MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
April 25, 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 9:00 a.m. Present were, Members, Brian Thompson, Greg Galvin, John King and Mike Buckley and Retirement Administrator Lauren Durham. John Reilly was absent.
Phil Lemnios 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 King to approve the minutes from March 29, 2017 regular Board meeting as presented.
Unanimously voted.
Payments:
Brian Thompson made a motion to approve and sign the Payroll Warrant for April 2017, and the Bill Warrant for April 2017, seconded by John King.
Unanimously Voted.
Mike Buckley authorized $250,000.00 to be liquidated from PRIT in order to fund April payroll on April 27, 2017.
Retirement:
Greg Galvin made a motion, seconded by John King to approve the application for Superannuation retirement under Option B on behalf of David Freeland, of the Hull Highway Department. Mr. Freeland has 16 years and 6 months of service and will be retired as of March 25, 2017. Final Calculation as follows:
Retirement Date 3/25/2017 |
Annuity |
$542.11 |
Pension |
$818.55 |
Total Monthly Allowance |
$1,360.66 |
Annual Annuity |
$6,505.32 |
Annual Pension |
$9,822.60 |
Total Annual Allowance |
$16,327.92 |
Option |
B |
Service |
16.5 |
Age Factor |
2.0 |
First payment scheduled for April 2017, retro-active to March 25, 2017.
Unanimously Voted.
Hull Contributory Retirement Board Meeting
April 25, 2017
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Review/Discussion:
The annual MACRS Spring conference has been scheduled for June 4-7, 2017. The Board has not received any correspondence from MACRS for this event, but if any member who is looking to stay over should reserve their room as soon as possible. When an agenda becomes available, it will be forwarded to the Board.
The Statement of Financial Interests for each board member is to PERAC by May 1, 2017. 2 copies should be sent to PERAC in order to be stamped received, and a copy will be returned to each board member for their own records.
Greg Galvin made a motion, seconded by John King to approve the Annual Statement of the Financial Conditions of the Hull Retirement System for 2016.
Unanimously Voted.
Updates:
Old Business:
The Board discussed creating a Supplemental Regulation to exclude elected officials or member earning less than $5,000 per year as they are not entitled to creditable service from the retirement board under Pension Reform of 2009. Judith Corrigan of PERAC has provided some sample regulations and Lauren Durham will submit a draft to the Board in May for approval.
Member Annual Statements have been mailed and retiree affidavits are scheduled to be mailed the first week of May.
The Board reviewed the Trial Balance for January and February 2017. The PRIM Board Update for March was handed out and reviewed.
The board has been asked to save the date for the PRIM Investors Conference on November 9, 2017 at the College of the Holy Cross, Worcester. Additional details to follow.
Informational Mail:
The Board reviewed the following Informational Mail:
PERAC Memo #17/2017- Mandatory Retirement Board Member Training- 2nd Quarter 2017
The Board’s next scheduled meeting is for Tuesday, May 30, 2017 at 9:00 a.m. In the Selectman’s Meeting Room. Meeting adjourned: 9:48__________
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Hull Contributory Retirement Board Meeting
April 25, 2017
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_______________________________________________________
J. Michael Buckley, Chairperson
_ ______________________________________________________________
Gregory Galvin
__ABSENT__________________________________________________________
John Reilly
________________________________________________________________________
John King
________________________________________________________________
Brian Thompson
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