Currently, Quincy is the home of two of the Bay State’s leading Democratic politicians and longtime Association allies, Congressman Bill Delahunt, State Senator Michael Morrissey, and Representative Ron Mariano.

Beyond its political contributions, Quincy is internationally known as having hosted one of the world’s premier ship building yards. With Quincy shipbuilding dating back to 1696, the Fore River Shipyard operated as the world renowned shipyard until the facility was closed by General Dynamics in 1985.

“Many generations of Massachusetts families found good paying jobs at the Quincy Shipyard. My own father was working there in the mid-80s when the yard was closed,” recalls Association Legislative Liaison Shawn Duhamel.

After recovering from the loss of the shipyard, the city has experienced a renaissance of sorts in recent years. Boston real estate development firm Intercontinental, which serves as an investment manager for a number of Massachusetts public retirement systems (including the City of Quincy) recently completed a major residential development project in the heart of Quincy center.

Strong Local Board

Chaired by retired Quincy Fire Captain George “Fred” McCray, the Quincy Retirement Board is among the strongest of the state’s 104 local boards. The five member board is known for its ability to come together for the good of the system’s 1,785 retired and 1,700 active members.

McCray was first elected to the board in 1984 and has served as its chair since 2002. A lifelong Quincy resident, he is a past president and current treasurer of the Mass Association of Contributory Retirement Systems (MACRS). A veteran, McCray also serves as the commander of Legion Post 95 in Quincy.

Former Quincy Mayor Francis McAuley serves as the mayor’s appointed representative to the Board. McAuley, who is a current Quincy city councilor, served as the director of the State Retirement Board under former State Treasurer Joseph Malone. He was appointed to the Quincy Board in 2003.

City Auditor Richard Fitzpatrick is the Board’s ex officio member. Fitzpatrick, who is also a Quincy resident, has served on the Board since 2002. He has worked for the city for about 7 years.

Richard Crespi, a retired Quincy police officer and Hanover resident, is the second elected member of the Board. First elected to the Board in 1996, Crespi has been a strong Association supporter within the city.

Serving as the Board’s fifth member is Roger Perfetti, a retired banker from the former BayBank. Perfetti, who lives in Braintree, is appointed by the other four members of the Board. By law, the fifth member cannot be a member of the retirement system of which they serve, which is designed to promote balance within the Board itself.

“We have a well rounded Board here in Quincy that tends to work well together for the benefit of our members. Year in and year out we have met our obligations with paying COLAs, passing veterans benefits, and making sure our retirees have a local voice,” said McCray. “Our staff is topnotch and does a good job of serving the membership.”

The Board’s staff is led by Executive Director Edward Masterson, who himself is a member of the Weymouth Retirement Board and  lives in Norwell.

Marguerite Lightbourne is the Board’s deputy director. An Abington resident, Lightbourne has worked for the Board for the past eight years.

Rounding out the staff are Vicki Tasney and Dawn Spano. Tasney serves as the administrative assistant and lives in Quincy. Spano, a Braintree resident, is the analyst for the Board.

Large System

With $280 million in pension assets, the Quincy Retirement System is one of the largest local retirement systems in Massachusetts. On its current course, the system will be fully funded in 2028, as its funding schedule calls for.

In 2005 the system earned 7.98% in a tough market that remained stagnant for much of the year. Returns in 2004 topped 10.74% after having posted a 20.21% return in 2003.

Quincy has a well diversified investment portfolio that spreads potential market risk amongst various asset classes. Stone Consulting is the actuary, while Meketa Investment Group is the consultant.

State Street provides custodial services for the Board. Michael Sacco of Northampton is the Board’s attorney.