MassPensions. Public Pensions in Massachusetts. Andover 2012

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1 ndover 2012 nding : get : umed Rate of : nded : nding Schedule: stodian: estment Manager(s): nsultant: 49.7% 4% Increasing Phase in 1 omposite unded 83/105 49/105

2 dams mesbury ndover rlington thol ttleboro arnstable elmont erkshire everly lue Hills Regional School istrict oston raintree ristol rockton rookline ambridge helsea hicopee unding /104 96/104 21/104 8/104 15/104 65/104 27/104 23/104 18/104 Target RR 7.5% 7.5% /105 42/105 49/105 81/105 65/105 33/105 27/105 76/105 55/105 14/105 58/105 77/105 87/105 2/105 90/105 94/105 9/105 48/105 3/105 unded 80.9% % 48.4% 48.7% 65.1% 55.5% 51.3% 83.5% 51.1% 68.6% 61.4% 62.4% 59.3% 72.3% % 60.1% unding Schedule 8/105 81/105 83/105 90/105 88/105 41/105 70/105 78/105 7/105 79/105 28/105 51/105 46/105 59/105 22/105 66/105 11/105 74/105 56/105

3 linton oncord anvers edham ukes Easthampton Essex Everett airhaven all River almouth itchburg ramingham ranklin Gardner Gloucester Greater Lawrence Sanitary istrict Greenfield Hampden unding /104 84/104 67/104 18/104 65/104 89/104 89/104 18/104 96/104 84/104 Target RR 7.5% 7.95% /105 88/ /105 26/105 93/105 43/105 62/105 23/105 36/105 53/105 67/105 69/105 33/105 65/105 27/105 45/ /105 17/105 74/105 unded 65.6% 76.7% 58.6% 71.9% 67% 62% 51.9% 38.4% 63.4% 46.1% 58.9% 42% 67.3% 63.3% 55.3% 44.3% 89.5% 61.1% 48.9% unding Schedule 40/105 14/105 63/105 23/105 37/105 49/105 77/ /105 44/105 95/105 62/ /105 36/105 45/105 72/105 98/105 3/105 52/105 87/105

4 Hampshire Haverhill Hingham Holyoke Hull Lawrence Leominster Lexington Lowell Lynn Malden Marblehead Marlborough Mass Housing inance gency Mass Port uthority Mass State Mass Teachers unding /104 65/104 96/104 2/104 51/104 89/104 15/104 8/104 Target RR % 12/105 86/105 91/105 1/105 40/105 45/105 6/105 13/105 60/105 61/105 97/105 36/105 98/105 89/105 70/105 21/105 21/105 unded 55.5% 49.2% 69.4% 50.9% 43.7% 39.4% 78.6% 78.3% 60.1% 46% 70.1% 73.7% 68.4% 77.4% 89.7% % unding Schedule 0.00% 0.00% 70/105 85/105 26/105 80/105 99/ /105 9/105 10/105 56/105 96/105 25/105 18/105 29/105 12/105 2/105 17/105 53/105

5 Maynard Medford Melrose Methuen Middlesex Milford Milton Minuteman Regional School istrict Montague Natick Needham New edford Newburyport Newton Norfolk North dams North ttleboro unding /104 89/104 8/104 1/104 15/104 84/104 96/104 96/104 51/104 23/104 65/104 Target RR 7.5% 104/105 78/105 80/105 51/105 64/105 62/105 33/105 68/105 27/105 16/105 51/105 11/105 53/105 19/105 73/105 96/105 94/105 unded % 55.7% % 62.1% 77.3% 104% 75.6% 64% 72.9% 41.6% 59% 53.1% 60% 67.9% 73.4% unding Schedule 0.00% 24/105 42/105 68/105 92/105 99/105 48/105 13/105 1/105 16/105 43/105 21/ /105 60/105 76/105 58/105 32/105 19/105

6 Northampton Northbridge Norwood Peabody Pittsfield Plymouth Plymouth Quincy Reading Revere Salem Saugus Shrewsbury Somerville Southbridge Springfield Stoneham Swampscott Taunton Wakefield Waltham Watertown unding /104 84/104 84/104 21/104 21/104 12/104 8/104 96/104 89/104 10/104 96/104 51/104 8/104 Target RR 8.13% 102/105 27/105 92/105 24/105 45/105 7/105 85/105 82/105 19/105 55/105 83/105 40/105 32/105 4/105 75/105 55/105 38/105 5/105 70/105 24/105 18/105 78/105 unded 60.5% 62.2% 84% 48.5% 46.4% 54.2% 56.1% 47.6% % % 60.4% 49.1% 29% 66.1% 46.2% 61.9% 66.5% % unding Schedule 54/105 47/105 6/105 89/105 93/105 73/105 65/105 91/105 31/105 64/105 81/105 34/105 29/105 55/105 86/ /105 39/105 94/105 50/105 38/105 66/105 60/105

