2015-11-19-RB-min - Laserfiche WebLink

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Minutes of the November 19, 2015 Retirement Board Meeting Present: Robert Cunha, Alan Fields, Rob Addelson, Fred Weiss, Marguerite Oliva, and Karen Marchant Absent: Joe Foley Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (11) Eric Carusi, Clare Rose Collar, Padraig Daly, Firefighters /Paramedics; Ashley Bratsis, Stacey Castillo, SSI; Kimberely Chamberlain, SSP; David D'Elia, SPED IA; Jason Power, Park Laborer; Caileen Foley, LHA Executive Director; Ana McDonough, Administrative Assistant; Michael Reault, Data Coordinator DEATHS: Edith Cain, Survivor of Darrell Cain, 11/13/15; Alice Bevington, School Secretary, 11/14/15 RETIREMENTS; John Hilton, Library Clerk, 12/4/15; Joan Taratuta, Acct. Manager, 1/4/16 The Board accepted and signed the 112715 Warrant and November payroll. The October 2015 minutes were reviewed and approved as well as the cashbooks for September 2015. There was a discussion of moving the OPEB funds that are now held in the Vanguard Wellington Fund to the PRIT Fund. Henry did some research and found that the Vanguard Fund has done better than the PRIT Core Fund. The five year return for Vanguard is 9.5% and 8.3% for PRIT and the fee is 26 basis points. Henry suggested keeping the OPEB fund with the Vanguard Wellington Fund since it is cheaper and has better returns. The Vanguard fund is a conservative US balanced fund with 65% stocks and 35% bonds. The Town wired $299,188 to the fund on 11/3 and has proposed adding an additional $1.2m next year. The overall liability is $180m. The Board agreed to stay with Vanguard. There was a discussion of the PTG Employee Self Service module. Rob had some concern of how many members and retirees would utilize it. Bob mentioned contracting with PTG for a year and at the end of the year to determine whether to keep it or not. A motion was made by Rob, seconded by Bob and voted unanimously to contract for one year. A buyback request was received from Karen Edwards for the two years of service she was employed part -time in the Senior Center. During those two years, she also filled in for Lexpress and Community Development. She is now working at the Fire Department. A motion was made by Bob, seconded by Fred and approved unanimously to accept her request. The "once a member, always a member" issue was discussed. The Board discussed the increased liability. Therefore, it was determined that a policy should be set up that would prevent anyone who falls below the 20 hours per week from remaining as a member in the system. The policy would take place July 1, 2016 and would grandfather current members. Maggie mentioned that the HR departments would have to make sure hourly reductions are reported on a timely basis. Rob asked Maggie to set up a meeting with Laurie, Rob and her to see if there is a way for MUNIS to track hours. Bob requested that an article be reserved for the annual Town Meeting in case it is needed.