Retirement Board

Minutes Retirement Board Meeting of December 23,2024 The monthly meeting ofthe Marlborough Retirement Board was held at E:l5am on Monday, Decembet 23,2024, in the Lobby Conference Room at 2E9 ELn Street, in Marlborough, Massachusetls. Board Members present: Gregory Brewster, William Taylor, Robert Gustafson, and Daniel Stanhope. Also present: Mark Bingle, Meredith Colacchio, Jodi Gorman, Stephen Maclellan, and Jessica Lau. The meeting was called to order al 8:22am. Public Comments: No public comments were heard Approve Warrrnts: The board reviewed wanants for Retiree Payroll: $1,550,817.53 Vendor Warrant: $157,970.03 Staff Payroll: $ 17,705.52 and the Refund Wanant: $37,458.74. Robert Gustafson made a motion to approve these warrants. Daniel Stanhope seconded the motion. Vote: Unanimous 4-0. Approve Minutes: The Board reviewed the Regular and Executive Session Minutes ofNovember 2024. Robert Gustafson made a motion to accept the Regular and Executive Session Minutes ofNovember 2024, and place on file. Daniel Stanhope seconded the motion. Vote: Unanimous 4-0. Finsncial Strtements: Gregory Brewster acknowledged Stephen MacLellan, and Jessica Lau fiom Meketa Investment Group regarding the Fund Evaluation Report. Stephen and Jessica provided a package regarding the Economic and Market Updates as of October 2024 as well as the Performance Updates as of September 2024. Stephen and Jessica reached out to four ofthe investment managers from Frontier Capital Management, Dimensional, Clarion Parmers, and Driehaus Capital Management to review the questions that were sent previous, and ifthey had any changes in their original answers. While speaking with Frontier, and Dimensional investment managers there were no changes to their responses or questions fiom the Board. The Board was unable to speak to Clarion, and Driehaus, and will follow-up with these investment managers at a future board meeting. The Board reviewed the October 2024 Ban-k Reconciliation, and the Monthly Budget. Daniel Stanhope made a motion to accept the October 2024 Bank Reconciliation, Monthly Budget, and place on file. William Taylor seconded the motion. Vote: Unanimous 4-0. 4ppq!-s!].We!!Dere: The Board received eight applications for full-time membership: NAME: DEPT: TITLE: PRESENTSERVICE: CROUP: Lida Rose Johansen Police Dispatcher tt/2512024 I Olivia Lucchesi School Para Educator t2/0412024 I Mark Loura School Custodian t2/0512024 I Amanda Martins School Para Educator t2/0s12024 I Ashley Cailliot School Para Educator t2/0912024 I Thyago Lima Police Dispatcher t2/0912024 I Gabriella Ingianni School Behavior Tech t2/1612024 I Renee Cummings School Behavior Tech t2/1912024 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: There were no Retirements for the month of December. Request for Refunds and RoUovers: The Board received four applications for Refund,/Rollover: NAME: DEPT: TITLE: SERVICE **AllisonQuicho School Behavior Tech 3 Yrs., 2 Mos *rDavid Baran School Para Educator 5 Yrs., 9 Mos * rKyle Hodgson School Behavior Tech 8 Mos *Justin Blum City Houseworker 3 YIs., 7 Mos Daniel Stanhope made a motion to accept these Refund,/Rollover Applications and place on file. Robert Gustafson seconded the motion Vole: Unrnimous 4-0. 955 Request for Transfers: There were no Transfer Requests for the month of Decemb€r Eitral Settlement: Tina Metivier, spouse of James Metivier, passed away on November 27,2024. Ms. Metivier was collecting the Accidental Disability Option C Joint and Last Survivor Benefit. Joseph Rielly, who seryed as a Police Officer for the City of Marlborough, passed away on Decembet 1,2024. Mr. Rielly retired on September 14, 2001, under the Accidental Disability Option A Benefit. Marilyn Perry, who served as a Clerk with lhe Small Cities Crant Program, passed away on December I1,2024. Ms. Perry retired on September I l, 1992, under the Option A Benefit. William Taylor made a motion to accept these deaths, and place on file. Daniel Stanhope seconded the motion Vote: Unanimous 4-0 Discussion of Office Mstters: The Board was notified ofa staffmember's 6-month anniversary. A 3o4 salary increase, retro dated to November 13,2024, was proposed. William Taylor made a motion to approve the 37o increase, retro dated to November 13,2024. Robert Gustafson seconded the motion. Vote: Unanimous 4-0. PERAC Corresoondence: o PERAC Memo #30 1112612024 Cybersecurity Training . PERAC Memo #3 I 1211212024 Disability Data Changes for 2024 Robert Gustafson made a motion to accept these PERAC Memo's and place on file. William Taylor seconded the motion. Vot€: Unanimous 4-0. MISC. Corresoondence: The Board was informed that the HR82 Social Security Fairness Act passed the US Senate and is on its way for final approval to become Federal Law. The Retirement Oflice will send a notice to all Retirees informing lhem to reach out to Social Security if $ey have any questions, upon the final approval ofthis Iaw. New Business/Old Business: No New Business/Old Business for the month of December. Next Board Meetirs: Tuesday, January 28, 2025, at 8:l5am {1[9914; The meeting was adjoumed at 9:13am. P. Brew atlTnan Daniel Stanhope, Appointed Member Diane Smith, Ex-Officio Robert Gustafson, 56 Member / s-- fu/e-, William Taylor, Elected Member 956