Agenda packet
Winthrop Retirement Board · from the Town's website · released Mar 30, 2021 · 4 pages · 289 KB
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Agenda MARCH_2021_AGENDA.DOC Meeting Materials MARCH_2021_COLA_MINUTES.PDF MARCH_COLA_2021_AGENDA.DOC 1. Documents: 2. Documents: Winthrop Contributory Retirement System Board Meeting Meeting will be held via conference call using Zoom meeting ID:815 2565 8676 March 30, 2021 6:05 PM Posted Agenda Call to Order Vote to approve the Executive Session minutes for the meeting held on January 26, 2021 Vote to approve the Retirement Board minutes for the meeting held on February 23,2021. Vote to approve the Retirement System Warrant (Payroll, Accounts Payable, Investment transfers) for March 2021. Vote regarding transfer of funds, if needed, effective April 1, 2021 from PRIM to Eastern Bank to cover payroll and accounts payable for April 2021 Vote to approve the 2020 Annual Statement – emailed to the Board for review on March 4, 2021. Vote to approve James Gallagher – Request for Section 12(2)(d) member – survivor allowance Vote to approve Linda Martin ’ s request to buyback the time she was employed by Winthrop Public Schools/Cafeteria prior to entering the Winthrop Retirement System: October 29, 2008 – April 7, 2015. Her service time is as follows: Year #of hours worked/creditable service Salary 2008 worked less than 150 hours not eligible 2009 earned less than $5,000 not eligible 2010 672.55 (4 months creditable service) $5,872.51 2011 706.00 (4 months creditable service) $6,438.84 2012 729.50 (4 months creditable service) $6,718.70 2013 779.00 (5 months creditable service) $7,972.14 January 1, 2015 – August 31, 2015 507.25 (3 months creditable service) $5,447.67 From September 1, 2015 through March 31, 2015, she was a permanent full-time employee and should have been enrolled in the Retirement System. This is equal to seven months of creditable service; salary earned during this period of full-time employment was $7,227.74. The cost to buyback these two years and three months of creditable service, including buyback interest through April 30, 2021, is $4,912.94. Payment options are available and interest will accrue on the unpaid balance. New Business Old Business Administrators Announcements : Option C beneficiary Cecelia Latorella passed away on March 10, 2021 Member statements were mailed on March 8, 2021 Michelle St. Jean attend the PERAC webinar Administrator ’ s Roundtable on March 11, 2021 Schedule April 2021 Meeting Vote to adjourn. Winthrop Contributory Retirement System Board Meeting Minutes from the COLA Meeting Held on March 30, 2021 6:00 PM Meeting was held remotely via Conference Call using Zoom Present Were: Francis Carberry James Feeley Stacy Calla Anna Freedman Not Present: Karin Chavis Chairman Carberry called the meeting to order at 6:02PM. Francis Carberry stated that Social Security Administration has announced that the latest COLA effective July 1, 2021 is 1.3%. Pursuant to Section 103(i), a Retirement Board is required to pay 1.3% on $12k but can vote to grant an additional 1.7% COLA up to 3.0%. Chairman Carberry stated the 3% COLA base is what has been used in the valuation of the funding plan. Anna Freedman asked if this what was used last year in the valuation. Chairman Carberry stated it assumes a 3% increase on the $12,000. Voted a motion by Anna Freedman to approve a 3% COLA ona $12,000 base (effective July 1, 2021). James Feeley seconded the motion. After a roll call vote the motion passed 4-0. Stacy Calla made a motion seconded by Anna Freedman to adjourn the COLA portion of the meeting at 6:04 PM. After a roll call vote the motion passed 4-0. aslo, Anna Freedman Francis Carberry Karin Chavis a J = Feeley sy Winthrop Contributory Retirement System Board Meeting March 30, 2021 6:00 PM Meeting will be held via Conference Call using Zoom Meeting ID: 815 2565 8676 Posted Agenda – COLA Meeting Call to Order Vote- Social Security Administration has announced that the latest COLA effective July 1, 2021 is 1.3%. Pursuant to Section 103(i), a Retirement Board is required to pay 1.3% on $12k but can vote to grant an additional 1.7% COLA up to 3.0%.