CONTRIBUTORY RETIREMENT BOARD
The Belmont Massachusetts Contributory Retirement Board respectfully submits its report for the year ending December 31, 2003.
The Board of Selectmen and the Belmont Town Meeting at a Special Meeting held in November, voted to grant the Early Retirement Incentive Program, passed by the State Legislature, to a limited number of Town employees. Eleven Town employees took advantage of this program and one Belmont Housing Authority employee, to be effective December 31, 2003. There were twenty-one other retirements during 2003, for a total of thirty three.
Seven Contributory Retirement retirees and one Non-Contributory retiree passed away in 2003.
With the renovation of the Town Hall Annex, the Retirement Board office moved to a permanent home on the ground floor of the Town Hall.
The composite investment return for the year ending December 31, 2003 was 20.9%
During 2003 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. On a regular basis they met with their Consultant, Managers, Actuarial Consultant and the Massachusetts Public Employee Retirement Administration Commission.
In 2003 the Retirement Board voted to grant a 3% Cost of Living to the Retirees.
The Retirement Board voted to terminate Putnam Investments, the manager of our Core International Equity Tobacco Free Fund and placed the assets with the State Street Global Advisors while a new manager search is being conducted.
On December 31, 2002 there were 393 members (active & inactive)
During 2003 there were 33 employees who retired
During 2003 there were 43 new employees
During 2003 there were 22 withdrawals and transfers
On December 31, 2003 there were 381 members (active & inactive)
On December 31, 2002 there were 321 retired members
During 2003 there were 33 new retirees
During 2003 there were 7 retirees who died
On December 31, 2003 there were 347 retired members
Respectfully submitted,
Rosario A. Sacco, Chairman
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