PLYMOUTH RETIREMENT BOARD Friday, August 26, 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 July 22, 2011: Regular Board Meeting
Minutes dated July 22, 2011: Executive Session
Warrants:
Warrant dated June 30, 2011: $1,875,334.72 (Final)
Warrant dated July 31, 2011: $6,212,790.52 (Partial)
Warrant dated August 31, 2011: $ 330,435.80 (Partial)
Warrant dated September 30, 2011: $ 3,545.76 (Partial)
Trial Balance 6/30/2011 Assets: $111,185,743.40
Public Comment:
Section II: Solicitation & Correspondence:
PERAC Memo's:
PERAC Memo #23/2011: Cost of Living Increase for Supplemental Dependant Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors
PERAC Memo #24/2011: Mandatory Ethics Training and Open Meeting Law Distributions Reminders
Correspondence:
PERAC Memo dated, August 18, 2011, RE: Currency Trading
Investment Correspondence:
Fiduciary Investment Advisors: Board to review Draft Investment Policy Statement & Statement of Investment Objectives & 2nd Qtr 2011 Investment Performance
State Street Global Advisors: Quarterly Investment Commentary, 2nd 2011 Quarter Forecast & Client Letter
Boston Advisors: 2nd Qtr 2011 Investment Review
Eaton Vance Economic Market Insight: August 2011
Babson Capital Market Update 8/1/2011
Scott & Scott 2nd Qtr. 2011 Review
FIA Capital Markets Flash Report for July 2011-sent via email
Wellington Management Market Update Review-July 2011
Boston Trust Small Cap Correspondence- Portfolio Review and Outlook
Templeton Global Equity Group Europe: Special Commentary as of July 18, 2011
Third Party Portfolio Monitoring
Labatone & Sucharow- Securities Litigation Firm will be sending its representative to present materials on their firm. Mr. Garrett Bradley is from Thorton and Noumes.
Audit
The Board to review for acceptance the draft audit report provided by Powers and Sullivan for the period of December 31, 2010.
Conferences:
PERAC Disability & Monthly Accounting Cycle Seminar, September 21, 2011
Computer Software Recommedations:
Board to discuss additional anti-virus & firewall software needs, as recommended by Clerver Minds.
Equipment
Fax machine needs replacement or repair. Fax is 5 years old. A new fax machine can be purchased at a 25% discount through Cannon (same product). Cost is $202, plus free shipping and one new cartridge. Will board vote to replace the fax machine.
Recommendation by Clever Minds to replace Susan's Computer with a newer version, as her computer is 5 years old. The cost to add memory and update her current computer would not be cost effective.
Section III: Membership:
New Hires:
Town:
9% Kouta, Bachir, Group 4, Patrolman
Perm. Full-time $833.65 Weekly
Start Date: 08/08/2011
9% Ruggiero, Ryan, Group 1, System Admin.-Police Dept.
Perm. Full-time $1,254.07 Weekly
Start Date: 08/15/2011
School:
9% Degrasse, Steven, Group 1, Custodian
Perm. Full-time $1,359.23 Bi-weekly
Start Date: 7/27/2011
9% Sheehan, Karla, Group 1, Cafeteria Worker
Perm. Full-time $1,123.13 Bi-weekly
Start Date: 08/30/2011
9% Irwin, Matthew, Group 1, Computer Technician
Perm. Full-time $1,765.58 Bi-weekly
Start Date: 07/25/2011
9% Moreau, Barbara, Group 1, Pupil Personnel Services
Perm. Full-time $1,341.38 Bi-weekly
Start Date: 08/15/2011
Retirements:
Town:
Lopes Sanford, Group 4, Fire Fighter
31 years. & 11 months creditable service (1/31/81-7/31/11)
Superannuation Retirement, Option B
Retirement Date: July 31, 2011
School:
Comeau, Gloria A, Group 1, Paraprofessional Job Coach
32 years, 2 months service (11/1/86 -8/19/11)
Superannution retirement, Option A
Retirement Date: August 19, 2011
Drummey, Nancy, Group 1, Special Needs Aide
10 years & 7 months creditable service (12/4/00-8/2/11)
Superannuation Retirement, Option A
Retirement Date: August 2, 2011
Refunds:
Town:
David, John, Group 1, Custodian
8 years, 4 months service (11/13/96 – 3/25/05)
Total distribution: $314.69, including FWT
(Refund of 50% interest not originally given – termination withdrawal)
Souza, Richard A., Group 1, Parks & Forestry Natural Resource Officer
8 months service (3/9/98 – 11/27/98)
Total Rollover amount: $1,723.00
Total Refund amount: $570.24, including FWT
Hayes, Dale, Group 1, Airport Operations
3 Years, 11 Months service (7/13/07-7/7/11)
Total distribution: $3,743.99, including FWT
School:
Borsari, Wendy A., Group 1, Parent/Child Educator
9 Months Service, (9/18/07-6/20/08)
Total Distribution: $810.21 including FWT
Gallahue, Julie A., Group 1, Student Activities Monitor
5 Years, 7 Months Service (10/24/05-6/20/11)
Total Distribution: $5,049.23 including FWT
Manning, Stephen M., Group 1, Custodian
1 Year, 3 Months service (3/15/10-7/5/11)
Total Distribution: $4,261.32 including FWT
Sore, Steven, Group 1, Custodian
1 Year, 8 Months service (1/22/08-10/9/09)
Total Distribution: $6,079.00 including FWT
Nicholson, Deborah A., Group 1, Student Activities Monitor
5 Years, 9 Months service (9/26/05-7/14/11)
Total Distribution: $5,391.70 including FWT
Transfers:
Redington, Heidi, Group 1, Literacy paraprofessional
2 Years, 10 Months Service
Transferred to: Massachusetts Teachers' Retirement System
Total Transfer: $1,661.11
Rollovers:
Danner JoAnn, Group 1, Special Needs Aide
6 Years, 5 Months Creditable Service (10/7/03-10/18/10)
Rollover Amount: $ 5,497.26
Buy Backs:
3(8)( C Liability:
Drew, William I, former Seasonal Laborer-Cemetery Division, worked for the Town of Plymouth from July 18, 1978, through June 30, 1984. Mr. Drew was not allowed membership into the Retirement System until July 1, 1984, at which time he was appointed to a permanent position. Mr. Drew is currently a member of the MTRB and would like to purchase this 1 year and 2 months of service. Will the Board accept 3(8)(c ) liability for this Seasonal Employment?
Retirees:
Section 91, Earnings After Retirement:
Implementation of Procedural Policy to comply with Section 91
Section IV: Executive Session:
Pursuant to MGL Chapter 30A, Section 21(a)(3) and Section (5), the Board will enter into executive session to discuss pending litigation regarding Michael Daley.
Pursuant to MGL Chapter 30A, Section 21(a)(3) and Section (5), the Board will enter into executive session to Vote on Accidental Disability Retirement Application of Jerry Vaughan, former Group 4 Firefighter.
Pursuant to MGL Chapter 30A, Section 21(a)(3), and Section (5) the Board will enter into executive session to discuss litigation strategy in Deborah Silva matter.
Next Meeting:
Regular September Board Meeting: Friday, September 23, 2011
Annual Manager Review Meeting: Wednesday, September 28, 2011
Regular October Board Meeting: Friday, October 21, 2011
Annual Manager Review Meeting: Wednesday, November 16, 2011
Regular November Board Meeting: Wednesday, November 30, 2011
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