USA > Massachusetts > Norfolk County > Quincy > Inaugural address of the mayor, with the annual report of the officers of the city of Quincy for the year 1939 > Part 6
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5,000. Randolph Savings Bank
5,000 00
7,000. South Weymouth Savings Bank 7,000 00
7,000. Weymouth Savings Bank 7,000 00
$246,263 36
5,000. Granite Trust Co. Savings Department.
16,038. Quincy Savings Bank
4,817 92
106
CITY OF QUINCY
HON. THOMAS S. BURGIN, Mayor
January 30, 1940 Quincy, Massachusetts
DEAR SIR:
I submit herewith my report as Property Manager for the period January 1, 1939-December 31, 1939:
Report
Number of parcels listed as of January 1st, 1939.
1009 Titles by foreclosure in Land Court 1939. 65
Total
1074
Assessed value 1009 parcels January 1, 1939. $377,535 00
Assessed value 65 parcels 1939 65,700 00
Total
$443,235 00
Taxes due on 1009 parcels January 1, 1939. $105,665 20
Taxes due on 65 parcels 1939 16,711 41
Total
$122,376 61
Sales January 1st, 1939 to December 31, 1939
Number of parcels sold
31
Assessed value
$55,950 00
Taxes due
16,729 07
Sales price
23,536 80
Profit
6,837 73
Gross Receipts
Net Receipts
Sale 31 parcels. $23,536 80
Profit on sales $6,837 73
Rents 1,699 90
Rents 1,699 90
Sale of stone & junk 90 00
Sale stone, etc. 90 00
$25,326 70 $8,627 63
Expenses : Salary $1820 00 Expense $1448 99 Total $3,268 99
Note that receipts from rentals again show an increase over the previous year. This has been possible through making repairs to buildings thus creating rentable property. Two purposes are served by so doing namely, produce income in lieu of taxes and protect the property from vandalism until sold. It seems hardly neecssary to mention that unoccupied buildings soon fall prey to vandals.
Unless something unlooked for develops expense of repairs in 1940 should be substantially less than during 1939.
We continue to cooperate with the Building Inspector and the Fire Department and have demolished several buildings unfit for occupancy and beyond repair.
At present there are listed 1043 parcels of property taken by the City for non-payment of taxes. Assessed value $387,285 00
Taxes due when taken 105,647 54
Respectfully,
GEORGE E. MOREY, Property Manager.
REPORT OF TREASURER
107
REPORT OF THE TREASURER OF THE WOODWARD FUND AND PROPERTY
January 1, 1940
HON. THOMAS S. BURGIN, Mayor Quincy, Massachusetts
DEAR SIR:
I submit herewith, the report of the Treasurer of the Woodward Fund and Property for the year ending December 31, 1939.
Respectfully, HAROLD P. NEWELL, Treasurer Woodward Fund and Property.
STATEMENT
Cash on hand January 1, 1939.
$3,011 35
Receipts
Payments on mortgages
$5,550 00
Savings Bank Principal
2,500 00
$8,050 00
Interest and dividends, stocks and bonds.
$2,715 25
Interest Savings Bank
278 48
Interest on mortgages
6,901 69
Rents
7,509 37
Income from Institute
1,213 90
Miscellaneous-Refund Insurance Premium.
1 87
$18,620 56
Reserved Collections-
Interest on Mortgages
$934 16
Taxes and Water Accounts
850 50
1,784 66
$31,466 57
Expenditures
Notes secured by mortgages
$3,500 00
Addition to mortgages (Taxes)
180 08
Expense on Fund owned property
1,962 60
Administration
65 15
Expense on properties-
Gilson Road
44 19
Repairs on Fund owned properties
3,715 90
$9,467 92
Expenses of Institute
Pay Rolls
$11,923 24
Books, supplies and sundries
850 84
Fuel
1,654 02
Lighting
301 36
Telephone
67 64
Improvements, repairs and fixtures.
