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Needham retirement board approves minutes, payroll and expense warrants; sets March meeting date
Summary
At its Feb. 18 meeting the board accepted January minutes and membership changes, approved the payroll warrant ($1,374,549.14) and the expense warrant ($331,978.78), and scheduled the next meeting for March 25.
The Town of Needham Retirement Board on Feb. 18 approved routine board business, including meeting minutes, payroll and expense warrants, and the meeting schedule.
The board accepted the January meeting minutes by unanimous roll-call vote. It also approved membership changes and a special disbursement that had been issued earlier for an employee hardship; staff agreed to add the disbursement details to the short minutes for transparency.
The payroll warrant was presented with a gross amount of $1,374,549.14 and approved by roll-call vote. The January expense warrant, totaling $331,978.78, was also approved. During the expense-warrant discussion staff explained line items and a notation labeled “03/08 c,” which represents cost-sharing for pension service when an employee has service in multiple towns.
Board members reviewed the year-end operating statement, discussed management fees and unrealized investment gains, and requested the rate-of-return calculation for the last year be added to future reports. Members also discussed cyber insurance as a budget item and asked staff to invite a town representative to the March meeting to outline coverage options and cost.
The board moved the March meeting to 09:30 on March 25 and then adjourned after a final roll-call vote.
