Retirement Board

Page 1059 Gardner Contributory Retirement Board December 23, 2019 The regular meeting of the Gardner Contributory Retirement Board was called to order by the Chairperson, Denise Merriam, on Monday, December 23, 2019 at 3:36 PM in Room #128, 1st Floor, City Hall, Mayor’s Conference Room. All Board Members were present. On a motion by John Richard, seconded Kevin McInerney, the Board unanimously voted to approve the minutes of the regular meeting of November 25, 2019. The Board then signed the permanent minutes of the regular meeting of October 29, 2019. On a motion by Robert Newton, seconded by John Richard, the Board unanimously voted to approve the Trial Balance and the General Ledger History for October 31, 2019 and to accept the City Treasurer’s bank reconciliations for October 2019. On a motion by John Richard, seconded Kevin McInerney, the Board unanimously voted to approve Warrant #12/19 A dated December 16, 2019, totaling ($342.57) and Warrant #12/19 dated December 31, 2019 totaling $566,419.02. Vendor For Amount P.T.G. Invoice #2045 $ 26,200.00 W.B. Mason Invoice #205277303 $ 109.03 Stone Consulting, Inc. Invoice #48-112019 $ 1,500.00 Cira L Espinosa Refund ASF Balance $ 1,162.62 City of Gardner Federal Withholding on Refund $ 290.66 Pension Payroll #12/19 Annuity Paid $ 85,577.38 Pension Paid $ 444,198.32 Veteran's Benefits Paid $ 273.75 Dependents Paid $ 199.36 COLA Paid $ 6,907.90 TOTAL WARRANT #12/19 $ 566,419.02 Page 1060 Gardner Contributory Retirement Board December 23, 2019 The Board next reviewed the PRIM statement for the Gardner Retirement System for the month of November 2019, noting a $627,910.81 Net Change in Investment Value for the month. The Management Fees for the month were $11,511.08. Under “Correspondence” the Board reviewed PERAC’s letter dated December 3, 2019 regarding the Approval of the Funding Schedule for the Gardner Retirement Board and a letter dated December 11, 2019 of the Appropriation for Fiscal Year 2021. On December 17, 2019 a letter was mailed to Gardner Housing Authority informing them of their amount due for the Fiscal Year 2021 appropriations. The Board reviewed PERAC Memo #25/2019 regarding this year’s campaign of “Blow the Whistle on Pension Fraud”. Board Administrator, Cheryl Bosse, informed the Board that the posters have been placed around City Hall. The Board reviewed an email received on November 27, 2019 from Attorney Michael Sacco regarding an Office Staffing Update for Attorney Sacco’s office. The Board then reviewed the email received December 6, 2019 from Attorney Michael Sacco regarding an All Client Memo pertaining to Supreme Judicial Court/Gomes Decision. Board Member, Robert Newton, mentioned that he believes most call fire fighters have since retired, with the exception of Fire Chief Richard Ares. Board Administrator, Cheryl Bosse’ will review Fire Chief Richard Ares file and see if he has any call fire fighter time that may be eligible for a makeup. Fire Chief Ares was given an opportunity to makeup six months of time from when he was a call fire fighter. That makeup has not been purchased by Richard Ares. Under “Old Business”, each Board Member received the Final Report of the Actuarial Valuation as of 1/1/2019 and the Accompanying GASB 67 & 68 Report from Stone Consulting, Inc. Under “New Business”, the Board appointed Neil Janssens as “Election Officer” for the upcoming Board election. Two (2) elected member three (3) year terms, July 1, 2020- June 30, 2023, will be available for qualified members and retirees to submit nomination papers to qualify as a participant in the election. Board Administrator, Cheryl Bosse, will create the timetable for the upcoming Retirement Board Election for review at the January 28, 2020 Board Meeting. Page 1061 Gardner Contributory Retirement Board December 23, 2019 Under “New Business”, Board Administrator, Cheryl Bosse, updated the Board Members that all 252 of the 2019 Annual Affidavits that were mailed out on June 28, 2019, have been returned. Brian Smith’s outstanding 2019 affidavit was received Monday, December 23, 2019. Mr. Smith’s withheld retirement checks for October and November 2019 were mailed to him on December 23, 2019. The Board Administrator informed the Board that there may be an Accidental Disability Retirement Application coming in the future months. The Board Administrator met with the member and the member is gathering the necessary documents to complete the Disability Application. The Board then recognized the death of Marjorie Delay, Retired Library Staff Person, Option A, on November 18, 2019. The next regular meeting is scheduled for Tuesday, January 28, 2020, at 3:35 PM. All meetings are scheduled to be held in City Hall, 1st Floor, Room 128, Mayor’s Conference Room. The meeting adjourned at 4:03 P.M. APPROVED: John Richard, Ex-Officio Kevin McInerney, Appointed Denise M. Merriam, Elected (Ends 6/30/2020) Chairperson Robert W. Newton, Elected (Ends 6/30/2020) Neil W. Janssens, Appointed (Ends 1/1/2021) THIS PAGE LEFT INTENTIONALLY BLANK