2019-01-24-RB-min (3) - Laserfiche WebLink

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Minutes of the January 24, 2019 Retirement Board meeting: Present: Bob Cunha, Joe Foley, Alan Fields, Fred Weiss, Carolyn Kosnoff, Marguerite Oliva & Jim Condon NEW MEMBERS: (9) Michael Guillemette, Edwin Martinez, Custodians; Sheila Page, Asst. Director of Planning; Jarrod Sullivan, Equip.Operator; Hayato Tsurumaki, Recreation Supervisor; Lisa Aboyan, Admin Assistant; Sharon Coffey, Land Use Assistant; Sean Dugan, Public Info Officer; Jaculin Courtney, Account Assistant RETIREMENTS: (2) Kathy Fox, Environmental Health Agent, 3/17/19; Paul Hartery, Custodian, 3/1/19 DEATHS: (1) Alan Campbell, 1/11/19, Firefighter The Board accepted the 013119 Warrant and the January 2019 payroll. The December 2018 minutes were reviewed and approved, as well as the cashbooks for November 2018. Bob Cunha reviewed the January agenda with the Board members and staff There was one (1) request to buyback service. Kristen McGrath was hired back on 8/11/2011 as a non-benefited employee. She became a full time employee on 8/29/2013. She is requesting to buyback her time from 2011 to 2013. All her paperwork and documents for that time has been submitted to the Retirement Office. Bob Cunha made a motion to approve this request, which was seconded by Joe Foley, and unanimously approved by Fred Weiss and Alan Fields. The investment transfer to Matthews and Wellington Enduring has been set up and will take place February 1, 2019. It was noted the Vanguard balance has increased to $13,621,937.00 The Cost of Adjustment notice has been posted and the Board will discuss at the February 28, 2019 meeting. COLA's do not take effect on pension payments until July. Joe Foley asked the Board for a brief update on the Joseph O'Leary matter. The case continues to be held up in the court system. A joint motion for an extension has been granted for Mr. O'Leary and PERAC to February 14, 2019. Our office will update Board members as the process moves forward. The Retirement Board office will need an updated Investment Policy Statement from Meketa. There will be a new credit card usage policy put into place from the Comptroller's Office. Meghan Guardino, formerly employed with the school department, requested a refund of her account due to a financial hardship from the Federal Government Shutdown. PERAC has not set the Interest rate for 2019 as of 1/24/19. Once the rate is set, our office would like to move forward and refund Ms. Guardino's account. We will update the Board Agenda once processed and provide new figures for the month. This should take place prior to January 30, 2019. Per PERAC, the yearly Benefit Verification Affidavits should be spot checked with older ones to verify signatures. They recommend we verify around 5% of the forms annually.