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MASHPEE FINANCE COMMITTEE MEETING MINUTES JANUARY 26, 1993 MEETING COMMENCED AT 7:00 PM Members Present: Dan Goggin, Vice Chairperson; Denise Sullivan; Tony Gallo; John Ferriday, Ed Baker and Roger Dunivan. It is noted f or the record that Roger Dunivan wished to correct the Minutes of January 19, 1993 . The change is noted on page 2, paragraph 4 , to read that (he protested the rescheduling of the meeting of January 12th because of the absence of one member) . Ed Baker MOTIONED to accept the Minutes as corrected. John Ferriday seconded the motion and members voted 6-0 in acceptance. MINUTES C. Randall Sherman, Barnstable County Retirement Association, was present at the meeting to discuss the association. He issued to members copies of two press releases dated April 1992 and November 1992 . Mr. Sherman explained that as of December 31, 1991 the Board credited $2,545,362 as interest on its members accounts. Earnings on system investments were $12 ,465,979 and system assets went from $64,589,972 to $80,524,098. The Board transferred $3 ,131 ,487 of excess income to the Pension Reserve Fund to reduce the future total funding liability of the participating towns, water districts and authorities. The November press release, as Mr. Sherman explained, was claiming that the Board had concluded its period of negotiations with Aetna. It resulted in an agreement and release of claims in exchange for a payment of $1 ,117,645 from Aetna. Mr. Sherman explained that after reviewing many investment managers, the Board voted to give their business to U.S. Trust. They have been working for the Board since May of 1992. Mr. Goggin asked who in Mashpee could be a member of the Board? Mr. Sherman answered that full time employees of Mashpee and elected municipal officials working 20 or 25 hours, he was not sure which. Mr. Baker inquired as to whether each town, water district, etc, are separable in terms of their finances? No the liabilities are funded as a whole. Mr. Sherman also explained that on February 3 , 1993 , at the Yarmouth Town Hall, that some town employees would become eligible to accept an incentive from the town and retire early. Employees would be eligible if 1 . they had 10 years service to the town and were over 55 and 2. 20 years of service, any age. The incentive would be to add any number between 1 and 5 to either the age or years of service or a combination of the two. If a town decides to offer an incentive such as this, it will pay the difference in the pension. Mr. Sherman believed that there are 14 employees eligible in Mashpee. Towns need to decide, 1 . yes or no that the town will offer the incentive and 2. will it be a 1 to 5 year incentive? and 3. once the town has the names and decides on the incentive, the Board can offer exact figures.