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
May 2, 2008
Mr. Thomas J. O'Brien, Chairman
Plymouth County Retirement Board
10 Cordage Park Circle
Suite 2
Plymouth, MA 02360
REFERENCE: Report of the Examination of the Plymouth County Retirement Board for the three -year period from January 1, 2004 through December 31, 2006.
Dear Chairman O’Brien:
The Public Employee Retirement Administration Commission has completed a follow-up review of the findings and recommendations contained in its audit report of the Plymouth County 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 the 2004, 2005, and 2006 Annuity Reserve Fund interest calculation was overstated by a total of $15,123,211.73 for the three years.
Follow-up Result: An adjusting entry of $ 15,123,211.73 has been made to correct the Annuity Reserve Fund balance. This issue is considered resolved.
2. The Audit Report cited a finding that in many of the Plymouth County Retirement Board units the payroll information provided consisted only of the deduction required based on the members’ dates of entry into the System and the additional 2% deduction. This made it difficult to determine the salary on which the various deductions were based and whether the deductions were correct.
Follow-up Result: The Plymouth County Retirement System is in the process of installing a new payroll system which will provide the necessary payroll information to ensure that the salary information and various deductions taken are correct. This issue is considered resolved.
3. The Audit Report cited a finding that a review of meeting attendance by Board members revealed three members with significant absenteeism during the audit period.
Follow-up Result: A review of the Board minutes for 2007 and year to date 2008 shows two of the members cited in the audit report have shown a significant improvement in attendance at Board meetings. One other member cited in the audit report missed a number of meetings in 2007; however this member attended the three meetings held in 2008. This issue is considered resolved.
4. The Audit Report cited a finding that the Board did not meet at least once in each month as required by G.L. c. 32 § 20(5) (a).
Follow-up Result: A review of the minutes for 2007 and year to date 2008 shows that the Board is meeting at least once in each month as required by G.L. c. 32 § 20(5) (a). This issue is considered resolved.
The Commission wishes to acknowledge the significant effort demonstrated by the staff of the Plymouth County 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