Joseph E. Connarton, Executive Director
February 15, 2011
Mr. John J. McGinn, Chairman
Marblehead Retirement Board
Mary Alley Building
7 Widger Rd
Marblehead, MA 01945
REFERENCE: Report of the Examination of the Marblehead Retirement Board for the three-year period from January 1, 2007 through December 31, 2009.
Dear Chairman McGinn:
The Public Employee Retirement Administration Commission has completed a follow-up review of the findings and recommendations contained in its audit report of the Marblehead 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:
Board Member Attendance: The Audit Report cited a finding that one member missed 42% of the meetings in 2007 and 33% of the meetings in 2008-2009 due to conflicts with his work schedule.
Our review of this attendance issue beginning with the Board Minutes in April 2010 through December 2010 indicates that Board member attendance has improved. The Board has adjusted the monthly meeting schedule to accommodate all Board members. This finding is resolved.
The Commission wishes to acknowledge the effort demonstrated by the staff of the Marblehead Retirement Board to correct the deficiency cited in the most recent examination of the system.
Thank you for your continued cooperation in this important matter.
Joseph E. Connarton