January 29, 2016 - Retirement Board Meeting Agenda
Section I: Regular Business:
Minutes:
Minutes of December 18, 2015 Regular Meeting-Investment Review
Minutes of December 18, 2015 Executive Session
Warrants:
Warrant # 11, Dated November 30, 2015: $ 3,275,198.70 Partial
Warrant # 12, Dated December 31, 2015: $ 2,664,057.21 Partial
Warrant # 1, Dated January 31, 2016: $ 413,784.01 Partial
Warrant # 2, Dated February29, 2016 $ 1,366,635.44 Partial
Trial Balance for November $143,808,417.62
Public Comment:
Section II: General Correspondence:
Conferences:
MACRS Conferences:
MACRS Trustees Educational Seminar, June 4 -5, 2016
MACRS 2016 Annual Conference, June 5 – 8, 2016
GoDaddy Internet Hosting Platform Upgrade:
Will the Board approve an upgrade from current legacy platform to new updated platform for contract of 5 years. Updated platform offers new features which will make our website faster and more secure.
Third Party Montitoring Contract Renewal:
Board to discuss and vote to accept the amendment to extend existing contract term, consistent with the recent amendment to Section 23B:
Berman DeValerio contract extension: January 1, 2012 – December 31, 2018
Retirement Board Election:
Board to appoint an election officer for the coordination of all upcoming election activity.
Board to review draft Retirement Board Election schedule.
Board to vote on type of election: Mail-in or walk-in ballots.
PERAC Memo's
Memo #26/2015: 2015 Disability Retiree Data
Memo #27/2015: Annual Disclosure Forms
Memo #1/2016: Schedule 7 Report
Memo #2/2016: 2016 Limits under Chapter 46 of the Acts of 2002
Memo #3/2016: 2016 Limits under Section 23 of Chapter 131 of the Acts of 2010
Memo #4/2016: COLA Notice
Memo #5/2016: Mandatory Retirement Board Member Training-1st Quarter 2016
Memo #6/2016: Mandatory Ethics Training
Memo #7/2016: 2016 Interest Rate set at 0.1%
Memo #8/2016: Actuarial Data
Memo #9/ 2016: Buyback and Make-up Repayment Worksheets
Investments:
Custody Bank Search:
Anthony Teberio of Peoples Bank will be present to discuss custody bank services.
Legal:
Discussion on Dr. Chaglassian's Clarification Response
Section III: Membership:
New Hires:
PHA:
Grace, Patricia, Group 1, Attorney
Perm. Full-time: $3,069.75 bi-weekly
Start Date: January 1, 2016
Town:
Hicks, Theodore, Group 1, Maintenance Worker
Perm. Full-time, $731.15 weekly
Start Date: January 19, 2016
School:
D'Agostino, Catherine, Group 1, Custodian
Perm. Full-time, $1,316.95 bi-weekly
Start Date: January 4, 2016
Loranger, Evon, Group 1, Secretary
Perm. Full-time: $1,103.31 bi-weekly
Start Date: January 4, 2016
Mula, Madalyn, Group 1, Secretary
Perm. Full-time, $1,418.04 bi-weekly
Start Date: January 11, 2016
Shay, Thomas, Group 1, Custodian
Perm. Full-time, $1,343.38 bi-weekly
Start Date: January 4, 2016
Sullivan, Lynn, Group 1, Cook
Perm. Full-time, $906.07 bi-weekly
Start Date: January 4, 2016
Transfers:
Town:
Phillips, Jean, Group 1, Airport Coordinator
7 Years 8 Months Creditable Service (9/5/07-5/9/15)
Total Transfer to Massport Auth. Ret. System: $15,195.96
Refunds:
Town:
DePina, Cindy, Group 1, Human Resources Director
3 Years Creditable Service (6/23/14-11/12/15)
Total Refund: $35,044.15
$283.01 issued to the Town for underpaid Cafeteria Plan funds.
$34,7961.14 issued as refund to Cindy DePina.
School:
David, John, Group 1, Custodian
Partial refund of non-taxable overpaid service Buy Back deductions
Total Refund: $1,073.76
Rollovers:
Town:
Coughlin, Shawn, Group 4, Police Officer
Partial rollover of taxable deductions only
Total Rollover: $98,431.44
Total Non-Taxable Refund: $143.66
School:
Martinelli, Jodi, Group 1, Cafeteria Worker
9 Years 7 Months Creditable Service (10/31/05-6/25/15)
Total Rollover: $7,741.85
Retirements:
Town:
Esser, Dorothy, Group 1, Police Dept. Admin. Secretary
18 years, 10 months service
Superannuation, opt b
Retirement Date: January 29, 2016
School:
Farrand, Jacqueline, Group 1, Cafeteria Worker
10 years service
Superannuation retirement, opt b
Retirement date: January 30, 2016
Section 91: Excess Earnings Issue:
Kenneth Rood, former Gr. 4 ADR retiree, has exceeded his allowable 2014 earnings by $390.50. Mr. Rood has been notified of this and did not made payment by the deadline of December 31, 2015. The amount of $390.50 will be deducted from his January 29, 2016 retirement allowance.
Section IV: New Business:
Section V: Executive Session:
Pursuant to MGL Chapter 30A, Section 21 (a)(3), and(5) the Board will enter into executive session to hold an Evidentiary Hearing on the Accidental Disability Retirement Application of Group 4, Police Officer, Thomas Kelley.
Pursuant to MGL Chapter 30A, Section 21 (a)(3), and(5) the Board will enter into executive session to hold an Evidentiary Hearing on the Involuntary Disability Application of Group 4, Police Officer, Richard Civetti.
Pursuant to MGL Chapter 30A, Section 21 (a)(3), and(5) the Board will enter into executive session to vote the Accidental Disability Application of Group 4, Police Officer, Kenneth Elliott.
Pursuant to MGL Chapter 30A, Section 21 (a)(3), and(5) the Board will enter into executive session to hear from its Attorney regarding ongoing litigation.