SALEM RETIREMENT BOARD OPEN SESSION MEETING MINUTES MAY 25, :00 P.M.

Transcription

1 353 SALEM RETIREMENT BOARD OPEN SESSION MEETING MINUTES MAY 25, :00 P.M. I. Regular Matters of Business In attendance at this regular meeting of the Salem Retirement Board ( the Board ) were Sarah A. Stanton (Chair), Sarah M. Hayes,, Dominick Pangallo, and Marcia A. Pelletier Also in attendance were Board Treasurer Kathleen McMahon and Executive Director Paul Findlen The meeting was called to order at approximately 12:00 p.m. Meeting Minutes The minutes of the previous Board meeting, held on April 26, 2017, were reviewed and, on a motion made by Mr. Lutts and seconded by Ms. Pelletier, the Board voted 5-0 to approve the April meeting minutes as submitted. Monthly Warrants The warrants for the month of May were reviewed and, on a motion made by Ms. Hayes and seconded by Ms. Pelletier, the Board voted 5-0 to approve the May warrants as submitted. Applications to Purchase Service The Board reviewed an application to purchase service submitted on behalf of Cynthia R. Mears, who applied to purchase service pursuant to M.G.L. c. 32 4(2)(c), as well as an application submitted on behalf of Matthew F. Fisher, who applied to purchase service pursuant to M.G.L. c. 32 4(2)(b). On a motion made by Ms. Pelletier and seconded by Ms. Hayes, the Board voted 5-0 to approve all applications to purchase service. Benefit Calculations All benefit calculations for the month of May were reviewed and, on a motion made by Mr. Pangallo and seconded by Mr. Lutts, the Board voted 5-0 to approve the May benefit calculations as submitted. Recent Enrollments All recent new enrollments were reviewed. The Board voted 5-0 to acknowledge the new enrollments as submitted. II. Treasurer s Report Board Treasurer, Kathleen McMahon, presented a comprehensive report on the monthly reconciliation performed by the Board Treasurer on behalf of the Board. The Board reviewed the reconciliation report for the month of April. On a motion made by Ms. Pelletier and seconded by Mr. Lutts, the Board voted 5-0 to accept the Treasurer s Report as submitted. III. Executive Director s Report Mr. Findlen presented the Board with a report on all cash receipts for the month of April, as well as a trial balance for the month of April for the Board s review. Mr. Findlen also presented the Board with a monthly expenditure report for the month of April, and a monthly report on the

2 354 traffic experienced by the Board s website. The Board reviewed a monthly statement of the SCRB s investment in the PRIT Core Fund, prepared by the MA PRIM Board. The PRIT Core Fund grew by approximately 1.27% in the month of April. Mr. Findlen noted the fund s total growth of 6.16% for The Board also reviewed the PRIM Board Quarterly update for Q The update included a performance summary, represented in several formats, as well as updates on PRIM Board news and developments. Mr. Findlen noted PRIM Executive Director and Chief Investment Officer Michael Trotsky s remarks that while market volatility has been low while markets have moved higher, we are still mindful of the many economic and geopolitical risks that could disrupt this trend in the future and we believe it is prudent to remain cautious, therefore the asset allocation adjustments we made earlier in the year remain appropriate. Mr. Findlen also presented the Board with a Notice of Receipt of Appeal from Division of Administrative Law Appeals, documenting the receipt of Richard Stafford s appeal of a Board decision. The Board also reviewed a recent correspondence regarding PERAC s position on awarding interest in cases of deductions being returned to a member, after being received in error. On a motion made by Mr. Lutts and seconded by Ms. Pelletier, the Board voted 5-0 to acknowledge the Executive Director s Report. IV. PERAC Memos There were no recent PERAC memos that required the Board s attention. James E. McCarty Jr., joined the meeting at approximately 12:15 p.m. V. Executive Session A motion was made by Ms. Hayes and seconded by Mr. Lutts to enter into Executive Session under Purpose 7 of the Open Meeting Law and in compliance with exemption (c) of the Public Records Law (G.L. c. 4, s. 7(26)(c)) exempting personnel and medical files or information and other materials or data relating to a specifically named individual, the disclosure of which may constitute an unwarranted invasion of personal privacy. On roll call, the vote was as follows: VOTED: Sarah M. Hayes Dominick Pangallo Chair Sarah Stanton At approximately 12:16 p.m. the Board went into Executive Session. The Chair stated that the Board would return to Open Session. At approximately 12:24 p.m. the Board reconvened in Open Session and the Chair announced the Board s actions during Executive Session on the following items: ACCIDENTAL DISABILITY RETIREMENT 1. James E. McCarty Jr. The Board reviewed the member s application, a treating physician s statement, the employer s statement pertaining to Mr. McCarty s accidental disability application, as well as a

3 355 recommendation provided to the Board by Attorney Thomas Gibson. On a motion to accept the application submitted on behalf of James E. McCarty Jr., Waste Water Treatment Plant Operator for the South Essex Sewerage District, and to request the appointment of a regional medical panel, made by Mr. Pangallo and seconded by Mr. Lutts, the roll call vote was as follows: VOTED: Sarah M. Hayes Dominick Pangallo Chair Sarah Stanton VOTED: The application submitted on behalf of James E. McCarty Jr., for accidental disability retirement benefits was accepted and the Board will petition PERAC to convene a regional medical panel At approximately 12:24 p.m., Mr. McCarty left the meeting At approximately 12:26 p.m. the Board returned into Executive Session. The Chair stated that the Board would return to Open Session. At approximately 12:34 p.m. the Board reconvened in Open Session and the Chair announced the Board s actions during Executive Session on the following items: INVOLUNTARY ACCIDENTAL DISABILITY RETIREMENT 2. Brian R. Benson The Board reviewed a recommendation submitted by Board Counsel Thomas Gibson. On a motion to request the appointment of a regional medical panel, made by Ms. Hayes and seconded by Ms. Pelletier, the roll call vote was as follows: VOTED: Sarah M. Hayes Dominick Pangallo Chair Sarah A. Stanton VOTED: The Board will petition PERAC to convene a regional medical panel VI. Old Business There were no new business matters that required the Board s attention. VII. New Business Ms. Pelletier suggested that the Board consider acquiring a credit card for Mr. Findlen to use when making payments and purchases on the Board s behalf. The Board discussed the efficacy of a Board credit card and any potential issues that may arise from procuring a credit card. The Board will continue its review of a Board credit card.

4 356 On a motion made by Ms. Pelletier and seconded by Mr. Lutts, the Board voted 5-0 to adjourn the meeting at 12:39 p.m. Next meeting of the Board scheduled for Wednesday, June 28, 2017, at 12:00 p.m. Sarah A. Stanton, Chair Sarah M. Hayes Marcia A. Pelletier Dominick Pangallo

5 Documents used in SCRB Board meeting of May 25, 2017 Agenda for May 25, 2017 SCRB Board meeting Open Session minutes of April 26, 2017 SCRB Board meeting May Warrants May Benefit Calculations Report New Member Enrollment Report April Treasurer s Report April Cash Receipts April Trial Balance April monthly expenditure report Monthly Website Traffic Report PRIT Fund Statement PRIM Q Board Update DALA Notice of Receipt of Appeal (Stafford) 357