Retirement Board Minutes
MINUTES
HULL CONTRIBUTORY RETIREMENT BOARD MEETING
November 17, 2020
The regular meeting of the Hull Contributory Retirement Board, duly posted to be held via Go To Meeting on the above date was called to order at 9:06 a.m. Present were, Members, Eileen White and Mike Buckley and Retirement Administrator Lauren Durham. Greg Galvin participated via Remote Participation due to relaxed open meeting law. Jay King were absent.
The Chair announced the guidelines for this relaxed open meeting. All votes will take place via Roll call vote and all participating and non-participating member must be announced.
Minutes:
Eileen White made a motion, seconded by Greg Galvin to approve the minutes from the October 27, 2020 regular Board meeting as presented.
Roll Call Vote: Eileen White- Yes, Greg Galvin- Yes, Mike Buckley- Yes
Unanimously Voted 3-0
Payments:
Eileen White made a motion, seconded by Greg Galvin to approve and sign the Bill Warrant and the Payroll Warrant for November 2020.
Roll Call Vote: Eileen White- Yes, Greg Galvin- Yes, Mike Buckley- Yes
Unanimously Voted 3-0
New Employees:
Greg Galvin made a motion, seconded by Eileen White to approve membership for the following employees:
Anthony Barbuto, Hull DPW- Start Date: 11/2/2020
Sarah-Beth O’Brien, Hull School Dept. Start Date-9/14/2020
Roll Call Vote: Eileen White- Yes, Greg Galvin- Yes, Mike Buckley- Yes
Unanimously Voted 3-0
Buyback Request:
Greg Galvin made a motion, seconded by Eileen White to approve the request on behalf of Frank Campbell, of the Hull School department to purchase 4 years of military time. DD2-14 was reviewed by Paul Sordillo, service dates 5/22/1972-5/21/1976. Total cost to purchase 4 years is $12,152.40. Payment is going to be made through payroll deductions.
Roll Call Vote: Eileen White- Yes, Greg Galvin- Yes, Mike Buckley- Yes
Unanimously Voted 3-0
Updates:
M. Angellis Accidental Disability application is currently under review by PERAC. They are required to respond by 11/28.
The Board has received 2 valid sets of Nomination Papers for 2 sears on the Board, for a term to commence on December 31, 2020, from Bartley Kelly and Jason Harris. Eileen White made a motion, seconded by Greg Galvin, to appoint Bartley Kelly and Jason
Hull Contributory Retirement Board Meeting
Minutes
November 17, 2020
Page 2 of 2
Harris to the 2 elected seats on the Board for the term of 12/31/2020-12/30/2023. Please note for the record that this is an election by declaration. Roll Call Vote: Eileen White- Yes, Greg Galvin- Yes, Mike Buckley- Yes
Unanimously Voted 3-0
The Board has been notified by PERAC of the termination of Board Member, Brian Thompson due to non-compliance with the annual SFI.
The Board reviewed the September Trial Balance and the October PRIT Statement. All cashbooks are up to date.
2021 Meeting Dates: The Board has decided to table the discussion of meeting dates and retiree paydates until the January meeting, when the 2 new Board members are present.
The Board has reviewed the additional funding schedules provided by PERAC for the 1/1/20 valuation. The Board questioned whether they should plan to level fund in FY22 or to increase? The system is currently68.6% funded and based on market performance over the past 16 months, that will likely increase to the 73% range due to our portfolio. The Board acknowledges that the town will surely appreciate level funding and that PERAC will surely appreciate an increase. Greg Galvin suggests level funding to get through the pandemic- we should be worrying more about our community before all else. Eileen White says the town could definitely use the help and notes that the CARES act funding runs out in December. The Board also discussed whether or not to increase by 4% or 4.2% annually thereafter.
Greg Galvin made a motion, seconded by Eileen White to modify Schedule 3A of the valuation presented, to 4% increase rather than 4.2%.
Roll Call Vote: Eileen White- Yes, Greg Galvin- Yes, Mike Buckley- Yes
Unanimously Voted 3-0
Mike Buckley authorized $200,000 to be liquidated from PRIT.
Informational Mail:
The board reviewed the following mail:
PERAC Memo #33/2020- PROSPER Benefit Calculation Submission
The Board’s next scheduled meeting is for Tuesday, December 15, 2020 at 9:00 a.m. Via Go To Meeting. Meeting adjourned: 9:42 a.m.__________
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Mike Buckley Gregory Galvin
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John King Eileen White