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RET 10-24-24 BEVERLY CONTRIBUTORY RETIREMENT BOARD MEETING MINUTES October 24, 2024 4:00 P.M. The Beverly Retirement Board held an in-person meeting at 275 Rantoul Street, as well as a Teleconference through_mB.et,google.comAuyn-hksd-tyv Dial in (US) +1 706-250-7726 PIN: 754650686 on Wednesday, October 23rd 2024 at 4:OOPM. Individuals present were Bryant Ayles, Carol Augulewicz, Adam Travinski, Kevin Smith,Wes Slate, and Meaghan McLaughlin. The`Meetingwas called to order at 4:00pm OPEB UPDATE: No update.The file has been sent; they would likely have the report by the beginning of December. A Motion was made by Kevin and Seconded by Wes to approve the Minutes of September 26th 2024 as read. Vote 5-0 in favor. There were no superannuation retirements this month. Meaghan informed the Board that we received an Ordinary Disability Application from Jerusha Maurer. We are waiting on a Physician Statement for one other doctor.A Motion was made by Wes and Seconded by Carol to authorize the Director to submit the application to the Medical Panel upon receipt of the completed application and Physician Statement. Vote 5-0 in favor. A Motion was made by Wes and Seconded by Adam to approve the refunds of Jessica Reardon- Para-8 months--$1,628.32. Engrid Backstrom-School Clerk-4 years 5 months of service-$17,579.45. Racquet Marshall- Para-4 months-$1,014.44.Vote 5-0 in favor. A Motion was made by Wes and Seconded by Kevin to approve the Rollover of Jody Brean- Paraprofessional-6 years and 11 months creditable service-$24,881.25 to Charles Schwab.Vote 5-0 in favor. A Motion was made by Carol and Seconded by Wes to approve the Transfers of Cynthia Dalton- Accounting- 6 years 4 months-$40,477.63 to the State. Katherine Small- Paraprofessional- 1 year 1 month of service-$2,277.24 to Essex Regional.Tamsen Endicott- Paraprofessional-3 months of service-$566.76 to Essex Regional. Mary Canavan-5 years 8 months of service-$19,139.21 to Lexington. Lynn Mccarthy- Para-6 years 5months-$14,510.06 to MTRS. Vote 5-0 in favor. A Motion was made by Wes and Seconded by Adam to approve the following new members to the Beverly Retirement System.Vote 5-0 in favor. 768 October 23,2024 PAGE TWO NEW MEMBERS: Dowling Brielyn-Para-9% Sarah Mitchell-Para-9% Kali Duffy-Para-9% Angelica Plummer-Para-9% Daniel Grant-Para-9% Tiffany Cotting-Para-9% Mary Gatheru-Para-9% Erin Bennett-Para- 9% Samary Montes-Para- 9% Amanda Larson-Para- 9% Hiba Al Zaru- Para-9% Zulma Failoc- Para-9% Christy Morino, Para 9% Chase Silvia- Para 9% No Financial Information this month.A Motion was made by Wes and Seconded by Kevin to approve Octobers Warrants which consisted of the A warrant in the amount of$1,625.00,the staff salary B Warrant of$15,732.67, the MonthlyA/P and Retiree Warrant of$1,464,734.28, and the Refund Warrant of $20,222.21.Vote 5-0 in favor. The following Distributed Items were reviewed and discussed: Beverly GASB 2023- PERAC Memo#25 /2024- PRIM PEVY 2025 Notice-PERAC Cybersecurity survey- PERAC Webinar oct. 231d-GASB 67/68 Statement-Approval of funding schedule- PRIM Q3 Board Meeting dates- PTG Release notes 10/15- Salary Surveys format 1 &2-September PRIT Statement-PRIM OPEB April through August. Old Business: David Laverdiere Accidental Death Benefit Medical Panel results were reviewed by the Board. Bryant stated that where there is some confusion on the correlation between what the original disability was for and all the factors surrounding Mr. Laverdiere passing, he asked the Board if they should get clarification from Michael Sacco.Wes pointed out that because Michael suggested the Board submit the Single Medical Panel that we should now have him review the results to seek his legal opinion before the Board takes further action.All Board members agreed this should be the next step. Meaghan will update Mr. Laverdiere's spouse. A Motion was made by Kevin and Seconded by Adam to submit the Medical Panel results to Michael Sacco for review.Vote 5-0 in favor. 