Joseph E. Connarton, Executive Director
November 30, 2012
Daniel Bonnette, Chairman
Webster Retirement Board
350 Main Street
Webster, MA 01570
REFERENCE: Report of the Examination of the Webster Retirement Board for the three-year period from January 1, 2008 through December 31, 2010
Dear Chairman Bonnette:
The Public Employee Retirement Administration Commission has completed a follow-up review of the findings and recommendations contained in its audit report of the Webster Retirement Board for the 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 examination addressed three specific findings and recommendations included in the audit report. The results are as follows:
1. The Audit Report cited a finding that two of the five Board members had missed more than 25% of the meetings during the audit period.
Follow-up Result: A review of attendance from all meetings subsequent to the audit fieldwork shows that no member missed more than 25%. This issue is resolved.
2. The Audit Report cited a finding that active members over age 70 were not electing whether or not to continue contributing to the Retirement System.
Follow-up Result: Four out of the six members over 70 have made an election. This issue is partially resolved.
3. The Audit Report cited a finding that there were no birth certificates for option C beneficiaries.
Follow-up Result: The last five option C retirees were reviewed. Two of the five had birth certificates for the beneficiary. This issue is partially resolved.
The Commission wishes to acknowledge the effort demonstrated by the staff of the Webster Retirement Board to correct many of the issues cited in the most recent examination of the system. PERAC auditors may conduct an additional follow-up visit to ensure appropriate progress is being made in those areas that have not been corrected adequately at this time.
We anticipate your continued cooperation in resolving this important matter.
Joseph E. Connarton
cc: Webster Retirement Board Members