RET 11-19-24 BEVERLY CONTRIBUTORY RETIREMENT BOARD
MEETING MINUTES
November 19, 2024 4:00 P.M.
The Beverly Retirement Board held an in-person meeting at 275 Rantoul Street, as well as a
teleconference meeting through meet.google.com/abk-oggz-web Dial in (US) +1 904-580-8629 PIN:553
823 245#on Tuesday, November 191h 2024. Individuals present were Carol Augulewicz (acting as Chair),
D.Wesley Slate Jr.,Adam Travinski, Colleen Loughlin, and Meaghan McLaughlin.
The Meeting was called to order at 4:03 I?M.
OPEB Update: No update this month.
A Motion was made by Adam Travinski and Seconded by Wes Slate to approve the Minutes of the
October 231d Meeting as read.Vote 3-0 in favor.
There were no Superannuation or Disability Retirements to approve this month.
There were no Refunds to approve this month.
A Motion was made by Adam Travinski and Seconded by Wes State to approve the Rollovers of Tiffany
Holmes-Para-3 years, 1 month-$7,315.68 to Fidelity. Lisa Medeiros- BHA-3 years, 11 months-
$19,797.40 to NFS.Vote 3-0 in favor.
A Motion was made by Adam Travinski and Seconded by Wes Slate to approve the Transfers of Kim
Johnson--1 year,7 months of service-$2,143.22 to Concord. Laura Potts-8 months of service-
$4,872.22 to Amesbury.Vote 3-0 in favor.
A Motion was made by Adam Travinski and Seconded by Wes Slate to approve the following new
members to the Beverly Retirement System.Vote 3-0 in favor.
Evan Colbert- 10/21/24- Para-9%
...Deaths-.It was noted that Richard..Conrad..passed.away..on 08/07/24_on a.Accidental Disabitity,_Ilowever . .
there is no Section 101 to be paid.Also noted, Mark Foster passed away on 11/3/2024, his spouse will
collect 2/3rds of his benefit.
A Motion was made by Adam Travinski and Seconded by Wes State to approve the Financial Information
containing Trial Balances, Cash Receipts, Cash Disbursements,
Adjusting Journal Entries, Cash Reconciliations, and Bank Statements for August 2024-September
2024.
A Motion was made by Adam Travinski and Seconded by Wes Slate to approve Novembers Warrants
which consisted of the A warrant in the amount of$1,625.00, the staff salary B Warrant of$15,732.69,
and the MonthlyA/P and Retiree Warrant of$1,390,076.71. Vote 3-0 in favor.
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November 19, 2024 PAGE TWO
informational:Colleen informed the Board that Shelley Zarella had received a"Notification of
Termination"from PERAC for failure to file their 2023 Annual Statement of Earned Income.A letter was
sent to Shelley Zarella including her right to appear before the Board at November's Board Meeting to
provide reasoning for not submittingth Statement. Ms.Zarella did not appear at this Board Meeting nor
did they attempt to join the teleconference.The Board will now terminate their benefit.
- Regarding David Laverdiere's ccidental Death Benefit, Meaghan updated the Board that she sent the
Medical Panel Results to Michael Sacco, he felt that further clarification was needed from the assigned
Doctor, Colleen then submitted a clarification request through PROSPER and we are waiting on the
results.
Old Business:-Staff Performance Reviews: Colleen constructed a Performance review template for
Meaghan's review, she informed the Board that her and Meaghan met to discuss the review and Meaghan
has signed off on said review. Colleen also shared with the Board the goals her and Meaghan created for
her to reach in the next year.
Wes reminded Meaghan of the Election Policy and asked if these should be included in goals, Colleen
and Meaghan both agreed that would go with updating the Supplemental Regulations.
Carol spoke about the template that has been used in past years for the Director position. She asked that
Colleen provide the Board with an updated template similar to the one used for Meaghan's review.
Colleen will work to get something out to the Board and potentially have the Director's review done next
month.
