MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
February 21, 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 9:13 a.m. Present were, Members, Gregory Galvin, John King, John Reilly, and Retirement Administrator Lauren Durham. Mike Buckley and Brian Thompson were 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.
Paul Todisco and Francesco Daniele of PRIM were present in order to provide an Annual Investment Update as required by the Board’s Investment Policy. This PRIM Board had met the week prior to perform a comprehensive asset allocation. Paul introduced Francesco Daniele as a new member to the PRIM team who will be working alongside Paul in client services. Paul provided a handout to each Board Member which detailed PRIM as an organization and changes made throughout 2016 and projected changes for 2017. Paul mentions that 70% of the asset allocation remains the same year to year and notes that the big picture remains the same.
Greg Galvin asks where Paul sees Hull’s investment return in 2017 as the Board has felt some push back from PERAC to lower the current rate of 7.75%.
Paul responds that over the last 30 years, the 7.8% rate of return hasn’t really changed and that at this point it is very difficult to see what is in store for 2017, with a new Presidential administration and new economic policy. 2016 closed out at 8% and January and February 2017 have both started out strong. Paul also mentions that the state did lower their rate of return to 7.5% based on the determination that this was a trend nationwide. Paul also mentioned that an Advisory Board to Executive Director has been created which is expected to be comprised of current Board members from local Boards. He says that this should be a 2 year term and to please let him know if the Hull Retirement Board is interested in participating on this Board. He also mentions that PRIM will be holding an investors conference sometime
in November, more details to follow. Paul asks the Board if they have any additional questions, and thank them for their time,
Greg Galvin asks the Board if there is interest in sitting on the Advisory Board, and with all member present agreeing, Greg asks that Lauren compose a letter to PRIM notifying them that Hull is interested in being a representative on this Advisory Board.
Minutes:
Greg Galvin made a motion, seconded by John King to approve the minutes from the January 24, 2017 regular Board meeting as presented.
Unanimously Voted.
Hull Contributory Retirement Board Meeting
February 21, 2017
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Payments:
Greg Galvin made a motion to approve and sign the Payroll Warrant for February2017, and the Bill Warrant for February 2017, seconded by John King.
Unanimously Voted.
The Board also authorized $350,000.00 to be liquidated from PRIT in order to fund the February Payroll.
New Employees:
Greg Galvin made a motion, seconded by John King to approve membership of Lori West, Hull Town Clerk, start date of January 25, 2016, group 1.John Reilly abstained from the vote due to a personal relationship with Ms. West, but will not remove himself from the discussion in order to maintain a quorum. The appropriate forms are on file with the Town of Hull.
Unanimously Voted.
Notice of Injury:
The Board noted the following notice of injuries. All employees are back to work.
- Mark Collins- HFD, date of injury 12/25/2016
- Joshua Saucier- HFD, date of injury 12/25/2016
- Andrew Thomas- HFD, date of injury 12/24/2015
Updates:
Old Business:
The Board has receiving official notice that G. Shea has appealed the decision to terminate his pension. Michael Sacco will be the contact person on behalf of the Board and provide updates as the case progresses.
John Reilly requested to be registered for the Spring MACRS conference when registration opens.
New Business:
The December 2016 PRIM Board updates was handed out the Board as well as the year to date trial balance for the Board’s review.
The 2016 Statement of Financial interest is due May 1, 2017. All Board members are required to comply.
Informational Mail:
The Board reviewed the following Informational Mail:
- PERAC Memo #6/2017- Mandatory Retirement Board Member Training- 1st Quarter 2017
PERAC Memo #8/2017- Continuing Membership of “non-full-time Employees”
PERAC Memo #9/2017-Buyback and Makeup Repayment Worksheet
Hull Contributory Retirement Board Meeting
February 23, 2016
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- PERAC Memo #10/2017- Domestic Relations Orders
- PERAC Memo #11/2017- 2017 Annuity Savings Account
- PERAC Memo #12/2017- 2017 Interest Rate set at 0.1%
- PERAC Memo #13/2017-Administators are encouraged to attend PERAC Training
- Education Credit for Active Board members
The Board’s next scheduled meeting is for Tuesday March 28, 2017 at 9:00 a.m. In the Selectman’s Meeting Room.
Meeting adjourned: 10:10 a.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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