2016-07-28-RB-min - Laserfiche WebLink

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Minutes of the July 28, 2016 Retirement Board Meeting Present: Robert Cunha, Alan Fields, Rob Addelson; Marguerite Oliva Absent: Joe Foley, Fred Weiss Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (10)Timothy Goncalves, IT Support Tech.; Jaclyn Souza, Substitute Service Coordinator; Eric Pekarsky. Custodian; Ann McKean, Municipal Clerk; Drew Haughn, Christine Manfra, Michaela Nargi, Allyson Nolan, SSI’s; Alexandra Foy-Smith, IA; Laura Schroeder, School Secretary RETIREMENTS: Alan Hadley, DPW Information Coordinator, 9/23/16 The Board accepted and signed the 072916 Warrant and July payroll. The June 2016 minutes were reviewed and approved as well as the cashbooks for May 2016. The Board discussed the actuarial reports provided by Dan Sherman. Rob spoke with Carl Valente and he is in agreement with decreasing the assumption to 7.5% and increasing the COLA base to $14,000. A motion was made by Alan, seconded by Rob and voted unanimously to accept the 7.5% assumption and to seek the COLA base increase. Rob mentioned there will be a special town meeting in the fall and the possibility of putting the increase request on that agenda. Bob said he would talk with Susie Barry to see if it could be added to the fall agenda. There was a discussion about Mike Sacco’s letter that discussed setting an interest rate for funds that were owed to the LRS or owed by LRS to members and retirees. The letter mentioned using the whole assumption rate, half the assumption rate, or the 3% that is currently paid to members who resign. PERAC’s response to Mike was that the Board could set whatever rate they wished as long as it was equitable across the board. Rob mentioned setting the interest rate based on MMDT and he will draft a memo for the next meeting. The Board discussed the three retirees who have failed to complete the 91A filings for PERAC. Certified letters will be sent informing them that the direct deposits will be stopped and checks will be held in the office until they comply with PERAC’s regulation. The Vanguard balance on 3/31 was $7,334,848 and there was a transfer from the Town on 7/11 for $92,859.12. The Q2 Fidelity Plan Expense reimbursement for $11,449 was received and there were distributions from White Oak for $29,601 and Golub for $98,000. st The 1 quarter FY’17 appropriation for $1,360,693 was drawn and the second $1,000,000 st transfer from cash to the PRIT RE Fund is set for August 1. James Condon who was interviewed by Bob, Joe, Rob and Maggie will be offered the part-time position as assistant. Starting salary will be based on the LMEA step chart placing him at Grade 4, step 6 at $30.67/hour for 20 – 25 hours. James will be allowed three weeks’ vacation and accrued sick days.