Chairman Thomas Kelley called the meeting to order at 8:350 a.m. in the conference room of the Plymouth Retirement Office. Present Board members were Thomas Kelley, Richard Manfredi and Shawn Duhamel. Also present were Debra Sullivan, Wendy Cherry and Anthony Tranghese of Fiduciary Investment Advisors. Board members Lynn Barrett and David Malaguti were absent.
Section I: Regular Business – Regular Meeting
Minutes:
Minutes dated April 30, 2010: Regular Board Meeting
Minutes dated April 30, 2010: Executive Session
Motion to approve both sets of minutes made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Warrants:
Warrant #5, dated May 31, 2010: $ 292,139.75 (Partial)
Warrant #6, dated June 30, 2010: $ 3,545.76 (Partial)
Motion to approve all warrants was made by Mr. Duhamel; seconded by Mr. Manfredi. Unanimously voted.
Public Comment:
None
Section II: General Business & Correspondence:
Investments:
Tony Tranghese of FIA told the Board that at April 30, 2010, the total fund was $101.4 million, which was up 1.2% from March 30, 2010, and also up 4.5% for the year-to-date since January 1, 2010.
Mr. Tranghese summarized the proposed scenarios for the July 1, 2010 appropriation and the funding of the Multi-Asset portfolios with BlackRock and Wellington Management of $5 million each. Mr. Tranghese told the Board that they would need to vote on where they would like to take $5 million to fund these accounts. He recommended that $3 million be taken from the existing Wellington CIF Reseach Equity portfolio, and $2 million be taken from Templeton Foreign Equity Series. The additional $5 million needed for funding would come from the July 1, 2010 appropriation total of $7.5 million, leaving a remainder of $2.5 million for retiree payroll and capital draw downs. The entire appropriation should be placed into a money market account. The $5 million coming from the July 1, 2010 appropriation will be invested gradually in 5 monthly installments to each new manager.
Motion to approve scenario 2, which reads "Invest $5 million being sourced from current investments (Wellington Research & Templeton) in July. Invest $5 million from appropriation in 5 monthly installments. Hold cash in the Plan's sweep account in interim", made by Mr. Duhamel; seconded by Mr. Manfredi. Unanimously voted.
Mrs. Sullivan told the Board that she would compare the rates for the money market accounts at State Street and Rockland Trust Company, so that the appropriation may be placed in the higher yielding account.
Health Care Reform Bill:
Mr. Duhamel told the Board that the Health Care Reform Bill had passed the night before and was on its way before the conference committee next. He will update the Board on the status of the bill at a future meeting.
Clothing Allowance
Mr. Duhamel told the Board that the appeals court has ruled that the final cut off date for active employees having clothing allowance deductions withheld towards retirement will be July 1, 2012. Deductions until July 1, 2012 can be included in retirement benefits, but no refunds of prior clothing allowance deductions will be made. There will be no changes made to existing retirees' benefits. The Town of Plymouth may continue to take deductions on clothing allowance July 2010 and July 2011. Anyone hired after July 1, 2009 should not have clothing allowance deductions taken because it will not benefit them towards their retirement.
Survivor Benefits in Pending Senate Bill:
Mr. Duhamel told the Board that the Senate Bill contains survivor benefit increases, that if approved, will need to be adopted by cities/towns first, then retirement boards:
1) Survivors of disability retirees will have the minimum allowance increased from $6,000 to $9,000, and 2) benefits of 12(2)(d) survivors that now get the option c allowance of the deceased member or $3,000 would now get an increase to $6,000.
Investment Correspondence:
The Board received and reviewed the following correspondence:
State Street Global Advisors – Financial Statements for December 31, 2009 & US Equity Index Strategy Disclosure Statement
Wellington CIF II Core Bond (Series 1) portfolio performance summary for April 2010.
Westfield Large Cap Growth Fund – April 2010 Investment Commentary
Fiduciary Investment Advisors – Capital Markets Flash Report: April 30, 2010
PERAC Memo's:
PERAC Memo #23/2010: O'Brien v. CRAB & Another, 76 Mass. App. Ct. 901 (2010)
Legal:
Attorney Sacco told the Board that Debra Silva vs. Town of Plymouth Retirement Board has been heard by a judge and he is awaiting the final ruling. Atty. Sacco will update the Board on the ruling.
Section III: Membership:
New Hires:
Town:
9% Massard, Valerie, Group 1, Town Planner
Perm. Full-time, $1,342.74 weekly
Start Date: 6/01/2010
Motion to approve new hires made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Refunds:
Town:
Annarummo, Christine, Group 1, Library Tech.
7 years, 6 months service (9/1/91 – 3/11/99)
Total distribution, including FWT: $13,493.76
Pearson, Dawn, Group 1, Police Dispatcher
3 years, 9 months service (7/24/06 – 5/3/10)
Total distribution, including FWT: $10,839.62
School:
Harris, Bonnie, Group 1, Special Needs Aide
5 years, 8 months service (8/31/04 – 5/14/10)
Total distribution, including FWT: $4,933.28
Smith, Kathy, Group 1, Paraprofessional
4 years service (2/23/04 – 1/21/09)
Total distribution, including FWT: $3,818.68
West, Monica, Group 1, Teacher's Aide
1 year, 6 months service (10/16/06 – 4/25/08)
Total distribution, including FWT: $1,073.14
Motion to approve refunds made by Mr. Duhamel; seconded by Mr. Manfredi. Unanimously
voted.
Retirements:
Town:
Malaguti, David, Group 1, Selectman
Superannuation retirement, opt c
22 years, 4 months service
Retirement date: May 8, 2010
Smith, Jean M, Group 1, Finance Comm. Secretary
10 years, 1 month service (3/1/91 – 12/15/00)
Superannuation retirement, option c
Retirement date: May 21, 2010
School:
Kandik, Audrey J, Group 1, Security Receptionist
14 years, 10 months service (10/18/94 – 6/16/10)
Superannuation retirement, opt a
Retirement date: June 16, 2010
McTigue, Karen, Group 1, Paraprofessional
Superannuation retirement, opt a
27 years, 7 months service (5/20/89 – 6/15/10)
Retirement date: June 15, 2010
Kelley, Eileen, Group 1, Main Office Secretary
13 years, 6 months service (10/19/98 – 7/1/10)
Superannation retitirement, opt a
Retirement date: July 1, 2010
Tripp, Nancy L, Group 1, Student Services Aide
22 years, 8 months service (9/19/88 – 6/23/10)
Superannuation retirement, option c
Retirement date: June 23, 2010
Motion to approve retirements made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Transfers:
School:
Quinn, Emmajean, Group 1, Asst. Technology Teacher
5 years, 6 months service (9/27/04 – 3/29/10)
Total transfer: $11,189.35
Transfer to: Mass Teachers' Retirement Board
Mulligan, Lauren E, Group 1, Special Needs Aide
2 years, 9 months service
Transferred to: MA Teachers' Retirement Board
Total transfer: $3,663.65
Motion to approve transfers made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Next Meeting: Friday, June 25, 2010 at 8:30 a.m.
Adjournment:
Motion to adjourn meeting at 9:30 p.m. made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Respectfully submitted,
Wendy Cherry
Assistant Director
The Town of Plymouth Retirement Board unanimously voted to approve these minutes at their meeting on Friday, June 25, 2010. Original, signed minutes are available at the Retirement Office, 10 Cordage Park Circle, Suite 240, Plymouth, MA.
