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
Paul V. Doane | James M. Machado | Donald R. Marquis | Robert B. McCarthy | Gregory R. Mennis
Joseph E. Connarton, Executive Director
October 12, 2010
James DelSignore, Chairman
Worcester Retirement Board
City Hall, Room 3
455 Main Street
Worcester, MA 01608
REFERENCE: Report of the Examination of the Worcester Retirement Board for the two-year period from January 1, 2007 through December 31, 2008
Dear Chairman DelSignore:
The Public Employee Retirement Administration Commission has completed a follow-up review of the finding and recommendation contained in its audit report of the Worcester 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 recommendation cited in that report. The result is as follows:
The Audit Report cited a finding that the Board invested in a fund before receiving PERAC approval.
Follow-up Result: On August 13, 2009 PERAC approved a supplemental regulation related to the investment cited in the report. All subsequent new investments have been approved by PERAC prior to funding. This issue is resolved.
The Commission wishes to acknowledge the significant effort demonstrated by the staff of the Worcester Retirement Board to correct the deficiency 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