Plymouth Retirement Board

PLYMOUTH RETIREMENT BOARD Friday August 27, 2010 8:30 a.m. Agenda I 10 Cordage Park Circle Suite #240 Plymouth, MA 02360

Section I:  Regular Business – Regular Meeting

Minutes dated July 30, 2010:             Regular Board Meeting

Warrants:

Warrant #6, dated June 30, 2010                    (Final w/ Trial Balance)

Warrant #7, dated July 31, 2010                    (Partial)

Warrant #8, dated August 31, 2010               (Partial)

Warrant #9, dated September 30, 2010          (Partial)

Public Comment:

Section II:  Solicitation & Correspondence:

Investment Correspondence:

Westfield Capital Investment Commentary July 2010

Wellington Management Legacy PPIF: Summary of Capital

Termination of Tyler Technologies:

Tyler Technologies (TACS) software has been terminated.  Tyler has requested remote access to the Retirement Office server to remove the software.  Clever Minds, the Boards’ IT Consultants, have suggested that Tyler come into the Retirement Office to uninstall the software from the server, with Don Stevenson from Clever Minds on hand to supervise.

Annual manager reviews:

Boston Advisors         9:00 a.m. - Core Equity Portfolio

Westfield Capital        9:20 a.m. – Large Cap Growth Fund

Audit:

Draft copies of the financial statements for the Plymouth Retirement System for year ending December 31, 2009, were sent from Powers & Sullivan on 7/29/2010.

Board to sign the representation letter to Powers & Sullivan for the December 31, 2009 audit.

PERAC Memo’s:

PERAC Memo #32/2010: Municipal Early Retirement Incentive Program Section 66 of Chapter 188 of the Acts of 2010

Town of Plymouth Chose not to participate

PERAC Memo#33/2010: Chapter 188 of Acts of 2010

An Act Relative to Municipal Relief

Valuation schedule requirement

Funding Schedule requirement

Cola changes

PERAC Memo#34/2010: Acknowledgement for Prospective Investment Managers

PERAC:

PERAC has sent the Annual Report for 2009

Legal:

Board to discuss remand for medical panel of 6/23/10

Correspondence from Council dated July 23, 2010, regarding continuing 91A Issue

Third Party Portfolio Monitoring

Robbins, Geller, Rudman & Dowd Settlement Report for claims due October 2010

IRS Determination Letter Approval

The Plymouth Retirement System has received a favorable determination letter from the IRS. This letter states that the Retirement System is a participating employer in a multiple employer plan under section 413(c) of the Code.

Section III: Membership:

Retirements:

Town:

Brown, Donald, Group 4, Deputy Fire Chief

33 years, 1 month service (7/1/77 – 8/28/10)

Superannuation retirement, option c

Retirement date: August 28, 2010

Dorman, Richard, Group 4, Police Lieutenant

32 years, 3 months service (6/6/78 – 9/25/10)

Superannuation retirement, option c

Retirement date: September 9/25/10

Refunds

Town:

Alosi, Brian, Group 1, Selectman

4 years service (1/1/94 - 5/10/97)

Total distribution, including FWT: $400.38

Coppari, Howard, Group 1, Town Planner

1 year and 4 months creditable service (2/19/08-7/02/09)

Rollover to: Fidelity Management Trust Company

Total rollover: $8,383.97

School:

Andrews, Michelle, Group 1, Paraprofessional

2 years, 6 months service (11/21/95 – 3/6/98)

Total distribution, including FWT: $1,206.10

Ditmars, Elizabeth, Group 1, Secretary

7 years, 3 months service (10/1/01 – 5/28/10)

Total distribution, including FWT: $12,702.58

Levis, Albert, Group 1, Custodian

4 months service (7/13/09 – 12/4/09)

Total distribution – rollover: $1,248.38

McDonald, Margaret, Group 1, Kitchen Worker

7 years service (5/19/03 – 6/15/10)

Total distribution, including FWT: $5,551.00

Porter, Janice, Group 1, Program Coordinator

3 years, 2 months (3/29/04 – 6/27/07)

Total distribution – rollover: $15,837.64

Rieder, Cheryl, Group 1, Student Aide

6 months service (10/14/98 – 4/30/99)

Total distribution, including FWT:  $244.40

Rosa, Maureen, Group 1, Secretary

8 years, 11 months service (9/4/01 – 8/31/10)

Total distribution, including FWT: $24,266.30

Waters, Patricia, Group 1, Special Needs Aide

4 years, 11 months (3/14/94 – 3/19/99)

Total distribution, including FWT: $2,316.25

Transfers:

Town:

Tracy, Jayson, Group 1, Animal Control Officer

1 year creditable service (2/22/05-2/24/06)

Transferring to: Plymouth County Retirement Board

Total transfer: $1,545.28

School:

Antonellis, Lisa, Group 1, Special Needs Aide

1 year creditable service (1/17/06-6/18/08)

Transferring to: Massachusetts Teachers’ Retirement Board

Total transfer: $742.86

Shaw, Mary A., Group 1, IMC Clerical Aide

3 years and 2 months creditable service (10/24/05-1/05/09)

Transferring to Massachusetts Teachers’ Retirement Board

Total transfer: $1,851.01

Sylvia, Mark, Group 1, Town Manager

10 years and 3 months creditable service (1/12/1998-2/09/2009)

Transferring to the State Board of Retirement

Total transfer: $91,370.17

3(8)(c ) Liability:

School:

Albro, Donna, former School Nurse, worked for the Plymouth School Department from 9/01/1992 through 6/30/1999. Ms. Albro became certified by the DOE on 12/28/1995, but continued to work for the Plymouth School Department through June 1999. Ms. Albro’s annuity savings account was transferred to MTRB on 7/1/2000. Although Ms. Albro’s last deduction with the School Department was taken in June 1999, she returned to service in September 1999, as a member of the MTRB. Ms. Albro is requesting that the Town of Plymouth take 3(8)(c ) liability for the months of July and August of 1999, as she had no break in service. Will the Board approve 2 additional months of 3(8)(c) liability for Ms. Albro?

Section IV: Executive Session:

Pursuant to Chapter 39, Section 23B, Board to enter into executive session to discuss pending litigation.

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