2025 Budget and Performance reviews- Meaghan informed the Board that she and Colleen have discussed Meaghan's review but had not yet completed it.The Director wanted it to be noted that we will 769 October 23,2024 PAGE THREE be factoring in the additional PTG cost,the copier lease and Fiduciary Insurance. Meaghan shared with the Board the estimates received from NECS based on either a 3 year, 4 year, or 5 year contract, stating that 5 years would be the lowest rate. Carol asked if all Retirees were direct deposits.They are all direct deposits except in the case of changing banks when we must do a Pre-Note with the bank. Bryant stated that he felt comfortable having Colleen and Meaghan decide what makes the most business sense as far as how many years we think we should lease. It was noted the Director's performance review this year would not be a full year review due to her starting date. Kevin suggested the Board still go through some review process for the past four months.Wes stated that based on some of the categories of the current review outline, he didn't feel that it would be fair to conduct, however the Board could still have a discussion of their impressions individually and collectively with the Director. Bryant added that the Director may want to have some input on what the criteria of the reviews are,which she believes should be evaluated and what her goals are for the Department over the next year.The Chairman will send out the current performance review question to the Board and use it as a thought-provoking exercise to go through, have each member write down their notes and bring them to next month's Meeting to go over with Colleen with the intention of formalizing an upgraded outline for next year's review. Runningthe payroll through PTG-Meaghan informed the Board that because our bank is mergingwith another they are changing their parameters and until we can provide PTG with all of the specs of our bank we cannot create an ACH file. Carol also informed the Board that she created a spreadsheet of segregation of duties that Meaghan and Colleen had filled out and sent back to her. She was also having it reviewed by Amit, Bryant felt that was beneficial because their expertise would allow us to come up with stronger controls. New Business: PERAC Auditors have started the Audit for years 2018-2021.The Chairman asked Meaghan how it was going so far, she replied that it was going well so far. Carol noted that they are currently working on the City Hall move and will be having all their records digitized, she asked if the Retirement Office should be included in that.Adam expressed how well the scanning worked for him and likes having those documents available in PTG. Bryant would like to wait to talk to the Director about it before making a decision. Meaghan informed the Board a member had asked her if it were possible to complete their Military buyback in a 10-year installment plan. Kevin had also been confronted with this question. Currently the Board's Regulations state that we allow a 5-year installment plan but Meaghan said she would address it to the Board to get their thoughts on it. Meaghan and Colleen had a brief discussion about it, noting that 10 years is a long time to keep track of a member's buyback. Bryant added the potential factor of a member becoming inactive or injured in those 10 years. Kevin stated that in the Webinar on Veteran buybacks it was noted that it was the Board's decision as to how many years they could be in an installment plan and further discussed with the member the idea of making a partial lump sum payment up front and getting less taken out weekly.Adam shared that his Board allows 52 weeks. 770 October 23,2024 PAGE FOUR Carol would be interested in seeing what surrounding Boards have for their installment plan regulations. Adam brought up the matter of buyback interest and the Chairman would like to look further into that aspect of the installment plan. The next Meeting will be held on Tuesday the 1 9th at 4:00 PM. As there was no further business to come before the Board the Meeting was adjourned at 5:06 PM on a Motion made by Carol and Seconded b Kevin.Vote 4-0 in favor Respectively submitted, Meaghan McLaughlin X Bryant Ayles Chairman,Appointed Member X Carol Auctulewicz Ex-Off icio Kevin Smith Elected Member D.Wesley SIA Jr. 1 Elected Member X Adam Travinski Fifth Member 771