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.