The Weymouth Retirement Board met on Tuesday, March 23, 2010 and welcomed newly elected Board Member Richard J. Hayes.

♦  The Board interviewed four managers to fill a Private Equity Fund of Funds mandate.  After receiving presentations and discussion between the Board Members, it was voted to hire Constitution Capital Partners, an Andover, Massachusetts firm, and Hamilton Lane, which is headquartered in Pennsylvania.

♦  The Board also interviewed four managers to fill an International Small Cap Equity mandate, and at the conclusion of the presentations by the fund managers, voted to hire Acadian Asset Management, a Boston firm, and William Blair & Company, also having offices in Boston. 

♦  All four new managers will provide a complimentary investment to already existing funds, and there will be no terminations to fund the new mandates.  A revised Asset Allocation chart will be published on this web site as soon as it is available.

Retired police officer Richard Hayes has been elected to fill the unexpired term of Frank Lagrotteria on the Town of Weymouth Retirement Board. The term expires on December 31, 2011.

A Weymouth resident since childhood, Hayes served as a police officer for forty years. For the last eighteen years of his career, Dick served as a fire investigator. He has been married for 43 years and is the proud father of five daughters and twelve grandchildren. Dick also has two sons-in-law serving as police detectives.

Of the total votes cast, the results were as follows:

The Weymouth Retirement Board met on Tuesday, February 23, 2010, and in a Special Election.

• Voted to award a Cost-of-Living-Adjustment (COLA) for eligible retirees of 3% of the first $12,000 of Retirement Allowance, effective July 1, 2010. To be "eligible" for the 7/1/10 COLA, you must have been retired one calendar year as of June 30, 2010.

• Three candidates are running campaigns for the balance of the term which had been filled by the late Frank Lagrotteria. All retirees should have received their ballots in the mail by now. Please return them to the Retirement Office by March 9th .

Normal.dotm 0 0 1 181 1034 Old Colony Group 8 2 1269 12.0 0 false 18 pt 18 pt 0 0 false false false The Weymouth Retirement Board met on Tuesday, January 19, 2010 and voted:

• To hold a Special Meeting for the 2010 Cost-of-Living-Adjustment (COLA) election at their February meeting. Provided the Board votes to award a 2010 COLA, eligible retirees would receive an increase of up to 3% of the first $12,000 of Retirement Allowance effective July 1, 2010.

• To adopt an election calendar for a June 2010 election. Joe Davis' current term will expire on June 30, 2010. The Board named Marsha Silva as the Election Officer. This is a three-year term which will run from July 1, 2010 through June 30, 2013.

• To date, there are four candidates for the balance of the term which had been filled by the late Frank Lagrotteria. Ballots will be mailed to all retirees during the first week in February. The election hours at the Retirement Office will be 8:00 a.m. to 6:00 p.m. on March 9^th for active employees to cast their vote. Information regarding absentee ballots will be forwarded to each department.

All retirees have, by now, received their 1099R forms for Calendar 2009.  December 31, 2009 Direct Deposit and check stubs were mailed to every person receiving a taxable benefit, and provided year-to-date insurance premium information.

Retirees! Please make sure the Retirement Office has your "winter" address if you are leaving for warmer locations and will be away during February/March.

♦  All retirees who receive their monthly payment via direct deposit will receive a deposit notice at the end of December.  This will provide you with your year-to-date health and dental insurance deductions.  1099Rs will be mailed before the end of January.

Direct deposit - funds are immediately available at your bank on payday.  No need to wait for the Postman to arrive, or wonder if holiday mails are going to delay delivery of your check. Best of all, if you are away from home, no worries about your check being forwarded, or asking family or friends to make a trip to the bank for you, just to deposit your check. Call the Retirement Office for an enrollment form today!

♦  At the December meeting, the Board voted to request Fiduciary Investments Advisors to issue a Request for Proposals for International Small Cap Equity, and also RFPs for Private Equity investments.  These are not replacements, but intended to compliment the diversity of funds in which the Board is already invested.

If more than one candidate returns nomination papers, properly signed by no less than twenty members of the System, then the election will be held on March 9, 2010.

♦ Active members of the system who are unable to vote at the Retirement Board Office on Election Day may file a written request for an Absentee Ballot. Absentee Ballot instructions will be provided to each workplace once it is determined that there is more than one candidate for the vacancy.

On October 26^th, the Board conducted annual interviews with all but the two newest Fixed Income managers.  Bradford & Marzec and Income Research and Management will be in to meet with the Board later in the winter, after they have a few more months of management on which to report.  Results for the other managers are positive for the year to date, with the exception of real estate sectors, which are slower to recover.  Please see the updated Asset Allocation for the System on the "Pension Assets" page of this web site.

♦   State Street Global Advisors' International Equity Fund has undergone some changes in personnel, administration and style, and the Board asked FIA to issue an International Large-Cap Equity RFP to find a second International manager to compliment Artio Global.  Artio was hired this past winter to manage about 50% of the International mandate, or approximately $6.5 million.  After interviewing six fund managers, the Board voted to hire Earnest Partners to replace State Street Global Advisors.   Contracts will be executed and funds transferred during September/October.