Hampshire County Retirement System

The meeting addressed the fund performance of the Hampshire County Retirement System, noting a 2016 return of 8.6% and a year-to-date 2017 return of 12.4%, while cautioning about anticipated market corrections and rising interest rates. The Retirement Board is revising its asset allocation to mitigate risk. It was reported that a new actuarial evaluation and funding schedule will be completed in 2018, incorporating full generational mortality tables. Copies of the GASB 67/68 Actuarial Report were distributed, and it will be posted online. The availability of the 2017 Financial Statement Audit was also noted. The Council discussed the FY19 Appropriation Assessment Estimates and the impact of the single payment discount on the funding schedule.

The meeting involved the review and approval of disbursements for April and May 2019, including retirement allowance payroll, staff payroll, stipends, and various insurance and service premiums. The Board unanimously approved several superannuation retirement applications. Payments of retroactive retirement benefits and payments to beneficiaries were also reviewed and approved. The Board accepted an Accidental Disability retirement application from Michael Pandora and unanimously granted an Accidental Disability Retirement Allowance to Kathleen Cortright after reviewing medical panel reports. The Board unanimously approved make-up/redeposit requests for one member while denying two others based on eligibility criteria. Several transfers of service credits to other retirement systems were approved. Thirteen new members were accepted for May 15, 2019. Investment reports were discussed, including authorizing a $1 Million exchange between PRIM funds. An annual performance review of GPEO Funds IV & V was conducted. Legislative updates addressed the dissolution of the Hampshire Council of Governments. Administratively, the Board accepted the annual performance evaluation for the Administrator, approved a salary adjustment, and acknowledged the resignation of Board Member Edward Montleon.

The meeting focused on financial and administrative matters. Key actions included the approval of various disbursements, such as retirement allowance payroll, staff payroll, and insurance premiums. The Board unanimously approved several applications for Superannuation Retirements and authorized retroactive payments for these retirees. Disability retirement applications were reviewed, resulting in the acceptance of one involuntary accidental disability application and the unanimous granting of Accidental Disability Retirement Allowances for two other applicants. Furthermore, the Board approved make-up/redeposit requests for current members and several transfers of service credit to other retirement systems. Investment and financial status reports were discussed, including an annual performance review with RhumbLine Advisers. Legislative updates covered the dissolution of the Hampshire Council of Governments and its impact on retiree health insurance. Administrative actions included accepting annual performance evaluations and approving salary adjustments for the Administrator and Assistant Administrator.

The Board reviewed and approved several disbursements, including retirement allowance payroll for December 2016, staff payroll, and various insurance and service premiums. Two Superannuation Retirement Applications were approved for Michael Klimoski and James Lavallee, along with retroactive benefit payments. An application for an Accidental Disability retirement for William Dunn was accepted, authorizing a medical panel. A request for a make-up/redeposit for service was denied due to prior Social Security contribution. Two transfers were approved involving the Worcester Regional Retirement System and the Franklin Regional Retirement System. Eight new members were accepted. Investment and Financial Status Reports, including the Asset Allocation worksheet and various performance reports for November and December 2016, were discussed. Administrative actions included scheduling the FY18 COLA vote for March 8, 2017, appointing Mary Baronas as the Records Access Officer, and authorizing travel and expense reimbursement for attendance at several investment conferences in 2017.

Key discussions and actions included the review and approval of numerous disbursements covering retirement allowances, staff payroll, insurance premiums, and various reimbursements from other retirement systems. The Board approved several Superannuation Retirement Applications and the corresponding retroactive payments of retirement benefits. They also approved payments to beneficiaries for recently deceased members. A discussion on the Accidental Disability retirement application for Brian McGrath led to the unanimous authorization of a medical panel. The Board approved make-up and redeposit requests for both current and former members, as well as several transfers of liability to other retirement systems. In administrative matters, the Board voted to approve a 3% Cost of Living Adjustment (COLA) for FY2019, effective July 1, 2018. Furthermore, KMS Actuaries LLC was selected to provide actuarial consulting services, and travel expenses for upcoming investment conferences were authorized.