Andover Contributory Retirement Board Minutes
The Board conducted a public hearing on the FY2027 COLA, approving a 3% increase. Discussions included a first-quarter performance review by Dahab Associates, resulting in a decision to reallocate $4M from Mid-Cap to PRIT Core Fixed Income. The Board addressed routine financial matters, including the approval of operating expenses, wire transfers, payroll, and various receipts and transfers. Additionally, the Board approved several retirement allowance calculations and reviewed requests for retirement. Administrative updates included a report on OPEB funding, office space leasing, and a budget update. The Board also addressed the issue of non-pensionable ad hoc shift payments, voting to cease deductions for such payments and offering affected members the option for a refund.