7 : please refer to.com for these data Webster Wellesley West Springfield Westfield Weymouth Winchester Winthrop Woburn Worcester Worcester unding /104 3/104 10/104 Target RR /105 31/ /105 7/105 10/105 99/105 84/105 38/105 15/105 59/105 unded 49.7% % 68.9% 55.6% 84.5% 73.1% 67.9% 67.7% 44.4% unding Schedule 0.00% 83/105 15/105 75/105 27/105 69/105 5/105 20/105 32/105 35/105 97/105

8 ndover Number of Employees and Retirees Employees Retirees com by Pioneer Institute verage Pay of ndover Employees and Retirees $50k $40k $41,400 $41,400 $42,000 $42,000 $42,000 $49,100 $45,900 $45,900 Employee Salary $30k $20k $15,000 $15,000 $18,500 $18,500 $18,500 $25,000 $22,600 $22,600 Retiree enefit $10k $0k.com by Pioneer Institute

9 ndover Employees Retirees Salary (E) $41,400 $41,400 $42,000 $42,000 $42,000 $45,900 $45,900 $49,100 enefit (R) $15,000 $15,000 $18,500 $18,500 $18,500 $22,600 $22,600 $25,000

10 ndover unded 100% 80% 80%80%80% %73%73% % 40% 20% 0% % 44%.com by Pioneer Institute % 54% 54% ndover Total Liability and Market Value ($mn) %55% 50% com by Pioneer Institute Total Liability Market Value

11 ndover Pension ppropriation and Total Pension isbursements ($mn) 9.90 $9.9 $8.2 $ $6.5 $6.5 $ $5.0 $5.0 $4.0 $4.1 $4.4 $4.5 $4.6 $4.8 $5.2 $ com by Pioneer Institute Pension ppropriation Total Pension isbursements

12 ndover unded 35% 44% 54% 54% 54% % 80% 80% % 73% 73% 55% 55% 50% Total Liability $27,914,000 $34,968,000 $38,731,000 $47,529,000 $67,930,159 $86,747,475 $104,114,155 $104,109,589 $104,109,589 $136,666,667 $136,666,667 $136,666,667 $167,483,296 $167,483,296 $192,445,328 Market Value $7,923,000 $9,635,066 $10,358,674 $12,767,386 $14,672,402 $15,891,314 $22,908,526 $24,732,519 $25,110,685 $24,509,551 $31,126,656 $38,180,257 $49,000,000 $60,000,000 $65,000,000 $72,000,000 $69,000,000 $63,000,000 $72,100,000 $78,800,000 $84,400,000 $96,400,000 $95,700,000 $66,900,000 $77,600,000 $86,300,000 $87,200,000 $96,900,000

13 ndover Pension ppropriation $4,000,000 $4,100,000 $4,400,000 $4,500,000 $4,600,000 $4,800,000 $5,200,000 $5,600,000 Total Pension isbursements $5,010,000 $5,010,000 $6,512,000 $6,512,000 $6,512,000 $8,203,800 $8,203,800 $9,900,000

14 .com by Pioneer Institute % % 6.79% % % 6.79% % % 6.79% % % 6.79% % % 6.79% % % 6.79% % % 6.79% % % 6.79% % 30% 20% 10% 0% 10% 20% 30% 40% 50% ndover nnual

15 ndover % % 6.79% 17.6

16 ndover sset llocation 100% 80% 60% 40% 20% 0%.com by Pioneer Institute General Equity Emerging Markets High Yield lternative Investments PRIT ore und omestic Equity ixed Income alanced Real Estate PRIT International Equity Int Income Hedge unds Real ssets ash

17 bout the uthors Iliya tanasov is Pioneer...s Senior ellow on inance, leading the research tracks on pension management, data analysis and municipal performance. He is a Ph candidate in Political Science and Government and M candidate in Statistics as well as a former Presidential ellow at Rice University. He also holds s in usiness dministration, Economics and Political Science/International Relations from the merican University in ulgaria. Lingling an is Research ssistant to the Senior ellow on inance at Pioneer. Her portfolio of initiatives includes the Institute...s and Massnalysis online data projects. She holds an M in Economics from oston University and s in Economics and Mathematics from the University of Nebraska... Lincoln. Pioneer Institute for Public Policy Research 85 evonshire St, 8th loor oston, M pioneer@pioneerinstitute.org +1 (617)