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.