MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
April 23, 2003
The regular meeting of the Hull Contributory Retirement Board, duly posted to be held in the Selectman's Meeting Room Meeting Room, Town Hall, Hull, MA on the above date was called to order at 9:01 a.m. Present were Maurice Murphy, Chairman, Members Leonard Colten, Ann MacNaughton, and James Yacobucci, and Retirement Administrator Marcia Bohinc. James Lampke as Acting Town Manager was also present.
Michael Reardon, PRIM Client Services Officer gave a very informative presentation regarding PRIM services, investment strategy and performance review. Discussion was held regarding joining PRIM as a purchasing vs. participating system and required investment strategies. M. Reardon to provide follow-up information. The Board had questions regarding management fees. Marcia Bohinc will follow-up on all for the May Board Meeting.
The Board read and attested to the minutes of the March 26, 2003 board meeting without corrections.
The Board signed all bill warrants for April 2003.
The Board signed the contributory payroll for March 2003.
The Board approved and signed without comment the Retirement Systems Annual Statement to PERAC for 2003.
The Board reviewed the Employment Contract between the Hull Contributory Retirement Board and Marcia Bohinc. Jim Yacobucci made a motion to approve the contract, which was seconded by Leonard Colten voted unanimously (J. Lampke abstained).
The board reviewed an Addendum to Article 2 (Compensation) in the Employment Contract to adjust the compensation for the Retirement Administrator. The Board agreed the skill level required to perform all the duties of the administrator position has increased, therefore the compensation should be adjusted accordingly.
M. Bohinc has requested the Board review of her performance to date in view of these new responsibilities and subsequently grant her a rate increase.
The outside consultant that had previously been performing these functions agrees that M. Bohinc has competently assumed these duties and has stated in writing that, beginning immediately, the consulting fees will be greatly reduced.
The Board will vote on the increase in the May Board Meeting.
The Board reviewed a proposal from Stone Consulting, Inc. to conduct annual actuarial valuations of the Retirement System. L. Colten made a motion to request Stone Consulting to perform a valuation in 2003, then make the determination annually thereafter. J. Yacobucci seconded the motion and the board voted unanimously (J. Lampke abstained).
L. Colten made a motion to use Financial Advisory Associates, Inc. (FAA) through calendar 2003. J. Yacobucci seconded the motion and the board voted unanimously.
The Board reviewed a statement of services provided by FAA. This statement included areas in administration that FAA feels will need to be addressed in the future, including potential audit findings.
The Board reviewed the level of bonding required of all persons having access to retirement board funds. M. Bohinc to follow-up on cost and procedure and report at the May Board Meeting.
There were no updates regarding the non-renewal of the Retirement's fiduciary insurance by Travelers Insurance Company. Maurice Murphy made a motion to explore the feasibility of adding the Retirement Board to the Town's liability insurance. L. Colten seconded the motion and the board voted unanimously. M. Bohinc will follow-up with Christopher McCabe.
The Board approved three new member applications:
Judeth Van Hamm, Facilitator for the Hull School System
Kelly Ryan, Firefighter
Lauren Walsh, Police Dispatch
The Board voted the following will attend the 11th Annual PRIM Client Conference at Bentley College on Wednesday, May 28, 2003: L. Colten, Ann MacNaughton, M. Murphy, J. Yacobucci, and M. Bohinc
The Board amended the reappointment dates of James Yacobucci as a member of the Retirement Board for a term commencing January 7, 2003 through January 7, 2006. Maurice Murphy made this motion, seconded by A. MacNaughton, voted unanimously.
L. Colten suggested that a monthly news release be made on the happenings of the Board. M. Murphy moved that this be discussed at the May Board Meeting.
The Board read all informational mail.
The next regular Board Meeting is scheduled for Wednesday, May 14, 2003 at 9:00 a.m.
The Hull Contributory Retirement Board meeting adjourned at 11:32 a.m.
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