Patricia Rutkowski

The council meeting was convened to discuss and vote on increasing the maximum COLA base from $13,000 to $14,000. Presentations included a historical review of the retirement system's COLA base and plans for future incremental increases, as well as an actuarial overview of current funding schedules and the potential impact of the proposed COLA base adjustment on unfunded liabilities. The council unanimously voted to accept the Retirement Board's earlier action to increase the COLA base, effective July 1, 2026.

The board reviewed and approved various disbursements, including payroll, insurance premiums, and operating expenses. Superannuation retirement applications were approved for several individuals. Disability retirement applications were accepted, and specific legal issues regarding pending disability litigation were discussed in an executive session. Additionally, the board approved various member redeposits and transfers. Financial status reports, including investment custody, cash flow, and bank reconciliations, were reviewed. The board also approved the Annual Statement of Financial Condition for the system and authorized travel for members and staff to attend a professional conference.

The board reviewed and approved various disbursements, including payroll, insurance premiums, and retirement system reimbursements. The meeting also included the approval of superannuation retirement applications, payments of retirement benefits, beneficiary payments, and various transfers to other retirement systems. Additionally, the board approved make-up/redeposit requests for former members, denied one request for non-members, and accepted 30 new members. Investment and financial status reports for the first quarter of 2026 were reviewed. The board discussed and approved an increase in the COLA base from $13,000 to $14,000 effective July 1, 2026, and accepted an annual performance evaluation for staff with a salary increase.

The meeting included the approval of disbursements totaling several million dollars for retirement allowances, staff payroll, and various operational expenses such as insurance premiums, leases, and consultant fees. The Board unanimously approved applications for two Superannuation Retirements. Action was taken to grant an Involuntary Accidental Disability Retirement Allowance for one member and to authorize a medical panel for another disability application. Several transfers of liability for service credit with other retirement boards were reviewed and approved. Additionally, the Board accepted 100 new members for October. Investment discussions covered asset allocation rebalancing, review of various performance and custody reports, and annual performance reviews with Lexington Capital Partners and Ascent Venture Partners. Administrative topics included updates on IT infrastructure replacements (workstations, firewall, server upgrade) due to end-of-life status, and a report on the final stages of the 2018 Independent Audit. The Board also reviewed the proposed 2020 Board Meeting Calendar and the Chairman's Compensation History.

The key activities discussed during the meeting included the review and approval of numerous disbursements, such as retirement allowance payroll, staff payroll, group insurance premiums, and various vendor payments for services and supplies. The Board approved applications for Superannuation Retirements for two individuals and authorized retroactive benefit payments. They also reviewed and approved payments to beneficiaries for deceased members. Furthermore, the Board unanimously approved a make-up request for service credit and approved several transfers of service credit to other retirement systems, including the Massachusetts Teachers' Retirement System and the Massachusetts State Retirement Board. The investment and financial status reports for June and July 2019 were reviewed, including asset allocation updates. Legislative updates covered the dissolution of the Hampshire Council of Governments and favorable progression of Bill S2032. Administrative matters included a report on the ongoing Board Member Election.