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
November 10, 2008
Ms. Marcia D. Bohinc, Chairperson
Town Accountant
Hull Contributory Retirement System
253 Atlantic Avenue
Hull, MA 02045-3215
REFERENCE: Report of the Examination of the Hull Contributory Retirement System for the three-year period from January 1, 2004 through December 31, 2006
Dear Chairperson Bohinc:
The Public Employee Retirement Administration Commission has completed a follow-up review of the findings and recommendations contained in its audit report of the Hull Contributory 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 certain line item amounts contained in the 2005 and 2006 Annual Statements did not match the detailed supporting schedules.
Follow-up Result:
The Board has made corrections to the Annual Statements. In addition, the Board will be upgrading its software prior to the close of 2008 and have been assured by the vendor that this issue will not continue. This finding is considered resolved.
2. The Audit Report cited a finding that Board Stipends were charged to the Staff Salary Account instead of to the Board Stipends Account. Fiduciary Insurance, Consultant Fees and Service Contracts were all charged as Administrative Expenses instead of to Fiduciary Insurance, Consultant Fees, and Service Contract Accounts respectively.
Follow-up Result:
The Retirement Board administrator is complying with PERAC prescribed general ledger accounts in segregating Board expenses. This finding is considered resolved.
The Commission wishes to acknowledge the significant effort demonstrated by the staff of the Hull Contributory 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