MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
June 25, 2002
The Hull Contributory Retirement Board meeting came to order in the Selectman's Meeting Room at 11:00 a.m. The following members were present:
Phil Lemnios, Maurice Murphy, Kenneth Resnick, Leonard Colten and James Yacobucci. Also present was the Administrative Assistant, Maria Hortaridis.
The Board signed the Payroll for May, 2002.
The Board read all informational mail.
The Board read and attested to the minutes for the May 30, 2002 board meeting. The minutes had a few changes to be made.
The Board signed all bill warrants.
Lemnios makes a motion that the Board enters into Executive Session at 11:10 a.m. to negotiate a salary with a non-union personnel. Colten seconded this motion and the Board voted unanimously.
Colten makes a motion to go back into regular session of the Board Meeting at 11:25 a.m. Murphy seconded this motion and the Board voted unanimously.
The Board discussed Chief Brooker's Memorandum of Agreement entered into between the Town (Board of Selectmen) and Chief Brooker. Chief Brooker was present at this meeting. Lemnios makes a motion that based upon the previous presentation in the executive session and the testimony given by Chief Brooker in the executive session, that the Board accept Chief Brooker's agreement with the Board of Selectman dated March 20, 2002. Yacobucci seconds this motion and the Board voted unanimously.
The Board reviewed and discussed a possible buy-back for John Macleod, Operations Manager of the Hull Light Plant. Mr. Macleod is seeking to buy-back 13 months when he was laid off from the town and then rehired. Lemnios makes a motion that Maria Hortaridis sends a letter to PERAC's legal department for a legal opinion regarding this buy-back. Yacobucci seconds this motion and the board voted unanimously.
The Board approved Nancy Allen's ten-month buy-back. Lemnios makes a motion that Nancy Allen pays back this buy-back in 2 payments between now and 12/30/02. Resnick seconds this motion and the board voted unanimously.
The Board approved Diane Gosselin's new member application. Diane is a dispatcher for the Hull Police Department.
The Board discussed the Military Service Credit, Chapter 32, 4(1)(h). Lemnios states that this is a separate vote from the Early Retirement Incentive (ERI). The Selectman will have to vote on this amendment as a separate motion.
The Board discussed possible buy-back regulations, amounts accumulated under the 457 plan that can be transferred to the retirement annuity fund to buy credible service. Maria Hortaridis will get more information from Walter Manning who is a Client Account Manager from Aetna Financial Services.
The Board discussed and reviewed the Investment Performance Figures for the month May. Mike Daley, financial consultant, was present at this meeting. Daley states that in Freedom
The Board set the date for the next Board meeting to be held on Thursday,
July 25, 2002 at 9:00 a.m.
The Hull Contributory Retirement Board meeting adjourned at 12:30 p.m.
Leonard Colten, Chairman
Maurice Murphy
Kenneth Resnick
Philip Lemnios
James A. Yacobucci
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