| WEYMOUTH RETIREMENT BOARD MAY NEWS |
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The Weymouth Retirement Board met on Tuesday, May 18, 2010. ♦ The first order of business was an ELECTION BY DECLARATION, certifying that JOSEPH DAVIS was the only candidate to be nominated for a new three year term of office, beginning July 1, 2010 and ending on June 30, 2013. Congratulations, Joe! ♦ The Board met with their investment consultant, Chris Kachmar, of Fiduciary Investment Advisors and reviewed portfolio activity for the first quarter of 2010 (January – March). The total plan returned 4.1% for the quarter, and 21.6% for Calendar 2009. The Weymouth Retirement System has consistently out-performed the State’s PRIT fund since withdrawing from that fund in June of 2004. ♦ The Board met with Lawrence Stone, Actuary, to discuss all of the factors that will be used to establish the valuation of the System as of January 1, 2010. These factors will be used to determine the funding schedule for the system going into the future. The length of what that funding schedule will be is the biggest unknown at this time. The Senate is currently debating a measure that would permit Retirement Systems to extend their funding schedules as far out as 2040, thereby providing needed financial relief to the cities and towns they serve. The Board, in consultation with Mr. Stone, opted to delay finalization of the 1/1/10 valuation until the legislature has taken action. ♦ At the April 27th meeting, the Board signed the PERAC Annual Statement for 2009 which has been submitted to PERAC and should be posted on their website (www.mass.gov/PERAC) and this site in the near future. This is a report of all the financial activity of the Weymouth Retirement System for the Calendar Year just closed. In the next few weeks, we will update the Asset Allocation and list of Investment Managers on this site, along with an update on the terms of the five trustees serving on the Weymouth Retirement Board. ♦ ANNUAL AFFIDAVITS! Have your returned yours to the office? They need to be signed by the retiree or survivor who is receiving the monthly payment from the Retirement System, and they must be signed in front of a Notary Public. Jo-Ann Anti and Marsha Silva in the office are both Notaries…so if you live in the area, please stop by. They are due back by June 30th. |