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.
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The Board received a presentation from the PERAC Executive Director regarding retirement system funding strategies, cyber security, and COLA adjustments. A performance review of the portfolio for the fourth quarter of 2025 was conducted. The Board approved financial statements for MMDT, MassPRIM, and RhumbLine, as well as wire transfers for operating expenses and payroll. Other business included authorizing transfers in, accepting an intent to retire, and discussing an Office of the Inspector General report concerning legal counsel. A COLA Public Hearing was scheduled.
Feb 27, 2026·Board meeting
Andover Contributory Retirement Board Minutes
The board approved multiple investment statements for MMDT, MassPRIM, and RhumbLine as of January 31, 2026. Financial actions included the confirmation and approval of various wire transfers for operating expenses. The meeting addressed the monthly payroll for February 2026 and approved the expense warrant for the same period. Additionally, the board reviewed and approved employee contributions and miscellaneous receipts, retirement allowance calculations, and several intents to retire. The executive director provided updates on PERAC memos and publications regarding creditable service, fiduciary responsibilities, and legislative changes. The board also reviewed cash books and trial balances from November 2025 and adjourned into an executive session to discuss disability and litigation matters.