448 93
$15,246 03
108
CITY OF QUINCY
Expended by Board of Managers
On Institute-Repairs
$2,161 79
Insurance 463 67
$2,625 46
Expense-Reserved Collections
850 50
Cash on hand, December 31, 1939.
3,276 66
$31,466 57
Analysis of Unexpended Income Account
Balance-January 1, 1939
$3,648 39
Expenses in excess of receipts.
2,142 01
Balance-December 31, 1939
$1,506 38
Balance Sheet
Cash $ 3,276 66 General Fund $354,647 54
Investments
79,913 84
Unexpended Income 1,506 38
Mortgage Notes
130,066 73
Institute Land and
Building 58,900 00
Property-Gilson Rd. 2,868 64
Property Foreclosed 81,128 05
$356,153 92
$356,153 92
Investments
$4,000. Baltimore & Ohio R. R. Pittsburgh, Lake Erie & W. Va. Ref. 4s, 1941. $ 4,000 00
5,000. Illinois Power & Light 1st & Ref. "C" 5s, 1956 .. ...
4,910 00
3,000. Jersey Central Power & Light 1st "C" 41/2s, 1961 3,000 00
5,000. New York Central R. R. Cons. "A" 4s, 1998. 4,837 50
5,000. N. Y. State Electric & Gas Corp. 1st 4s, 1965. 5,000 00
5,000. Penn. Elec. Co. Series H, 1962.
5,137 50
5,000. Peoples Gas Light & Coke 1st & Ref. "D" 4s, 1961
4,962 50
5,000. Pere Marquette Railway 1st "B" 4s, 1956. 4,967 50
5,000. Southern Pacific Co. Oregon Lines 1st "A" 41/2S, 1977
4,887 50
5,000. Southern Railway Co. St. Louis Div. 1st 4s, 1951 36 Shares-American Tel. & Tel. Co.
2,644 85
8 Shares-Boston & Maine R. R. Prior Preference ..
800 98
66 Shares-Boston & Maine R. R. 1st Pref. "A".
7,260 00
27 Shares-Boston & Albany R. R.
4,900 00
135 Shares-Pennsylvania R. R. 7,904 99
5,000. Hingham Institution for Savings 5,000 00
2,500. Quincy Savings Bank 2,500 00
2,500. Weymouth Savings Bank 2,500 00
$79,913 84
4,700 52
REPORT OF TREASURER
109
REPORT OF THE ADAMS TEMPLE AND SCHOOL FUND
January 1, 1940
HON. THOMAS S. BURGIN, Mayor Quincy, Massachusetts
DEAR SIR:
The report of the Treasurer of the Adams Temple and School Fund for the year ending December 31, 1939, is herewith submitted.
. Respectfully, HAROLD P. NEWELL, Treasurer, Adams Temple and School Fund.
Adams Temple and School Fund
Cash on hand-January 1, 1939.
$1,878 84
Receipts
Notes secured by mortgages. $126 00
Sales of bonds
14,458 75
Withdrawal from Savings Bank 1,000 00
$15,584 75
Income
Mortgage Loans $396 14
Stocks and bonds
6,818 59
Savings Bank deposits
1,221 48
Rents
1,250 00
9,686 21
$27,149 80
Charles Francis Adams Fund
Income
$660 00
660 00
$27,809 80
Expenditures
Purchase of bonds $17,425 00
Accrued interest on bonds
185 94
Administration of Fund
406 15
Bonds-Treasurer's Dept.
85 00
Taxes on land in Braintree.
3 64
$18,105 73
Expenses on Property
Insurance-Adams Academy
$65 23
Materials and repairs-Adams Academy 551 63
Care grounds and building.
1,613 94
$2,230 80
110
CITY OF QUINCY
Expenditures-School Department
Pay Rolls $2,200 00 Bills covering supplies-Libraries 3,928 24
$6,128 24
$26,464 77
Charles Francis Adams Fund-Income
Expended by School Department .... $275 00
275 00
$26,739 77
Cash on hand, December 31, 1939. 1,070 03
$27,809 80
Analysis of General Fund Account
Balance-January 1, 1939
$190,418 07
Gain from sale of securities
383 12
$190,801 19
Analysis of Unexpended Income Account
Balance-January 1, 1939.
