MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
June 27, 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 9:10 a.m. Present were, Members, J. Michael Buckley , John King, Brian Thompson and Retirement Administrator Lauren Durham. Gregory Galvin and John Reilly 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.
Minutes:
Brian Thompson made a motion, seconded by John King to approve the minutes from May 30, 2017 regular Board meeting as presented.
Unanimously Voted.
Payments:
Brian Thompson made a motion to approve and sign the Payroll Warrant for June 2017, and the Bill Warrant for June 2017 seconded by John King.
Unanimously Voted.
Mike Buckley authorized $350,000.00 to be liquidated from PRIT in order to fund June payroll on June 29, 2017.
Buyback Request:
John King made a motion to grant Glenn Comeau of the Hull Highway Department his request to purchase 3 years of military service from 4/26/1982 through 4/25/1985. Total cost to purchase is $8,422.28. Seconded by Brian Thompson.
Unanimously Voted.
Brian Thompson made a motion to grant Glenn Comeau’s request to purchase prior service that was refunded. Total refund taken 6/1996 $8,709.87, four (4) years, six (6) months service credit, Plymouth County has accepted one (1) year, nine (9) months liability for service transferred to Hull in 1989. Total to purchase refunded service $56,720.57. Seconded by John King.
Unanimously Voted.
John King made a motion to grant Jean Marcinkewich of the Hull Police Department (Group 1) request to purchase her part time service prior to becoming full time with the Town of Hull. Service from 10/23/2000 through 12/31/2011 total creditable service is six (6) years. Total cost to purchase is $25,526.06. Seconded by Brian Thompson.
Unanimously Voted.
Hull Contributory Retirement Board Meeting
Minutes
June 27, 2017
Page 2 of 3
Brian Thompson made a motion to grant Robert Sawtelle of the Hull Police Department request purchase to prior service when he was a seasonal police officer and a dispatcher from July 22, 1983 through September 9, 1985. Total cost is $2,367.13 which he will pay in one lump payment. Total creditable service is 10 months. Seconded by John King.
Unanimously Voted.
Retirement:
John King made a motion to approve the retirement application received for Superannuation retirement under Option A from Robert Breen, of the Hull Fire Department. Mr. Breen has 37 years and 8 months of service and will be retired as of October 31, 2014. Final Calculation as follows:
Retirement Date 10/31/2014 |
Annuity |
$1,311.04 |
Pension |
$4,315.34 |
Total Monthly Allowance |
$5,626.38 |
Annual Annuity |
$15,732.48 |
Annual Pension |
$51,784.08 |
Total Annual Allowance |
$67,516.56 |
Option |
A |
Service |
37.66667 |
Age Factor |
2.5 |
Brian Thompson seconded the motion.
Unanimously Voted.
Brian Thompson made a motion to approve the retirement application received for Superannuation retirement under Option B from Robert Sawtelle, of the Hull Police Department. Mr. Sawtelle has 32 years and 7 months of service and will be retired as of June 10, 2017. Final Calculation as follows:
Retirement Date 6/10/2017 |
Annuity |
$1,559.89 |
Pension |
$7,852.13 |
Total Monthly Allowance |
$9,412.02 |
Annual Annuity |
$18,718.68 |
Annual Pension |
$94,225.56 |
Total Annual Allowance |
$112,944.24 |
Option |
B |
Service |
32.5833 |
Age Factor |
2.4 |
A pro-rated first payment is scheduled for June 2017. John King seconded the motion.
Unanimously Voted.
Hull Contributory Retirement Board Meeting
Minutes
June 27, 2017
Page 3 of 3
Review/Discussion:
2016 Investment Returns- Pioneer Institute- Leaving Money on the Table:106 Pension systems of Massachusetts (separate e-mail attachment)
Updates:
Old Business-
There are currently approx. 30 outstanding 2017 affidavits. 2nd requests will be mailed out shortly.
The Board decided to table the discussion of changing monthly meeting times/days until a full Board is in attendance.
The conflict of Interest certificate is now past due to the Town Clerk.
New Business-
2017 Spring MACRS Conference- Lauren Durham, Greg Galvin and Brian
Thompson attended.
Mike Buckley asked that an agenda item for the month of July be added- to discuss the Pioneer institute report from April 2017;The Bay State’s Public Pension complex: Costly and Unaccountable as well as the power point presentation created by James Lamenzo of PERAC illustrating the pension formula.
The Board reviewed the May 2017 PRIT statement as well as the April 2017 Trial Balance.
The Board reviewed the following Informational Mail:
- Michael Sacco: Public Records Law Update
- PERAC Memo #19/2017- PROSPER System Changes
- PERAC Memo #20a/2017- New Public records law
The Board’s next scheduled meeting is for Thursday, July 27, 2017 at 9:00 a.m. In the Selectman’s Meeting Room. Meeting adjourned: 9:51a.m.__________
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_______________________________________________________________________
Gregory Galvin
________________________________________________________________
J. Michael Buckley
_______________________________________________________________________
John King
________________________________________________________________
Brian Thompson
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John Reilly
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