The Belmont Massachusetts Contributory Retirement Board respectfully submits its report for the year ending December 31, 2004.
During 2004 eight employees were granted retirement allowances.
There are four Non-Contributory Retirees receiving monthly retirement allowances.
The composite investment return for the year ending December 31, 2004 was 12%
During 2004 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.
The Warrant Committee and Selectmen discussed Pension Obligation Bonds (POB) for the Town of Belmont. After meeting with the Town’s Financial Advisor, the Public Employee Retirement Administration Commission Actuary and the Retirement Board, the Warrant Committee and Selectmen decided not to place a Pension Obligation Bond Article on the Annual Town Meeting Warrant.
In 2004 the Retirement Board voted to grant a 3% Cost of Living to the Retirees.
Rosario A. Sacco was re-elected by acclamation to a three year term on the Board.
Susan K. Freiner, the Selectmen’s appointee to the Retirement Board resigned effective August 5, 2004. The Board of Selectmen appointed Peter Palandjian, Chairman and CEO of Intercontinental Real Estate Corp., a Belmont resident, to replace Susan Freiner on the Retirement Board.
The Retirement Board voted to hire Julius Baer Investment Management Company to replace State Street Global Advisors, hired temporarily to replace Putnam Investments in 2003, to manage the Core International Equity Tobacco Free Fund.
The Board voted to invest $2,000,000 in the Pension Reserve Investment Trust Real Estate.
On December 31, 2003 there were 381 Members (active & inactive)
During 2003 there were 9 Employees who retired
During 2003 there were 41 New employees
During 2003 there were 37 Withdrawals and Transfers
On December 31, 2004 there were 376 Members (active & inactive)
On December 31, 2003 there were 347 Retired Members
During 2004 there were 9 New Retirees
During 2004 there were 11 Retirees who died
On December 31, 2004 there were 345 Retired Members
Respectfully submitted
Rosario A. Sacco, Chairman
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