$13,067 29
Unexpended income 1939
646 44
$13,713 73
Balance Sheet
Cash $ 1,070 03
General Fund $190,801 19
Investments
211,629 01
Unexpended Income 13,713 73
Mortgage Notes
8,074 00
C. F. Adams Fund.
10,396 88
Unexpended Income 5,861 24
$220,773 04
$220,773 04
111
REPORT OF TREASURER
Investments
$5,000. Associated Electric Co. Deb 41/2s, 1953. $4,712 50
5,000. Atchison, Topeka & Santa Fe R. R. Gen M 4s, 1995 5,438 33
5,000. Atlantic Coast Line R. R. 1st 4s, 1952. 5,150 69
5,000. Baltimore & Ohio R. R. Pittsbg. Lake E. & W. Va. Ref 4s, 1941 5,188 50
2,000. Boston & Albany R. R. M. L. 1st 412s, 1943.
2,105 00
8,000. Boston & Albany R. R. Ref Deb gtd 5s, 1963. 8,000 00
5,000. Boston Elevated Ry 30-yr Deb 5s, 1942.
5,000 00
3,000. Boston & Maine R. R. Mtge "II" 5s, 1955.
2,905 84
5,000. Brooklyn Union Gas Co. 1st Ref G. B. 5s, 1957.
5,252 50
5,000. California Oregon Power 1st & Ref 4s, 1966 ..
4,962 50
5,000. Carthage & Adirondack Railway 1st gtd 4s, 1981 4,343 39
4,000. Central Pacific Railway Co. 1st Ref 4s, 1949.
2,850 00
5,000. Chicago, Burlington & Quincy R. R. GM 4s, 1958
4,888 51
5,000. Great Northern Railway Gen G. B. "I" 334s, 1967 4,000. Great Northern Railway "G" 4s, Con GM, 1946 .. 5,000. Illinois Central Railroad St. Louis Div & Term 31/2s, 1951
3,985 66
5,000. Illinois Central R. R. Louisville Div. 1st 31/2s, 1953
4,575 00
6,000. Illinois Power & Light 1st & Ref "C" 5s, 1956 ....
5,790 00
5,000. Jamestown Franklin & Clearfield 1st 4s, 1959 ....
4,781 94
9,000. Jersey Central Power & Light 1st "C" 41/2s, 1961
9,090 00
4,000. Monongahela Railway 1st Ref A 4s, 1960.
4,082 50
10,500. Northern Pacific Railway Ref & Imp "B" 6s, 2047
10,132 50
3,000. N. Y. State Elec. & Gas Corp. 1st 41/2s, 1980.
3,112 50
5,000. Pennsylvania Electric 1st Ref. H. 5s, 1962.
5,055 00
5,000. Pennsylvania Railway Gen. M. 41/2s, 1965
4,862 50
4,000. Peoples Gas Light & Coke 1st & Ref. "D" 4s, 1961
3,900 00
1,000. Peoples Gas Light & Coke 1st & Ref. "D" 4s, 1961 952 50
5,000. Pere Marquette Railway 1st "A" 5s, 1956.
4,862 50
5,000. Savannah Electric Power 1st Ref G. B. "F" 5s, 1955
5,250 00
5,000. Southern Pacific R. R. 1st Ref 4s, 1955.
4,837 50
5,000. Southern Railway Co. 1st Con 5s, 1994.
5,050 00
5,000. Wisconsin Power & Light Co. 1st "A" 4s, 1966.
