Needham Retirement Board hears audit update, discusses cyber-insurance quotes and procurement options

Board members were updated that auditors were on site and the retirement audit report is being drafted; staff said the auditors expect to issue a report by month end and may return in roughly six months to confirm fixes.

Members discussed differences between the annual external audit and the deeper periodic state/Perak review; board members asked for clarity on management letters and follow-up timing and were told auditors typically issue a draft, the board implements fixes and auditors may return depending on the scope of issues.

On cyber insurance, the board reviewed two quotes from vendors (identified in meeting notes as Leiden and Murphy) and discussed procurement implications under chapter 30B. Legal counsel and staff explained some purchases are not strictly required to follow 30B competitive bidding (for example, certain insurance procurement or piggybacking on the town’s contract), and that financial considerations could justify selecting a lower-cost piggyback option. The board asked staff to check legal procurement requirements and to prepare comparison materials; the board agreed to discuss and, if appropriate, act on cyber insurance at next month’s meeting (with parts of that discussion in executive session if needed).