Plymouth Retirement Board
Friday, June 25, 2010 8:30 a.m.
Retirement Board Conference Room
Chairman Thomas Kelley called the meeting to order at 8:35 a.m. in the conference room of the Plymouth Retirement Office. Present Board members were Thomas Kelley, Richard Manfredi, Lynne Barrett and David Malaguti. Shawn Duhamel entered the meeting late at 9:00a.m. Also present were Debra Sullivan, Wendy Cherry and Anthony Tranghese of Fiduciary Investment Advisors and Attorney Michael Sacco.
Section I: Regular Business – Regular Meeting
Warrants:
Warrant #4, dated April 30, 2010: $2,183,903.59 (Final w/ Trial Balance)
Warrant #5, dated May 31, 2010: $1,355,071.81 (Partial)
Warrant #6, dated June 30, 2010: $ 100,358.71 (Partial)
Warrant #7, dated July 31, 2010: $ 3,545.76 (Partial)
Motion to approve all warrants was made by Mr. Malaguti; seconded by Ms. Barrett. Unanimously voted.
Public Comment:
None
Section II: General Business & Correspondence:
Investment Correspondence:
Investment Report 2009 sent by PERAC
State Street Global Advisors Account Summary for May 31, 2010
Eaton Vance Performance Summary for May 31, 2010
Westfield Capital Management – Large Cap Growth Investment Commentary May 2010
Intercontinental awarded first place award by the Connecticut Building Congress
Letter from Wellington Management regarding a fixed income trade currently under review. Mr. Tranghese told the Board that this particular trade was not within the Town of Plymouth Retirement System fund. This letter was mailed to all Wellington clients, whether or not they were affected.
Investment Performance at May 31, 2010:
Mr. Tranghese handed out a performance report for period ended May 31, 2010. Total fund was valued at $95.6 million, which is down 5.8% from April 2010. He told the Board that the portfolio had started to climb back up during June 2010. In addition, he told the Board that all Non-US equities have been the worst performers because of all the trouble in such areas as Greece and Portugal.
Mr. Tranghese also gave the Board a preliminary schedule for the 2010 investment manager reviews, beginning with the July 2010 meeting.
January 1, 2009 Actuarial Valuation:
Ms. Barrett gave the Board copies of the January 1, 2009 Actuarial Valuation for the Town of Plymouth – Other Post Employment Benefits. An invitation has been received from Board of Selectmen to the Retirement Board members to attend the BOS meeting of August 17, 2010 to discuss.
Open Meeting Law Guidelines:
Attorney Sacco told the Board that most of Open Meeting Law guidelines have been postponed to take effect in November 2010. He will update the Board on any new information as it becomes available.
PERAC Memo's:
PERAC Memo #24/2010: 840 CMR 15.03 Amendments to Regulations Regarding Regular Compensation
Section III: Membership:
New Hires:
Town
9% Ottino, Karen, Group 1, Dispatcher
Perm. Full-time, $668.88 weekly
Start Date: 06/14/2010
School
9% Fontes, Jonathan, Group 1, Custodian
Perm. Full-time, $1,332.58 bi-weekly
Start Date: 06/01/2010
Refunds:
Town:
Baker, James W, Group 1, Circulation Librarian
4 months service (11/26/01 – 4/12/02)
Total distribution, including FWT: $1,129.57
Menard, Paul, Group 1, Police Dept. Dispatcher
2 months service (12/16/04 – 2/25/05)
Total distribution, including FWT: $301.37
School:
Carfardo, Emilee, Group 1, Special Needs Aide
1 year, 4 months service (2/5/07 – 9/8/08)
Total distribution, including FWT: $634.59
Duddy, Kathy, Group 1, Cafeteria Worker
2 years, 8 months service (11/1/04 – 9/5/07)
Total distribution, including FWT: $1,681.53
Lambert, Johnna, Group 1, Paraprofessional
5 years, 7 months service (9/13/04 – 4/14/10)
Total distribution, including FWT: $3,792.71
Cullen-McInnis, Karen, Group 1, Special Needs Aide
1 month service (11/2/99 – 12/31/99)
Total distribution, including FWT: $69.17
Farrell-Miranda, Theresa, Group 1, Paraprofessional
11 months service (10/16/06 – 10/12/07)
Total distribution, including FWT: $2,141.21
Matthiessen, Elizabeth, Group 1, Special Needs Aide
1 year, 5 months service (10/26/06 – 3/23/08)
Total distribution, including FWT: $876.31
Mercier, Mary, Group 1, Special Needs Aide
4 years, 7 months service (9/26/05 – 5/7/10)
Total distribution, including FWT: $3,613.62
Moynihan, Grace, Group 1, School Dept.
9 years, 4 months service
Total distribution, including FWT: $8,039.15
Total non-taxable distribution: $2,037.50
Potzka, Jane M, Group 1, Cafeteria Worker
1 year, 5 months service (10/14/97 – 4/9/99)
Total distribution (Rollover – no FWT): $847.49
Retirements:
Town:
McGinnis, Jeffrey, Group 1, Operations Supervisor
19 years, 8 months service (9/27/90 – 6/23/10)
Superannuation retirement, option c (ADR application in progress)
Retirement date: June 23, 2010
School:
McTigue, Karen, Group 1, Paraprofessional
27 years, 7 months service (5/20/1989 - 6/15/2010)
Superannuation retirement, option b
Retirement date: June 15, 2010
Grant, Donna, Group 1, Paraprofessional
18 years, 7 months service (12/1/91 – 6/30/10)
Superannuation retirement, option b
Retirement date: June 30, 2010
Transfers:
School:
Studebaker, Denise, Group 1, Special Needs Aide
9 months service (10/24/05 – 8/8/06)
Transferring to: Mass Teachers' Retirement Brd
Total transfer: $332.54
Section IV: Executive Session:
Pursuant to Chapter 39, Section 23B, Board to enter into executive session to discuss pending litigation.
Roll-call vote to enter into executive session at 9:22 a.m.:
Kelley yes
Manfredi yes
Barrett yes
Malaguti yes
Duhamel yes
The Board will re-enter into open session.
Roll-call vote to adjourn executive session and re-enter into the regular meeting at 9:37 a.m.:
Kelley yes
Manfredi yes
Malaguti yes
Barrett yes
Duhamel yes
Minutes:
Both Ms. Barrett and Mr. Malaguti were absent at the May 28, 2010 Board meeting, and therefore not able to make a motion on approval of the minutes. Since Mr. Duhamel was not present at the start of the meeting, the Board re-entered into the open meeting to vote the minutes with Mr. Duhamel in attendance.
Minutes dated May 28, 2010 – Regular Board Meeting
Motion to approve both sets of minutes made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Next Meeting: Friday, July 30, 2010, 8:30 a.m.
Friday, August 27, 2010, 8:30 a.m.
Adjournment:
Motion to adjourn meeting at 9:45 a.m. by Mr. Manfredi; seconded by Ms. Barrett. Unanimously voted.
The Town of Plymouth Retirement Board unanimously voted to approve these minutes at their meeting on Friday, July 30, 2010. Original, signed minutes are available at the Retirement Office, 10 Cordage Park Circle, Suite 240, Plymouth, MA.
| < Prev | Next > |
|---|