4,975 00
2 Shares Boston & Maine R. R. 1st Pref. "D".
520 00
37 Shares Eastern Gas & Fuel Associates Prior Pref. 2,927 62
200 Shares National Shawmut Bank
5,700 00
10,000. Braintree Savings Bank
10,000 00
5,000. Cohasset Savings Bank
5,000 00
14,000. Hingham Institution for Savings
14,000 00
9,500. Quincy Savings Bank
9,500 00
3,500. South Weymouth Savings Bank 3,500 00
5,000. Weymouth Savings Bank
5,000 00
$211,629 01
Also various parcels of real estate-assessed valuation .. $136,275 00
4,875 00
4,513 53
112
CITY OF QUINCY
REPORT OF THE TREASURER OF THE CITY OF QUINCY, RETIREMENT SYSTEM
HON. THOMAS S. BURGIN, Mayor Quincy, Massachusetts
January 1, 1940
DEAR SIR:
I present herewith, the report of the Treasurer of the City of Quincy, Retirement System for the year ending December 31, 1939.
Respectfully,
HAROLD P. NEWELL, City Treasurer.
CITY OF QUINCY-RETIREMENT SYSTEM
Receipts
Cash on hand January 1, 1939.
$3,537 34
Deposited by Members
20,891 30
Appropriated by City
22,416 93
$46,845 57
Income from Bonds
$ 5,849 42
Sale of Securities
18,682 00
$71,376 99
Expenditures
Warrant Payments
$8,745 79
Securities Purchased
59,743 04
Accrued Interest on Securities
602 94
$69,091 77
Cash on hand December 31, 1939
2,285 22
$71,376 99
Statement of Fund
Cash on hand $ 2,285 22 Fund
$158,558 89
Investments 156,273 67
$158,558 89
$158,558 89
113
REPORT OF TREASURER
Investments
$6,000. Alabama Power Co. 1st & Ref. 41/2s, 1967. $ 6,150 00
5,000. Allegheny Valley Railway G. M. 4s, 1942. 5,179 17
5,000. Atchison Topeka & Santa Fe G. M. 4s, 1995 5,087 50
8,000. Atlantic Coast Line R. R. 1st 4s, 1952 7,305 00
5,000. Baltimore & Ohio R. R. 1st 4s, 1948. 5,084 96
3,000. Boston Albany R. R. 31/2s, 1952 2,860 00
2,000. Boston Elevated Railway 30-yr. 5s, 1942. 2,146 25
5,000. Chicago Burlington & Quincy G. M. 4s, 1958. 4,875 00
5,000. Illinois Central R. R. Ref. 5s, 1955. 5,065 59
10,000. Jersey Central Power & Light 1st "C" 41/2s, 1961 10,400 00
5,000. King's County Lighting Co. 1st & Ref. 5s, 1954 .. 5,250 00
5,000. Louisville & Nashville R. R. 4s, 1940. 5,006 69
7,000. Morris & Essex R. R. 1st & Ref. 31/2s, 2000. 6,246 22
5,000. N. Y. Central Hudson River Deb. 4s, 1942. 4,325 44
5,000. N. Y. Central R. R. Cons. "A" 4s, 1998.
4,328 34
10,000. New York State Elec. & Gas Corp. 1st 412s, 1980
10,176 31
5,000. Northern Pacific Railway Gen Lines S F 3s, 2047 3,750 79
8,000. Penn. Electric Co. 1st & Ref. 5s, 1962.
8,245 00
8,000. Peoples Gas Lgt & Coke 1st & Ref. "D" 4s, 1961
7,755 42
5,000. Southern Pacific Co. Oregon Lines 1st "A" 412s, 1977
4,900 80
5,000. Southern Railway Co. St. Louis Div. 1st 4s, 1951 5,000. Springfield Gas & Elec. 1st "A" 5s, 1957.
4,905 40
5,150 00
10,000. U. S. Treasury 27/ss, 1960
10,384 07
5,000. U. S. Treasury 234s, 1948-51
5,185 62
5,000. West End St. Railway 5s, 1944 5,430 00
6,000. Wisconsin Power & Light Co. 1st "A" 4s, 1966. 5,957 81
5,000. Yadkin River Power Co. 1st 30-yr 5s, 1941. 5,122 29
$156,273 67
114
CITY OF QUINCY
REPORT OF THE QUINCY RETIREMENT BOARD
January 31, 1940
To the HONORABLE THOMAS S. BURGIN, Mayor: Quincy City Hall, Quincy, Massachusetts.
