Joseph E. Connarton, Executive Director
April 20, 2011
Mr. Brian Keveny, Chairman
Winchester Retirement Board
71 Mount Vernon Street
Winchester, MA 01890
REFERENCE: Report of the Examination of the Winchester Retirement Board for the three-year period from January 1, 2007 through December 31, 2009
Dear Mr. Keveny:
The Public Employee Retirement Administration Commission has completed a follow-up review of the findings and recommendations contained in its audit report of the Winchester 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 an investment was made prior to submitting and receiving notice from PERAC’s Investment Director that all required regulatory documents had been received.
Follow-up Result: Winchester has since fully complied with PERAC’s Investment Regulation 840 CMR 16.08 concerning filing required documents prior to funding any new investment. This finding is resolved.
2. The Audit Report cited a finding that the Annuity Savings Fund balance did not agree with the total listed on the Supplementary Membership Schedule for 2009.
Follow-up Result: The Annuity Savings Fund balance and the Supplementary Membership Schedule total for 2010 are now in agreement. This finding has been resolved.
The Commission wishes to acknowledge the effort demonstrated by the staff of the Winchester Retirement Board to correct the deficiencies cited in the most recent examination of the system.
Joseph E. Connarton