MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
March 29, 2017
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The regular meeting of the Hull Contributory Retirement Board, duly posted to be held in the second floor conference room, Town Hall, Hull, MA on the above date was called to order at 9:06 a.m. Present were, Members, John Reilly, Brian Thompson and Mike Buckley and Retirement Administrator Lauren Durham. Greg Galvin and John King were absent. Susan Ovans was present in the audience.
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.
Minutes:
Brian Thompson made a motion, seconded by John Reilly to approve the minutes from February 21, 2017 regular Board meeting as presented.
Unanimously voted.
Payments:
Brian Thompson made a motion to approve and sign the Payroll Warrant for March 2017, and the Bill Warrant for March 2017, seconded by John Reilly.
Unanimously Voted.
There was 1 payroll change to note; the Board was notified of the death of retiree Constance Lucas on March 10, 2017. Ms. Lucas was retired under Option B, but had exhausted her annuity account. As a result, her final pension payment will be issued March 30, 2017 for a pro-rated amount.
Mike Buckley authorized $275,000.00 to be liquidated from PRIT in order to fund March payroll on March 30, 2017.
New Employees:
John Reilly made a motion, seconded by Brian Thompson, to acknowledge membership in to the system on behalf of:
Jake Williams of the Hull Fire Department as of March 6, 2017, group 4.
Unanimously Voted.
Notice of Injury:
The Board was notified of the receipt of 1 notice of injury report from the Hull Fire Department on behalf of Mark Collins, date of injury 2/21/17, he has returned to work.
Buyback Request:
Brian Thompson made a motion, seconded by John Reilly to approve the request from Deborah Angellis of the Hull School Department to purchase prior service with the Hull school department from October 5, 2000 through August 9, 2002. Total cost to purchase 1 year 4 months of service is $3,034.49.
Unanimously Voted.
Hull Contributory Retirement Board Meeting
March 29, 2017
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Updates:
New Business:
The Board reviewed the PRIM Board Update February 2017. Mike Buckley pointed out the 5 and 10 year investment returns,noting that while the 10 year returns reflect 5.27% this still includes 2008, the 5 year recap shows an 8.55% return which exceeds the goal of 7.75%.
The Annual Statement of the Financial Condition of the Hull Contributory Retirement System was provided to each board member to review for signatures at the April meeting. Lauren requests that any questions regarding the statement be email to her prior to the next Board meeting so any error can be corrected and the statement can be submitted by the May 1, 2017 deadline.
The Board was also provided with some sample supplemental regulations provided by Judith Corrigan of PERAC to address Pension reform, elected officials and employees earning less than $5,000 per year. John Reilly suggests tabling this discussion until the entire Board is present as he will be recusing himself as his position on the Board of Selectman may be effected.
Informational Mail:
The Board reviewed the following Informational Mail:
- PERAC Notice- Randolph Boothby Notice of Comprehensive Medical Examination
- PERAC Memo #14/2017- Compliance Traning on PERAC’s new system, PROSPER
- March 2017
- “The Voice of the Retired Public Employee”
The Board’s next scheduled meeting is for Tuesday, April 25, 2017 at 9:00 a.m. In the Selectman’s Meeting Room. Meeting adjourned: 9:26__________
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J. Michael Buckley, Chairperson
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Gregory Galvin
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John Reilly
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John King
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Brian Thompson
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