The Quincy Retirement Board submits its fifth annual report, being for the year ended December 31, 1939, with appended tables setting forth the financial and statistical results.
There are now 379 active members, an increase of 142, or prac- tically 60%, since the date of our first report at the close of 1935. During the five years of operation, a total of 13 members have been retired, there have been 4 deaths among retired members and 8 deaths among the active membership. There has been paid out the sum of $14,303.75 in retirement allowances to members and $1,- 291.44 in returns of accumulated contributions made by members who have died in service. To date no elections have been made pro- viding for the continuation of retirement allowances beyond the life of a retired member, nor have there been any benefits payable because of loss of life in line of duty.
During the past year the Board has adhered to the policy of confining its investments to maturities of not over five years wherein it could obtain a net return of better than 2% and in such longer term bonds as were restricted in price because of the ex- istence of call features. Where purchases of the latter category have been made, it has of course, been necessary to write off the full amount of any premium above the call price within the first year, but the income in subsequent periods will be commensurately higher.
In pursuing this policy, the Board has been governed by the fol- lowing considerations. In investing a fund of this character, fluctu- ations of interest rates may be generally neglected as the constant flow of new funds will permit purchases at all levels and the attain- ment of an average rate of return. Nevertheless, when the best opinion is that something of a peak in prices has been reached, it becomes the duty of the Board to determine to what extent it should accept the smaller return available in short maturities so that it may have additional funds available for investment at times when a more generous return may be possible.
The act creating the Retirement System contemplated a return of 4% and that rate is the basis of the actuarial computations upon which ultimate retirement allowances are based. The right is re- served to the Board to reduce this rate to not less than 3%, but the Board has been averse to adopting such a course, with the drastic curtailment in retirement allowances that would be in- volved, as it is not convinced that an average of 4% is permanently unobtainable. The amount which the City is currently called upon to provide to maintain this rate is a matter of only a few hundred dollars, which is negligible compared to the effect on retirement allowances if the rate were reduced, and in our opinion should be more than offset by the return to the City of earnings in excess of the stipulated rate in future years.
115
REPORT OF THE RETIREMENT SYSTEM
The comment of the actuary retained by the City Council at the time the creation of the Retirement System was contemplated and who has since been retained by the Board is worth noting. In his annual report to us, he states, "The results of the present valua- tion are very satisfactory. They indicate that the experience of both active and retired members has been favorable during the past year and that as a result the accrued liability has decreased and the surplus in the Annuity Reserve Fund has increased. The yield on investments was only slightly under 4%, which is a better showing than many of the retirement systems can point to at the present time."
The Board would stress the obligation that exists to bring the rights available under the retirement system to the attention of every new employee of the City promptly upon his employment. The Board, through its Secretary, cooperates in this matter, but without the creation of a central personnel office, this must primar- ily devolve upon each official who has the power of appointment.
Respectfully submitted,
GEORGE H. BONSALL, LEO E. MULLIN, JOHN J. KEEFE, Quincy Retirement Board.
TABLE I
Statement of Cash Receipts and Payments for the Year Ending December 31, 1939
Receipts
Cash on hand, January 1, 1939.
$ 3,537 34
Members' Contributions 20,891 30
Appropriations by City :
Pension Fund
$22,416 93
Expense Fund
2,458 04 24,874 97
Bonds Sold or Called
18,682 00
Income from Investments:
Interest on Bonds
5,849 42
Total
$73,835 03
Payments
Refunds of Contributions :
On account of Resignations and Withdrawals. $ 3,772 15
Pension Payments
4,973 64
Bonds Purchased 59,743 04
Accrued Interest on Bonds Purchased
602 94
116
CITY OF QUINCY
Expenses :
Secretarial
$ 1,200 00
Actuarial
900 00
Printing
80 75
Postage
11 00
Office Supplies
87 10
Bonds
150 00
Miscellaneous
29 19
2,458 04
Total
$71,549 81
Cash Balance as of December 31, 1939.
