Regular Meeting September 26, 2018

Transcription

1 208 Regular Meeting September 26, 2018 The Taunton Retirement Board (the Board ) met at 1:04 p.m. today at 104 Dean Street, Suite 203, Taunton, MA with Chairperson Ann Marie Hebert presiding and board members Gill E. Enos, Dennis M. Smith, Peter H. Corr, and Barry J. Amaral in attendance. Roll Call All members were present at the 1:04 p.m. roll call. Also present were: Paul J. Slivinski, Executive Director Michael Sacco Attorney to the Board Steven DeCosta and his attorney John King Tim Bradshaw, Fire Chief Jason G. Martin Firefighter Lynn Davine, HR Director Michael Sylvia, Deputy Fire Chief Dawn Rabbitt Dunn Reporting Agency Dan Sherman of Sherman Actuarial Services REGULAR BUSINESS: Minutes from the August 22, 2018 regular meeting. On the motion by Amaral, seconded by Smith, it was unanimously VOTED: to approve the minutes. Warrants #71 to #79 for On the motion by Enos, seconded by Corr, it was unanimously VOTED: to approve the warrants. New members of the system to date: Lindsey Martin, School, Group 1, 9+2% Edely Basile, TNH, Group 1, 9+2% Cathryn Miller-Geer, School, Group 1, 9+2% James Hogan, School, Group 1, 9+2% Deana Debarros, THA, Group 1, 9+2% Tracie Garcia-Crowninshield, School, Group 1, 9+2% Adedayo Odebunmi, School, Group 1, 9+2% William Donovan, TMLP, Group 4, 9+2% Kaitlin Morse, School, Group 1, 9+2% Haleigh Savage, School, Group 1, 9+2% Teresa Bonefant, TNH, Group 1, 9+2% Brittany Norcross, School, Group 1, 9+2% Andrew Morey, TMLP, Group 4, 9+2% Timothy Rounds, School, Group 1, 9+2%

2 209 Heather Stanley, School, Group 1, 9+2% Colby Lincoln, TNH, Group 1, 9+2% Tricia Gordon, School, Group 1, 9+2% John Svirsky, DPW-Water, Group 1, 9+2% Theresa Nowacki, Library, Group 1, 9+2% Kelle Daiane Santos, School, Group 1, 9+2% Michael Patneaude, Engineering, Group 1, 9+2% Veronica Munoz, GATRA, Group 1, 9+2% Latoya McNeil, GATRA, Group 1, 9+2% On the motion by Smith, seconded by Corr, it was unanimously VOTED: to approve the new members. Refunds/transfers subject to D.O.R. liens: there were none. Retirement/survivorship applications: Kevin J. Walmsley (TMLP) Superannuation, Group 4, 10/31/2018 Mario Almeida, School, Superannuation, Group 1, 9/22/2018 Stephen Araujo, TMLP, Group 4, 12/19/18 Steven M. Dutra, TNH, Group 1, 10/30/2018 VOTED: to approve the retirements. Deaths Joaquim Rebello (Water Dept.) Superannuation, dod 8/31/18, Option B funds used up. Joseph Nates (Health Dept.) Superannuation, dod 9/17/18. Option B refund payable. On the motion by Smith, seconded by Amaral, it was unanimously VOTED: to acknowledge deaths and place on file. Make-up/redeposits and liability for creditable service: there were none. PERAC Memo s and correspondence: PERAC Memo 25/2018 Allowable Earnings Determination Pursuant to G.L. c 32, section 91A PERAC Memo 26/2018 Regular Compensation Status of Payments Made in Lieu of Unused Leave Time PERAC Memo 27/2018 Direct Deposit Scam VOTED: to receive and place on file all memo s.

