HomeMy WebLinkAbout1968-12-18-RB-rpt.pdf / 21464.
RETIREMENT BOARD
The Town of Lexington Contributory Retirement System, which exists
under Sections 1 through 28 of Chapter 32 of the General Laws of the
Commonwealth of Massachusetts provides for a retirement allowance
for all employees who qualify. The one exception to this, is school
teachers, who have their own state-wide retirement system.
Lexington' s retirement system is financed by a five percent deduction
made from qualified employees regular wages , and an amount of money
that Town meeting appropriates each year to cover the Town' s share of
these pensions . The Commonwealth of Massachusetts - Division of
Insurance computes the amount that Town Meeting must appropriate.
During 1968, thehoard of. Retirement held twelve meetings. Excess
funds were invested in securities legal for savings banks in Mass-
achusetts. Interest at the rate of 3. 9 percent was credited to
members accounts. Records were initiated for all new members,
withdrawals were processed for those who resigned and desired to
withdraw their funds, and retirement allowances were processed for
the six members who retired. One police officer retired under the
non-contributory section of the retirement laws. A cost of living
increase was computed and paid to qualified retirees who had retired
prior to December 31, 1964 , in accordance with Capter 408 of the
1967 Acts of the Massachusetts General Court.
George P. Morey, Chairman
Walter F. Spellman Richard M. Perry
Ex-Officio, Secretary
RETIREMENT BOARD
The Board of Retirement received $75,195.40 from the Town in
1968. Of this amount, $75,000. was for the town's share of paying
retirement allowances to retirees, and $195.40 was appropriated to
cover military service credit for one of its members. During the
year, six members applied and were granted retirement. One police
officer was retired under the non-contributory section of the
retirement laws.
During the twelve month period ending November 30, 1968, the
assets of the retirement board increased over $209,000. Due to the
late date at which year-end amoritized value of bonds held as of
December 31, 1968 is received from the state, a balance sheet of
the financial condition as of November 30, 1968 is submitted.
Assets Liabilities
Bonds 1,084,220.82
Sto."%s 284,453.00
Federal Savings Account 20,000.00
Cash 20,587.17
Interest Accrued Paid on Investments 637.13
Annuity Savings Fund 922,895.32
Annuity Reserve 177,850.94
Military Service Fund 1,092.97
Pension Fund 295,348.11
Expense Fund 1,633.52
Deductions #1 96,614.74
Deductions #4 33,960.51
Loss on Sale of Investments 178.15
Refunds #1 35,826.65
Refunds #4 6 ,498.39
Annuities Paid 13,996.56
Pensions Paid 101,728.13
Expenses Paid 1,277.21
Investment Income 39,650.80
Total Assets and Liabilities $1,569,225.06 $1,569,225.06
George P. Morey, Chairman
Walter F. Spellman Richard M. Perry,
Ex-Officio, Secretary