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