The Wakefield Retirement System is governed by Massachusetts General Laws, Chapter 32, with the Public Employee Retirement Administration Commission as its regulatory authority. All employees who meet eligibility requirements, except certified teachers, are members of the system. All appropriations must be approved as part of the Town's Budget process by the Board of Selectmen, the Finance Committee and the Representative Town Meeting.
The Wakefield Retirement System is administered by a five member board, consisting of two elected members, one member appointed by the Board of Selectmen, one member appointed by the other four members, and the Town Accountant who serves as an ex-officio member with full voting priveleges. The board meets monthly on a regular basis. Special meetings may be held as necessary.
The office staff, consisting of two employees, is responsible for all active and inactive members; all retirees, survivors and beneficiaries; all financial transactions, investment activity, member accounts, retirement and pre-retirement counseling and government reporting.
Retirement Board Members
Kevin Gill, Chairman
Daniel C. Calore
Richard J. DeFelice
Philip Rogers, Sr.
Daniel Sherman
Change to the Cost of Buybacks
Beginning July 1, 2005, the interest rate charged for makeup purchases will change. Currently, the interest rate charged is the interest rate certified by PERAC for the year in which the retirement deductions would have been made. As of July 1, the interest rate will be one-half of the actuarial assumed interest in the board’s most recent funding schedule on the date the buyback begins. Currently the rate is set at 8% thus the interest rate charged on buybacks would be 4%.
NOTICE OF ELECTION: MEMBERS AND RETIREES
May 28, 2010
To members and retirees of the Wakefield Contributory Retirement System:
Notice of Election
Election Date: August 26, 2010
Purpose
To elect the First Member of the Wakefield Retirement Board in accordance with the provisions of the M.G.L. Chapter 32, 840 CMR 7.00.
Term of Office
Effective: September 1, 2010 – August 31, 2013
Candidates
Members in service and retirees of the Wakefield Contributory Retirement System.
Nomination Papers
Any member or retiree of the Wakefield Contributory Retirement System may qualify as a candidate by filing with the Wakefield Retirement Board Office a nomination paper or papers containing the signatures and addresses of at least twenty (20) members or retirees of the Wakefield Contributory Retirement System.
Nomination papers may be obtained at:
Wakefield Town Hall
Benefits Office – 2nd floor
1 Lafayette St.
Wakefield, MA 01880
The last day to submit nomination papers is July 12, 2010.
Absentee Ballots
Available to all members.
Absentee Ballots will be mailed to all retirees.
Place
Wakefield Town Hall
1st floor Conference Room
Wakefield, MA 01880
Date of Election
August 26, 2010, 8:00 AM to 6:00 PM
Cathy Cheek and Sherri Eskenas
Election Officers
Wakefield Retirement Board
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