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Retirement Resources
for the Massachusetts
Banking Industry
- Since 1946 -

About Us

History of CBERA

The Cooperative Banks Employees Retirement Association (CBERA) was established in January, 1946 to administer the pension program for the employees of the cooperative bank industry. Today CBERA serves not only cooperative banks but all financial institutions.

CBERA currently administers four retirement plans. Please go to our "Plans" page to learn more about the plans we offer.

Our Philosophy

The primary mission of CBERA is to support the retirement needs of member employers and their employees. This is accomplished through the sound administration of the Retirement Program, the protection and investment of retirement funds held under trust, and the delivery of benefit payments to participants in a secure, cost efficient and reliable manner.

In fulfilling its primary mission, the Association will strive to meet the retirement needs and service requirements of participants and member employers, and to communicate effectively with all of its "customers" towards building and maintaining a Retirement Service Organization that will be an object of pride for the Association, the Industry, the Board of Trustees and the Staff.

Mission Statement

The Association fosters the well being and financial security of the employees of member organizations by providing, efficiently managing and administering high quality, cost effective, qualified retirement plans.

The Association fulfills its fiduciary responsibility by selecting and closely monitoring the performance of its investment managers, ensuring their adherence to sound portfolio management practices, being innovative in the development of plan enhancements, and by responding to the needs of participating banks, their employees and retirees.

Non-Retirement Plans - CBEBA

Through CBEBA, other, non-retirement benefit plans, are made available to members of the Massachusetts banking community, including Shared Premium Plans, Health Reimbursement Arrangements (HRAs) and Flexible Spending Accounts (FSAs).

Our Staff

Francis X. Maloney, President

Frank joined CBERA as Assistant Director in November, 1987, and was promoted to President in March, 1995. As the Association's chief executive officer, he is responsible for managing relationships with the employer membership, plan design, educational seminars, and coordinating the professional support service providers (attorneys, actuaries, investment managers). Prior to joining CBERA, Frank was Assistant Vice President at the Savings Banks Employees Retirement Association and Savings Bank Life Insurance for six years. Frank received his bachelor's degree in Government from Harvard University and his M.B.A. from Boston University.

Click here to email Frank Maloney

G. Kevin Fox, Vice President

Kevin was hired as Vice President in June, 1997. As the Association's chief operating officer, he oversees the daily operations of the Association including government filings and testings. He serves as the primary contact for CBERA's relationship with T. Rowe Price, coordinating the transfer of all information among the member employers, the Association and T. Rowe Price. Prior to joining CBERA, Kevin was a Team Leader/Client Manager at Massachusetts Financial Services (MFS). Kevin received his bachelor's degree in Business Management from Providence College.

Click here to email Kevin Fox

Wah K. Chin, Data Coordinator

Wah, the Association's senior staff member, joined CBERA in February, 1987, as Systems Coordinator. He maintains CBERA's database, and acts as the primary information technology resource for staff. After graduating from Tulane University with a B.S. in Computer Information Systems, Wah worked in various capacities as a Computer Programmer/Systems Analyst in New Orleans for over five years.

Click here to email Wah Chin

Terry Penta, Client Service/Marketing Administrator; Benefits Specialist

Terry joined the Association in November, 1997 from J.L. Hammett Company, where she worked as a Marketing Coordinator. She received her B.S. in Management Science from Bridgewater State College, and has completed the certificate program in Pension Administration at Bentley College. Her responsibilities include acting as the primary administrative contact for several of the Association's member employers. Terry manages all aspects of relationships with pensioners and coordinates the Association's annual pre-retirement seminar.

Click here to email Terry Penta

Jennifer Wojcik, Benefits Specialist

Jennifer joined the Association in March, 2007 from MFS Retirement Services. She has extensive experience in defined contribution administration and compliance. Her primary responsibilities include working with several of CBERA's member employers as well as with the Association's Vice President on compliance issues. She received her B.S. degree from Nichols College.

Click here to email Jennifer Wojcik

Mary Sue Spain, Benefits Specialist

Mary Sue became a member of Staff in July, 2007. Mary Sue's work experience includes 15 years of defined contribution administrative responsibility at CitiStreet and State Street Bank. During her years at State Street, her duties included implementation, risk management and compliance. Her primary responsibilities include working with several of CBERA's member employers and acting as primary contact for non-periodic distributions with Bank of New York Mellon. She earned her B.S. in Business Management from Bridgewater State College and has a Certificate in Pension and Employee Benefit Plans from Bentley College.

Click here to email Mary Sue Spain

Trustees 2016-2017

Patrick Thorpe, CEO, BankGloucester CHAIRMAN
Joseph DeVito, CEO, Village Bank VICE CHAIRMAN
Andre Charbonneau, CFO, Adams Community Bank
Mark Kellett, CEO, Winchester Cooperative Bank
Robert LeGallo, Vice President and CFO, Institution for Savings
Carol McClintock, CEO, Commonwealth Cooperative Bank
Margaret McIssac, Plan Participant
Thomas Mortimer, CEO, Haverhill Cooperative Bank
John O’Donnell, CEO, Patriot Community Bank
Anthony Patti, Senior Vice President and CFO, Reading Cooperative Bank
Karl Ruuska, First Vice President – Investments, Needham Bank
Joseph Scholl, CEO, Walpole Cooperative Bank
Kevin Tierney, CEO, North Shore Bank

Professional Advisors

Asset Consultants: Brian Roberts and Christine Loughlin, NEPC Cambridge, MA

Legal Counsel: Ellen Benson, Esq., Ropes & Gray. Boston, MA

Auditor: Anthony Carideo, Wolf & Company. Boston, MA

Actuary: Charlie Cahill and Dan Atkinson, P-Solve, Waltham, MA

Want More Information?

For information about CBERA and our plans, including requests for benefit estimates - contact CBERA at 781-551-8500.
Click here to submit an online information request form or click here to inquire via email.