Wellesley Loses Wakelin

JANUARY 2005
- Pioneered Pension Reserve Fund - R. Arnold Wakelin, Jr., the ex officio member of the Wellesley
Retirement Board, died suddenly of a heart attack on November 8 at age
74.

Wakelin started his career in
Wellesley in 1957. He served as town comptroller from 1962-1979,
director of financial services from 1979-1993 and chief financial
officer from 1993 until his death. He was a 40-year-member of the
Wellesley Retirement Board.

"Forget
his titles. Arnie was Mr. Retirement in the Town of Wellesley," said
Association President Ralph White. "He convinced the town to build up
the Wellesley pension fund long before a funding law went into effect.
Wellesley is a very affluent community. He knew the town could afford
it, and he was responsible for pumping millions of dollars into its
pension reserves."

"Our Retirement
System is 100% funded," said Felix Juliani, a retired member of the
system. "Arnie was a lifetime bachelor. His whole life revolved around
the town's financial structure. He was a shrewd investor of our pension
funds... I believe we rank number one in the state on our investment
returns.

"He was responsible for a
new law enabling Wellesley to put money aside for future costs of
retirees' health insurance. Arnie was in the process of asking the town
for money, when he died. Wellesley will have a tough time replacing
him."

Christopher Clarke, the
assistant finance officer who has served under Wakelin for the past
seven years, has assumed Wakelin's duties on an interim basis. Clarke
is also serving on the Retirement Board.

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