January 2020 Retirement Board Meeting
Section I: Regular Business:
Minutes:
Minutes of November 22, 2019 Regular Meeting
Minutes of November 22, 2019 Executive Session
Minutes of December 20, 2019 Regular Meeting
Minutes of December 20, 2019 Executive Session
Warrants:
Warrant #11 Dated November 30, 2019 $ 3,729,416.95 Final
Warrant #12 Dated December 31, 2019 $ 2,534,732.70 Partial
Warrant # 1 Dated January 31, 2020 $ 358,936.68 Partial
Warrant # 2 Dated February 29, 2020 $ 6,000.00 Partial
Trial Balance as of December 31, 2019 $ 186,643,360.00
Public Comment:
New/Old Business:
PERAC MEMOS:
Memo #1/2020: Tobacco Company List
Memo #2/2020: 2018 Comparative Analysis Fee Report
Memo #3/2020: Mandatory Retirement Board Member Training – 1st Qtr 2020
Memo #4/2020: Investment Consultant RFP’s
Memo #5/2020: 2020 Limits under Chapter 46 of the Acts of 2002
Memo #6/2020: 2020 Limits under Section 23 of Chapter 131 of the Acts of 2010
Memo #7/2020: COLA Notice
Memo #8/2020: Actuarial Data
Memo #9/2020: Buyback and Make-up Repayment Worksheets
Independent Audit:
Board to review and vote on draft Financial Statement for year ended December 31, 2018 & audit engagement letter for the years ended December 31, 2019, 2020 and 2021, with the option to extend for 2022 and 2023 at no additional cost.
Investments:
Portfolio update and review
Discussion with Board on merger between Fiduciary Investment Advisors & DiMeo Schnieder & Associates
Follow-up on Large Cap Value RFP:
Presentations will be given by: Aristotle, Beutel Goodman, and Boston Partners
Review of Westfield proposed guideline update
Section II: Membership:
Service Adjustment and Waiver Request:
Joseph McKenna retired from the Plymouth Fire Department on September 2, 2019. Mr. McKenna was a call Fire Fighter for the Town of Bourne (prior to his appointment on the Town of Plymouth Fire Department) and later was appointed as a full-time Fire Fighter with the Town of Bourne. He was laid off after six months of full-time permanent service with the Town of Bourne and returned to call service with the Town of Bourne until his full-time appointment with the Town of Plymouth on January 5, 1993. After Mr. Mckenna’s retirement we received notification from the Barnstable County Retirement Board that although in their original transfer letter, they listed all Mr. McKenna’s call service, they would accept 3(8)( c) Liability for 3 years, 8 months and 16 days creditable service only, since he was not rehired to a full time position with the Town of Bourne Fire Department. A correction of negative 1 year and 6 months has been made to Mr. McKenna’s creditable service reducing his retirement allowance by $179.16 per month. Mr. McKenna was overpaid by $702.41 from September 2, 2019, through December 31, 2019. Will the Board waive repayment of this overage as this error was not discovered until Mr. McKenna was retired?
Request for Waiver of Overpayment:
Donald Kearney, retired November 1, 2019, has been recalculated due to a 6 month buy back of services purchased in 2004 that was found to be service concurrent with his employment with the Town of Plymouth. Mr. Kearney is being refunded the amount he paid for this buy back, with interest, but has asked the Board to waive the overpayment of $116.56 for the period of November 1 – December 31, 2019.
New Hires:
Town:
9% Cristani, Craig, Group 4, Police Officer
Perm. Full-time: $996.32 weekly
Start Date: January 6, 2020
9% Cristani, Jeffrey, Group 4, Police Officer
Perm. Full-time: $996.32 weekly
Start Date: January 6, 2020
9% Fraccalossi, Micaela, Group 4, Police Officer
Perm. Full-time: $996.32 weekly
Start Date: January 6, 2020
9% Kelleher, Kieran, Group 1, Local Health Inspector/Health Assistant
Perm. Full-time: 1,007.96 weekly
Start Date: January 21, 2020
9% Kierstead, Joshua, Group 4, Police Officer
Perm. Full-time: $996.32 weekly
Start Date: January 6, 2020
9% Mansfield, Dillon, Group 4, Police Officer
Perm. Full-time: $996.32 weekly
Start Date: January 6, 2020
9% Mitchell, Eric, Group 4 Police Officer
Perm. Full-time: $996.32 weekly
Start Date: January 6, 2020
9% Provo, Isabella, Group 1, Administrative Secretary-Collector’s
Perm. Full-time: $782.63 weekly
Start Date: January 16, 2020
9% Rash, Jessica, Group 4, Police Officer
Perm. Full-time: $996.32 weekly
Start Date: January 6, 2020
9% Wentworth, Cameron, Group 1, Assistant Harbormaster
Perm. Full-time: $1,046.68 weekly
Start Date: January 26, 2020
School:
9% Alves, Tyler, Group 1, Custodian
Perm. Full-time: $1,623.19 bi-weekly
Start Date: December 23, 2019
9% Burgess, Tracy, Group 1, Paraeducator
Perm. Full-time: $1,063.73 bi-weekly
Start Date: January 6, 2020
PHA:
9% Brodin, Karen, Group 1, Program Coordinator
Perm. Full-time: $1,538.46 bi-weekly
Start Date: January 13, 2020
9% Robbins, Cari, Group 1, Program Coordinator
Perm. Full-time: $1,538.46 bi-weekly
Start Date: January 13, 2020
Retirements:
School:
Roderick, Bonnie A., Group 1, Custodian
Twenty-Four (24) Years, Five (5) Months Creditable Service
Superannuation Retirement, opt b
Retirement Date: February 14, 2020
Latosek, Kim D., Group 1, Library Paraprofessional
Twenty-Five (25) Years of Creditable Service
Superannuation Retirement, opt c
Retirement Date: March 30, 2020
Section III:
Executive Session:
Pursuant to MGL Chapter 30A, Section 21 (a)(1). The Board will enter into executive session to hold an Evidentiary Hearing for the Accidental Accidental Disability Application of Richard Brown III.
Pursuant to MGL Chapter 30A, Section 21 (a)(3), the Board will enter into executive session to discuss ongoing litigation.