Plymouth Retirement Board Friday, January 22, 2010, 8:30 a.m. Retirement Board Conference Room
Chairman Thomas Kelley called the meeting to order at 8:30 a.m. in the conference room of the Plymouth Retirement Office. Present Board members were Mr. Kelley, Lynne Barrett and Richard Manfredi. Absent was Shawn Duhamel. The Board lost its Selectmen-appointed member, Mr. John Murphy, Jr., who passed away on December 31, 2009. Also present were Debra Sullivan, Wendy Cherry and Attorney Michael Sacco. Anthony Tranghese, of Fiduciary Investment Advisors was also in attendance.
Section I: Regular Business – Regular Meeting
Minutes:
Minutes dated December 18, 2009 – Regular Board Meeting
Motion to approve minutes made by Ms. Barrett; seconded by Mr. Manfredi. Unanimously voted.
Warrants:
Warrant dated November 30, 2009: $2,046,985.61 (Final)
Warrant dated December 31, 2009: $1,095,347.89 (Partial)
Warrant dated January 31, 2010: $ 87,081.45 (Partial)
Warrant dated February 28, 2010: $ 3,545.76 (Partial)
Motion to approve warrants made by Mr. Manfredi; seconded by Ms. Barrett. Unanimously voted.
Public Comment: None
Section II: Solicitation & Correspondence:
PERAC Memo’s:
The Board received and reviewed the following PERAC Memos:
PERAC Memo #1/2010: 2010 Limits under Chapter 46 of the Acts of 2002
PERAC Memo #2/2010: COLA Notice
PERAC Memo #3/2010: Reimbursing Employers for Costs Incurred due to Board
Members’ Service on Retirement Boards
PERAC Memo #4/2010: Actuarial Data
PERAC Memo #5/2010: Investment Manager List
PERAC Memo #6/2010: Tobacco Company List
Retirement Board Vacancy
Letter dated January 11, 2010, from the Retirement Office, to Town Manager Stankiewicz and Board of Selectmen notifying them of the vacancy to the Board left by John Murphy’s passing on December 31, 2009.
PERAC
PERAC has sent a letter dated 1/5/2010, in response to the inquiry made on 10/6/2009, regarding Chapter 21 of the Acts of 2009 and it’s interplay with a previous DALA decision.
Investment Correspondence:
The Board received & reviewed the following investment correspondence:
- Capital Markets Flash Report – December 2009
- Wellington Management Account Summary – December 31, 2009
- Wellington Management - 2009 Year in Review
- Westfield Management – Large Cap Growth Fund Summary – December 2009
- PERAC Financial Bulletin – 4th Quarter 2009
- Wellington Management – 4th Quarter 2009 Investment Summary
Investment Performance:
Tony Tranghese of FIA was present to review the 4th quarter investment performance with the Board. Mr. Tranghese told the Board that preliminary totals for period ended December 31, 2009, show the fund total at $101.3 million, but noted that PRIT performance had not been included in that total yet. As of November 30, 2009, the fund had out-performed the blended benchmark with 20.7% vs. 18.4%. Mr. Tranghese expects that this percentage at December 31, 2009 would be up by approximately 1% for both the fund and benchmark performance. He will review the final summary of 4th quarter 2009 at the Board meeting to be held in February.
February/March 2010 Transfer to Cash:
Mr. Tranghese told the Board that in order to fund the upcoming February & March pension and miscellaneous costs, he would like to transfer a total of $2 million into the cash account. These funds would be $1 million from the Boston Trust Small Cap Fund and $1 million from Wellington Core Bond Fund.
Motion to approve the above-stated transfer made by Ms. Barrett; seconded by Mr. Manfredi. Unanimously voted.
Asset Allocation Mandate:
Mr. Tranghese suggested to the Board that they consider issuing an RFP for an Asset Allocation Manager, which is a manager that would take a small piece of the portfolio (approximately 10%) and allocate it into different asset classes that the Board may not have access to otherwise. He told the Board that this is a specialized function that neither he nor the Board would have time to do on a regular basis. Mr. Tranghese recommended issuing an RFP and bringing in a few candidates for discussion and more information.
