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The Board was notified of a shift in personnel at Segal Advisors, the firm that provides investment consulting services to the Weymouth Retirement Board. Kevin Leonard has left the firm and the Weymouth Retirement account will be handled by Rafik Ghazarian. Mr. Ghazarian met with the Board and assured them of uninterrupted service. |
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The Weymouth Retirement Board met on August 20th for their usual monthly business meeting. |
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The retirees and members of the Weymouth Retirement System responded to the Board’s e-mails and letters, and voiced their opposition to the Governor’s proposals regarding take over of local Retirement System assets by the State’s Pension Reserve Investment Trust. Yet, we must report that the measures were recently passed by the House and Senate as Chapter 68 of the Acts of 2007. |
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A 3% cost-of-living adjustment, based on the first $12,000 of annual retirement allowance will be paid to all qualified retirees effective July first. Qualified retirees are those who have been retired for a full calendar year as of June 30, 2007. |
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Deputy Fire Chief Joseph Davis, was unopposed for re-election to a three year term on the Weymouth Retirement Board. Joe’s new term of office will begin on July 1, 2007June 30, 2010. and run through The Public Employee Retirement Administration Commission (PERAC) has completed their audit of the Weymouth Retirement System for the time period January 1, 2003 through December 31, 2005, and has determined that all functions are being performed, and all financial records are being maintained in conformity with PERAC’s standards. Additionally, the Board and the staff have been commended for “exemplary operation of the system”. |
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