RET 8-29-24 B V RLY CONTRIBUTOIRY RETIREMENT BOARD
MEETING MINUTES
August 29"12024 6:00 PM
The Beverly Retirement Board held an in person meeting at 275.Rantoul Street, as well as.a
teleconference meeting through google meet:meet.google.com/bvs-yecp-ops Dial in (US)
+1 929-277-6253 PIN: 865 057 958#on Thursday,August 29th 2024. Board Members
present were Bryant Ayles, and Adam Travinski. Participating remotely, Carol Augu.lewicz
and D.Wesley State Jr..Also present, Colleen Loughlin, Director and Meagh.an McLaughlin,
Assistant.
The meeting was called.to order at 6:05 PM
John Boorack.joined.the meeting via google meet at 6:06 to.discuss the.2023 valuation
results which are attached to these Minutes. Bryant questioned how the 7%assumption
compares with our peers.John answered that 75%of the Retirement Systems use the
assumption of about 7%or below.
Wes asked-.based on all the variables looked at and the effect they have on the valuation
results, how great.of an impact does the COLA increase have.John replied that the COLA
base was one of the many potential items that could impact the Liability figures. Others are,
changes in assumptions or mortality.The general rule of thumb is for each thousand dollar
increase to the COLA base,the Liability would increase about half of a percent..Adarn
asked- if we were to increase the COLA base by one or two thousand would that
dramatically increase the scale that we are currenttywith the 4.5%d cost interest or would it
go our further than I✓Y 2032.John stated you may be able to maintain the schedule for 2032
if the payments still increase at 4.5%. In the past they have seen that if it is a 2 thousand
dollar increase to the COLA base it typically pushes the schedule out maybe 1 to 2 years.
As there were no further questions,John Boorack left the meeting at 6*24 PM.
A Motion was made by Carol and Seconded by Wes to table the vote.on the funding
schedule until next month when we have a full Board present. On a roll call vote: Bryant:
Yes, Carol:Yes,Wes:Yes,Adam:Yes.Vote 4-0 in favor.
OPEB Update: Bryant stated theyare still gathering data. Colleen informed the Board that
she has sent HR our data.
A Motion was made by Adam.and Seconded by Carol to approve the Minutes of the July
25th, 2024, Meeting as read. On a roll call vote: Bryant-Yes, Carol-Yes,Wes-Yes,Adam-
Yes.Vote 4=0 in flavor.
There were no Superannuation Retirements this month.
There were no Refunds this month.
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August 29, 2024 PAGE TWO
A Motion was made by Adam and Seconded by Wes to approve the Rollover of Michael
Spiridiglioui- Library-3 years 3 months-$17,453.97to NPS Financial. On a roll callvote:
Bryant-Yes; Carol-Yes, Wes-Yes,Adam-Yes,Vote 4=0 in favor.
A Motion was made by Carol and Seconded by Adam to approve the Transfers of Victoria
Healey- 10 months of service-$5,098.86 to State.Jessica Frazer-6 years 11 mos- pars-
$29,137.32 to MTRS. Keith. McGovern-10 years, 11 months of service $41,148.19 to
Peabody. Katie Duffield- Para-1 year 2 months of service-$3;146:43 to Lowell..Kirsten
Messier- Para-2 months of service-$311.14 to MTRS. On a roll callvote: Bryant-Yes,Carol
Yes,Wes-Yes,Adam-Yes.Vote 4-0 in favor.
A Motion was made by Adam and Seconded by Wes to approve the following new members
to the Beverly Retirement System, Roger Leblanc-8/8/24- DPW-9%+2%-Shannon Kasle
8/19/24- Police-9%+2%JiIL Dentremont-8/28/24 Para-9%. On a roll call vote: Bryant-
Yes, Carol-Yes,Wes-Yes,Adam-Yes.Vote 4-0 in favor:
The death of Louis Campagnolo on 08/15/2024 was acknowledged.
