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.

Michael Sacco, Counsel to the Board, reported that the Supreme Judicial Court of the Commonwealth overturned the Superior Court’s ruling in Pelonzi v. Beverly Retirement Board. Personal use of a motor vehicle will not be considered to be regular compensation for the purposes of retirement. The Weymouth Retirement Board had not relied on the opinion promulgated by PERAC, had no formal requests on file, and thus will have no corrective action to take on behalf of any retirees or active members.

The open enrollment period for Delta Dental Insurance runs through June 20th for retirees and survivors. New enrollments and changes in level of service will be accepted at the Retirement Office through that date only. The open enrollment period for active employees has already closed.

Retirees and survivors who are enrolled in the Town of Weymouth Health Insurance Plan through Harvard Pilgrim will soon receive news of a rate increase effective July 1, 2008. New rates will be deducted from the June 30th Retirement Allowance. Open enrollment for Harvard Pilgrim Health Insurance plans does not occur until November-December.

A final reminder to retirees and survivors that annual affidavits are due back to the office by May 31st. They must be signed in the presence of a Notary Public. Both staff members at the Broad Street office are Notaries who provide this service at no cost to our retirees.