Chairman Kelley asked if PERAC would require a waiver for this type of manager. Atty Sacco told the Board that since PERAC has already approved the Fund of Funds Manager, this should not require a waiver.
Motion to issue RFP for Asset Allocation Manager made by Ms. Barrett; seconded by Mr. Manfredi. Unanimously voted.
Executive Session:
Pursuant to M.G.L. Chapter 39, Section 23B, the Board will enter into executive session to hold an Accidental Disability evidentiary hearing.
Roll call vote to enter executive session at 9:25 a.m.:
Mr. Kelley yes
Mr. Manfredi yes
Ms. Barrett yes
Present in Executive Session were Chairman Thomas Kelley, Lynne Barrett and Richard Manfredi, Attorney Michael Sacco, Debra Sullivan, Wendy Cherry and the ADR applicant.
The Board will re-enter into the regular meeting immediately following executive session.
Motion made to adjourn executive session and return into the regular open meeting at 9:50 a.m. by roll-call vote:
Mr. Kelley yes
Mr. Manfredi yes
Ms. Barrett yes
Chapter 21 of the Acts of 2009:
The Board reviewed the following documents requesting clarification Ch 21 of the Acts of 2009:
- Letter to PERAC Commissioner Joseph Connarton, dated January 15, 2010, from the Retirement Board Chairman & Director, regarding the Board’s concerns with clarification regarding Chapter 21 of the Acts of 2009. This letter was also copied to Senate President Therese Murray.
- Follow-up letter to Judge Domenic Russo of PERAC on Chapter 21 of the Acts of 2009 from Attorney Sacco, dated January 19, 2010.
- Letter from Harold L. Lichten, PC, dated January 18, 2010, to PERAC Commissioner Connarton
- Letter to William Francis Galvin, Esq, from Robert McCarthy, President of the Professional Fire Fighters of Massachusetts, dated January 14, 2010.
Section III: Membership:
Direct Deposit – Retiree Payroll:
Board to discuss a policy, which would make direct deposit mandatory for all monthly retiree payroll checks.
Motion made by Ms. Barrett to send a letter to all retirees requiring them to use direct deposit , due back to the Retirement Office no later than March 19, 2010. Anyone not returning a direct deposit form by that date, will be required to pick up their check in the Retirement Office; motion seconded by Mr. Manfredi. Unanimously voted.
Pro-ration of Service:
Board to discuss the pro-ration of creditable service for those individuals working for the Town of Plymouth whose hours were decreased from 37.5 per week to 30 hours or below. Attorney Sacco suggested to the Board a policy that states that an individual who involuntarily has their hours reduced will not be deemed to be a part-time employee in terms of creditable service, and therefore creditable service shall not be pro-rated or decreased.
Motion made by Mr. Manfredi that a member whose hours are involuntarily decreased by the Town will not be pro-rated or decreased in creditable service; seconded by Ms. Barrett. Unanimously voted.
New Hires:
Town:
8% Stankiewicz, Mark, Group 1, Town Manager
Perm. Full-time, $2,692.31 weekly
Start Date: 12/28/2009
School:
9% Cobb, Roger, Group 1, Custodian
Perm. Full-time, $1,332.58 bi-weekly
Start Date: 12/09/2009
9% Malaguti, Keith, Group 1, Custodian
Perm. Full-time, $1,332.58 bi-weekly
Start Date: 12/07/2009
Motion to approve new hires made by Mr. Manfredi; seconded by Ms. Barrett. Unanimously voted.
