The Methuen Contributory Retirement Board is one of 105 contributory retirement systems within the Commonwealth of Massachusetts. All 105 systems, although operating independently, are bound by one uniform retirement law, Chapter 32 of the Massachusetts General Laws. Chapter 32 establishes benefits, contribution requirements, accounting and funding structure for the system. The Public Employee Retirement Administration Commission (PERAC) created by Chapter 306 of the Acts of 1996 oversees these systems and ensures all board actions are in compliance with Chapter 32. Local Retirement systems are managed by a retirement board consisting of five members designated in the following manner - the city auditor or town accountant who shall be a member ex-officio, two elected members, one member appointed by the Mayor and one member appointed by the other four members.
It is the responsibility of the Retirement Board to administer, in accordance with the law, the retirement system and provide a comprehensive explanation of rights, benefits, and regulations regarding retirement to all employees of the City of Methuen, Methuen School Department (excluding teachers) and the Methuen Housing Authority. The board shall meet at least once in each month and it shall keep a record of all proceedings.