Retirement Board

Minutes Retirement Board Meeting of November 26,2024 The monthly meeting ofthe Marlborough Retirement Board was held at 8:l5am on Tuesday, November 26,2024, in the Lobby Conference Room at 289 Elm Street, in Marlborough, Massachusetts. Board Members present: William Taylor, Diane Smith, Robert Gustafson, and Daniel Stanhope. Also present: Mark Bingle, Meredith Colacchio, Jodi Gorman, and Michael Ossing. Acting Chair: William Taylor The m€eting was called to order at 8:20am. Public Commenls: No public comments were heard. Mr. Stanhope made a motion lo enter executive session under purpose # l, Mr. Gustafson seconded the motion. Roll call vote was taken Mr. Taylor yes, Ms. Smith yes, Mr. Stanhope yes and Mr. Gustafson. Vote passed to enter executive session. Michael Ossing exited the meeting at 8:22am Roll Call to Ent€r Executive Session at E:21am: Under purpose #l: To discuss the reputation, chqrqcter, physical condirion, or nental health, rather than professionql competence, ofan inditidual, or lo discuss lhe discipline or dismissal of, or complainls or charges brought against, a public oflicer, employee, staf member or individual. Michael Ossing entered the meeting at 8:35arn At 8:35am the Board moved back to Regular Open Session to state their vote from Executive Session to approve a member surviyor allowance Ms. Jusseaume, and to forward the matter to Michael Sacco, and PERAC for their review and responses. Vote: Unanimous 4-0. Approve Warrants: The board reviewed warrants for Retiree Payro[: $ 1,594,362.48, Vendor Warrant: 522,026.59, Staff Payroll: $16,474.07, and the Refund Wanant: $30,194.97. Diane Smith made a motion to approve these warrants. Daniel Stanhope seconded the motion. Vote: Unanimous 4-0. Approve Minutes: The Board reviewed the Minutes ofOctobet 2024. Robert Gustafson made a motion to accept the minutes of October 2024 and place on file. Diane Smith seconded the motion. Vote: Unanimous 4-0. Financial Statements: The Board revieued the Month ly Budget. The retirement office informed the board that the October 2024 Bank Reconciliation will be available at the next meeting. Diane Smith made a motion to accept the monthly budget, and place on file. Daniel Stanhope seconded the motion. Vote: Unanimous 4-0. Aporoval of New Members The Board received six applications for full-time membership NAME: DEPT: TITLE: PRESENT SERVICE: GROUP: Jean Philippe Assone School Para Educator t0/29/2024 I Madison Cirillo Police Dispatcher t0/3 | /2024 I Bruna Manins School Para Educator tt/04/2024 I Kristen Ward School OfIce Support I I lt2/2024 I Kyle Newell DPW Equipment Operator tyt2/2024 I Karine Goddard School Office Support tt/13/2024 I Daniel Stanhope made a motion to accept these New Member Applications and place on file. Robert Gustafson seconded the motion. Vote: Unanimous 4-0. Approval of Retirement: The Board received two applications for Retirement: NAME: DEPT: TITLE: DATE OF RET: SERVICE: OPT: David Williams Comptroller Comptroller/Ireasurer ll/15/2024 l7 Yrs., 4 Mos c Robin Desko School Para Educator ll/3012024 l6 Yrs., 3 Mos Daniel Stanhope made a motion to accept these Retirement Applications and place on file. William Taylor seconded the motion Vote: Unanimous 4-0. 953 Request for Refunds and Rollovers: The Board received one application for Refund NAME: DEPT: TITLE SERVICE * Michelle Howe Police Dispatcher 7 Yrs.. 5 Mos Robert Gustafson made a motion to accept this Refund Application and place on file. Diane Smith seconded the motion. Vote: Unanimous 4-0. Reouest for Transfers: There were no Transfer Requests for the month ofNovember. Final Settlem ent: Patricia Mccuire, who served as a Para Educator with the Marlborough Public School System, passed away on November 6, 2024. Mrs. Mccuire retired on June 29, 2024, under the Superannuation Option B Benefit. ) Bruce McGuire, the Option B Beneficiary of Mrs. McGuire, will receive the Option B Refund in the amount of $46,991.41 Daniel Stanhope made a motion to accept this death, and Option B Refund, and place on file. Robert Gustafson seconded the motion Vote: Unanimous 4-0 Discussion of Orfice Matters: The retirement office informed the board ofa few Refunds and Rollovers being withheld fiom the School Department, since September. The School Department will not sign offon these Refunds and Rollovers due to the former member owing money as a result ofan overpayment. It was explained to the board that Refunds, Rollovers, and Transfers can orly be withheld ifthe former member owes any money to the employer under an employee benefit plar, including a cafeteria plan established puIsuant to 26 U.S.C. section 125. The retirement ofiice will follow-up on the initial request for a list of former members owing money to the School Department in efforts to develop a more cohesive procedure. PERAC Correspondence: PERAC Memo #2E 1012912024 -Violent Assault Disability: Chapter 149 ofthe Acts of2024 PERAC Memo #29 Il106/2024 - FY26 Appropriation Questionnaire in PROSPER Diane Smith made a motion to accept these PERAC Memo's and place on file. Daniel Stanhope seconded the motion. Vot€: Unrnimous 4-0. MISC. Corresoondence: No Miscellaneous Correspondence for the month of November New Business/Old Business: The Board was notified of MEKETA'S presence at the December 2024 Board meeting The board was informed that the updated MEKETA contract is not ready yet The Board reviewed the Agenda for the Fall MACRS Conference taking place on December 86 through I ln Next Board Meetins: Monday, December 23.2024, at8:l5am glpg4g The meeting was adjoumed at 8:56 Greg P. Brewster an aniel Stanhope, A Member Diane Smith, Ex-Officio 5 Member illiam Tav , Elected Member 954