LYN NF IELD
Free to every Lynnfield Home!
ADVOCATE
ECRWSSEDDM
PERMIT # 167 WOBURN, MA
Vol. 3, No. 32 - FREE - www.advocatenews.net Lynnfield@advocatenews.net 978-777-6397 Friday, August 11, 2017
Soderberg Insurance holds candy sale to support the homeless
W
e often remember the less fortunate during the holiday season. However, poverty and homelessness are with us every day of the year. At Soderberg Insurance Services, Inc. the staff reaches out to help the homeless every day. The Lynnfieldbased agency is selling delicious See’s chocolates in support of Boston’s oldest homeless shelter. Founded in 1899, Boston Rescue Mission provides not only a clean bed and a nutritious meal to those in need, but also rehabilitative counseling. Many individuals who fall into homelessness suffer with drug and alcohol addic-
tion. Boston Rescue Mission provides help to those who have lost their hope. “We have many visitors each day,” stated agency president, Kathryn Soderberg, CPCU. “All members of the Soderberg team introduce the fundraiser and the charity to the agency’s clients and visitors. Almost everyone supports the fundraiser, which brings us a lot of joy as we know we are raising money for a great cause.” The chocolates sell for $2.50 each. One hundred percent of the proceeds are donated directly to the charity. For Elba Reyna of Lynn and Maria Caraballo of Wakefield are both employed by Soderberg Insurance more information, visit www. Services. They are pleased to support the company’s fundraiser for the homeless shelter Boston brm.org. Rescue Mission. (Courtesy photo)
FIXED RATE
MORTGAGES NO POINTS
15 YEAR
30 YEAR
3. 4. 333% 108% 3. 4. 250% RATE
060RATE %
APR*
APR*
Mortgage Department 617.381.3615 or 617.381.3616 419 Broadway • Everett 771 Salem Street • Lynnfield
For more rates visit our website at everettbank.com **Annual Percentage Rate (APR) is effective July 28, 2017 and is subject to change. All Rates and APR’s are calculated based on a $250,000 loan for an owner occupied single family dwelling with 20% down payment. Rates are also based on Loan to Value and Credit Scores. The monthly principal and interest payment for 15 Year Fixed Rate Mortgage is $7.03 per $1,000 borrowed. Monthly principal and interest payment for 30 Year Fixed Rate Mortgage is $4.81 per $1,000 borrowed. These payments do not include taxes and insurance. Your payment may be greater if the loan is secured by a first lien. Loans subject to credit approval. NMLS #443050
Town in no rush to fully fund OPEB/ pension accounts By Christopher Roberson
D
espite a combined liability of $59.9 million in the town’s Other Postemployment Benefits (OPEB) and pension accounts, there is no urgency to fully fund either one right now. The OPEB account provides benefits to retirees, such as medical and dental insurance, while the pension account is the source of the monthly checks that are sent out to each retiree. To w n A d m i n i s t r a t o r James Boudreau said Lynnfield has until 2030 to fully fund the pension account, which carried a liability of $29.1 million as of June 30, 2016. However, he said there is no funding schedule for the OPEB account, which carried a liability of $30.7 million. According to the town’s financial statements for 2016, $401,886 was allocated for OPEB and pensions. “It’s what the town could afford at the time,” said Boudreau. However, page 16 of the financial documents showed revenues totaling $55.5 million and expens-
es totaling $53.4 million, leaving $2.1 million in “excess revenues over expenditures.” Boudreau said the town’s OPEB account has a current balance of $934,000. “It’s on a pay-as-you-go basis; the goal is to put a little more money in every year,” he said. Town Accountant Julie McCarthy said the $59.9 million liability represents the total cost of OPEB and pensions. She also said the town has continued to increase the OPEB/pension allocation each year, adding that it used to be $100,000. “We’ve continued to increase it,” said McCarthy. However, McCarthy said the final figure is at the discretion of Boudreau and the Board of Selectmen. “We don’t have any kind of a dedicated plan for a certain amount,” she said. Despite the $934,000 in the OPEB account, McCarthy said upcoming retirees should not be concerned about there being a lack of money to fund their pension and benefits packages.