A Motion was made by Adam and Seconded by Wes to.approve the Financial information
for April through June which contains Trial Balances, Cash Receipts, Cash Disbursements,
Adjusting Journal Entries, Cash Reconciliations, and Bank Statements. On a roll call vote:
Bryant-Yes, Carol-Yes, Wes-Yes,Adam-Yes.Vote 4-0 in favor,
A Motion was made byWes and Seconded by Adam to approve Augusts Warrants which
consisted of the A Warrant amounting in $1,625.00 for rent,the Staff Salary B warrant
amounting in$19,665.85, and the Retiree/AP Warrant amounting in$1,460,634.39. On a
roll call vote: Bryant-Yes, Carol-Yes,Wes-Yes,Adam-Yes.`Vote 4-0 in favor.
Old Business: Running PTG through.payroll-Colleen informed the Board that there was no
real update other than that we ran a mock payroll to provide reports HR and Treasurers
office to show them what they would receive every month from the Retirement Office.
Some of the numbers were off due to the tax table and insurance:changes.
Election Update-;Meaghan informed the Board that Ballots have been coming in,the
candidates have been notified of their right to appear at the counting of ballots and a third
party witness has been aelected..The Election will,take place at.5pm on Thursday
September 51h. Carol asked.how we were dealing with votes returned that did not have
signatures on the back. Meaghan answered that where we did not have an Election Policy
in place stating that we would not count votes that did not have a signature on the back of
the return envelope, she has decided to count them if she was able to identify that they
were an active member/retiree. She further suggested that when we revisit.the Board's
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August 29, 2024 PAGE THREE
Supplemental Regulations,we could include an Election Policy which would clarify that
return envelopes with no signature on the back will not be.counted.
New Business: Mailing to all members regarding the new Veterans Buyback changes.The
new policy was discussed amongst the Board.Wes informed the Board that he attended
the Webinar and provided them with a summary of what he understood from the
information.and questions asked.
The following distributed items were reviewed and discussed: PTG Federal Tax
recalculations email- PERAC Memo# 1912024-Reinstatement of service-PERAC
Memo#20/2024-Dependent Allowance-PERAC- New Administrator training-PTG Release
Notes 2024.32-PERAC Memo#2112024-New Anti-Spiking Exemptions-PERAC Memo
#22/2024-New Standard for Calculating Public Sector Post-Retirement Work Limitations-
PTG Release Notes 2024.32- PERAC Memo#2312024 Veterans Buyback Changes-PERAC
Webinar on Veterans legislation on Tuesday,August27"'.Sacco&Collins-Audit Response
Letter.
The Audit Response Letter was discussed in further detail.Wes questioned the language
used in the letter identifying MTRS and Beverly as either the Board or the System. Bryant
asked the Director to get clarification on the language from Michael.Sacco and have it
forwarded to the Board as well as the Auditors.
Next Meeting: September 26;2024 at 6:00 PM
As there is no further business to come before the Board the Meeting was adjourned at 6;64
PM on a Motion made by Adam and Seconded,by Wes. 4n a roll call vote: Bryant-Yes,
Carol-Yes,Wes-Yes,Adam-Yes.Vote 4-0 in favor.
Respectively Submitted.,
Meaghan McLaughlin
Assistant Director
761.
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Bryant.Avles
Appointed Member,Chairman
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Carol AuqulewiQ
Ex-Officlo
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Kevin Smith
Elected Member
D.Wesley Slate Jr.
Elected Member
Adam Travinski
Fifth Member
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Docusign Envelope ID:882157BC-169B-401 F-9F31-15E7GEEE24A8
August 29'"2024 Meeting Minutes
Donusigned by:
IL
Bryant Ayles
Appointed Member,Chairman
Carol Auguiewicz
EX-Officio
Kevin Smith
Elected Member
$;QTjI*dbyc
D.Wesley Slate Jr,...
Elected Member
1\
Adam Travinski
Fifth Member