Hampshire County Retirement System

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.

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.