MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
August 24, 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 and Arthur Flavin. Marcia Bohinc was also in the role of Retirement Administrator.
On a motion by Donald Brooker, seconded by Arthur Flavin, the Board attested to the minutes of the July 27, 2005 regular Board meeting without changes.
On a motion by D. Brooker, seconded by A. Flavin, the Board attested to the minutes of the July 27, 2005 executive session without changes. The Board also voted unanimously to not release the minutes of this session until the matter is resolved. The Board had previously voted to withhold the release the minutes of the May 25, 2005 executive session. They reaffirmed this vote in this meeting, citing the reason for non-release is still valid.
The Board signed all bill warrants for August 2005. The Board discussed the request for reimbursement under M.G.L. c. 32 section 3(8)(c) from the Hingham Retirement Board for retiree Robert F. Myers. Reimbursement had not been requested or made since his retirement in 1993. The 11 year reimbursement total on the presented bill was $54,296.55. A notation in the retirement files indicated that Mr. Myers was deceased. However upon investigation, the deceased is Mr. Myers’ father, not the retiree in question, therefore the Hull System does owe the reimbursement to Hingham. Due to the large amount of the request and the number of years it represents, the Hull Retirement Board will request to make payment to Hingham over the next several months. The first
installment on this warrant is for $19,805.17, representing the first five years - 1993 through 1997.
The discussion of §3(8)(c) prompted the reminder of the need for a letter to 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 signed the August 2005 contributory payroll.
It was announced that Jennifer Miller, the current Retirement Administrator for the Braintree Retirement System has accepted the position of Retirement Administrator for Hull, beginning Tuesday September 6, 2005. The terms and conditions of her employment will be finalized in a contract with the Retirement Board.
The Board reviewed and approved the draft domestic relations order for retiree James N. Russo without changes. The chair signed the document for return to the drafting attorney.
The Board reviewed the current year-to-date trial balance, cash accounts’ reconciliation and budget analysis with minimal discussion
Investments
The following monthly investment materials were provided to the Board:
Investors Fund Performance – July 31, 2005
PRIM Board Update – July 31, 2005
PRIT – Summary of Plan Performance – July 31, 2005
In reviewing the performance to date, M. Bohinc remarked that the analysis of the rate of return of the current investments at PRIT against the former investments at SSgA and Freedom Capital is still outstanding. However, in reviewing the sector allocations and rates of return, a broad comparison was made from the PRIT allocation to the investment allocation of the assets through 2004. This review quickly and clearly demonstrated that the return for the system is far better than would have been with the previous investments and investment allocation. The detailed analysis will still be done for a future meeting.
The chair remarked that given the current investment climate and lagging returns, he is pleased with the decision to move the investments to PRIT. The other Board members present matched this sentiment.
The Board discussed the Advisory Committee Report of the Reform Initiatives that was the attachment to PERAC Memo #25/2005 – Public Hearing and Comment Period on Proposed Pension Reforms. Some members expressed interest in attending one of the public hearings in September. The Chair suggested making written comments to PERAC on some specific reforms. This will be further discussed in the September meeting.
Old Business:
Follow-up – The Hull Retirement Board voted in the July meeting to proceed with Fire Chief Francis Lyons’ application for involuntary retirement as originally submitted, by requesting the Public Employee Retirement Administration Commission (PERAC) to appoint a three member, independent regional medical panel. Prior to this request, the member was given, in writing, the opportunity to exercise his right to request the format of this examination – either three separate single physician examinations, or a joint three-physician examination. In response, the Board was provided copies of two letters from the member’s attorney, both dated August 19, 2005.
The attorney stated that the member was exploring his legal options, therefore would not be submitting the panel designation form at this time. He also requested the minutes of the meeting when the decision was made, plus any additional documents that may have been submitted by the Chief. The attorney’s final request was for a copy of the Board’s ‘certified decision’.
The Board will request that PERAC convene the medical panel, and schedule the examination. In the absence of a member option, the panel will most likely be a joint panel. M. Bohinc will respond to the attorney’s requests, including providing the minutes of the meetings. With respect to the Board’s ‘certified decision,’ the Board has not made any decision with respect to the Chief’s application, and as a matter of law, is unable to do so unless and until the member is examined by the regional medical panel. To the request for additional documents, there were none.
New Business
The fall MACRS conference has been scheduled for October 16 - 19, 2005 in Springfield. Hotel reservations can be made, however there is no agenda at this time. The vote on attendance will be made after the agenda is available.
The Board read all informational mail:
PERAC Memo #24/2005 – How to Treat Contributions to Teachers’ RetirementPlus when a Member Transfers to Another System
PERAC Memo #25/2005 – Public Hearing and Comment Period on Proposed Pension Reforms
Boston Globe article – PRIT Fund
Retired State, County and Municipal Employees Association of Massachusetts – Newsletter – September 2005
The Board rescheduled the next regular Board Meeting for Tuesday, September 20, 2005 at 9:00 a.m. in the Selectmen’s Meeting Room.
The Hull Contributory Retirement Board meeting adjourned at 9:45 a.m.
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