The administrator of the $177 million Haverhill Retirement System is, herself, retiring.
Kathleen E. Gallant retires July 10 after 22 years as administrator and 33 years as a City Hall employee. Gallant was honored during the administration of Mayor Theodore A. Pelosi Jr. for her work, including garnering better-than-average investment returns.
Applications to replace Gallant were due last week. The city is seeking someone with at least five years’ experience with a Massachusetts retirement system and at least a bachelor’s degree, but a master’s in business administration is preferred. Gallant’s replacement will be paid between $75,000 and $100,000 annually.
The retirement administrator reports to the Haverhill Retirement Board, oversees the retirement fund investment portfolio, manages 2,045 workers in the system and supervises a staff of three.
Members of the retirement include former city Auditor William J. Klueber, chairman; city Finance Director Andrew F. Vanni, attorney James P. Cleary III, retired Deputy Fire Chief Lewis F. Poore Jr. and retired Deputy Police Chief Donald J. “Jake” Shea.
Looks as though “We The People” are outnumbered with respect to the retirement board and the deck is stacked against us. How much money is owed by the City to fully fund this pension system, what condition is the pension system in, and what is the actual (not the anticipated) return on investment??? Are there any nasty surprises that will be “discovered” after the present administrator departs?
http://www.mass.gov/perac/13annualreport/haverhill13.pdf
More taking than contributing. Were it not for Federal Reserve intervention sending market’s soaring, the Ponzi, aka Haverhill Retirement, would never come close to their expected ROI, currently at less than half funded.