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 Thomas Kelley, Lynne Barrett, Richard Manfredi, Shawn Duhamel and David Malaguti. Also present were Debra Sullivan, Wendy Cherry and Attorney Michael Sacco.
Section I: Annual COLA Vote
The purpose of this meeting was to discuss the percentage of Cost-of-Living Adjustment (COLA) to be granted to eligible retirees as of July 1, 2011. Pursuant to Chapter 32, Section 103(c) any system may grant a COLA of 3%, which is the maximum amount allow under Section 103(c). The maximum allowable for retirees of the Plymouth Retirement System is 3% applied to the first $14,000 of retirement allowance, given the Town's previous acceptance of Chapter 32, Section 103(i). Eligible retirees are those who have been retired for one full year as of June 30, 2010.
Motion made by Mr. Manfredi to vote and approve the maximum COLA of 3% based upon a base of $14,000, to all eligible retirees, effective July 1, 2011; seconded by Mr. Malaguti. Unanimously voted.
The Town of Plymouth Retirement Board unanimously voted to approve these minutes at their meeting on Thursday, June 23, 2011. Original, signed minutes are available at the Retirement Office, 10 Cordage Park Circle, Suite 240, Plymouth, MA.
Respectfully submitted,
Wendy Cherry
Assistant Director
Plymouth Retirement Board:
___________________________ June 23, 2011 _______
Mr. Thomas Kelley, Chairman Dated
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Richard Manfredi
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Shawn Duhamel
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Lynne Barrett
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David F. Malaguti
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