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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%.
ELECTION RESULTS
It is hereby determined that Richard DeFelice was the only candidate nominated for the First Member to be elected to the Wakefield Retirement Board. Therefore, at the meeting of the Wakefield Retirement Board held on Thursday, July 26, 2007, the Board voted to declare elected the First Member to the Wakefield Retirement Board and that no election shall be held. His term will commence on September 1, 2007 and expire on August 31, 2010. He will serve in all respects as though he had been elected by election.
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