Denise Jeremiah

The Board of Trustees held a special meeting primarily to conduct the election of a new Chair following the resignation of the incumbent. The former Chair provided a detailed explanation for their departure, citing objections to a recent Board decision regarding the administrator's salary increase. Discussion ensued regarding the transparency of the election process, leading to a vote conducted via text message. Additionally, the Board discussed rescheduling upcoming committee meetings due to concerns regarding the availability of timely performance reports and potential scheduling conflicts.

The Board reviewed the treasurer's report, discussing cash flow challenges, annuity payment growth, and administrative expenses, including legislative funding requests. The Investment Portfolio update was presented, noting performance gains in domestic and international equities. Additionally, the Board approved the establishment of a $1,500 petty cash fund for the Havenside Mall office and discussed the ongoing search for an administrator.

The board discussed various administrative, operational, and financial topics. Key discussion points included the success and roll-out of the limited personal loan program, progress on the Haven site hotel construction, and the installation of new backup generators at the main office and Haven site Mall. The board reviewed updates on rental collections, specifically regarding arrears from the Department of Justice, and addressed questions regarding meetings with external entities, including the Port Authority and Hampton by Hilton. Additionally, the administrator provided a detailed report on member services, retirement payroll, loan portfolio statistics, and financial disbursements, while the treasurer presented the schedule of receipts and disbursements.

The Board discussed key operational and financial issues, including communications regarding proposed benefit reductions, the success of the annual employee recognition dinner, and the status of various facility projects at the Haven Site Mall. The administrator reported on strategic alliances, testimony provided to the legislature, and challenges with building maintenance and utility systems. The Board also reviewed delinquency in rental and electricity payments from other government agencies and discussed strategies for escalating collection efforts through coordination with the Office of Management and Budget.

The Board engaged in a discussion regarding the meeting protocol and the appropriateness of reading a letter from a retiree during public session. The discussion focused on procedural fairness, the rights of board members to respond to allegations, and the role of the board counsel in interpreting statutes. The Chair also provided a report on recent meetings with government retirees and participation in a retirement system study.