Agenda I 10 Cordage Park Circle Suite #240 Plymouth, MA 02360
Section I: Regular Business – Regular Meeting
Minutes:
Minutes dated March 25, 2011: Regular Board Meeting
Minutes dated March 25, 2011: Executive Session
Board to review amended February 18, 2011 Executive session Minutes – necessary language omitted expanding on necessity of session. Board asked to take a vote of amended minutes.
Warrants:
Warrant #2-2011, dated February 28, 2011: $3,725,345.68 (Partial)
Warrant #3-2011, dated March 31, 2011 $1,408,424.32 (Partial)
Warrant #4-2011, dated April 30, 2011 $ 121,277.86 (Partial)
Warrant #5-2011, dated May 31, 2011: $ 3,545.76 (Partial)
Public Comment:
Section II: Solicitation & Correspondence:
PERAC – Financial Bulletin – First Quarter 2011
PERAC Memo's:
PERAC Memo #16/2011: Taxation of a Lump Sum Distribution under Section 9
PERAC Memo #17/2011: Investment Regulation Hearings
PERAC Memo #18/2011: Investment Manager List
PERAC Memo #19/2011: Tobacco Company List
Educational Conferences:
Mass. Retirees Contributory Retirement System 2011 Annual Spring Conference to be held June 5-8, 2011.
Capital Markets Consortium Conference – OTC & Listed Derivatives under Dodd-Frank, April 27, 2011
Investment Correspondence:
O'Melveney & Myers LLP News Release: SEC Votes to Propose a New Rule & Rule
Amendments Regarding Compensation Committee Structure and Disclosure
Paul Todisco of PRIM, has sent an email to notify the Board of the resignation of Karen
Gershman, PRIM's Chief Operating Officer and Chief Financial Officer.
SCOTT+SCOTT LLP – 2011 First Quarter Report
Westfield Mgmt – conference Monday, June 6th, 2011, R.I.
Templeton Investment First Quarter 2011 report
RFP – FIA will present preliminary findings for RFP's: (1) High Yield Bonds, (2) Flouting Rate Bank Loan
MacKay Shields has sent the First Qtr. 2011, Investment Summary Report, dated April 12, 2011
FIA – Capital Markets Flash Report for March 2011
Eaton Vance April 2011 Market Insight
Westfield Capital Mgmt – First Qtr. Investment Commentary
Town of Plymouth Finance Committee Meeting
Finance Committee Chairman William Driscoll has asked that the retirement system provide the Finance Committee with a presentation on how the pension system is set up, funded and managed. The meeting is scheduled for Wednesday, May 18, 2011, to begin at 7:00.
Audit
Independent 2010 audit with Powers and Sullivan scheduled to begin 6/1/2011.
Actuarial Valuation:
Board to discuss preparation of new valuation study based on 2010 data.
Legal:
Letter dated April 7, 2011 from Attorney Sacco to the Board re: Plymouth Police Department-Policy on Taser Demonstration
PERAC Findings and Recommendation on a prior audit regarding authorizations on retirement system bank accounts.
Pension Governance Hearing – State House
Joint Committee on Public Service Hearing on 4/7/2011. Summary of Bills effecting retirement, provided by MACRS
Third Party Portfolio Monitoring:
Scott & Scott: Quarterly Review for period ended March 31, 2011
Robbins Geller Rudman & Dowd: Class Action Settlements for Claims Due June 2011
Section III: Membership:
Annual Membership Statement
Recommend Larry Stone produce annual statements to membership a.s.a.p. PTG not ready at this time to produce them as well as correct some problems.
New Hires:
Town:
9% Morgan, Patricia, Group 1, Procurement Assistant
Perm. Full-time $816.80 weekly
Start Date: 04/11/2011
Retirements:
School:
Hunnefeld, Rheda A, Group 1, Main Office Secretary
16 years, 4 months service (4/20/94 – 4/30/11)
Superannuation retirement, option b
Retirement date: April 30, 2011
Freitas, Nancy, Group 1, Cafeteria Worker
26 years, 1 month service (10/6/88 – 5/7/11 & buy back of 1 year, 9 months svc)
Superannuation retirement, option b
Retirement date: May 7, 2011
Transfers:
School:
Transfer to MTRB
Egan, Bobbi S., Group 1, Paraprofessional
Prior Service: MTRB: 9/01/93-4/30/00-Six (6) Yrs. Eight (8) Mos.
Service: Town of Plymouth: 8/30/05-6/30/10 Four (4) Yrs. Ten (10) Mos.
Total Transfer: $23,483.72
Member Pro-rated Service:
Patrick Ellis, Group 1, Airport employee, has been subject to the Board's creditable service regulation regarding a part-time employee that later goes on to full-time employment. Mr. Ellis worked part-time for the period of 9/25/94 through 4/19/07, at 16 hours per week. Based upon the Board's regulation, he was prorated at 43% of his total service for that period.
Mr. Ellis requested copy of e-mails between HR and this office under the Freedom of Information Law.
Proration of Service Regulation:
Board to discuss the current proration of part-time benefits for a member who has become a full-time employee. The current regulation uses a equivalency of 37.5 hours to prorate part-time service, however, DPW employees work 40 hours per week.
Retiree Dependent Allowance Overpayment:
Dawn Spencer-Gammon, widow of Oscar Gammon, has received an overpayment of the dependent allowance on her monthly retirement checks from the period of July 2000 to present. Eric Gammon graduated high school at age 19, in June 2009, at which time the $90 monthly allowance should have stopped. Ms. Gammon has submitted a request to the regarding possible repayment options for Ms. Gammon and or, instituting Chapter 32, Section 20(5)(3), Needham Bill.
Retiree Stipend Issue:
Jeffrey McGinnis received stipend earnings through contractual agreement. It was determined that this stipend was subject to retirement contributions. The first time that it was discovered that contributions were not being taken was in 2004. Mr. McGinnis made up the deductions in 2004 to receive credit for these earnings. Town payroll was informed to begin taking contributions from these earnings.
It has been determined that the extra deductions were never implemented by payroll, and subsequently, Mr. McGinnis's retirement benefit did not include these earnings.
Mr. McGinnis is requesting that the Board allow him to make up these additional contributions now, in order that his retirement allowance can be recalculated. Because Mr. McGinnis is a retiree, the Board will need to discuss what avenues it has available to it.
Section IV: Executive Session:
The Board shall convene in Executive Session pursuant to M.G.L. c 30A, s. 21(a)(3) and (5) to discuss pending litigation and results of medical panel correspondence for Deborah Silva.
Pursuant to MGL Chapter 30A, Section 21 (a)(3), and(5) the Board will enter into executive session to hold a disability evidentiary hearing for Jerry Vaughan, former Group 4 Fire Fighter.
Pursuant to MGL Chapter 30A, Section 21 (a)(3), and Section (5) to discus litigation strategy in Michael Daley matter.
Next Meeting:
May 13, 2011, 8:30 a.m. – RFP Manager Interviews
May 27, 2011 8:30 a.m. - Annual COLA Vote
May 27, 2011, 8:35 a.m. - Regular Board Meeting
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