|
Minutes of the August 23, 2018 Retirement Board meeting:
<br /> Present: Robert Cunha, Alan Fields, Carolyn Kosnoff, Joseph Foley, Marguerite Oliva and Jim
<br /> Condon
<br /> Absent: Frederick Weiss
<br /> NEW MEMBERS: (24) Jennifer Keras, Behavior Analyst; Christopher Tran, IT Support; Alicia
<br /> Grunes, Nurse; Gabrielle Correnti, Frank Rizzotti, Jenny Patrick, Natalie Lopez, SIA's Rachel
<br /> Cardillo, Admin. Asst; Melissa Rodriquez, Anna Ahern, Harshini Delity, Marissa Terrasi, Ani
<br /> Khachatourian, Carissa Becker, Michael Lynch, Paige Chaplin, Sarah Poirier, Dianne Barrucci,
<br /> IA's; Michelle DeChristoforo, Claire Murphy, SSP's; Joel Devine, Michael O'Brien, Patrolmen;
<br /> Catherine DeBroder, Behavior Specialist; Christopher Pedersen, Laborer
<br /> DEATHS: (3) Barbara Estey, School Librarian, 7/28/18; Ann Chisholm, School Secretary,
<br /> 8/3/18; Claire Meaney, School Caferteria, 8/4/18
<br /> The Board accepted the 083118 Warrant and the August payroll. The July minutes were
<br /> reviewed and approved, as well as the cashbooks for June 2018.
<br /> Bob Cunha reviewed the August Agenda with the Board members and staff It was noted we
<br /> received a distribution from Golub in the amount of$90,193.00.
<br /> The Board was briefed on the status of two (2)retirees that have failed to comply with PERAC's
<br /> section 91A filing of earnings. Tamzin Ladd and Robert Staples. We were advised via email
<br /> from PERAC to take no action to suspend their pensions at this time. However, the Board would
<br /> like our office to send out certified letters to Staples and Ladd reminding them of their obligation
<br /> to file proper paperwork with PERAC to a disruption in pension payments.
<br /> Cherie Robinson requested to purchase three (3) months of creditable service when she was
<br /> working for the Recreation Dept. from 2001 to 2009. She worked between 30-60 hours per year
<br /> in this time frame. The cost to purchase this service will be $2,206.48. Bob made a motion to
<br /> approve, seconded by Joe, and unanimously approved by Alan and Carolyn.
<br /> Kelley Cutone-Clair requested to purchase three (3) years and one (1) month of creditable
<br /> service. She was employed with the town working less than 18 hours per week, therefore, not
<br /> benefit eligible. The time frame working less than part-time was from 2012 to 2018. The cost to
<br /> purchase this service will be $11,342.87. Bob made a motion to approve, seconded by Joe, and
<br /> unanimously approved by Alan and Carolyn.
<br /> Sean Duff and Taylor Eversden presented the Monroe Capital update. Sean began by
<br /> mentioning that our rate of return since inception is 9.1%. The original target rate of return was
<br /> projected around 8-10%. We should end up receiving 100% of our capital back by the end of
<br /> April 2019, the same period the fund life ends. He spoke briefly about staffing levels at Monroe.
<br /> There has been zero turnover, and they currently staff 100 employees. Then he mentioned how
<br /> highly diversified the Monroe portfolio is with 63 total loans since inception. Business,
<br /> construction &building, as well as healthcare are the most attractive out there. The private
<br />
|