2019-05-30-RB-min - Laserfiche WebLink

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Minutes of the May 30, 2019 Retirement Board Meeting: Present: Bob Cunha,Joe Foley, Carolyn Kosnoff,Alan Fields, Marguerite Oliva &Jim Condon Absent: Fred Weiss NEW MEMBERS: (6) Jeanmarie Hale, Instructional Aide; Andrew Lavalle, Meter Reader; Bradford Laing, Maintenance; Derick Scheffer, Laborer; Kammy DeMello, Health Agent; Domingo Regalado, Custodian RETIREMENTS:None DEATHS: (2) William Berg, school monitor, 05/17/2019; Lee Emery, Survivor of Alan Emery, 5/7/19 The Board accepted the 053119 Warrant and the May payroll. The April 2019 minutes were reviewed and approved, as well as the cashbooks for March 2019. Bob Cunha reviewed the May agenda with all the Board members and staff in attendance. The Board was notified that Sherman Actuarial is thinking of changing the funding schedule, however the Board would like it to remain the same. It was noted there was a Golub distribution in the amount of $114,650.00 and a Vanguard contribution from the Town for$187,500.00. The Board members were advised on the total number of credits earned thus far, and how many more are required according to PERAC's guidelines. There was a brief discussion on the matter of Mr. Ryan Bugler. On May 15, 2019,Attorney Michael Sacco sent a notice of overpayment to Mr. Bugler. During a routine audit by PERAC, it was discovered the calculation for his accidental disability allowance included unused vacation time which was improperly coded by the payroll department. This resulted in Mr. Bugler being overpaid $26,106.58 within the period of 3/4/2014—5/31/2019. Going forward, his monthly pension payment will be garnished $415.27 per month until overpayment is satisfied. Mr. Bugler has until 6/15/2019 to answer to the payment proposal. There was one (1) request to buyback time. Christine Muir submitted a letter to the Board and provided payroll records to buyback the first four (4) months of service with Lexington. She was employed, but not benefits eligible,from 1/23/17—5/22/17. She was then hired on a full time basis 5/23/2017. Bob Cunha made a motion to approve the buyback, which was seconded by Joe Foley, and unanimously approved by Alan Fields and Carolyn Kosnoff. Carolyn Kosnoff gave an overview of the upcoming shift in payroll periods for several of the Town's departments and certain bargaining units. A two page memorandum was distributed to all in attendance outlining the new payroll alignment and retirement implications. Currently there are three (3) different pay cycles. The goal is to have one (1) pay cycle for all members,which is to be paid one week in arrears,which currently, is not the format. This process is to commence in July 2019. As for retirements,we will flag all retirements over the next three (3)years until July 2022 to assure proper deductions and accrual of time are correct. Bladen Burns presented the update for Fiduciary Management at 8:45 am. The firm is based in Milwaukee,WI and is an Independent Money Management Firm with $22.513 in AUM. Fifty Five percent