Town of Framingham Retirement Fund
Public Employee Retirement Administration Commission

The table below was data accumulated from annual reports.

Year Contributions Amount in fund Total
Members
Active
Members
Inactive
Members
Retired
Members
1975 866,000 6,627,307        
1976 1,024,600 7,640,358        
1977 1,453,600 8,671,541 1,760      
1978 1,390,800 9,600,000 1,704 1,394   310
1979 1,451,687 10,000,000 1,717 1,357   360
Year Contributions Amount in fund Total
Members
Active
Members
Inactive
Members
Retired
Members
1980 1,971,555 11,868,133        
1981 2,300,241 12,000,000 1,668 1,246   422
1982 2,304,116 14,978,115 1,633 1,178   455
1983 2,660,919 16,984,359 1,632 1,147   485
1984 2,963,060 18,233,989 1,540 1,041   499
1985 3,269,951 21,646,125 1,545 1,026   519
1986 3,295,772          
1987 3,303,956 26,953,222 1,645 1,072   573
1988 3,334,088 26,561,411 1,646 1,048   598
1989 3,694,028 32,715,096 1,699 1,061   638
Year Contributions Amount in fund Total
Members
Active
Members
Inactive
Members
Retired
Members
1990 4,271,394 35,628,547 1,659 1,016   643
1991 4,562,690 46,527,043 1,636 955   681
1992 5,202,479 48,220,457 1,616 915   701
1993 5,729,799 58,903,314 1,626 877   749
1994 5,971,974 54,906,319 1,703 948   755
1995 7,881,211          
1996 6,682,933 85,040,498 1,873 1,100   773
1997 6,627,203 105,937,243 1,871 1,100   781
1998 6,652,682 126,733,190 1,873 1,200   809
1999 6,844,917 147,571,369 2,032 1,239   793
Year Contributions Amount in fund Total
Members
Active
Members
Inactive
Members
Retired
Members
2000 6,851,337 137,890,627 2,108 1,305   803
2001 6,240,352 129,910,753 2,266 1,453   813
2002 6,503,587 112,684,332 2,081 1,281   800
2003 6,784,750 138,335,983 2,078 1,268   810
2004 7,183,953 154,981,950 2,153 1,338   815
2005 7,579,461 171,407,017 2,248 1,446   802
2006 7,928,181 197,768,747 2,201 1,407   794
2007 8,309,783 217,975,543 2,227 1,447   780
2008 8,983,361 151,341,614 2,184 1,404   780
2009 9,419,974 174,744,878 2,186 1,408   778
Year Contributions Amount in fund Total
Members
Active
Members
Inactive
Members
Retired
Members
2010 9,968,614 195,532,400 2,110 1,321   789
2011 10,207,621 191,234,650 2,172 1,132   814
2012 10,338,095 214,950,930 2,177 1,125 255 797
2013 12,279,663 243,198,754 2,238 1,175 247 816
2014 11,998,971 243,815,884 2,167 1,130 270 767
2015 11,845,227 258,418,879 2,255 1,151 308 796
2016 2,339,537 255,278,,200 2,351 1,205 331 815

Framingham population (U.S. Census Bureau)
Year Population
1960 44,562
1970 64,068
1980 65,113
1990 64,989
2000 66,910
2007 64,786
2010 68,050

Click on graph below to see associated data

There exists in the British Museum a plaintive letter written on papyrus in A.D. 288, signed by Servaeus Africanus, addressed to the district governors of Middle Egypt and reading as follows:

It is apparent from the accounts alone that a number of persons wishing to batten on the estates of the Treasury have invented titles for themselves such as controllers, secretaries or superintendents, whereby they procure no advantage to the Treasury but swallow up the profits.

(Papyrus 752)

The Framingham retirement fund does not include teachers. A member is vested after 10 years, meaning that they will get some payments for life. If you quit before 10 years, you can either get a refund of your contributions or you can transfer them to another town where you gained employment.

An active member is employed by town of Framingham and contributing. An inactive member is one who has quit Framingham (and may come back) but has not requested a refund on his/her contributions.

On June 29, 2010, I requested that the annual report provide a breakdown between active, inactive, and retired personnel.

As of 2010, the retirement fund is 75% funded.

In 2004, the retirement fund was 67.3 percent funded. This means that $154,981,950 represents 67.3%, so full funding would be something close to $230,285,215. This means we are only $75,303,265 in the hole.

State law requires that it be fully funded by 2027. Increasing the annual funding will diminish funds for operations.

As of December 2008, the retirement fund took a big plunge and now stands at $151,341,614 on December 31, 2008. This leaves us with an approximate $85,000,000 shortfall.

Current actuarial tables require a 4% hike year over year, but with the sharp fall in 2008, that will have to be increased (accelerated).

Send comments to: hjw2001@gmail.com