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.

The Board met with Fiduciary Investment Advisors (FIA) and received a preliminary review of the current investment portfolio. FIA assured the Board that the plan is in overall good shape as to allocation, manager selection and financial structure. They recommend some “tweaks” to the basic allocation strategy, and will meet with the Board later in the Spring to develop this further, along with a full portfolio review, and a review of overall performance for the first quarter of 2008. FIA also produced a draft “Investment Policy Statement” that the Board is now reviewing and will finalize at the next meeting with FIA.

Representatives from Citizens’ Bank Government Banking Division made a presentation to the Board regarding the menu of banking services available to the Weymouth Retirement System that come at no cost to the System.
Retired Firefighter Jim (John) Moore met with the Board to advise them that he had been appointed to represent Weymouth’s Retirees on the committee that will review the proposal from the State’s Group Insurance Commission program. Mr. Moore has served on the Town’s Insurance Advisory Committee for several years, first representing the firefighters, and then representing the retirees when Mr. Barry’s term expired.