• The Board met with Chris Kachmar, Chief Investment Officer, Fiduciary Investment Advisors, to review investment performance for the 2nd quarter of 2008 (March-June).
• The Board was pleased that their overall investment portfolio:
  • Remains well diversified, and the Asset Allocation is still quite sensible, even in light of current market conditions
  • The portfolio is running slightly ahead of the benchmark
  • The Weymouth Retirement System’s overall portfolio performance places the System in the top fifth of like allocated plans.
• The Board will meet later in the month to interview fund managers that responded to the three recently issued “Requests for Proposal”. Allocations to Small/Mid Cap, International and Large Cap Growth will remain constant, but complimentary funds will be added to the existing pooled investments to better diversify the portfolio within each asset class.
• At a future meeting, the Board will hold annual performance reviews with existing fund managers.

• Retirees who are qualified to receive a cost-of-living adjustment can expect the increase in the Retirement Allowance payment to be made on July 31, 2008
• COLA (cost-of-living adjustment) statements will be mailed to qualified retirees in mid-July, disclosing the increase that retirees can expect to receive.
• Fiduciary Investment Advisors advertised three Requests for Proposal for Fund Management in Large-Cap, Small-to-Mid Cap and International asset classes.  The Board will meet in early August to review 2nd quarter performance with FIA, and also to develop a list of managers to interview at a later date.

The Board met with Fiduciary Investment Advisors (FIA), Investment Consultants to the Board, and reviewed performance for the first quarter of 2008. The Board agreed with recommendations made by Chris Kachmar, FIA Chief Investment Officer, that additional managers should be added to the portfolio. FIA will prepare Requests for Proposals which will be reviewed by the Board in June, with the intent that RFPs will be advertised on the PERAC website and generally available to fund managers shortly thereafter.

Annual Retiree Affidavits were mailed early in April and are due back to the Retirement Office by May 31st. Jo-Ann Anti and Marsha Silva, at the Broad Street office, are both Notaries Public, and can notarize your signature without charge to you. The office hours are Monday through Friday, 8:30 a.m. to 4:30 p.m. If you have misplaced your form, please call the office for a replacement (781-331-8721).

MARCH WEYMOUTH RETIREMENT SYSTEM NEWS

The Weymouth Retirement Board voted to award a 3% cost-of-living adjustment, effective July 1, 2008, to eligible retirees. By law, the 3% increase is limited to the first $12,000 of annual Retirement Allowance. Eligible retirees are those who have been retired for at least one year as of June 30, 2008. Weymouth retirees will see the increase paid July 31st.

FEBRUARY WEYMOUTH RETIREMENT SYSTEM NEWS

In a meeting with Mayor Susan Kay, the Board members had an opportunity to introduce themselves and brief the Mayor on the progress made and performance of the fund since withdrawing from the PRIT fund in 2004. Mayor Kay congratulated the Board on the positive results achieved by the Retirement System and that this is a plus for the Town. Board members expressed their desire to continue to operate in the best interest of the members and retirees, and of the community they serve.

January Weymouth Retirement News

The Board voted to hire Fiduciary Investment Advisors to provide investment consulting services beginning February 1, 2008. The Board signed a three-year contract with the firm, having previously conducted an on-site due diligence inspection of their offices. The Board will soon receive an in-depth review of the existing portfolio along with recommendations to enhance the outstanding performance experienced since withdrawal from the PRIT fund in 2004.