2,285 22
Total
$73,835 03
TABLE II Income Account-1939
Cash Interest Received
$5,849 42
Interest Accrued but not due December
31, 1939
1,692 31
$7,541 73
Less: Accrued Interest January 1, 1939 .... 1,210 63
Interest Paid on Bonds Purchased ..
602 94
Bond Premiums Amortized out of Income
686 16
2,499 73
Net Interest Earned
$5,042 00
4% Credited on Average Funds:
Annuity Savings Fund
$2,772 28
Annuity Reserve Fund
74 35
Pension Accumulation Fund
3,041 00
5,887 63
Deficiency to be made up by City
$845 63
TABLE III Balance Sheet as of December 31, 1939
Cash $ 2,285 22 Annuity Savings Fund $81,206 97
Investments 156,273 67 Annuity Reserve Fund 2,108 27
Accrued Interest
1,692 31 Pension Accumulation Fund 76,831 54
Surplus
104 42
Total $160,251 20
Total $160,251 20
117
REPORT OF THE RETIREMENT SYSTEM
TABLE IV Schedule of Investments
Par Value
Book Value
$ 6,000 Alabama Power Co. 1st & Ref 41/2s, 1967 $ 6,150 00
5,000 Allegheny Valley Ry 4s, 1942 5,179 17
5,000 Atchison, Topeka & Santa Fe 4s, 1995 5,087 50
8,000 Atlantic Coast Line 1st 4s, 1952. 7,305 00
5,000 Baltimore & Ohio 1st 4s, 1948 5,084 96
3,000 Boston & Albany 31/2s, 1952.
2,860 00
2,000 Boston Elevated Ry Co. 5s, 1942. 2,146 25
5,000 Chicago, Burlington & Quincy 4s, 1958. 4,875 00
5,000 Illinois Central Ref 5s, 1955. 5,065 59
10,000 Jersey Central Pr & Lt 1st 41/2s, 1961. 10,400 00
5,000 Kings County Lighting Co. 1st & Ref 5s, 1954 .. 5,250 00
5,000 Louisville & Nashville Unified 4s, 1940. 5,006 69
7,000 Morris & Essex 1st 31/2s, 2000 6,246 22
5,000 New York Central Consolidation 4s, 1998. 4,328 34
5,000 New York Central, Hudson River Deb 4s, 1942
4,325 44
10,000 New York State Elec. & Gas 1st 41/2s, 1980.
10,176 31
5,000 Northern Pacific Gen 3s, 2047
3,750 79
8,000 Pennsylvania Electric Co. 1st & Ref 5s, 1962.
8,245 00
8,000 Peoples Gas Light & Coke 1st Ref 4s, 1961.
7,755 42
5,000 South. Pacific Co. Oregon Lines 1st 41/2s, 1977 ..
4,900 80
5,000 South. Railway, St. Louis Div 1st 4s, 1951 4,905 40
5,150 00
10,000 U. S. Treasury 27/8s, 1955-60
10,384 07
5,000 U. S. Treasury 234s, 1948-1951
5,185 62
5,000 West End St. Railway Deb 5s, 1944
5,430 00
6,000 Wisconsin Pr & Lt 1st 4s, 1966. 5,957 81
5,000 Yadkin River Pr 5s, 1941
5,122 29
$158,000
$156,273 67
5,000 Springfield Gas & Elec. 1st 5s, 1957.
118
CITY OF QUINCY
TABLE V Membership Active Members
With Prior Service Credit
Without Prior Service Credit
General Employees
General Employees'
Male
Female
Firemen, Police- men
Male
Female
Firemen, Police- men
Total
Membership Jan. 1, 1939 Enrolled during 1939
81
93
2
26
120
26
348
....
....
....
12
45
8
65
Withdrawals
2
1
....
5
20
1
29
Deaths
3
....
....
....
....
....
3
Retirements
2
....
....
....
....
....
2
Membership Dec. 31, 1939
74
92
2
33
145
33
379
Retired Members
Membership Jan. 1, 1939
5
4
....
