Friday, May 27, 2011 8:45 a.m.
Agenda I 10 Cordage Park Circle Suite #240 Plymouth, MA 02360
Section I: Regular Business – Regular Meeting
Minutes:
Minutes dated April 22, 2011: Regular Board Meeting
Minutes dated April 22, 2011: Executive Session
Warrants:
Warrant #2, dated February 28, 2010: $3,725,345.68 (Final w/ Trial Balance)
Warrant #3, dated March 31, 2010: $3,454,763.64 (Final w/ Trial Balance)
Warrant #4, dated April 30, 2010: $1,209,536.97 (Partial)
Warrant #5, dated May 31, 2010: $ 226,618.87 (Partial)
Warrant #6, dated June 30, 2010: $ 3,545.76 (Partial)
Public Comment:
Section II: Solicitation & Correspondence:
PERAC Memo's:
PERAC Memo# 20/2011: Vendor Expense Report
Town Charter:
Amended page # 7 of the Town Charter has been sent on 5/18/2011, to replace original page #7. This change is regarding the number of members on the Finance Committee from each precinct of the town.
MACRS:
Letter dated 4/27/2011, from Secretary, Gerard Miller, re: proposed bylaw change of the MACRS Constitution.
Investment Correspondence:
OPEB Trust Fund Draft Policy Statement, RFP Process Summary & Letter from Anthony Tranghese of FIA for distribution to Finance Committee members at their May 18, 2011 meeting.
The Board received the following investment correspondence:
Eaton Vance: 1st Quarter Large Cap Value Fund 2011 Review & Portfolio Summary
Boston Advisor's: 1st Qtr. 2011 Investment Review
State Street Bank and Trust: Financial Statements 12/31/10; Strategy Disclosure Document
State Street Global Advisors 4/30 Analysis Report
MacKay Shields: Investment Summary Report for April 2011, dated 4/10/2011
FIA Capital Markets Flash Report – April 2011
Legal:
Letter to PERAC, dated April 25, 2011, from Atty. Sacco, regarding Jeffrey McGinnis' stipend and the IRS Tax Code.
Office Laptop Repair:
Joe Young has given the Retirement Office a quote of $100.00 to rebuild the Office Laptop. Will the Board consider his proposal?
Munis Software Enhancement:
Board to discuss the Town's Munis software enhancement response & price quote.
Section III: Membership:
New Hires:
Town:
9% Nadile, Trevor, Group 4, Firefighter
Perm. Full-time $872.65 weekly
Start Date: 05/09/2011
School:
9% Butts, Cheryl-Ann, Group 1, I3 Grant Secretary
Perm. Part-time $750.00 bi-weekly
Start Date: 01/03/2011
Refunds:
Town:
Kelly, Kathleen C., Group 1, Library Page
11 months service (10/26/05 – 10/7/06)
Total distribution, including FWT: $391.27
Eufrazio, Jean, Group 1, Procurement Asst.
4 years, 7 months service (8/10/04 – 5/28/08)
Total distribution: $203.90
Loewenberg, Jean, Group 1, Selectman
2 years, 11 months service (5/14/05 – 5/10/08)
Total distribution, including FWT: $411.31
Pearson, Dawn, Group 1, Police Dispatcher
3 years, 9 months service (7/24/06 – 5/3/10)
Total distribution, including FWT: $106.11
Sherman, Elizabeth, Group 1, Crossing Guard
4 months service (8/30/05 – 1/13/06)
Total distribution, including FWT: $180.77
School:
Higgins, Carol, Group 1, Cafeteria Worker
2 years, 1 month service (10/5/04 – 11/22/06)
Total distribution, including FWT: $1304.91
Sancinito, John, J., Group1, School –Computer Tech.
3 Years, 7 Months of Creditable Service
Total Distribution Including FWT: $16,321.22
Retirements:
Town:
Burns, James L. Jr., Group 4, Police Officer
31 years, 1 months service (12/26/78 – 10/8/94) & (7/1/94 – 5/20/11)
Superannuation retirement, option b
Retirement date: May 20, 2011
Desiata, Patricia A., Group I Community Partnership Coordinator
11 years, 4 months service (2/1/1998-8/31/2009)
Superannuation retirement, option b
Retirement date: May 31, 2011
School:
Wells, Virginia L., Group 1, Secretary
23 years, 8 months service ( 9/30/87 – 6/20/11)
Superannuation retirement, option a
Retirement date: June 20, 2011
Transfers:
School:
Collyer, Steven F., Group 1, Custodian
0 service (7/16/10 – 8/6/12)
Transferred to: Plymouth County Retirement System
Total transfer: $243.60
Buy Backs:
Butts, Cheryl Ann, I-3 Grant Secretary, School Department
Erroneously added to the OBRA program when she should have been allowed membership into the Retirement System. Ms. Butts submitted a check in the amount of $540.00 on 5/3/11 to purchase creditable service from her date of hire, 1/3/11 through 5/6/11, the date retirement deductions began to be withheld from her bi-weekly compensation. Total of four (4) months creditable service.
Rollins, Elizabeth, Council on Aging Secretary, has requested a buy back of a prior refund, taken on January 29, 1999, for the period of August 4, 1986 through July 10, 1998. Will the Board vote to approve this buy back of service for eleven (11) years, eleven (11) months service, in the amount of $44,157.36?
Retiree Stipend Issue:
Attorney Sacco will discuss Jeffrey McGinnis' stipend issue and the response from PERAC on the IRS Code regarding the eligibility of contributing to a retirement plan in a year in which no earnings were made.
Workers Compensation Offset:
Jeffrey McGinnis' ADR pension allowance will be offset due to the workers compensation benefits he is currently receiving. Pension portion will be reinstated when workers comp case is settled.
Section IV: Executive Session:
Pursuant to MGL Chapter 30A, Section 21 (a)(3), and Section (5) to discus litigation strategy in Michael Daley matter.
Next Meeting:
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