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
Paul V. Doane | James M. Machado | Donald R. Marquis | Robert B. McCarthy | Gregory R. Mennis
Joseph E. Connarton, Executive Director
June 3, 2010
Mr. Gerald J. Kenny, Jr., Chairman
Braintree Retirement System
74 Pond Street, Second Floor
Braintree , MA 02184
REFERENCE: Report of the Examination of the Braintree Retirement System for the three-year period from January 1, 2006 through December 31, 2008
Dear Mr. Kenny:
The Public Employee Retirement Administration Commission has completed a follow-up review of the findings and recommendations contained in its audit report of the Braintree Retirement System 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 the Bank of America Retiree Payroll Account had not been reconciled on a timely basis by the Town Treasurer.
Follow-up Result: Bank accounts are now being reconciled on a timely basis by the Town Treasurer. This finding is considered resolved.
2. The Audit Report cited a finding that wire transfers between Bank of America Savings and Checking accounts to cover Retiree Payrolls and vendor payments were not confirmed by the Town Treasurer
Follow-up Result: The Town Treasurer now sends an e-mail confirmation of all transactions to the Retirement Board including the transaction number and date each transaction took place. This finding is considered resolved.
3. The Audit Report cited a finding that the Braintree Retirement System does not have a written Business Continuity/Disaster Recover plan.
Follow-up Result: The Director has been soliciting quotes from Data Security Companies to assist in the development of a written Business Continuity/Disaster Recovery Plan. Progress is continuing on this issue. The formal written Business Continuity/Disaster Recovery Plan is anticipated to be concluded.
The Commission wishes to acknowledge the effort demonstrated by the staff of the Braintree Retirement System 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