Retirement Board

Minutes Retirement Board Meeting of January 28,2025 The monthly meeting ofthe Marlborough Retirement Bofid was held at 8:l5am on Tuesday, January 28, 2025, in the Lobby Conference Room at 289 Elrn Street, in Marlborough, Massachusetts. Board Members present: Gregory Brewster, Diane Smith, and William Taylor. Also present: Mark Bingle, Meredith Colacchio, Jodi Gorman, and Michael Ossing. The meetitrg was called to order at E:lsam. Public C ments: No public comments were heard William Taylor made a motion to enter executive session under purpose #1, Diane Smith seconded the motion. Roll call vote was taken Gregory Brewster yes, William Taylor yes, Diane Smith yes, Vole passed to enter executive session. Michael Ossing exited the meeting at 8:l6am Roll Call to Enter Erec tiye Session at 8: I6am: Under purpose #l: To discuss the reputation, character, pltysical condition, or mentql heqlth, rather lhan ptofessional competence, ofon inditidual, or to discuss ,he discipline or disnissal of, or complaints or charges brought againsl, a public oficer, employee, staf member or indittidual. Michael Ossing entered the meeting at 8:24am. At 8:244m the Board moved brck to Regular Open Session to slate their votes from Executive Session to: l Setrd a letter statitrg PERAC's denial for a member survivor allowance. Vote: Unanimous 3-0. 2, Setrd necessrry documents to legal counsel for subpoenr. Vole: Unanimous 3-0, Approve Warrants: The board reviewed warrants for Retiree Payroll: $ 1,551,304.23 Vendor Warrant: $ 100,290.10 Staff Palroll: $ 18,090.38 and the Refund Warrant: $27,853.73. Diane Smith made a motion to approve these warrants. William Taylor seconded the motion. Vote: Unanimous 3-0. ApDrove Minutes: The Board reviewed the Regular Minutes of December 2024. Diane Smith made a motion to accept the Regular Minutes ofDecember 2024, and place on file. William Taylor seconded the motion. Vote: Unanimous 3-0. Financial Statements: The Board reviewed the Novemb er, and December 2024 Bank Reconciliation, and the Monthly Budget. Diane Smith made a motion to accept the November, and December 2024 Bank Reconciliation, and the Monthly Budget, and place on file. William Taylor seconded the motion. Vote: Utranimous 3-0. AoDroval of New Members: The Board received eight applications for full-time membership: NAME: DEPT: TITLE: PRESENTSERVICE: GROUP Sabeeka Hussain School Behavior Tech 0t /02/202s Emily Fish School Para Educator 0t /02/2025 Rachel Feeney School Behavior Tech 0t 102/2025 Tito Femandes School Para Educator 0l /02/2025 Vanessa Laracuente School HR Generalist 0t/06/202s Isaiah Koranda City Senior Assessor 0t/06/2025 Gabriella Daniele DPW Jr Civil Engineer 0t /27 /2025 Michael Comforti School Custodian 0t /2112025 Diane Smith made a motion to accepl lhese New Member Applications and place on file. William Taylor seconded the molion Vote: Unrnimous 3-0, ADDroYal of R€tirement: The Board received three applications for retirement: NAME: DEPT: TITLE DATEOFRET. SERVICE: OPTION: Michael Brodeur Housing Housing Maint. 0t/1012025 32 Yrs., 2 Mos C Richard Buckley School Custodian 0t/21t2025 t0 Yrs. C Paul F. Gould DPW Foreman 0t/3112025 39 Yrs., ll Mos C 957  Request for Refunds and Rollovers: The Board received two applications for Refund/Rollover: NAME: DEPT: TITLE: SERVICE: *VincentRichard School Transponation Nurse 2 Yrs., 3 Mos *rKingsleyOjeikere City Assistant Sanitarian I I Days Diane Smith made a motion to accept these Refund./Rollover Applications and place on file. William Taylor seconded the motion. Vote: Unanimous 3-0. Reouest for Transfers: The Board received two requests for tansfers: NAME: DEPT: TITLE: XFER TO: SERVICE: Ashley Cavicchi School Para Educator Mass Teachers 2 Yrs., 3 Mos Allison Pucillo School Para Educator Mass Teachers 4 Yrs., 7 Mos Diane Smith made a motion to accept these Transfer Requests and place on file. William Taylor seconded the morion Yote: Unanimous 3-0. Final Settlement: Dolores Mulvey, who served as a Nurse for the Marlborough Public School System, passed away on December 24, 2024. Ms. Mulvey retted on June I9, 1990, under the Superannuation Option A Benefit. Anne Tucker, spouse ofArthur Tucker, passed away on lanuary 23,2025. Ms. Tucker was collecting the Option C Joint and Last Survivor Benefit. Diane Smith made a motion to accept these deaths, and place on file. William Taylor seconded the motion Vote: Unanimous 3-0 Discussion of Office Matters: The Board was informed ofa staffmember's one-year anniversary. The Board has decided to defer further discussion until the next meeting, when all members arc present. The Board was notified that the COLA CPI Index has been set at 2.502. At next month's meeting, the board will vote to either accept the 2.5o% rate or consider raising it to 3%. The Board reviewed a draft lener for the School Department regardinB withheld Refunds and Rollovers. The retirement omce will send the lener and provide an update at the next meeting. PERAC Corresoondence: o PERAC Memo #33 2024 - Mandatory Retirement Board Member Training - l.'euarter o PERAC Memo #34 2024 -840 CMR l0:10(3)& l0:15(l)(c)-Annual Review ofMedical Testing Fee . PERAC Memo #l 2025 - 2025 Interest Rate Set At 0.19lo o PERAC Memo #2 2025 - Repeal ofthe Social Security WEP & GpO o PERAC Memo #3 2025 - Required Minimum Distribution: StiU Age 73 for This Year's Notifications . PERAC Memo #4 2025 - 2025 Limits under Chapter 46 ofthe Acts of2002 o PERAC Memo #5 2025 - 2025 Limits under Section 23 of Chapter l3 I of the Acts of 2010 . PERAC Memo #6 2025 - COLA Notice . PERAC Memo #7 2025 - Buyback and Make-up Repayment Worksheets Diane Smith made a motion to accept these PERAC Memo's and place on file. Witliam Taylor seconded the motion Vote: Unanimous 3-0. MISC. Corresoondence: The Board was informed that the HR82 Social Security Faimess Act passed the US Senale and is on its way for hnal approval to become Federal Law. The Retirement Office will send a notice to all Retirees informing them to reach out to Social Security ifthey have any questions, upon the final approval ofthis law. New Business/Old Business: The retirement office notified the board that the employer statement form has been sent to the relevant department conceming a disability. 958 Next Board Meetins: Tuesday, February 25, 2025, at 8: l5am. lglip4g The meeting was adjoumed at9:41an. 0 Brewster Member Ex-Officio 5d Member /. Tay 959