Refunds:
Town:
Lawton, Marybeth, Group 1, COA Director
1 month service (10/1/09 – 11/127/09)
Total distribution, including FWT: $672.20
School:
Goldberg, Judith, Group 1, Teacher’s Aide
4 years, 1 month service (8/30/2005-10/02/2009)
Total Distribution, including FWT: $3,295.47
George, Kathryn, Group 1, Paraprofessional
7 months service (10/30/06-6/12/07)
Total Distribution, including FWT: $412.44
Mahoney, Dana, Group 1, Paraprofessional
3 years (10/16/06 – 10/27/09)
Total rollover (no FWT): $2222.40
O’Loughlin, Dawn, Group 1, Teachers Aide
9 months service (9/2/08 – 8/18/09)
Total distribution, including FWT: $1,157.19
Motion made to approve refunds by Mr. Manfred; seconded by Ms. Barrett. Unanimously voted.
Transfers:
Town:
Cooper, Matthew, Group 1, Police Dispatcher
8 months service (2/5/07 – 10/6/07)
Total transfer amount: $1,238.67
Transferred to: Plymouth County Retirement
Smith, Janine, Group 1, Accounting Officer
3 years, 1 month service (9/25/06 – 11/6/09)
Total transfer amount: $20,155.04
Transferred to: Norfolk County Retirement System
Motion made to approve transfers by Mr. Manfredi; seconded by Ms. Barrett. Unanimously voted.
Retirements:
School:
David, Robert, Group 1, Custodian
35 years, 1 month service (1/8/79 – 2/12/10)
Superannuation retirement, opt c
Retirement date: February 12, 2010
Motion made to approve retirement by Mr. Manfredi; seconded by Ms. Barrett. Unanimously voted.
Section IV: General Business:
Pike v. Melrose – Post Retirement Earnings
It has come to the Boards attention that there are two retirees who most likely have exceeded their post-retirement limitations, as either employees or consultants of a municipality. Michael Daley and Robert Pomeroy both have private corporations and work as consultants for municipalities. Pike v. Melrose places earning limitations on public retirees, and, as of July 1, 2009, these restrictions include consulting services also.
Attorney Sacco told the Board that it is the obligation of the employee to notify the Treasurer of the city/town he is working for of this limitation. The Treasurer is then responsible for tracking and collecting any excess earnings of this employee. It this does not happen, the retirement system of the retiree may go after these excess earnings by either withholding their monthly retirement allowance or collecting the excess earnings in a lump sum payment. Attorney Sacco recommended to the Board that these retirees be contacted and tax returns be requested for the period of service in question. These records may be subpoenaed if necessary. After some discussion on the subject, the Board authorized Attorney Sacco will prepare letters of request to Mr. Daley & Mr. Pomeroy.
Disposal of RFP’s
Mrs. Sullivan asked the Board for authorization to destroy the Manager of Mangers RFP, which the Board voted not to adopt. Attorney Sacco told Mrs. Sullivan that since the Board did not use that type of investment/manager, those records may be destroyed.
Policies & Procedures Manuel
Attorney Sacco told the Board that one of his Retirement System clients has asked him to prepare a completed policies & procedures manual for both staff and board members. This Board then asked Attorney Sacco to inquire if any other Boards would like to participate with this manual to defray the costs a bit. This manual would contain general procedures and policies, as well as policies specific to each Board. Since it will be contained in binder form, any changes will be prepared with Attorney Sacco and submitted to the Board for replacement.
Motion to purchase this policies & procedures manual made by Ms. Barrett; seconded by Mr. Manfredi. Unanimously voted.
Next Meeting: Friday, February 26, 2010 at 8:30 a.m.
Adjournment:
Motion to adjourn meeting at 11:25 a.m. made by Mr. Manfredi; seconded by Ms. Barrett. Unanimously voted.
Respectfully submitted,
Wendy Cherry
Assistant Director
Plymouth Retirement Board:
The Town of Plymouth Retirement Board unanimously voted to approve these minutes at their meeting held on Friday, February 26, 2010. Original, signed minutes are available at the Retirement Office, 10 Cordage Park Circle, Suite 240, Plymouth, MA 02360.
| < Prev | Next > |
|---|
