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April 2024 Retirement Board Meeting | Plymouth Retirement

April 2024 Retirement Board Meeting

This meeting of the Town of Plymouth Retirement Board will be held in person.

Section I: Regular Business:

Minutes:

Minutes of March 29, 2024                           Regular Meeting

Warrants:

Warrant #2 Dated February 29, 2024                         $  5,224,335.95 Final      

Warrant # 3 Dated March 31, 2024                            $  2,688,221.42 Partial

Warrant #4 Dated April 30, 2024:                              $  5,348,722.74 Partial       

Warrant #5 Dated May 1, 2024                                  $          6,955.59 Partial  

 

Trial Balance as of February 2024:                            $251,747,293.99                                                                       

 

February 2024 Accounting & Banking Reports Presented to Board for Review:

 

Rockland Trust Checking & Money Market Acct Statements

Rockland Trust Checking & Money Market Acct Treasurer’s Reconciliations

Trial Balance

Cash Receipts

Cash Disbursements

Adjustments

 

Public Comment:

 

New/Old Business:

 

MACRS 2024 Trustee Educational Seminar & Spring Conference:

2024 Kevin J. Regan MACRS Trustee Educational Seminar & Spring Conference, Hyannis MA, June 1- 5, 2024

 

PERAC Memos:

Memo #11/2024:        Mandatory Retirement Board Member Training – 2nd Quarter 2024

Memo #12/2024:        PERAC Regulations 840 CMR 4.00 and 25.00

Memo #13/2024:        PERAC Regulations 840 CMR 2.00, 8.00, 11.00, 12.00, and 15.00

 

Investments:

Portfolio Update and Review

 

Draft Financial Report:

Board to review and vote draft Audit of Specific Elements, Accounts and Items of Financial Statements for period ended December 31, 2022, prepared by Powers & Sullivan

 

Office Lease:

Board to review and vote the new office lease for period of March 1, 2024, through February 28, 2029.

 

Overtime as Regular Compensation:

Patrick Daly, OPEIU Local 6 Business Manager, will be present to discuss his questions regarding overtime as regular compensation.

 

Regular Compensation:

Board to discuss opinion letter on regular compensation, prepared by Atty. Sacco

 

2024 Vendor Disclosure Statements Received:

Acadian

Aristotle – Value Equity & International Equity

Boston Trust

Columbia

Lazard

Rhumbline Advisors

Wellington – Core Bond & Opportunistic Investment

Westfield

Section II: Membership:

Buybacks:

 

School:

 

Waive Interest on Buy Back:

Due to a School Payroll error, Ann Marie Peters was inadvertently removed from the Town’s Pension and placed into OBRA beginning September 2023. This error has been corrected and she will now be paying into the Town’s Pension once again.  The Payroll Department can make a correction for this calendar year, January through April 19th payroll cycles.  Will the Board waive the interest for Ms. Peters if she pays in full to correct the payroll error from September 2023 through December 2023?

 

Rollovers:

 

Town:

Kierstead, Zachary, Group 4, Police Officer

One (1) Year, Two (2) Months Creditable Service (9/20/2021-12/01/2022)

Total Amount of Rollover: $8,495.35

 

Transfers:

 

School:

Downey, Thomas, group 1, Special Needs Aide

Three (3) Months Creditable Service (9/12/2012-1/2/2013)

Total Transfer to Plymouth County Retirement Board: $521.88

 

Retirements:

 

Plymouth Housing Authority:

Severy, Mary, J. Group 1, Coordinator of Family Self Sufficiency

Thirty (30) Years, Eleven (11) Months Creditable Service

Superannuation Retirement; opt B

Retirement Date: 5/31/2024

 

Executive Session:

Pursuant to MGL Chapter 30A, Section 21 (a)(3), the Board will enter into Executive Session to discuss ongoing litigation.

Pursuant to MGL Chapter 30A, Section 21 (a)(1), The Board will enter into Executive Session to hold an Evidentiary Hearing on the Accidental Disability Retirement Application of Battalion Chief Dean DelTorto.