MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
April 23, 2019~
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, Greg Galvin, Eileen White and Mike Buckley and Retirement Administrator Lauren Durham. John King 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.
9:02- 2019 Investment Update- Francesco Daniele, Senior Client Services Officer was present to review the current asset allocation targets for the PRIM Board as well as the Hull Retirement Board. Mr. Daniele provided notes for his presentation as well as his presentation that will be attached to these minutes.
Mike Buckley asked what the difference between Global Equity v. Private Equity was. Mr. Daniele explained that Global equity referred to investing in companies that were publically traded on the exchange, while private equity would be a private sale of a company, improvements made and then re-selling for a profit.
Greg Galvin asks who PRIM compares to in terms of other Public Pension managers throughout the Country, and how would they rank against the other Managers.
Mr. Daniele said PRIM could be compared to Canadian Public Pension Plans, Wisconsin Public Pension plans, and believes that PRIM would be leading the pack. He does not know exactly where they would rank, but offered to send that info to the Board when he had it.
Greg Galvin made a motion, seconded by Eileen White to maintain the asset allocation as PRIT has determined.
Unanimously voted.
Minutes:
Greg Galvin made a motion, seconded by Eileen White to approve the minutes from March 26, 2019 regular Board meeting as presented.
Unanimously voted.
Payments:
Eileen White made a motion to approve and sign the Payroll Warrant for April 2019, and the Bill Warrant for April 2019, seconded by Greg Galvin.
Unanimously Voted.
Mike Buckley authorized $350,000.00 to be liquidated from PRIT in order to fund April payroll on April 30, 2019.
Hull Contributory Retirement Board Meeting
Minutes
April 23, 2019
Page 2 of 3
Refund Request:
Eileen White made a motion, seconded by Greg Galvin to approve the refund request from Sarah Muir, who voluntarily resigned from her position with the Hull School department which she held from 8/31/2015 until 11/25/2015. Total amount of refund is $361.43, $289.14 paid to Ms. Muir and $72.29 paid to the IRS. Total creditable service is 2 months, and from Gina Froio, who voluntarily resigned from her position with the Hull School department which she held from 12/31/2011 until 01/24/2014. Total amount of refund is $3,194.82, $2,555.86 paid to Ms. Froio and $638.96 paid to the IRS. Total creditable service is 2 years 1 month.
Unanimously Voted.
Review/Discussion:
The annual MACRS Spring conference has been scheduled for June 2-5, 2019 and the preliminary agenda was distributed. Greg Galvin and Lauren Durham have requested to be registered to attend this conference.
The 2018 Statement of Financial Interests for each board member is to PERAC by May 1, 2019. 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 Eileen White to approve the Annual Statement of the Financial Conditions of the Hull Retirement System for 2018.
Unanimously Voted.
Updates:
Old Business:
2018 Annual Affidavits are Due May 1, 2019.
New Business:
There seems to be some hesitation with in Town Hall about notarizing Annual Retirement Affidavits for retirees. On a number of occasions last week, retirees were directed up to the retirement office in order to have their form notarized. Mike suggested including a disclaimer on next year’s affidavits noting that retirees may not be able to have their forms notarized at Town Hall.
Greg Galvin said if the Board is looking for a motion on this, he will not make it. He believes the retirees have every right to come to Town Hall and have their form notarized. He states if the notary public does not want to notarize a form perhaps they should give up their notary. Eileen White agreed, and added that she doesn’t feel comfortable telling retirees to go elsewhere and create a potential inconvience for them. Mike added that he was merely making an alternative suggestion. There was no further discussion on the matter.
Hull Contributory Retirement Board Meeting
Minutes
April 23, 2019
Page 3 of 3
The Board reviewed the Trial Balance for March 2019. The PRIM Board Update for March was handed out and reviewed.
Informational Mail:
The Board reviewed the following Informational Mail:
- PERAC Memo #12/2019- Tobacco Company List
- PERAC Memo#13/2019- Mandatory Retirement Board Member Training- 2nd Quarter 2019
- PERAC Memo#14/2019- Forfeiture of Retirement Allowance for Dereliction of Duty by Members
- Richard P. Biagiotti- Candidate for MACRS Executive Board
The Board’s next scheduled meeting is for Tuesday, May 28, 2019 at 9:00 a.m. In the Selectman’s Meeting Room. Meeting adjourned: 10:20__________
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J. Michael Buckley, Chairperson Gregory Galvin
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John King Brian Thompson
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Eileen White
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