Minutes
Winthrop Retirement Board · from the Town's website · 2 pages · 981 KB
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1 Metcalf Square, Winthrop, Massachusetts, Harvey Hearing Room Minutes from the meeting held on November 25, 2025, 4:00 PM a Present Were: Karin Chavis Terence Delehanty* Dylan Cook Dennis Boudrow Steven Rogtrs St Also Present: John Boorack, PERAC Actuary, via Zoom Software Winthrop Contributory Retirement System Board Meeting Yo Chairwoman Chavis called the meeting to order at 4:04 PM. The Retirement Coordinator called the roll: Karin Chavis — Present Dylan Cook — Present Stephen Rogers — Present Dennis Boudrow — Present Terence Delehanty — Present *Terence Delehanty participated remotely via Zoom software as his physical attendance at the meeting was deemed unreasonably difficult. All votes were taken via roll cal John Boorack, PERAC Actuary, provided an oral presentation of the principal results of the January 1, 2025 actuarial valuation and discussed the two funding schedules that he prepared and provided to the Board. Voted on a motion by Terence Delehanty, seconded by Dylan Cook, to adopt Alternate F unding Schedule #1 which maintains a 6.75% investment return assumption, reflects the increase in the COLA base from $13,000 to $14,000 and reflects the payments phasing down to only normal cost in FY29, The motion passed 5-0. Board member, Terence Delehanty, and PERAC Actuary, John Boorack, left the meeting at 4:29 PM. Voted on a motion by Dylan Cook, seconded by Dennis Boudrow, to approve the meeting minutes from the October 28, 2025 meeting. The motion passed 4-0. Voted on a motion by Dylan Cook, seconded by Dennis Boudrow, to approve the Eastern Bank Statement and Reconciliation for October 2025 in the amount of $3,033,724.09. The motion passed 4-0. > Retirement Coordinator, Barbara O’Brien, confirmed that it was not necessary to transfer funds, effective December 1.2025, from PRIM to Eastern Bank to cover payroll and accounts payable for December 2025. No action was taken by the Board. Discussion regarding the scheduling of a PRIM portfolio review was tabled. Voted on a motion by Dylan Cook, seconded by Dennis Boudrow, to approve the Trial Balance, Cash Receipts, Cash Disbursements, General Ledger, and Adjustments for September 2025. The motion passed 4-0. Voted on a motion by Dennis Boudrow, seconded by Dylan Cook, to approve the acceptance of Cort Blade, effective October 27, 2025 at 9% + 2%, $50,295.62. Cort is a principal clerk for the Town of Winthrop. The motion passed 4-0. Voted on a motion by Dennis Boudrow, seconded by Dylan Cook, to approve the acceptance of Derek Goodwin, effective November 26, 2025 at 9% + 2%, $58,804.17. Derek is a firefighter for the Town of Winthrop. The motion passed 4-0, Voted on a motion by Dylan Cook, seconded by Dennis Boudrow, to approve the acceptance of Christopher Berenger, effective November 26, 2025 at 9% + 2%, $58,804.17. Christopher is a firefighter for the Town of Winthrop. The motion passed 4-0. Voted on a motion by Dylan Cook, seconded by Dennis Boudrow, to approve the acceptance of Jay Silva, effective November 9, 2025 at 9% + 2%, $58,502.80. Jay is a Patrol Officer for the Town of Winthrop. The motion passed 4-0. Voted on a motion by Dylan Cook, seconded by Dennis Boudrow, to approve the transfer of Alyssa Sena’s total accumulated deductions effective November 28, 2025, to the MA Teachers’ Retirement System. Dates of service: 09/01/2015-06/30/2016. Alyssa was an ESP, Winthrop’s 3(8)(c) liability is 1.0000 year. The motion passed 4-0, Voted on a motion by Dennis Boudrow, seconded by Dylan Cook, to approve Daniel Lowney’s Application for Voluntary Superannuation Option C, effective January 10, 2026. Daniel is a Lieutenant for Winthrop Fire and has 27.8333 years of creditable service. The motion passed 4-0. Old Business: COLA base increase discussion — tabled until a date subsequent to new Town Councilors being sworn in Cybersecurity Insurance discussion — tabled until the January 26, 2026 Retirement Board meeting New Business: Administrators Announcements: PERAC Audit for the period January 1, 2020-December 31, 2023; Auditors on-site starting November 10, 2025. Superannuation Option A retiree, Joseph Flynn, passed away on October 30, 2025, Next Retirement Board meeting is scheduled for December 16, 2025 meeting at 4:00 PM in the Harvey Hearing Room. “ty Wi by Dylan Cook, seconded by Dennis Boudrow, to adjourn at 4:42 P.M. The motion passed 4-0. ; WL Oh Qaafhd \ k Karin Chavis Dennis Boudrow Terence Delehanty Stephen Rogers