MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
January 24, 2017
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The regular meeting of the Hull Contributory Retirement Board, duly posted to be held in the selectman’s meeting room, Town Hall, Hull, MA on the above date was called to order at 9:04 a.m. Present were, Members, J. Michael Buckley, Gregory Galvin, John King, Brian Thompson (9:07) and Retirement Administrator Lauren Durham.
Susan Ovans is present in the audience. , John Reilly was absent.
In accordance with the open meeting law, the Chair was notified and it was announced that Lauren Durham was making and audio recording of the meeting.
At 9:05 a.m., John King made a motion, seconded by Greg Galvin to open a public hearing in order to vote an annual Cost of Living increase for retirees who have been retired a full calendar year.
Unanimously Voted.
Greg Galvin made a motion to grant a 3% Cost of Living increase on a base of $13,000 for each retiree effective July 1, 2017. Greg states that this is the least the Board can do for the retirees under these economic times, with the costs of goods and services increasing. John King agrees with Greg and seconds the motion.
Unanimously Voted.
Chairman Buckley asked if anyone in audience had any additional questions or comments. There were none.
At 9:08 a.m. Greg Galvin made a motion to close the public hearing. Seconded by John King.
Unanimously Voted.
Board Re-Organization:
Greg Galvin made a motion to re-appoint Mike Buckley as chair. John King seconded.
Unanimously Voted.
Greg Galvin made a motion to re-appoint Brian Thompson as vice- chair. John King seconded.
Unanimously Voted.
John King made a motion to re-appoint John Reilly as secretary. Greg Galvin seconded.
Unanimously Voted.
Minutes:
Greg Galvin made a motion, seconded by Brian Thompson to approve the minutes from the December 20, 2016 regular Board meeting as presented.
Unanimously Voted.
Greg Galvin made a motion to approve and release the Executive Session minutes from August 23, 2016. Brian Thompson seconded.
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January 24, 2017
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Unanimously Voted.
Payments:
Brian Thompson made a motion to approve and sign the Bill Warrant and the Payroll Warrant for January 2017, seconded by Greg Galvin.
Unanimously Voted.
The Board authorized $375,000.00 transfer from PRIT to fund the retiree payroll.
New Employee:
Brian Thompson made a motion, seconded by Greg Galvin to accept the following new employees into the retirement system.
Taylor Holcombe, Hull School Department- Start Date 1/3/2017 Group 1
John Dunn, Hull Police Department, Start Date 12/5/2016
John Struzziery, Sewer Department, Start Date 1/9/2017
Unanimously Voted.
Transfers/Refunds
The Board has received 2 refund requests from Brian Claffey, former member of the Hull Fire department who separated service in December 2014 and William Wentworth who separated service in December 2016. The interest rate has yet to be set by PERAC and therefore these refunds cannot be processed. Brian Thompson made a motion to allow Lauren Durham to calculate these refunds once the interest rate is available and issue payment prior to the end of January. Greg Galvan requests that Mike Buckley reviews the calculation before any payment is made.
Unanimously Voted.
Updates:
Old Business:
Lauren Durham updated the Board on the issue of Robert Breen, who retired in October 2014 due to turning age 65 as a fire fighter. Mr. Breen is still not receiving a monthly retirement allowance due to a pending QDRO. He has informed the Board that he is expecting a decision from the Judge any day. He will be receiving a retro-active payment once the decision is received by the Board.
The Board has received notification from Attorney Sacco that he was notified from Attorney Poser, who represents Greg Shea, that he expects to file an appeal of the Board decision this week in district court.
New Business:
Paul Todisco notified the Board that the PRIM Board will be meeting on February 14, 2017 to review the Investment Committees recommendation for asset allocation. The
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Board has invited him to attend the February 21, 2017 Board meeting to review the approved asset allocation as the Hull Retirement Board Investment Regulation requires.
Lauren Durham notified the Board that 1099-R forms will be mailed today.
New requirements have been made to the State’s public records law which has been highlighted in a memo from Michael Sacco. As a result of these changes the Board is now responsible for appointing a “records Access officer” to handle/manage all public information requests. John King made a motion, seconded by Brian Thompson to appoint Lauren Durham as the Records Access Officer for the Board.
Unanimously Voted.
The Director of the Dukes County Retirement board has invited all retirement board directors and administrators to a 2- day conference, May 15-16, 2017 in order to discuss a variety of situations that Boards are dealing with. Some topics include; PTG, QDROs, call firefighters, Audit findings, membership and more. Lauren Durham has requested permission to attend.
Greg Galvin made a motion, seconded by John King to authorize Lauren Durham to attend the Board Administrator conference on Martha’s Vineyard on May 15-16, 2017.
Unanimously Voted.
The Annual MACRS Conference will be held on June 4-7, 2017 at the Hyannis Conference center. Lauren Durham asks that all Board Members let her know if they will be attending as soon as possible in order to register each participant.
John King, Brian Thompson and Greg Galvin all said they would attend.
Review/Discussion:
The Board Reviewed the PRIT Statement from December 2016, noting the 1 and 5 year look back on returns exceeded the target of 7.75%, and the November 2016 Trial Balance.
Brian Thompson asks Mike Buckley if he has any information on Health Insurance rates. Mike said at this time the Mayflower group has given a couple different ranges for increases effective July 1, 2017. They are also looking to begin the process of putting together a committee with a representative from each group of the town to determine the future of health insurance for both active members and retirees.
Susan Ovans asks the Board how much will the COLA base increase cost. The Board responds that the annual increase to the retirement board payroll is $49,422.76. This would increase the town’s annual appropriation; however the Board offset that by increasing their funding schedule by 1 year in the 1/1/16 valuation report.
Informational Mail:
The Board reviewed the following Informational Mail:
- All Client Memo- Michael Sacco, 1/3/17- DeFelice SJC Decision- Once a Member Always a Member
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- All Client Memo- Michael Sacco, 1/3/17- Police Details- Savage Case- PERAC Memo #29
- PERAC Memo #30/2016- 840 CMR 10:10(3) & 10:15(4)-Annual Review of Medical Testing Fee
- PERAC Memo #1/2017- Updated Public Records Law (Chapter 121 of the Acts of 2016)
- PERAC Memo #2/2017-The Binding Effect of PERAC’s Memoranda on All Retirement Boards
- PERAC Memo #3/2017-2017 Limits under Chapter 46 of the Acts of 2002
- PERAC Memo #4/2017- 2017 Limits under Section 23 of Chapter 131 of the Acts of 2010
- PERAC Memo #5/2017- COLA Notice
- The Hull Times Article- 1/05/2017
- The Voice of the Retired Public Employee- January 2017 (Hand Out)
The Board’s next scheduled meeting is for Tuesday. February 21, 2017 at 9:00 a.m. In the Selectman’s Meeting Room.
Meeting adjourned: 10:01a.m.__________
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J. Michael Buckley, Chairperson
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Gregory Galvin
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John Reilly, Jr.
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John King
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Brian Thompson
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