The Board meeting focused on key financial and administrative items, including the presentation of 2026 actuarial valuation preliminary results by KMS Actuaries, LLC, and the adoption of Funding Schedule B-4. The Board addressed new member enrollments, approved multiple buybacks and service transfers, and acted on applications for voluntary superannuation retirement. Additionally, the Board reviewed various monthly payroll warrants, financial reports, and PERAC memorandums. Correspondence regarding legislative updates, COLA reform, and training opportunities was reviewed, and administrative business such as the six-month budget review and a vacation time buyback for the Administrator were conducted.
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The board meeting included the approval of new member enrollments, retirement applications, and requests for refunds and transfers. The board reviewed and approved various payroll, cash disbursements, and vendor warrants, as well as monthly financial reports. Significant time was dedicated to reviewing PERAC memorandums and extensive correspondence regarding legislative updates and system security certifications. In old business, the board discussed the COLA base increase and authorized an actuarial study to evaluate potential costs. In new business, the board completed a performance review for the administrator, granting a salary increase, and authorized transfers from PRIT for upcoming payroll and disbursements.
Mar 26, 2026·Board meeting
Amesbury Retirement Board Meeting
The board meetings covered several key topics including the approval of a 3% Cost-of-Living Adjustment for retirees, new member enrollments, and various account transfers, refunds, and rollovers. The board discussed a potential 5-year plan to increase the COLA base and approved the annual financial statement. Additional actions included the adoption of a HIPAA release form, authorization for board members and staff to attend upcoming conferences, and reviews of multiple PERAC memorandums and correspondence regarding city budget directives, insurance policies, and public records requests. The board also addressed retirement applications and disability benefits.
