The Hull Contributory Retirement Board meeting came to order in the SelectmanPhil Lemnios, Maurice Murphy, Kenneth Resnick, Leonard Colten and James Yacobucci. Also present was the Administrative Assistant, Maria Hortaridis.
The Board signed the Payroll for June, 2002.
The Board read all informational mail.
The Board read and attested to the minutes for the June 25, 2002 board meeting with a few changes that need to be made.
The Board signed all bill warrants.
The Board read all informational mail.
Terry Gerlick from Freedom Capital was present at this meeting to discuss the fund performance for the Hull Retirement System. Quarter to date, Hull is down should do well. Gerlick states that Tyco was sold in March and Freedom Capital though it was a viable companies generating a lot of earnings and Freedom was wrong. Lemnios makes a motion to move our portfolio to PRIT. Resnick seconded this motion. A roll call vote was taken: Yacobucci, no; Murphy, no; Colten, no.
The Board reviewed Pat Cannon's buy-back for 6 years and 6 months. Cannon would like to buy-back the time when he was not a member of our system. Cannon became a member in 1999 and never became a member when he started in the Town of Hull as an elected official in 1993. Lemnios makes a motion to postpone any decisions until further research is done on elected officials in Chapter 32. The board voted unanimously.
Colten thanked Lemnios for all his years of service to the Retirement Board. Lemnios has taken another position in the Town of Natick and will be departing as Town Manager on August 15, 2002.
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Resnick makes a motion to go into Executive Session at 9:50 am to discuss strategy relative to litigation. The board voted unanimously to go into Executive Session.
Colten makes a motion to go back into Regular Session of the Board Meeting at 10:00 am.
The Board set a date for the next Board Meeting to be held on Thursday, August 22, 2002 at 9:00 am.
The Hull Contributory Retirement Board meeting adjourned at 10:15 a.m.
Leonard Colten, Chairman
Maurice Murphy
Kenneth Resnick
James A. Yacobucci