3 210 Investments & accounting: Accounting reports for m/e 07/31/18 Trial Balance, Cash Receipts & Disbursements, and Journal Entries. Bristol County Savings Bank Checking account statement and reconciliation as of 07/31/2018. After the Board s full review of all reports, it was voted as follows: On the motion by Enos, seconded by Corr, it was unanimously VOTED: to approve accounting reports for m/e 07/31/18 Trial Balance, Cash Receipts & Disbursements, and Journal Entries. Bristol County Savings Bank Checking account statement and reconciliation as of m/e 07/31/18. Investments Purchased ($7,101,459.62) & Sold $7,101, for m/e 07/31/2018. VOTED: to approve the purchases and sales for m/e 07/31/18. FY2019 Pension Appropriation $3,976, q/e 9/30/18 invest in money market account at People s Bank. VOTED: to invest the appropriation in the money market account at People s Bank to be used for cash needs. Funding & Budget requests: there were none. Travel, Education & Conferences: there were none. Legal matters: The Board reviewed legal expenses of $3, for m/e 08/31/2018 for Atty. Michael Sacco. On the motion by Corr, seconded by Smith, it was unanimously VOTED: to approve legal expenses for m/e 08/31/18. The Board reviewed CRAB appeal case summaries provided by Atty. Mike Sacco Joseph O Leary v. Lexington Retirement Board; James Holland v. Malden Retirement Board; Ross Ackerman v. Worcester Regional Retirement Board; Raymond Mello v. Fall River Retirement Board; VOTED: to receive and place on file. Executive Director s report: Ex. Dir. Slivinski read an dated 9/17/18 from ADA Commissioner Donna DiCorpo requesting to meet with each department head to discuss/identify any outstanding ADA issues with each department. The only issue remaining for the retirement board for ADA compliance is signage for four (4) handicap parking spaces and a modification to the rear door of the office suite either widen the door or install and automatic door.

4 211 VOTED: to instruct the Ex. Director to meet with Ms. DiCorpo to give a report and update. EXECUTIVE SESSION: At 1:12 p.m., Chairperson Hebert entertained a motion to go into Executive Session pursuant to M.G.L. c. 30A, s. 21(a)(3) to review the medical panel reports on Steven DeCosta and the application for Involuntary accidental disability retirement filed by Fire Chief Tim Bradshaw on firefighter Jason Martin. The Board noted that it would reconvene in open session following the executive session. A roll call vote was taken and recorded as follows: Member Amaral YES ; Member Corr YES ; Member Enos YES ; Member Hebert YES ; Member Smith YES (The minutes of the executive session are kept in a separate minute book) Open Session 1:40 p.m. VOTED: to record votes from executive session in open session. VOTED: to request clarification from the medical panel on Steven DeCosta. VOTED: to request PERAC to convene a medical panel to examine Firefighter Jason Martin for accidental disability. OLD BUSINESS: The Board reviewed RFP s for Investment Consulting Services. Ex. Director asked Atty. Sacco if it were necessary to conduct formal interviews if the Board was happy with the current investment consultant- Dahab. Atty. Sacco advised that there is nothing in Chapter 32 that mandates this and the Board has the option to make its determination based on the written RFP s before it. (the procurement was only done because the seven-year limit was reached on Dahab s contract) After review of all information provided by Dahab Associates, New England Pension Consultants, Fiduciary Investment Advisors, Segal Marco Advisors, and Meketa Investment Group, the Board noted that Dahab scored Highly Advantageous and voted as follows: VOTED: to re-hire Dahab Associates as investment consultant. A roll call vote was taken and recorded as follows: Member Amaral Dahab ; Member Corr Dahab ; Member Enos Dahab ; Member Hebert Dahab ; Member Smith Dahab

5 212 The selection of Dahab and related information will now be forwarded to PERAC for review. Upon PERAC s approval, the Board intends to enter into a new 7-year contract for the period of 10/1/18 thru 9/30/2025 at a fee of $80,000 for Years 1-4 and $90,000 for Years 5-7. NEW BUSINESS: Member Amaral asked when negotiations would begin for retirement staff employment contracts which are set to expire 12/31/2018. The Board requested the Ex. Director to forward copies of the current contracts. Actuarial Valuation January 1, 2018 and GASB 67/68 report and audit The Board met with Dan Sherman of Sherman Actuarial Services to continue review of the results and funding schedule options (option A, B, C, & D) for the 01/01/2018 actuarial valuation of the retirement system. The review also included Mr. Sherman s report under GASB 67/68 and draft audit from Sahady & Hague auditors. After review and discussion, the Board was inclined to keep the salary assumption at 3.5% and the investment assumption at 7.75% and the funding schedule amortization period at On the motion by Enos, seconded by Amaral, it was unanimously VOTED: to select Option B funding schedule (2026), approve the actuarial valuation, GASB 67/68 report and audit. There being no further business to come before the Board, it was voted to adjourn at 2:18 p.m. APPROVED BOARD OF RETIREMENT Ann Marie Hebert, Ex-Officio, Chairperson Paul J. Slivinski, Executive Director Dennis Smith, Elected Member Barry Amaral, Appointed Member Peter H. Corr, Elected Member Gill E. Enos, Appointed Member