A Motion was made by Adam Travinski and Seconded by Wes Slate to table the Salary Reviews for Staff
until all Board Members are present for discussion.Vote 3-0 in favor.
-2025 Budget: Colleen began the Budget discussion by first highlighting the Pidiuciary Insurance that she
added to the Budget if it was going to be something the Board would entertain.Additionally, Cyber
Insurance is also offered. It was not added to the Budget. Carol suggested that we add it to the Budget for
now and have the Director reach out to the Department Head of IT department, ask if we have coverage
and if so, provide us with confirmation in writing that we are covered under the City's Cyber Insurance as
we are on their servers. Carol continued to guide the Board step by step to on the Budget and announced
each line item along with the amount as listed.
As the Budget reached the line item of"PBi"Carol asked Colleen to speak to this service. Colleen
informed the Board that PBI is a Death Audit Service in which the Board could fundamentally utilize to
avoid overpaying deceased retirees that the Admin has not been notified of,the process of having to
recoup funds, as well as tracking down inactive members with funds on account who we do not have a
current known address for. Carol,Wes, and Adam supported the Office Ad min in obtaining this software
and added to the Budget.
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November 19, 2024 PAGE THREE
Carol asked if the staff compensation on the Budget had any figures put in, Colleen responded that she
did not add that yet as the Board has not made a vote on any increases. Carol suggested putting a 3%
COLA placeholder in.Adam reminded the Board the figure shown was the salary of last year's staff.A
calculation of the current staff's salaries combined with a 3% COLA increase was added to the budget as
a placeholder.
Rent Expense reviewed,the rent will increase in April for May 1, 2025 to$1,750 which was accurately
included in the proposed Budget.
Kevin Smith entered the meeting at4:31 PM.
Copier toner, fax machines, and postage were discussed,which additional money was added in
preparation that the Retirement office will be running payroll and 1099'S for ail retirees whereas the City
previously printed and distributed the 1099's for retirees. It was also agreed to inflate the postage line as
we will be sending checks that need to be pre-noted and bills payable.
A Motion was made by Adam and Seconded by Wes to approve the 2025 Budget of$1,342,213.00.Vote 4-
0 in favor.
Installment Plan:After reviewing the surrounding Board's poll on installment/buyback plans the Board
agreed that the current 5year installment plan in place is in the best interest of the System. No Motion
was made as no changes to the Board's policy were altered.
Running Dayroll through PTG-Colleen informed the Board that we are still waiting to get the parameters
from North Shore Bank(as they are merging with Abington)so that we can then provide them to PTG and
run a mock payroll,generate the bank file and send to the Treasurer's Office as well as the Human
Resource Office to ensure all are comfortable with the newly changed process/reports provided.
As previously discussed, a Motion was made by Was and Seconded by Adam to enter a contract with the
Berwyn Group for CertiDeath PBI Death Audit Services.Vote 4-0 in favor.
The following Distributed Items were reviewed and discussed: BR13 Performance review template-
Installment Plan Poll- Perac Memo #27/2024- PRIM Lifetime achievement award- PERAC Memo
#28/2024.—2024 Valuation Report- PERAC Pension News Issue#66-ABL tech Presentation- PBI
Death Audit Report presentation- PRIM OPEB September 2024- PTG Release notes Nov 4- PERAC 2023
Annual Report-Beverly 2024 Valuation Report- Beverly 2025 suggested Budget-MACRS Pension Pro
release schedule.
The next meeting of the Beverly Retirement Board will be held on Wednesday, December 18th 2024, at
4:30 P.M.
As there was no further business to come before the Beard the Meeting was adjourned at 5:03 P.M. on a
Motion made by Kevin Smith and Seconded by Was Slate.Vote 4-0 in favor.
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November 19, 2024 PAGE FOUR
Respectfully sub itted,
Meaghan McLaughtin
Assistant Executive Director
X
Carol Auqulewicz
Ex-Off icio
X �
Bryant AYles
Chairman,Appointed Member
Kevin Smith
Elected Member
X
D.Wesley Slate Jr.
Elected Member
X
Adam Travinski
Sth Member
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