....
....
....
Retirement for Superannuation Deaths
2
....
....
....
....
....
1
1
....
....
....
....
2
Membership Dec. 31, 1939
6
3
....
....
....
....
9
Total
Membership Dec. 31, 1939
80
95
2
33
145
33
388
9
2
119
REPORT OF THE RETIREMENT SYSTEM
TABLE VI The Distribution of the Number and Weekly Salaries of Members With Prior Service Credit By Age as of June 30, 1939 GENERAL EMPLOYEES
TOTAL
MEN
WOMEN
AGE
Number
Weekly Salaries
Number
Weekly Salaries
Number
Weekly Salaries
25
2
$27
2
$27
26
7
137
1
$20
117
27
5
100
1
20
4
80
28
5
111
1
30
4
81
29
4
99
2
52
2
47
30
7
162
1
30
6
132
31
9
277
5
173
4
104
32
6
175
3
94
3
81
34
3
88
2
62
1
61
36
6
212
2
87
4
125
37
5
188
4
158
1
30
38
3
104
2
75
1
29
40
4
134
2
88
2
46
41
5
144
5
144
42
10
355
7
278
3
77
43
4
111
1
28
3
83
44
45
7
233
2
90
5
143
46
3
98
2
72
1
26
47
3
97
1
54
2
24
49
4
153
2
97
2
56
50
2
76
1
42
1
34
51
7
222
4
141
3
81
53
3
52
3
52
55
7
211
4
143
3
68
56
9
288
6
196
3
92
57
4
167
3
153
1
14
58
5
146
2
78
3
68
59
4
134
1
64
3
70
60
5
178
3
132
2
46
61
2
78
2
78
62
63
1
40
1
40
64
4
134
2
69
2
65
65
3
99
1
48
2
51
66
3
83
1
30
2
53
67
4
123
2
62
2
61
68
2
55
1
35
1
20
69
1
30
1
30
70
1
33
1
33
Total
173
$5,261
77
$2,882
96
$2,379
1
22
1
26
35
2
61
2
43
48
1
24
1
52
54
.
33
22
39
120
CITY OF QUINCY
TABLE VII The Distribution of the Number of Weekly Salaries of Members With Prior Service Credit By Years of Total Service as of June 30, 1939
GENERAL EMPLOYEES
Years of Total Service
TOTAL
MEN
WOMEN
Number
Weekly Salaries
Number
Weekly Salaries
Number
Weekly Salaries
1
1
$26
1
$26
2
1
30
1
30
3
3
80
1
30
2
$50
4
4
88
1
20
3
68
5
17
472
11
358
6
114
6
13
338
6
200
7
138
7
24
607
6
189
18
418
8
9
254
5
176
4
78
9
6
169
2
68
4
101
10
12
310
3
107
9
203
11
13
371
4
152
9
219
12
10
361
7
286
3
75
13
8
334
5
244
3
90
14
11
374
6
241
5
133
15
6
179
2
71
4
108
16
3
109
2
80
1
29
17
18
4
149
4
149
2
44
20
6
193
3
113
3
80
21
2
65
2
65
23
3
109
3
109
24
3
121
1
52
2
69
25
3
101
ยท2
74
1
27
26
1
34
27
2
69
1
40
1
29
28
1
48
1
48
29
1
64
1
64
30
31
1
34
1
34
33
34
1
30
1
30
35
36
1
34
1
34
38
39
10
41
1
64
1
64
Total
173
$5.261
77
$2,882
96
$2,379
19
2
44
22
1
34
32
37
121
REPORT OF THE RETIREMENT SYSTEM
TABLE VIII The Distribution of the Number and Weekly Salaries of New Entrants by Age as of June 30, 1939 GENERAL EMPLOYEES
TOTAL
MEN
WOMEN
AGE
Number
Weekly Salaries
Number
Weekly Salaries
Number
Weekly Salaries
18
1
$16
1
$16
19
2
26
2
26
20
5
62
5
62
21
5
69
5
69
22
11
160
2
$40
9
120
23
11
243
1
19
10
224
24
15
323
2
38
13
285
25
9
190
9
190
26
15
378
3
66
12
312
27
7
161
7
161
28
4
104
4
104
29
6
141
6
141
30
9
263
1
45
8
218
31
4
111
2
46
2
65
32
7
170
1
28
6
142
33
2
38
2
38
34
1
42
1
42
35
5
155
2
60
3
95
36
4
94
1
23
3
71
37
3
149
1
106
2
43
38
2
42
2
42
40
4
145
2
87
2
58
41
2
79
1
48
1
31
42
2
22
2
22
43
1
20
1
20
45
1
12
1
12
46
1
63
1
63
1
19
49
1
14
1
14
50
3
103
3
103
2
75
52
3
69
2
55
1
14
53
1
14
1
14
54
3
93
2
65
1
28
55
1
22
1
22
56
1
24
1
24
57
2
59
1
45
1
14
58
59
1
11
1
11
60
1
35
1
35
61
62
63
64
1
28
1
28
Total
164
$3.941
30
$1.014
134
$2,927
.
