MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
August 29, 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 5:40 p.m. Present were, Members, Gregory Galvin, Brian Thompson, and Mike Buckley, John King, John Reilly and Retirement Administrator Lauren Durham.
In accordance with the open meeting law, the Secretary 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 July 25, 2017 regular Board meeting as presented.
Unanimously Voted.
Payments:
Brian Thompson made a motion to approve and sign the Bill Warrant for August 2017 and the Payroll Warrant for August 2017, seconded by John Reilly.
Unanimously Voted.
New Employees:
John Reilly made a motion, seconded by John King to accept Craig Esposito into the Retirement system as of May 22, 2017. Brian is a group 1 employee working in the Hull Highway Department.
Unanimously Voted.
Buyback Requests:
Greg Galvin made a motion to discuss the buyback request of Tamra Petrocelli of the Hull School Department. Ms. Petrocelli is requesting permission to purchase four (4) years, five (5) months service from May 8. 2000 through October 31, 2004 when she became a member of the system. Total buyback is in the amount of $4,369.15. Greg Galvan asks if this time was less than full time service. Seeing that is was, Greg then made a motion to approve the buyback request, seconded by Brian Thompson.
Unanimously Voted.
Lauren Durham brings a service liability request from the MWRA Retirement system to the attention of the Board. William Mulvaney, a former employee of the town of Hull took a refund of deductions in January 1988. He was employed by the town in October 1985 them joined the Retirement system in 1986. Mr. Mulvaney is now a member of the MWRA Retirement system and is looking to purchase the service he refunded from Hull and the service prior to becoming a member of the Hull Retirement System. The Board notes that when he was an active member of Hull, he would have the opportunity to purchase this service, and Hull would have accepted liability. Since he did not purchase this service whiled employed with the Town of Hull, the retirement system does not have to grant liability.
Hull Contributory Retirement Board Meeting Minutes
August 29, 2017
Page 2 of 3
Greg Galvin made a motion to deny the liability request on behalf of William Mulvaney. Seconded by John Reilly.
Unanimously Voted.
Updates:
The Board has requested that any updates on the Gregory Shea case be sent the their attention as soon as possible.
There are currently 2 outstanding 2017 Affidavits: Roger Jackson (will send in asap) and Phillip Thomas.
The 2017 Emerging Issues presented by PERAC will be held on Thursday, September 14, 2017 at the College of the Holy Cross. If any Board members are interested in attending please notify Lauren Durham to register.
The Hull Fiduciary Policy was signed and approved for renewal.
John Reilly made a motion to engage Odyssey Advisors to complete an actuarial valuation of the Retirement system as of 1/1/2018. Brian Thompson seconded.
Unanimously Voted.
John King made a motion to appoint Lauren Durham, Retirement Administrator as the Election Officer for the upcoming election. Brian Thompson seconded.
Unanimously Voted.
The Board also reviewed the timeline for the election of both elected members of the board.
9/6/2017- Nomination Papers Available
10/18/2017- Nomination Papers DUE by Noon
10/24/2017- Ballots Mailed
12/5/2017- Ballots DUE by 4:00
12/6/2017- Ballots counted
The Board reviewed the July 2017 Trial Balance and the July PRIM Board updates.
Mike Buckley authorized $40,000.00 to be transferred from PRIT in order to fund payroll.
The Board also discussed the remaining Board meetings for this year and decided on the following schedule:
September 26, 2017-5:30
October 24, 2017- 5:30
November 21, 2017- 5:30
December 19, 2017- 5:30
Hull Contributory Retirement Board Meeting
Minutes
August 29, 2017
Page 3 of 3
The Board reviewed the following Informational Mail:
- Will Massachusetts break its pension promises?
- Gain eases public pension pressure
- Pension Reform and Plan Design In Massachusetts Public plans
- Pioneer Institute- Leaving money on the Table
- PERAC Pension News No.47
- PERAC MEMO #26/2017- Access to PROSPER
- PERAC Memo #27/2017- Reinstatement to Service under G.L. c. 32 §105
- PERAC Memo- Forfeiture of Retirement Allowance for Dereliction of Duty by Members
- The Voice of the Retired Public Employee- September 2017
The Board’s next scheduled meeting is for Tuesday, September 26, 2017 at 5:30 p.m. In the Selectman’s Meeting Room. Meeting adjourned:.__________
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John Reilly
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Gregory Galvin
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Michael Buckley
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John King
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Brian Thompson
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