February 24, 2017 - Retirement Board Meeting Agenda

PLYMOUTH RETIREMENT BOARD Friday, February 24, 2017 8:20 a.m.

10 Cordage Park Circle, Suite 240 Plymouth MA 02360

Section I: Regular Business:

Minutes:

Minutes of January 20, 2017                          Executive Session

Minutes of January 20, 2017                          Regular Meeting

Warrants:

Warrant #12 Dated December 31, 2016                     $      3,544,413.96 Final

Warrant # 1 Dated January 31, 2017                          $      4,860,140.63 Partial

Warrant # 2 Dated February 28, 2017                        $          583,038.65 Partial

Warrant # 3 Dated March 31, 2017                            $              3,911.19 Partial

Trial Balance as of December 31, 2016                                 $155,028,858.91

Public Comment:

PERAC MEMOS:

Memo #7/2017:           Actuarial Data

Memo #8/2017:           Continuing Membership of “Non-Full-Time Employees”

Memo #9/2017:           Buyback and Make-up Repayment Worksheets

Memo #10/2017:         Domestic Relations Order

Memo #11/2017:         2017 Annuity Savings Account         

Memo #12/2017:         2017 Interest Rate set at 0.1%

Memo: #13/2017:        Administrators are Encouraged to Attend PERAC Training

Investments:

Anthony Tranghese of FIA will present the 2016 year-end review & update the Board on the year-to-date 2017 investment performance.  He will also review updates to the Investment Policy Statement.

Third Party Monitoring:

Scott & Scott Quarterly Review Reports for fourth quarter 2016

Section II: Membership:

New Hires:

Town:

9%       Ciavarra, Kevin, Group 4, Police Officer

            Perm. Full-time: $967.30 weekly

            Start Date: February 27, 2017

9%       Folloni, Erin, Group 4, Police Officer

            Perm. Full-time: $967.30 weekly

            Start Date: February 27, 2017

9%       Gamache, Nicholas, Group 1, Motor Eq. Op.-Highway

            Perm. Full-time: $735.32 weekly

            Start Date: February 16, 2017

9%       Garvin, Paul, Group 4, Police Officer

            Perm. Full-time: $967.30 weekly

            Start Date: February 27, 2017

9%       Hallett, James, Group 1, Dispatcher

            Perm. Full-time: $741.87 weekly

            Start Date: February 7, 2017

9%       Jacobs, Renee, Group 4, Police Officer

            Perm. Full-time: $967.30 weekly

            Start Date: February 27, 2017

9%       Leahy, Shamika, Group 4, Police Officer

            Perm. Full-time: $967.30 weekly

            Start Date: February 27, 2017

9%       Machado, Jon, Group 1, Laborer – Highway

            Perm. Full-time: $735.32 weekly

            Start Date: February 16, 2017

9%       McCassie, Jr., William, Group 4, Police Officer

            Perm. Full-time: $967.30 weekly

            Start Date: February 27, 2017

9%       South, Alex, Group 4, Police Officer

            Perm. Full-time: $967.30 weekly

            Start Date: February 27, 2017

School:

9%       Alonge, Carmino, Group 1, Custodian

            Perm. Full-time: $1,525.85 bi-weekly

            Start Date: January 30, 2017

Refunds:

Town:

MacKinnon, Robert B. Jr., Group 4, Fire Fighter

Refund on Buy-Back of Call-Fire Service in excess of 5 Years

Creditable Service to be deducted- 4 Years

Total Non-Taxable Refund-$1,431.41

School:

Caltagirone, Lisa, Group 1, Paraeducator

One (1) Month Creditable Service (8/26/2016-10/21/2016)

Total Refund Including FWT: $251.60

Cavilla, Richard, Group 1, HVAC Technician

Six (6) Years, Four (4) Months Creditable Service (8/16/2010-1/12/2017)

Total Refund Including FWT: $39,916.49

Mason, Donna, Group 1, Paraprofessional

Seven (7) Years, Nine (9) Months Creditable Service (10/30/2006-8/28/2014)

Total Refund Including FWT: $8,673.06

Rollovers:

Town:

Kearney, Rebecca, Group 1, Administrative Secretary

Nine (9) Years, Seven (7) Months Creditable Service (8/21/2006-11/4/2016)

Total Rollover: $38,470.40

Total Non-Taxable Refund: $429.35

School:

Humphries, Karen, Group 1, Paraprofessional

Nine (9) Years. Eight (8) Months Creditable Service (4/02/2007-12/02/2016)

Total Rollover: $8,651.60

Transfers:

Town:

Silva, Jason, Group 1, Local Building Inspector

Thirteen (13) Years, Three (3) Months Creditable Service (8/4/03-11/28/16)

Transfer to Plymouth County Retirement Board: $74.366.52

School:

Cavacco-Willis, Michelle, Group 1, Paraprofessional

One (1) Year, Nine (9) Months Creditable Service (8/31/2004-6/13/2006)

Transfer to MA Teachers’ Retirement System: $1,228.21

Ryan-Lambert, Robynne M., Group 1, Paraprofessional

Seven (7) Years, Eleven (11) Months Creditable Service (10/19/1998-5/16/2008)

Transfer to MA Teachers’ Retirement System: $4751.71

Section IV: Executive Session:

Pursuant to MGL Chapter 30A, Section 21 (a)(3), the Board will enter into executive session to hear from its Attorney regarding ongoing litigation.