2010-08-19-RB-min - Laserfiche WebLink

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MINUTES OF THE AUGUST 19, 2010 RETIREMENT MEETING Present: Robert Cunha, Rob Addelson Alan Fields, Joe Foley, Mike McNabb, Marguerite Oliva Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 083110 warrant and the August payroll. The July minutes were reviewed and signed. New Members: (7) Christine Contie, SSI; Karen Schechter, SSI; Robin Fullford, Enterpirse Fund Manager; Julie Goff, Physical Therapist; Edward Borden, IT Maintenance; Danielle Drapeau, Substitute Services Associate; Ashley McManama, SSI Retirements: Theresa Wang, School Payroll Clerk, 8/2310; Mark Culleton, Firefighter, 8/26/10 Deceased Retirees: Marjorie Reed, Opt. A, School Lunch, 8/7/10 James Weston and Alan Campbell attended the meeting to discuss their overearnings for 2009. James discussed his job at N. Shore Medical Center in administration that he was able to find after his injury. He was notified he would have to pay back his full pension to Lexington Retirement because of his outside earnings. Alan owes the Lexington Retirement System $3,146. Both voiced their concerns about having their pensions withheld and spoke of the financial burdens that would be placed upon them but are aware the money must be returned. The Board requested that PERAC be contacted to see if the payments could be spread over a number of months. It was requested by the PERAC auditor to find out if Karen & Marguerite are covered by the Town's Workers Comp. policy. Denise Casey will be contacted for the answer. There was a general discussion of the Buck actuarial reports. Dave Driscoll forwarded a new one that adds l+ year to the schedule. The Board agrees that smoothing seems to work. Bob stated he is hesitant of extending more then five years in case there are future problems. It was decided to keep F and the new schedule on the table. Bob suggested that Buck be asked to look at F which extends 5 years and see if the jump for FYI can be redistributed so it is not as dramatic. Alan requested that Jay Kaufman and Ken Donnelly be invited to attend a future meeting to discuss the 8% assumption required by the State. He noted it is a real issue for the State to assume we can hit the 8% with today's market. Atty. Michael Sacco will be attending the September meeting to discuss retirement system membership eligibility and the possibility of increasing the hourly requirements from 18 per week to 20. This will bring it in line with the hourly requirement for health benefits.