statute, “in compliance” can range from 28 to 62 days depending on the day of the month retirements are effective, as outlined in the “Overview of Audited Entity.” section of this report under “Retirement Application Process.” We selected a statistical random sample for testing, with a 95% confidence level and a 0% expected error rate, of 60 of the 5,559 retirements in th...

Executive Summary The Massachusetts State Employees’ Retirement System (MSERS), one of the Commonwealth’s 104 contributory retirement systems, provides retirement, disability, survivor, and death benefits to state employees, employees of certain other public entities, and their beneficiaries. MSERS is administered by the Massachusetts State Retirement Board (MSRB) and operates under the purview of the Office of the State Treasurer and Receiver General. In fiscal year 2019, MSRB issued mor...