Section 4.03 - Copies to Be Sent to PERAC(1) After all entries for the month have been posted, the board shall send to PERAC in the prescribed format the following for the month: (a) monthly cash receipts;(b) monthly cash disbursements;(c) monthly adjusting journal entries;(d) monthly general ledger; and(e) year-to-date trial balance. The following chart indicates the due dates for the monthly cash books:
Month of Accounting | Due Date |
January | May 31st |
February | May 31st |
March | June 30 th |
April | June 30 th |
May | July 31st |
June | July 31st |
July | August 31st |
August | September 30th |
September | October 31st |
October | November 30th |
November | December 31st |
December* | March 31st |
The State and Teachers systems will not be subject to this timeline as they operate on the State fiscal year.
(2) The board shall send or have sent to PERAC a copy of all custodian statements received by the board within four weeks of the close of the month. Such statements shall be separated into the following five categories: cash, short term investments**, fixed income investments, equities, and pooled funds. Such statements shall include, but not be limited to:(a) monthly custodian bank statements which detail transaction activity including investment income, investments purchased, accrued interest paid, investments sold, book value of investments sold, profit/loss on investments sold, accrued interest sold, cusip numbers, name of brokers and commissions paid, trade receivables and payables, trade dates, settlement dates and actual settlement dates.(b) monthly account appraisal which provides an alphabetical listing of assets held for each category; information for each asset should include a complete description of the asset, cusip numbers, number of shares, book value and market value.(3) The board shall send or have sent to PERAC a copy of all manager statements received by the board within four weeks of the close of the month. Such statements shall detail the activity of the retirement system including purchases and sales of fund shares, income, dividend re-investments, fund expenses, and ownership interest of the retirement system in any commingled funds including, but not limited to, separate accounts, bank pooled funds, mutual funds, group trusts and limited partnerships.(4) The board shall send or have sent to PERAC a copy of all Consultant statements received by the board within four weeks of the close of the month. Such statements shall include quarterly and year to date performance figures, listing of assets, asset allocations, and individual asset appraisal values. * Along with the December cash books, the board should also provide a January-December post-close trial balance and general ledger.
** Short term investments are defined as U.S. Treasury Bills, Commercial Paper, Certificates of Deposit, Repurchase Agreements, Cooperative Shares, Savings and Loan Shares, Money Market and Term Deposits.
Amended by Mass Register Issue 1518, eff. 3/29/2024.