MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
July 27, 2005
The regular meeting of the Hull Contributory Retirement Board, duly posted to be held in the Selectmen’s Meeting Room, Town Hall, Hull, MA on the above date was called to order at 9:00 a.m. Present were Leonard Colten, Chairperson, Members Marcia Bohinc, Donald Brooker, Arthur Flavin and James Yacobucci. Marcia Bohinc was also in the role of Retirement Administrator.
On a motion by James Yacobucci, seconded by Arthur Flavin, the Board attested to the minutes of the June 29, 2005 regular Board meeting without changes.
On a motion by James Yacobucci, seconded by Donald Brooker, the Board attested to the minutes of the June 29, 2005 executive session without changes. The Board voted unanimously on the immediate release the minutes of this session.
Each Board member signed an acknowledgement of receiving and reading the Open Meeting Law Guidelines from the Commonwealth of Massachusetts Office of the Attorney General.
The Board signed all bill warrants for July 2005.
The Board signed the July 2005 contributory payroll.
In attendance at the request of the Board were Town Counsel James Lampke and Fire Chief Francis Lyons.
At 9:07, on a roll call vote, the Board went into executive session to discuss the reputation, character, physical condition or mental health of an individual. Roll call vote: Marcia Bohinc, yes; Leonard Colten, yes; D. Brooker yes; A. Flavin, yes; J. Yacobucci, yes. The Board stated their intention to reconvene in open session.
The board reconvened in open session at 10:02.
A. Flavin made a motion to convene a medical panel for Firefighter Randolph Boothby based on the Fire Chief’s application for an ordinary disability, as submitted. Seconded by D. Brooker. Mr. Boothby will be contacted to exercise his right to request the format of his panel – either three separate single physician examinations, or a joint three physician examination. Voted unanimously.
Retirement Administrator
After considerable discussion and debate, J. Yacobucci made a motion and seconded by A. Flavin to offer Andrea Mavilia, current HR director at a Boston company, the position of Retirement Administrator at a rate of $27.00 per hour with a six-month review, subject to reference and criminal background checks. The motion was amended that if Ms. Mavilia declines, the position be offered to Jennifer Miller, current retirement administrator for the Braintree Retirement System, under the same conditions. Again amending the motion, if both candidates decline, the Board will explore the possibility of using the services of Cambridge Executive Director Ann LeDuc on a part-time consultant basis while a second search is made for a replacement administrator. M. Bohinc will do the reference checks, make the offers and
coordinate the starting date. Voted unanimously,
On a motion by J. Yacobucci, seconded by D. Brooker, the buyback and make-up requests from Firefighter John King, as discussed in the regular May meeting, were approved.
The Board reviewed the current year-to-date trial balance, cash accounts’ reconciliation and budget analysis without discussion.
It was reported that the Town of Hull made their fiscal year 2006 appropriation in the amount of $2,456,668. $2.4 million was transferred immediately to PRIT for investment. Because of the timing of the transfer, the money will remain in cash until August 1st. Treasurer Flavin remarked that future appropriation payments might need to be made on a quarterly basis. If so, this will need to be noted for the next actuarial valuation, due January 2006.
Investments
The following monthly investment materials were provided to the Board:
Investors Fund Performance – June 30, 2005
PRIM Board Update – June 30, 2005
PRIT – Summary of Plan Performance – June 30, 2005
The Chair again requested the comparison between the current investments at PRIT against the former investments at SSgA and Freedom Capital. This will be done for a future meeting.
Old Business
New Chapter 32 books are on order for the Board members. The Massachusetts Public Employee Retirement Law by Richard C. Heidlage books are being delivered this week.
Follow-up – D. Brooker requested that a letter be sent to the Selectmen and Town Counsel from the Retirement Board regarding action with the legislature on Article 17 passed at the Annual Town Meeting concerning the availability of the retirement system to certain elected officials.
The Board read all informational mail:
· PERAC Financial Bulletin – July 2005
PERAC Memo #19/2005 – Reinstatement to Service under G.L. c. 32 §105
PERAC Memo #20/2005 – Investment Manager List
PERAC Memo #21/2005 – Tobacco Company List
PERAC Memo #22/2005 – PERAC Regulation Book
PERAC Memo #23/2005 – Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees
Pension Reserves Investment Management Board – Outside FOIA requests
Pension Reserves Investment Management Board – Staffing Change
Freedom Capital Management – Refund Letter
Segal Bulletin – June 2005 (2)
Segal Public Sector Letter
Babson Staff Letter, June 24, 2005
Corporate Governance Bulletin
The Board rescheduled the next regular Board Meeting for Wednesday, August 24, 2005 at 9:00 a.m. in the Selectmen’s Meeting Room.
The Hull Contributory Retirement Board meeting adjourned at 10:54 a.m.
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