HomeMy WebLinkAbout1970-RB-rpt.pdf li iL
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RETIREMENT BOARD ,,, ,q,„ ”
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The Town of Lexington Contributory Retirement System became
operative under the General Laws of the Commonwealth of Massachu-
setts in July, 1937. Its function is to provide for the payment
of retirement benefits to eligible Town employees, who as
municipal employees do not come under Social Security.
During the past twelve months employees contributed over $165,000.
to the retirement fund, five per°cent of their regular wages. The
1970 Town Meeting appropriated $130,000. to cover the Town' s share
of retirement allowances to be paid during the year. Funds not
put to immediate use are invested in securities legal for savings
banks in Massachusetts. The resulting income enables us to credit
interest to members accounts in 1970 at the rate of 4. 3%. The
total asset of Lexington' s retirement system grew almost $200,000.
in the past year.
The Board of Retirement held twelve meetings during 1970. Employ-
ees continued to retire at the rate of one per month, a pace set
in 1969. Prior to this, the Board was acting on an average of
one retirement every two months. It is anticipated that the num-
ber of retirees will continue to accelerate, as people appear
anxious to rewire at an earlier age, rather than at the compulsory
age of seventy for regular employees and age sixty-five for
police officers and fire fighters.
George P. Morey
Chairman
Walter F. Spellman
Employees's Elected Rep.
Richard M. Perry
Secretary