MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
November 8, 2001
The Hull Contributory Retirement Board meeting came to order in the Selectmen's meeting room at 9:00 a.m. The following members were present:
Phil Lemnios, Maurice Murphy, Kenneth Resnick, Leonard Colten. Also present was the Administrative Assistant, Maria Hortaridis.
The Board set a date for the next monthly Board meeting for December 11, 2001 at 11:00 am.
The Board signed all bill warrants.
The Board signed the Payroll for October 2001.
The Board read all informational mail.
The Board read and attested to the Minutes of the September 26, 2001 Board meeting.
The Board approved three new members to the Hull Retirement System:
Roy Ahlquist, James Marcella, and Robert Mitchell.
The Board approved the withdrawal of funds for Amber Yannizzi.
The Board approved the superannuation retirement for Richard Cleverly and Phillip Thomas' retirement.
The Board discussed new and old business.
The Board would like to have the Board meetings posted on cable television monthly. Phil Lemnios suggested that Maria Hortaridis let Peter Seitz know the date and times of each monthly meeting so that Peter can post them on cable tv.
The Board discussed the possibility of buying a fireproof file cabinet for all retiree files. Phil Lemnios would like to see if the Retirement has sufficient funds available. Maria Hortaridis will give a break out of funds available at the next board meeting. Ken Resnick made a motion that the Board buys a file cabinet (not to exceed $2500) if the funds are available, Len Colten seconded this motion and the board voted unanimously.
The Board discussed the investors performance fund figures. The Board reviewed the investor's figures. As of 09/30/01 the net asset value of the Retirement's net asset value of investment in the PRIT Fund was $5,311,647.86. Phil Lemnios stated that the State Street account is low and that we have fiduciary responsibility towards our retirees. Phil Lemnios argued that we are losing money and we need to move our funds from State Street and Freedom to PRIT. Phil Lemnios made a motion to move our funds from State Street and Freedom to the PRIT Fund but Maurice Murphy argued that we need to have all members to make a complete vote, since Jim Yacobucci was absent from this meeting. Phil Lemnios motioned that we invite Paul Todisco from the PRIT fund to our next meeting, Lenny Colten seconded the motion,
and the board voted unanimously.
The Board discussed the merger of Freedom Capital and the Royal Bank of Canada. Phil Lemnios made motion to sign the Agreement, Maurice seconded the motion and the Board voted unanimously.
The Board reviewed the Administrative Assistant's job description. A few changes need to be made. Phil Lemnios motioned that the Board to approve the job description with few changes, and Ken Resnick seconded this motion, and the Board voted unanimously.
The Board reviewed the status of Larry Adam's Disability Application status. Maria Hortaridis stated that PERAC has scheduled his Medical Panel for December 6, 2001.
The Board discussed the possibility of purchasing the Payroll Module from the TACS System. Maria Hortaridis stated that the cost would be approximately $32,000, which included the training module. Phil Lemnios asked that the Maria Hortaridis find out the cost for the Retirement part of the ADP Payroll. The Board will continue this discussion at the next board meeting.
Phil Lemnios invited all members of the Retirement Board to the Town's Annual Holiday Party on December 13, 2001 at 4:00 p.m. at the Red Parrot. The cost is $20.00 per person and each member will need to pay for their own ticket, it will not be reimbursed by the Retirement System.
The Hull Contributory Retirement Board meeting adjourned at 10:15 a.m.
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