Retirement Board approves $380,000 budget, admits eight new members
Wellesley Retirement Board sets $380,000 budget and admits eight system members. The board, led by Chair David Kornwitz and Vice Chair Timothy Barros, voted unanimously to approve the 2026 expense budget and to accept eight employees into the Contributory Retirement System, effective December 2025
Retirement Board · Meeting of February 24, 2026
Wellesley Retirement Board sets $380,000 budget and admits eight system members. The board, led by Chair David Kornwitz and Vice Chair Timothy Barros, voted unanimously to approve the 2026 expense budget and to accept eight employees into the Contributory Retirement System, effective December 2025 through January 2026. Three warrants totaling $1.63 million were approved, covering February payroll of $1,430,536.70, member refunds and transfers of $120,062.71, and operating expenses of $80,242.80.
The board upheld a PERAC calculation requiring retiree Michael Kane to repay $25,771.01 in 2024 excess earnings through full deduction of his retirement allowance. PRIT Fund representatives reported Wellesley's 1-year return of 12.4% for 2025.
In the full story:
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Source: the Retirement Board meeting of February 24, 2026, compiled from the official minutes.
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