1998-04-29-ATM-min - Laserfiche WebLink

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Adjourned Session 1998 Annual Town Meeting, cont.... - April 29, 1998 8:29 p.m. John Ryan, Finance Director, presented information on the Retirement Board, cost of living adjustments awarded to retirees, and impact of requested acceptance of Section 103 of Chapter 32 of the M.G.L. 8:40 p.m. Selectman Elizabeth Eddison, reported the Selectmen unanimously recommend approval of this article. 8:40 p.m. Paul Lapointe, Appropriation Committee, reported the Committee unanimously supports this article. 8:41 p.m. Sheldon Spector, pr.6, questioned the annual impact to the budget if this statute were to be adopted. 8:41 p.m. John Ryan replied that the impact is minimal for any amount which may be requested to be funded by Town Meeting. The Retirement Board will set up a new schedule with the state. 8:42 p.m. Sam Berman, pr.3, questioned the statutory requirement for the 3% maximum increase. Mr. Ryan explained the legislation limits the increase to 3 %. Mr. Berman stated he saw the 3% increase as miserly and that he was disappointed that it is limited to that kind of increase. 8:44 p.m. Sam Silverman, pr.2, inquired who had determined the increases up until now. Mr. Ryan responded that the state legislature had determined the increases, not town meeting. 8:45 p.m. Sam Silverman, pr.2, inquired how adopting this statute would impact the way things are currently being done and consequences if the meeting votes `no'. Mr. Ryan explained that since 1980 expenses authorized by the state legislature must be covered by the state. The burden has now been shifted to the local systems. If the article does not pass, as of July 1, 1998 retirees will not receive a cost of living adjustment. 8:47 p.m. Sam Silverman, pr.2, inquired about possible consequences of a market downturn and if the Retirement Board could decide not to approve an adjustment. Mr. Ryan confirmed that the Board could so decide. 8:49 p.m. Jonathan Lederman, pr.7, questioned the state's passing of responsibility for funding onto towns, and fiduciary responsibility of the Retirement Board. Mr. Ryan explained that the Retirement Board must annually determine if the retirement system is fiscally able to fund adjustments. The Retirement Board's Actuary Mr. Barry Gilman of William Mercer, Inc. further addressed Mr. Lederman's question. 8:53 p.m. John Hayward, pr. 5, called the question. 8:53 p.m. Following a voice vote, the Moderator declared the main motion now before the meeting. 8:53 p.m. Following a voice vote, the Moderator declared the motion under Article 54 adopted. ARTICLE 55: PETITION GENERAL COURT FOR ACT RELATING TO RETIREES 8:54 p.m. Presented by Robert Cunha, Retirement Board Chairman. ---------------------------- MOTION: That the Board of Selectmen be and they hereby are authorized to petition the General Court for an act to provide a cost of living adjustment to non - contributory retirees of the Town on the same basis as contributory retirees. ----------------------------------------- Adjourned Session 1998 Annual Town Meeting, cont.... - April 29, 1998