MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
May 14, 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 9:05 a.m. Present were Maurice Murphy, Chairman, Members Leonard Colten, Ann MacNaughton Chris McCabe, and James Yacobucci, and Retirement Administrator Marcia Bohinc.
The Board read and attested to the minutes of the April 23, 2003 board meeting with one correction.
The Board signed all bill warrants for May 2003.
The Board signed the contributory payroll for April 2003.
L. Colten made a motion to grant M. Bohinc a $5.00 per hour rate increase, retroactive to April 14, 2003. J. Yacobucci seconded the motion, M. Murphy voted yes. A. MacNaughton and C. McCabe were absent for the vote, however A. MacNaughton requested that the record reflect that she would have voted yes. After discussion, it was determined no Contract Addendum between the Hull Contributory Retirement Board and Marcia Bohinc is required.
J. Yacobucci made a motion to approved Kenneth Resnick's Superannuation Retirement with a retirement date of May 1, 2003. C. McCabe seconded the motion and the board voted unanimously.
J. Yacobucci made a motion to approved Charles Short's Superannuation Retirement. Mr. Short was a police office in Hull from late 1950's until the early 1960's. At age 65, he requested distribution from his Hull Retirement Account. A. MacNaughton seconded the motion and the board voted unanimously to retire Mr. Short.
After discussion, the Board moved to continue the discussion and vote to accept liability for the Marjorie Kamman's service as a Teacher's Aide in Hull. The Board requested a comprehensive checklist to be used for section 3(8)(c) discussions and decisions to maintain consistency and fairness.
J. Yacobucci made a motion to approved make-up contributions for Judith Greenberg for full time service to the Town of Hull from June 2, 1986 through November 21, 1986. A. MacNaughton seconded the motion and the board voted unanimously.
Investments:
The Board had a considerable discussion of investment related materials and the performance of the three investment managers. L. Colten made a motion to join PRIM as a participating system at 100%. This motion was not seconded. A. MacNaughton stated that she needs more investment information prior to making such decision. J. Yacobucci suggested the Board seek the expertise of an investment consultant.
Management fees being paid by the Board were reviewed. A request was made for the contract with SSgA regarding the fee schedule. This will be provided for the next meeting.
M. Bohinc has requested a written investment policy for the management of cash flow and meeting monthly obligations.
C. McCabe confirmed the Town of Hull will make the Fiscal Year 2004 appropriation as of July 1, 2003. The Board is expecting $1,958,374 no later than this date. The Board needs to make a determination for the investment of this amount.
The Board discussed insurance/bonding needs, including updates from Richardson's Insurance. This issue is continued. M. Bohinc will contact PERAC for more direction and their legal opinion.
Jim Yacobucci will represent the Board at the Freedom Capital Management annual summer outing on Tuesday, July 15th at Tanglewood.
Received notice from PERAC regarding the termination of disability retirement benefits for Mr. Howard Moog. Certified letter was sent from the Retirement Office notifying him of termination and his right to appeal.
J. Yacobucci made a motion to proceed with the Medical Panel for Mr. Gary Taylor of the Highway Department, applying for accidental disability due to a back injury incurred on the job in July 2001. C. McCabe seconded the motion and the board voted unanimously.
The medical examination scheduled for June 5, 2003 at 6:00 p.m. in Wellesley, MA
Article was passed at Town Meeting to reopen the window for 180 days for veterans to purchase military credit who have ten years creditable service and missed the previous window.
M. Bohinc will follow-up with information to applicable members (veteran's with 10+ years of service)
As of April 1, 2003, the ten-year creditable service requirement is removed, however 180 window still exists for a veteran to make a decision.
M. Bohinc will follow-up with information to all applicable members (veteran's with less than 10 years of service)
The Board read all informational mail.
The next regular Board Meeting is scheduled for Wednesday, June 25, 2003 at 9:00 a.m. in the Selectman's Meeting Room.
The Hull Contributory Retirement Board meeting adjourned at 10:55 a.m.
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