HomeMy WebLinkAbout2010-08-19-RB-minMINUTES OF THE AUGUST 19, 2010 RETIREMENT MEETING
Present: Robert Cunha, Rob Addelson Alan Fields, Joe Foley, Mike McNabb,
Marguerite Oliva
Bob Cunha called the meeting to order at 8:00.
The Board accepted and signed the 083110 warrant and the August payroll. The July
minutes were reviewed and signed.
New Members: (7) Christine Contie, SSI; Karen Schechter, SSI; Robin Fullford,
Enterpirse Fund Manager; Julie Goff, Physical Therapist; Edward Borden, IT
Maintenance; Danielle Drapeau, Substitute Services Associate; Ashley McManama, SSI
Retirements: Theresa Wang, School Payroll Clerk, 8/2310; Mark Culleton, Firefighter,
8/26/10
Deceased Retirees: Marjorie Reed, Opt. A, School Lunch, 8/7/10
James Weston and Alan Campbell attended the meeting to discuss their overearnings for
2009. James discussed his job at N. Shore Medical Center in administration that he was
able to find after his injury. He was notified he would have to pay back his full pension
to Lexington Retirement because of his outside earnings.
Alan owes the Lexington Retirement System $3,146. Both voiced their concerns about
having their pensions withheld and spoke of the financial burdens that would be placed
upon them but are aware the money must be returned. The Board requested that PERAC
be contacted to see if the payments could be spread over a number of months.
It was requested by the PERAC auditor to find out if Karen & Marguerite are covered by
the Town's Workers Comp. policy. Denise Casey will be contacted for the answer.
There was a general discussion of the Buck actuarial reports. Dave Driscoll forwarded a
new one that adds l+ year to the schedule. The Board agrees that smoothing seems to
work. Bob stated he is hesitant of extending more then five years in case there are future
problems. It was decided to keep F and the new schedule on the table. Bob suggested
that Buck be asked to look at F which extends 5 years and see if the jump for FYI can
be redistributed so it is not as dramatic.
Alan requested that Jay Kaufman and Ken Donnelly be invited to attend a future meeting
to discuss the 8% assumption required by the State. He noted it is a real issue for the
State to assume we can hit the 8% with today's market.
Atty. Michael Sacco will be attending the September meeting to discuss retirement
system membership eligibility and the possibility of increasing the hourly requirements
from 18 per week to 20. This will bring it in line with the hourly requirement for health
benefits.
The Town Manager has voiced his hesitation on accepting the resignation and retirement
request for Marls Culleton. Bob sought advice from Mike Sacco and was informed the
Town could not prevent him from retiring and to process the application.
Former Town Manager Rick White contacted the office seeking to now buyback
Arlington CETA time which liability Arlington had refused to accept but Lexington had
agreed to accept. When employed in Lexington he did not proceed with the buyback. He
was told he now would have to inform Plymouth County of the request. The Board will
have to decide if they still want to accept liability when contacted by Plymouth County.
With respect to future liability, Mike McNabb made a motion for the Board to have a
buyback policy in place. Mike Sacco will be asked if he has a template about buybacks
and liability.
There was a discussion of the new legislation that would allow COLA payment increases
in increments of $1,000. Buck will be asked to provide a study of the projected costs.
Sara Arnold who had appealed the Board's decision to not push back her membership
date to the beginning of non - membership years that she bought back, sent a letter
withdrawing her request for appeal.
There still has been no PERAC response regarding Anthony Previte's 2008 over -
earnings.
In order to meet the PERAC requirements for investment manager reviews, Artio will be
contacted to see if the can attend the September meeting.
Philip Walker, School Custodian, submitted an application for ADR after retiring under
Superannuation. Employer's Statement has not been returned by Shawn Newell.
A motion was made, seconded and approved unanimously to adjourn the meeting at
9:45 AM.
The next meeting will be held September 27, 2010 at Cary Memorial Library in the
Learning Center.
Robert W. Cunha, Chairman
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member