Thursday, July 22, 2011 8:30 a.m.
Agenda I 10 Cordage Park Circle Suite #240 Plymouth, MA 02360
Section I: Regular Business – Regular Meeting
Minutes:
Minutes dated June 23, 2011: Regular Board Meeting
Minutes dated June 23, 2011: Executive Session
Warrants:
Warrant #5, dated May 31, 2011: $2,491,769.56 (Final w/ Trial Balance)
Warrant #6, dated June 30, 2011: $1,412,037.01 (Partial)
Warrant #7, dated July 31, 2011: $ 112,932.05 (Partial)
Warrant #8, dated August 31, 2011: $ 3,545.76 (Partial)
Public Comment:
Section II: Solicitation & Correspondence:
Powers and Sullivan
Draft Auditor findings for December 31, 2010 for acceptance.
ROCKLAND TRUST
The board's application for replacement of Bank of America credit cards are in the application process. The current Bank of America credit cards will only be active until July 1, 2011. Old cards should be brought to the office for destruction.
Investment Manager Interviews:
Board to discuss and set dates for August & September 2011 meetings in order to schedule the upcoming annual manager reviews.
PERAC Memo's:
PERAC Memo #22/2011: Reinstatement to Service under G.L. c.32 sec. 105
PERAC:
The Board received and reviewed the following items:
PERAC has sent the 2010 Annual Report
PERAC Pension Newsflash: PERAC has re-scheduled its Regulatory Hearing to August 30, 2011
Conferences/Education:
PERAC Emerging Issues Forum, September 14, 2011
Board Re-appointment:
Board to vote on re-appointment of fifth member, Shawn Duhamel.
Copier Lease Renewal:
Board to discuss the renewal of a Ricoh Aficio MP6001 copier. Current lease has expired.
Investment Correspondence:
Babson Capital Supplemental Regulation:
Supplemental Regulation for Board's approval for the Babson Capital Floating Rate Income Fund, L.P
State Street Global Advisors: June 30, 2011 Investment Performance & Analysis
Eaton Vance: Viewpoint Market Insight for 2nd Quarter 2011
Westfield Capital 2nd Quarter Performance Report
Third Party Monitoring:
Scott & Scott: 2nd Quarter 2011 Report
O'Melveney & Myers, LLP: SEC's Recent Corportate Financial Statements
Legal:
Regular Compensation – Holiday Pay: Discussion regarding Plymouth School Department's collective bargaining agreement.
Hearing on Section 91 earnings M. Daley
Notice of Debra A. Silva's Appeal to CRAB.
MACRS Seminar:
MACRS One Day Seminar for Board Administrators & Staff, August 23, 2011.
Section III: Membership:
New Hires:
9% Kessler, Maureen, Group 1, Secretary
Perm. Full-time $1,173.50 bi-weekly
Start Date: 06/20/2011
Refunds:
Town:
Fuller, Gail, Group 1, Planning Admin. Secretary
7 months service (9/30/02 – 5/23/03)
Total distribution, including FWT: $372.05
School:
Clark, Elaine, Group 1, Special Needs Aide
5 months service (1/3/00 – 6/30/00)
Total distribution, including FWT: $45.63
Harrington Kristen L., Group 1, IMC Aide/SAM
4 Months Service (8/31/99 – 12/15/99)
Total distribution, including FTW: $172.14
Lindros, Marie, Group 1, Special Needs Aide/SAM
5 years creditable service (10/25/94-11/01/99)
Total Distribution, including FWT: $2,008.58
Bourke, Michael, Group 1, Custodian
4 years, 8 months service (11/13/06-7/1/11)
Total Distribution, including FWT: $13,192.85
Retirements:
Town:
Lenox, John R., Group 1, Director of Planning & Development
19 years, 3 months service (8/29/83 – 9/5/11)
Superannuation retirement, option b
Retirement date: September 5, 2011
Lindsay, William, Group 1, DPW Water Dept.
36 years, 9 months service (9/9/74 – 7/8/11)
Superannuation retirement, option c
Retirement date: July 8. 2011
School:
Ellis, Sharon, Group 1, Planetarium Program Instructor
10 years, 1 month service
Superannuation retirement, option A
Retirement date: June 23, 2011
Soares, Alesandra, Group 1, Pupil Personnel Services
34 years, 3 months service (2/28/89 – 8/26/11)
Superannuation retirement, option
Retirement date: August 26, 2011
Beneficiary Lump Sum Distribution:
William Loring, retired Fireman, died on July 4, 2011. Mr. Loring did not have an updated Beneficiary Form on file, but had changed his beneficiary designation from his daughter, Pamela Loring Russo to granddaughter, Pamela Carter on his May 1, 2001, Affidavit. Ms. Russo has written a letter to the Board stating that she does contest the beneficiary change made in 2001. The benefit payable to Ms. Carter is a lump sum distribution for the four (4) days Mr. Loring was alive in July 2011. Will the Board vote to have final payment made to Pamela Carter?
3(8)(c ) Liability:
O'Callaghan, Mildred, former Tutor, worked for the Plymouth School Department from 9/1979 through 6/1980. Ms. O'Callaghan was not allowed membership into the Retirement System due to her position as "Tutor". Ms. O'Callaghan is currently a member of the MTRB and would like to purchase this 10 months of service. Will the Board accept 3(8)(c ) liability for this 10 months of Tutor Service?
Public Record Request Response
Gloucester Retirement Board has requested $173.97 in order to supply documents of M.Daley earnings.
Section IV: Executive Session:
Pursuant to MGL Chapter 30A, Section 21 (a)(3), and Section (5) to discuss pending litigation regarding Michael Daley.
Pursuant to MGL Chapter 30A, Section 21 (a)(3), and(5) the Board will enter into executive session to discuss and vote on the Accidental Disability retirement application of Kevin Connolly, former Group 4 Fire Fighter.
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 Robert Ferrari, former Group 4 Fire Fighter.
Next Meeting:
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