The Boston Retirement System was established on February 1, 1923, under the provisions of Chapter 251 of the Acts of 1922, which was accepted by the Mayor and City Council in August, 1922. An additional retirement system for city and county employees was provided by Chapter 658 of the Acts of 1945. This act was accepted by the City Council on June 3, 1946 and approved by the Mayor on June 5, 1946. The new system, designated as the State-Boston
Retirement System, went into effect on October 1, 1946. Every employee appointed after that date becomes a member of the new system.
The Retirement Board manages the State-Boston Retirement System (SBRS) which serves the members and retirees of the City and its agencies, including the School Department, the Boston Redevelopment Authority, and the Boston Housing Authority. The Board distributes pensions and refunds while preserving the System’s assets. The Board is responsible for processing monthly payroll benefits and maintains accounting records pertaining to cash receipts, disbursements, and investment transactions of multiple investment funds. The Board oversees other aspects of the retirement system, such as the auditing of disability retirees’ earnings and the review of the disability status of retirees.