Commonwealth of Massachusetts | Public Employee Retirement Administration Commission
Five Middlesex Avenue, Suite 304, Somerville, MA 02145
Ph 617 666 4446 | Fax 617 628 4002 | TTY 617 591 8917 | www.mass.gov/perac
Domenic J. F. Russo, Chairman | A. Joseph DeNucci, Vice Chairman
Mary Ann Bradley | Paul V. Doane | Kenneth J. Donnelly | James M. Machado | Donald R. Marquis
Joseph E. Connarton, Executive Director
April 16, 2008
Mr. Roy Sacco, Chairman
Belmont Retirement Board
Town Hall
PO BOX 56
Belmont , MA 02478-0900
REFERENCE: Report of the Examination of the Belmont Retirement Board for the two-year period from January 1, 2005 through December 31, 2006.
Dear Mr. Sacco:
The Public Employee Retirement Administration Commission has completed a follow-up review of the findings and recommendations contained in its audit report of the Belmont Retirement Board for the most recent period referenced above. We conduct these visits as a regular part of the oversight process. They are designed to ensure the timely implementation of corrective action for the recommendations cited in that report. The results are as follows:
1. The Audit Report cited a finding that a Citizens Bank checking account that is used for the retiree, Board and administrator’s payrolls, was not reported on the general ledger. Also, that a retiree had not cashed small pension checks for over three years.
Follow-up Result: The administrator has established a new general ledger account for the payroll checking account. The one retiree with outstanding checks is now utilizing direct deposit for her benefit payments. This finding is resolved.
2. The Audit Report cited a finding that in 2006 the Board had exceeded its Supplemental Investment Regulation limiting the total amount charged for investment advice and consulting services.
Follow-up Result: Effective September 20, 2007 PERAC approved the Board’s rescinding of this supplemental regulation. This finding is resolved.
The Commission wishes to acknowledge the significant effort demonstrated by the staff of the Belmont Retirement Board to correct the deficiencies cited in the most recent examination of the system.
Thank you for your continued cooperation in this important matter.
Sincerely,
Joseph E. Connarton
Executive Director