2016-02-25-RB-min - Laserfiche WebLink

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Minutes of the February 25, 2016 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Fred Weiss, Marguerite Oliva, and Karen Marchant Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (7) Meghan McConnell, Danielle Griffith, Instructional Asst.; Laura Houlihan., Peter Cherepanov, Firefighters; May Tulin, SSI; Amy Moris, SIA; Mark Fahey, Laborer DEATHS: Laura Anno, School Lunch, 2/15/16; Joseph Nugent, Assessor, 2/19/16 RETIREMENTS: Dianne Cornaro, Admin. Clerk, 3/4/16; William Hadley, DPW Director, 3/25/16 The Board accepted and signed the 022916 Warrant and February payroll. The January 2016 minutes were reviewed and approved as well as the cashbooks for December 2015. Bob began with discussion on FY17 Annual COLA and recommended 3% on $13,000 base. After little discussion there was a motion by Bob seconded by Joe and voted unanimously. A copy of a letter was received from Mike Sacco regarding Joe O'Leary's appeal to DALA regarding whether or not buyback of vacation time is pensionable. Mike will keep us posted and up to date. It was reported there were no updates at this time on the Laura Creedon case. It was reported Jason Morey is still moving forward with the ADR. Three separate medical panels have been arranged for March. The Town wired $299,188.75 to the Vanguard OPEB fund on 2/2/16. The Town funds this quarterly from the tax levy. There was a Golub distribution of $67,600 to cash. Karen's review in March. The Library meeting rooms will be temporarily unavailable for Board meetings from June — September. The Parker room at the Town Hall will be used for meetings during this time. The Board was reminded of PERAC Memo #5 for the lSt quarter 2016 Board Member Training. Hartford representatives will be attending the March 24 meeting. A buyback request was received from Carol Mejail for the five years of service she was employed part- time as a tutor. She is now working full time. A motion was made by Joe, seconded by Fred and approved unanimously to accept her request. Maggie contacted Arlington Retirement regarding how they track hours for membership. The Administrator is copied on all correspondence to retirement school members and receives copies of all EAF's. Maggie will meet with Rob, Bob and Laurie to discuss a resolution. Bradley Huggins, Jake Brown and Thomas Egan were present for the Wellington Management annual review. Lexington invests in the Enduring Assets and Opportunistic Funds. They reported the market