The Belmont Contributory Retirement Board respectfully submits its report for the year ending December 31, 2002.
During 2002 twenty employees were granted retirement allowances. Fourteen Contributory retirees, two Non-Contributory retirees and two active employees passed away during 2002. The spouses of the two active employees are receiving retirement allowances.
Board Member and Town Treasurer Ernest E. Fay did not seek re-election as Town Treasurer and retired on April 1st. Board Member Steve Szabo, Town Accountant retired on February 8, 2002.
Walter Wellman, the second elected member of the Retirement Board was re-elected to a three-year term. Town Treasurer Susan Kendall Freiner was appointed by the Board of Selectmen to the Board, and Barbara Hagg, as Town Accountant, became the Ex-Officio Member of the Board.
The composite investment five-year average return was 3.6%.
During 2002 the Board Members and staff attended educational seminars and workshops. They held meetings on a monthly basis and at special meetings when necessary. They met with the Selectmen and Warrant Committee, also on a regular basis with their Consultant, Managers, Actuarial Consultant and the Massachusetts Public Employee Retirement Administration Commission.
In 2002 the Retirement Board voted to grant a 3% cost of living to the retirees.
The Belmont Housing Authority voted to grant the Early Retirement Incentive. Three employees took advantage of this incentive. The Town did not offer this incentive to their employees.
On December 31, 2001 there were 416 Members (active & inactive).
During 2002 there were 20 Employees who retired.
During 2002 there were 24 New Employees.
During 2002 there were 27 Withdrawals and Transfers.
On December 31, 2002 there were 393 Members (active & inactive).
On December 31, 2001 there were 316 Retired Members.
During 2002 there were 20 New Retirees.
During 2002 there were 16 Retirees who died.
During 2002 there were 3 Survivors granted benefits.
On December 31, 2002 there were 323 Retired Members.
Respectfully submitted,
Rosario A. Sacco, Chair (Elected Member)
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