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, Lynne Barrett, Richard Manfredi and Shawn Duhamel. David Malaguti was absent. Also present were Debra Sullivan, Wendy Cherry, Anthony Tranghese from FIA and Atty. Michael Sacco.
Section I: Regular Business – Regular Meeting
Minutes:
Minutes dated February 18, 2011: Regular Board Meeting
Minutes dated February 18, 2011: Executive Session
Motion made to approve minutes made by Ms. Barrett; seconded by Mr. Duhamel. Unanimously voted.
Warrants:
Warrant dated January 31, 2011: $1,958,559.31 Final & Trial Balance
Warrant dated February 28, 2011: $2,175,022.13 Partial
Warrant dated March 31, 2011: $326,616.81 Partial
Warrant dated April 30, 2011: $3,545.76 Partial
Motion made to approve warrants by Ms. Barrett; seconded by Mr. Duhamel. Unanimously voted.
Public Comment: None
Section II: Solicitation & Correspondence:
2010 Annual Statement:
For Board signature.
PERAC Memo's:
PERAC Memo #12/2011: 2011 Limits under Section 23 of Chapter 131 of the Acts of 2010
PERAC Memo #13/2011: Systems Increasing their COLA Base Pursuant to G.L. c.32
s.103(j)
PERAC Memo #14/2011: Boston Housing Authority vs. Nat'l Conference of Firemen
& Oilers, Local 3, No. SJC-10569 & Ch 21 of the Acts of 2009
PERAC Memo #15/2011: Draft Investment Regulations
Audit:
Board was notified that the PERAC Auditors will begin the 2008-2010 Audit on 3/28/2011, in the Retirement Office
Investment Correspondence:
The Board received & reviewed the following investment correspondence:
Fiduciary Investment Advisors: January 2011 Capital Markets Flash Report
PERAC Pension News – February 2011
State Street Global Advisors - Performance & Analysis for February 28, 2011
PRIM Board notification, dated March 18, 2011, of an incorrect Real Estate benchmark used in calculating PRIM's benchmarks since July 2009.
Investment Performance Review:
Mr. Tranghese presented the Board with a Preliminary Flash Report for period ended February 28, 2011. After January & February 2011, the Fund was up slightly over 3.5%.
Current Request for Proposals:
FIA has issued RFP's for High Yield Fixed Income Management Services & Floating Rate Bank Loans Investment Management Services. The deadline for both of these RFP's is March 23, 2011. Mr. Tranghese presented the Board a summary of the RFP process, and the criteria that FIA uses to narrow down the list of respondents to recommend to the Board for manager interviews. The narrowed down list of potential managers will be presented by Mr. Tranghese at the Board's April 22, 2011 meeting.
Legal:
Correspondence from Attorney Sacco to Judy Fine-Edelstein, M.D. and Fereshteh S. Soumekh, M.D. re: Request for Clarification-Deborah Silva Examination. Atty. Sacco told the Board that he just received the 2nd clarification and will prepare a summary to discuss with the Board at their April 2011 meeting.
Gregory Santos:
Correspondence from Attorney Sacco to Renee Santos re: Gregory Santos
Correspondence from Attorney Sacco to Carissa Duro, dated 3/16/11 re: Gregory Santos
Retirement Office received withdrawal of appeal from Renee Santos, dated: 3/10/11
Atty. Sacco told the Board that since there has been no letter of appeal from Carissa Duro contesting the lump sum payment to Renee Santos, it would be appropriate at this time to issue the total distribution to Renee Santos.
Motion made by Mr. Manfredi to issue the lump sum distribution to Renee Santos as the sole beneficiary of Gregory Santos; seconded by Mr. Duhamel. Unanimously voted.
Payroll Software File Enhancement:
Ms. Barrett told the Board that the Town's new software provider, Munis, has not been able to provide payroll files to the Retirement Office with all of the required data. The current Munis payroll report does not give a breakdown of anything except base pay, 2% over $30k, and additional deductions. The current format is combing all remaining codes, including IOD & Over 70. Ms. Barrett told the Board that she has contacted Munis and asked for an enhancement, which will be an additional cost to produce. She may ask PTG to take on some of the cost of this enhancement, if necessary. At this point, there has been no response from Munis on the cost or waiting period of this request. Ms. Barrett will keep the Board updated on the progress of this project.
Section III: Membership:
New Hires:
Town:
9% Beder, Jonathan, Group 1, DPW Director
Perm. Full-time $1,973.20 weekly
Start Date: 03/21/2011
Motion to approve new hires made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Refunds:
Town:
Stefani, Richard J., Group 1, Plymouth Housing Authority
7 years, 11 months creditable service
Final paycheck (w/e 12/31/10) issued on 2/28/11
(this was after original refund processed on 1/28/10)
Total Distribution Including FWT: $118.42
Santos, Gregory A., Group 1, Water Dept.
32 years, 4 months creditable service
Payable to Renee Santos, former Spouse and Designated Beneficiary
Date of Death: 2/9/2011
Total Distribution Including FWT: $70,791.64
Motion made by Mr. Manfredi to approve refunds; seconded by Mr. Duhamel. Unanimously voted.
Transfers:
School:
Connolly, Claire L., Group 1, Special Needs Aide
3 months of creditable service (9/22/1997-12/31/1997)
Transferring to: Plymouth County Retirement System
Motion made to approve transfer by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Buy Backs:
Janet Burke, former part-time School Department employee, is now a member of Barnstable County Retirement, and is requested a buy back of prior service. Prior service form 1980 & 1981 totals 9 months and 54 total hours, which does not qualify for buy back. For Board discussion & vote.
Atty. Sacco told the Board that if someone requesting a buy back of service was never a member of the Plymouth Retirement System, they may vote to deny the request. They employee can then purchase the buy back with their current retirement system.
Motion to deny the request for buy back from Janet Burke made by Mr. Manfredi, seconded by Mr. Duhamel. Unanimously voted.
Section V: Executive Session:
The Board shall convene in Executive Session pursuant to M.G.L. c 30A, s. 21(a)(3) and (5) to discuss litigation strategy in the matter of Plymouth Retirement Board v. Michael E. Daley, Plymouth Superior Court, Civil Action No. 10-0802, and to discuss the filing of a criminal complaint in an unrelated matter.
Roll-call vote to enter into executive session at 10:00 a.m.:
Mr. Kelley yes
Ms. Barrett yes
Mr. Manfredi yes
Mr. Duhamel yes
The Board will not re-enter into the regular meeting.
Next Meeting: Friday, April 22, 2011, 8:30 a.m.
The Town of Plymouth Retirement Board unanimously voted to approve these minutes at their meeting on Friday, April 22, 2011. Original, signed minutes are available at the Retirement Office, 10 Cordage Park Circle, Suite 240, Plymouth, MA.
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