4
97
39
4
97
44
48
1
19
51
2
75
47
122
CITY OF QUINCY
TABLE IX The Distribution of the Number and Weekly Salaries of New Entrants by Age as of June 30, 1939 FIREMEN AND POLICEMEN
AGE
Number
Weekly Salaries
30
1
$36
31
5
190
32
1
40
33
7
272
34
4
151
35
4
150
36
2
80
37
38
39
1
40
40
2
80
41
3
114
Total
30
$1,153
TABLE X The Distribution of the Number and Weekly Salaries of New Entrants by Years of Service as of June 30, 1939
TOTAL
MEN
WOMEN
Years of Service
Number
Weekly Salaries
Number
Weekly Salaries
Number
Weekly Salaries
General Employees
0
30
$741
4
104
26
$637
1
46
994
7
177
39
817
2
40
948
9
312
31
636
3
41
1,134
10
421
31
713
4
7
124
7
124
Total
164
$3,941
30
$1,014
134
$2,927
Firemen and Policemen
01234 0 1 4
4
$137
4
137
6
216
6
216
3
120
3
120
7
280
7
280
10
400
10
400
Total
30
$1,153
30
$1,153
123
REPORT OF THE RETIREMENT SYSTEM
TABLE XI
Valuation Balance Sheet Showing the Assets and Liabilities of the Funds of the Quincy Retirement System as of June 30, 1939
ASSETS
Annuity Savings Fund $ 71,456
Annuity Reserve Fund 1,813
Pension Reserve Fund
Pension Accumulation Fund 78,325
Total Present Assets $151,594
Present value of the prospective contributions payable by
the City into the Pension Accumulation Fund 250,345
Total Assets $401,939
LIABILITIES
Present value of benefits on account of which contributions have been paid by members into the Annuity Savings Fund $ 71,456
Present value of benefits payable on account of bene- ficiaries or their dependents now drawing annuities from the Annuity Reserve Fund 1,472
Present value of benefits payable on account of bene- ficiaries or their dependents now drawing pensions from the Pension Reserve Fund ......
Present value of benefits payable on account of beneficiaries or their dependents now drawing pensions from the Pension Accumulation Fund 36,406
Present value of benefits to members with prior service credit to be paid by contributions of the City into the Pension Accumulation Fund 217,153
Present value of benefits to new entrants to be paid by contributions of the City into the Pension Accumulation Fund 75,452
Total Liabilities $401,939
No account is taken of the future contributions of members into the Annuity Savings Fund because the benefits provided by these contributions are exactly equal to the accumulated amount of the contributions and therefore they do not affect the balance in the fund.
124
CITY OF QUINCY
REPORT OF THE BOARD OF ASSESSORS
January 1, 1940
HON. THOMAS S. BURGIN, Mayor Quincy, Massachusetts
DEAR SIR:
The following is respectfully submitted as the report of the Assessing Department for the year 1939:
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