MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
March 26, 2003
The Hull Contributory Retirement Board meeting came to order in the Selectman's Meeting Room Meeting Room at 9:05 a.m. The following members were present: Leonard Colten, Christopher McCabe, Maurice Murphy, Kenneth Resnick and James Yacobucci. Also present was Retirement Administrator Marcia Bohinc.
The Board read and attested to the minutes for the February 26, 2003 board meeting without corrections.
The Board signed all bill warrants for March 2003.
The Board signed the contributory payroll for February 2003.
The Board welcomed the new Town Accountant, Ann R. MacNaughton. Ms. MacNaughton assumed the duties of the Ex-Officio Board Member as of this meeting, replacing the retiring Kenneth Resnick. Ms. MacNaughton made all Board votes.
The Board to reviewed and had much discussion regarding the Retirement System's Budget. It was presented that the components of the budget detailed for the operation of the Retirement System are included in the state assessment amount.
When the actuarial calculation for the state assessment is made, an assumption for all administrative expenses is included. By including the operational components in the total department budget, expenses are double allocated.
A budget worksheet was presented that reported the state assessment as the appropriation, and included the administrative expenses, which equaled the actuarial assumption, for planning and monitoring purposes only.
A motion was made by L. Colten to pass the budget as recommended by the Town Manager ($2,119,856). Chris McCabe seconded the motion and the board voted unanimously.
After further discussion, a recess was called at 9:43 a.m. to confirm the presentation of the expenses being included in the state assessment.
The meeting was called to order again at 9:55 a.m. The Board now understood and agreed that the budget as just passed did double allocate expenses. L. Colten made a motion to rescind his first motion to pass the budget. This was again seconded by C. McCabe and voted unanimously.
A final motion was made by C. McCabe to accept the budget that the Town is responsible for only the state assessment amount ($2,037,556) and the administrative expenses that are included in the assessment amount via the actuarial study will be monitored by the retirement administrator. L. Colten seconded this motion and the Board voted unanimously.
The Board discussed whether it would be in the Town's best interest to make the state assessment payment as of July 1, 2003 at a reduced rate (96.11% of the budgeted amount). C. McCabe led the discussion regarding the Town's cash flow, expected rates of return for the six-month period, and feasibility of making the early payment. Based on McCabe's recommendation, it was determined that the full amount would be paid by the later date (December 31, 2003).
The Board reviewed the Employment Contract between the Hull Contributory Retirement Board and Marcia Bohinc. Changes will be made and submitted for approval in the April Board meeting.
Following the announcement at the February Board Meeting of the intention to grant a 3% COLA to be effective July 1, 2003 and pursuant to Chapter 32, Section 103(i), a motion was made by Leonard Colten to grant the 3% increase. Maurice Murphy seconded the motion and the board voted unanimously.
The Board requested additional information regarding the services provided by Financial Advisory Associates prior to voting on renew to commitment through calendar 2003. This information will be provided for the April Board Meeting.
Maurice Murphy stated that a report was due from Michael Sacco at the beginning of April regarding the non-renewal of the Retirement's fiduciary insurance by Travelers Insurance Company. If available, this information will be reported at the April Board Meeting.
A motion was made by Leonard Colten to approve make-up contributions for Edward Burns. Maurice Murphy seconded the motion and the board voted unanimously.
A motion was made by Leonard Colten to approve the Superannuation Retirement for Frederick E. Cox III. Maurice Murphy seconded the motion and the board voted unanimously.
The Board agreed that all Board Members and the Administrator will attend the MACRS 2003 Annual Meeting (Hyannis, MA) in June.
All board members declined to attend the Stars & Stripes 2003 National Public Employees' Retirement Funds Summit.
The Board invited Michael Reardon, the new Client Services Officer at PRIM to the April meeting.
M. Bohinc verified bonding is required of all persons having access to retirement board funds. This will be reviewed in the April Board meeting.
The Board continued the new member application for Judeth Van Hamm, Facilitator for the Hull School System on hold awaiting determination if she is eligible to be a Member in the Hull Contributory Retirement System. M. Bohinc will get a final decision for the April meeting.
L. Colten officially commended Ken Resnick for his help, guidance and commitment to the Retirement Board. He also commended him for being a nice guy. The rest of the Board strongly concurred.
It was announced that the annual statements were delivered/mailed on Wednesday, March 19th.
The Board read all informational mail.
The Board set a date for the next Board Meeting to be held on Wednesday, April 23, 2003 at 9:00 a.m.
The Hull Contributory Retirement Board meeting adjourned at 11:39 a.m.
| 
