2015-08-24-RB-min - Laserfiche WebLink

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Minutes of the August 24, 2015 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Marguerite Oliva, Fred Weiss and Karen Marchant Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (16) Kathleen O'Neil, DPW Account Assistant; Cynthia Kelly, Administrative Assistant; Theodore Noke, Paul James, Custodian; Jessica Tilch, Carol Mejail, Rachel Joyce, SSI; Meghana Shah, Engineering Assistant; Melissa Murray, Tyler Radicioni, Recreation Supervisor; Amy Spach, IA; Marie Golab, Medical Records Technician; Jane Aronson, Assistant to Registrar; Nancy Bonica, Susan Harris, SSP; Emma Haviland, SIA; DEATHS: EIeanor Cassidy, School Lunch Program, 8/2/15 RETIREMENTS: Paul Wentzell, W9 Foreman, 9/4/15; Prema Mehta, Tutor, 8/31115 The Board accepted and signed the 083115 Warrant and August payroll. The July 2015 minutes were reviewed and approved as well as the cashbooks for June 2015. An Ordinary Disability application has been received from Damara Press. Damara has MS, lives in Arizona, is 53 years old and has 11 years of service. If approved her age for the calculation will increase to 55. Her service at MTRS is her high 3 years. Motion by Bob second by Joe and voted unanimously to move forward. John Frissore, one of the 6 police officers who has been laid off and then hired back, has requested to buyback that time. This had been previously passed into law by the State Legislature which became local option that was passed by Lexington Town Meeting. Rob contacted Dan Sherman in regards to the changes in the GASB reporting requirements for the Town audit and reported that everything is already done in the actuarial study provided. There was a discussion regarding "Once a member always a member" issue. According to the case "Stoneham vs. CRAB ", the Board can set a policy that would terminate a LRS member and have OBRA contributions start if an employee's hours fall below 20 hours. Maggie will contact Dan Sherman for an opinion and how it effects the OPEB liability. PERAC Memo # 18 regarding contract extensions for 2 more years was distributed to the Board. Lexington has contracts for legal, actuarial, custodial and consulting personnel plus 15 investment managers. Joe requested an excel spreadsheet be created with expiration dates for the Board's review. An update from Mike Sacco regarding Joe O'Leary's case has been received. Joe Haynes failed to file his 91A Form and a termination notice was sent. He called to notify us he filed for a tax extension and has notified PERAC who in turn notified Maggie that the matter is now settled. It has also been determined there is a new court ordered document requiring Joe to change his Option C beneficiary to his ex -wife. A new calculation will be provided and Mike Sacco will notify him. The Board was informed that former State Street contact Tony Teberio is now at Peoples United Bank. Ryan Bugler has been re- evaluated by PERAC and it was determined he cannot go back to work.