Minutes

Winthrop Retirement Board · from the Town's website · 2 pages · 800 KB
open the file ↗ · original at the source ↗

Winthrop Contributory Retirement System Board Meeting On
Minutes from the Meeting Held on August 31, 2021 6:00 PM
Meeting was held remotely via Conference Call using Zoom We

Present Were: Francis Carberry James Feeley Stacy Calla Karin Chavis

Chairman Carberry called the meeting to Order at 6:03 PM

Voted on a motion by Stacy Calla, seconded by James Feeley, to approve the Retirement Board minutes for the meeting held on July 27,
2021. After a roll call vote the motion passed 3-0 with Karin Chavis abstaining.

Karin Chavis was unable to attend the July meeting and questioned whether there should be another vote on the June minutes.
Voted on a motion by Karin Chavis, seconded by Stacy Calla, to approve the June 29, 2021, meeting minutes. After a roll call vote the
motion passed 3-0 with James Feeley abstaining.

Voted on a motion by Stacy Calla, seconded by Karin Chavis, to approve the revised Retirement System Warrant (Payroll, Accounts
Payable, Investment transfers) for July2021 in the amount of $497,849.01. This revision was due to the death of a retiree. After a roll
call vote the motion passed 4-0.

Voted on a motion by Stacy Calla, seconded by Karin Chavis, to approve the Retirement System Warrant (Payroll, Accounts Payable,
Investment transfers) for August 2021 in the amount of $764,908.31. After a roll call vote the motion passed 4-0,

Chairman Carberry stated the next item was to discuss and vote regarding the transfer of funds from Eastern Bank to PRIT of
appropriation money received effective September 1, 2021. The balance after the September meeting is estimated to be $3.1 million.
The Board discussed investing all at once or spreading out the investments. Voted on a motion by Karin Chavis, seconded by James
Feeley to invest $1,250,000 effective September 1, 2021. After a roll call vote the motion passed 4-0.

Voted on a motion by Stacy Calla, seconded by James Feeley, to approve the following acceptances at 9% + 2%:

Name Title/Group Start Date Salary

Eve Madan School ESP/1 8/30/2021 $28,317.00/full time

Camryn Conley School ESP/1 8/30/2021 $19,436.04/full time

Genine Bushfan School ESP/1 8/30/2021 $25,836.00/full time

Katherine Teixeira School ESP/I 8/30/2021 $27,134.00/full time

Lucia Ancillo School ESP/1 8/30/2021 $25,836.00/full time

Syeda Jahan School ESP/1 8/30/2021 $27,134.00/full time

Ava Salvi School ESP/1 8/30/2021 $19,436.00/full time

Domenic DeMasi Library/1 8/31/2021 $32,086.60/full time (Late entry)
Katrina Donovan Library/1 8/31/2021 $40,349.40/ full time (Late entry)
Michael Harris DPW/1 8/31/2021 $38,046.36/full time (Late entry)

The Retirement Coordinator stated the late entries were due to the employees not responding to the Retirement Office sign up indicated
in the Human Resources package and a delay in turning in their enrollment forms.

Voted on a motion by Stacy Calla, seconded by James Feeley, to approve the transfer of Monica Ford’s total accumulated deductions
effective August 31, 2021, to the Everett Retirement System. Winthrop’s 3(8)(c) liability is 13.8333 years. After a roll call vote the
motion passed 4-0.

Voted on a motion by Karin Chavis, seconded by James Feeley, to approve the transfer of Austin Faison’s total accumulated deductions
effective August 31, 2021, to the Somerville Retirement Board. Winthrop’s 3(8)(C) liability is 2.9167 years. After a roll call vote the
motion passed 4-0.

Voted on a motion by Karin Chavis, seconded by Stacy Calla, to approve the following application for Voluntary Superannuation
Option A retirement effective October 1, 2021.

Susan Eccles School Business Office Manager 35.9167 years of service
After a roll call vote the motion passed 4-0.
New Business

The Retirement Coordinator discussed the PTG Self Service Software. Cost breakdown was sent to the Board for review. The Board
agreed to have PTG provide a Zoom presentation to the Board at an upcoming meeting. a

Old Business

mailed to all active members, retirees, and inactive members of the Board with three candidates for two Positions. The ballots will be
opened and tabulated on September 15" at 2:00pm.

Chairman Carberry stated the next item was to discuss and or vote extending PERAC funding for FY23. Chairman Carberry stated he
would like to have John Boorack from PERAC speak at an upcoming meeting and review the latest actuarial results with the Board,
Karin Chavis has requested someone from F inance also attend the same meeting. Once it is confirmed, Finance will be invited. The
Retirement Coordinator did ask for a vote on the actuarial rate to be used in buyback purchases. Voted on a motion by Karin Chavis,
seconded by James Feeley to approve the recommended actuarial rate of 6.75%. After a roll call vote the motion passed 4-0.

Administrators Announcements:
Budget through June 2021 emailed to Board members

Superannuation Option A retiree Eugenia Cerulli passed away on July 25, 2021
Superannuation Option B retiree Dolores Hickey passed away on August 8, 2021
Superannuation Option A retiree Kathleen Masterson passed away on August 10, 2021
The next meeting is scheduled for September 28, 2021, at 6:00PM via Zoom

Voted on a motion by Stacy Calla, seconded by James Feeley to adjourn at 6:34PM. After a roll call vote the motion passed 4-0.

ta Why 42.0, aad

Francis Carberry Karin Chavis

Pia OL

y Cal mes Feeley =|