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 11, 2008
Steven Parsons , Chairman
Revere Retirement System
281 Broadway
Revere, MA 02151
REFERENCE: Report of the Examination of the Revere Retirement System for the two-year period from January 1, 2004 through December 31, 2005.
Dear Chairman Parsons:
The Public Employee Retirement Administration Commission has completed a follow-up review of the findings and recommendations contained in its audit report of the Revere 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 excess interest had been paid to some members who took refunds. G.L. c. 32, § 22 (6)d limits interest to two years after the date a member becomes inactive.
Follow-up Result: During an examination of refunds made during 2006 and 2007, the auditor observed that no interest beyond 2 years following a member’s termination had been refunded. The finding is now resolved.
The Commission wishes to acknowledge the significant effort demonstrated by the staff of the Revere 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