Joseph E. Connarton, Executive Director
February 9, 2011
Mr. Michael Bertino, Chairman
Winthrop Retirement Board
1 Metcalf Square
Winthrop, MA 02152
REFERENCE: Report of the Examination of the Winthrop Retirement Board for the two-year period from January 1, 2007 through December 31, 2008
Dear Mr. Bertino:
The Public Employee Retirement Administration Commission has completed a follow-up review of the findings and recommendations contained in its audit report of the Winthrop 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 attendance rate for one Board member was below the seventy-five percent minimum considered reasonable.
The auditor reviewed monthly meeting minutes since the last audit field work was completed, January through December 2010. The Board member cited in the finding had an acceptable attendance rate for the period reviewed, as did all members. This finding is considered resolved.
2. The Audit Report cited a finding that the Board did not hold the required monthly meeting in May and December of 2009.
The auditor reviewed monthly meeting minutes since the last audit field work was completed, January through December 2010. The Board held monthly meetings during the twelve months reviewed. This finding is considered resolved.
The Commission wishes to acknowledge the significant effort demonstrated by the Winthrop Retirement Board to correct the deficiencies cited in the most recent examination of the system.
Joseph E. Connarton