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BOARD MEETING MINUTES
DATE: July 22, 2026
A meeting of the Malden Retirement Board was held this day July 22, 2026, at 8:36 AM in conference room #108 at Malden City Hall, 215 Pleasant St. Malden, MA with the following present: Warren Atkinson Jr., John Hall, Scott Lucey, Charles Ranaghan. Staff: Director, Robert Soohoo, and Board Secretary Maria LoGrasso. Guest: Cambridge Trust – Jeffrey Smith, Phillip McManus and Ryan Hanna. Daniel Grover, City of Malden Treasurer, Patricia and Stephen Tramondozzi,
Call to Order – The Chairman, Mr. Atkinson Jr. called the meeting to order at 8:36 AM. The Board Secretary Maria LoGrasso took an attendance roll call vote.
All Board members were in attendance. The Board welcomed newly appointed member, Craig Spadafora, who will abstain from voting at this meeting due to not being sworn in with the City Clerk.
Presentation – Jeffrey Smith, Philip McManus, and Ryan Hana from Cambridge Trust presented the 2Q 2026 performance of the portfolio. Board requested a comparison with PRIT with future presentations.
General Meeting
To Accept June Board Meeting Minutes, July Expense Warrant, June Retiree Payroll and Staff Payroll Warrant, June Cash Books & Cash Reconciliation.
VOTE: To accept June Board Meeting Minutes, July Expense Warrant, June Retiree Payroll and Staff Payroll Warrant, June Cash Books & Cash Reconciliation. Motion by Mr. Lucey and seconded by Mr. Hall, it was voted:
- Mr. Atkinson Jr. - Yes
- Mr. Hall - Yes
- Mr. Lucey - Yes
- Mr. Ranaghan - Yes
- Mr. Spadafora - Abstained
Motion was passed.
New Members
- Kyle Couto – City, Police Officer; Hire date 06/22/2026
- Randy Waters – MHA, Modernization and Procurement; Hire date 06/22/2026
- Pixie Rose – City, Librarian; Hire date 06/29/2026
- Emery Haskell – City, Veterans Services; Hire date 07/06/2026
- Tanner Masucci - City, Police Officer; Hire date 07/20/2026
- Garrett Pascoe – City, Police Officer; Hire date 07/20/2026
- Scott DeMeo, Jr. – MPS, Custodian; Hire date 07/20/2026
VOTE: To accept new members. Motion by Mr. Lucey and seconded by Mr. Hall, it was voted:
- Mr. Atkinson Jr. - Yes
- Mr. Hall - Yes
- Mr. Lucey - Yes
- Mr. Ranaghan - Yes
- Mr. Spadafora - Abstained
Motion was passed.
Deceased
No recent deaths
Retirement Applications, Adjustments, and Survivor Benefits
- Michael Bondanza – City, Fire, Date of Retirement: 07/25/2026 Option C
- Teri Ippolito – City, Police, Date of Retirement: 06/30/2026 Option C
- Judy Richardson – City, McFadden, Date of Retirement: 07/30/2026 Option C
- Richard Cutone – MPS, Custodian, Date of Retirement: 07/24/2026 Option C
- James Connolly – City, Fire, Date of Retirement: 06/30/2026 Option C
- Deborah Teneriello – MPS, Date of Retirement: 07/24/2026 Option B
- George Mackey – City, Police, Date of Retirement: 06/30/2026 Option C
- George Romvos – City, Fire, Date of Retirement: 06/30/2026 Option C
- Martha Guerrieo – MPS, Cook, Date of Retirement: 06/30/2026 Option C
- Kevin Alkins – City, Police (Animal Control), Date of Retirement: 06/30/2026 Option C
- Stephen MacVicar – City, Fire, Date of Retirement: 06/30/2026 Option A
- Martha Ferratusco – City, Veteran's Services, Date of Retirement: 06/30/2026 Option B
- Michelle Connolly – City, Cemetery, Date of Retirement: 06/30/2026 Option B
- Deborah Camarata – City, HHS, Date of Retirement: 06/30/2026 Option B
VOTE: To accept Retirement Applications, Adjustments, and Survivor Benefits. Motion by Mr. Ranaghan and seconded by Mr. Lucey, it was voted:
- Mr. Atkinson Jr. - Yes
- Mr. Hall - Yes
- Mr. Lucey - Yes
- Mr. Ranaghan - Yes
- Mr. Spadafora - Abstained
Motion was passed.
Withdrawals/Transfers
- Quianna Long – MPS, ESP, Refund, Years of Service: 8 months
- Dylan Holmes – City, Library, Rollover Vanguard, Years of Service: 3 months
- Jamie Whelan – City, IT, Refund, Years of Service: 16 years, 4 months
VOTE: To accept Withdrawals/Transfers. Motion by Mr. Ranaghan and seconded by Mr. Lucey, it was voted:
- Mr. Atkinson Jr. - Yes
- Mr. Hall - Yes
- Mr. Lucey - Yes
- Mr. Ranaghan - Yes
- Mr. Spadafora - Abstained
Motion was passed.
Buybacks, Makeups and Military Purchases
Stephen Shepard – MHA Part-time service 4 years, 3 months: $12,620.14 as of 07/31/2026
VOTE: To accept Buybacks, Makeups and Military Purchases. Motion by Mr. Hall and seconded by Mr. Ranaghan, it was voted:
- Mr. Atkinson Jr. - Yes
- Mr. Hall - Yes
- Mr. Lucey - Yes
- Mr. Ranaghan - Yes
- Mr. Spadafora - Abstained
Motion was passed.
Correspondence - Recent PERAC Memos
-
19 - Mandatory Retirement Board Member Training – 3rd Quarter, 2026
-
20 – Reinstatement to Service under G.L. c. 32 § 105
-
21 – Updated Calculation Figures for Post-Retirement Work Under Section 91 and Section 91A
-
22 – Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors.
Director Report
Review of Patricia Tramondozzi credible service transfer to MTRS - Member was employed with Malden from 09/1996 to 12/1999. Malden transferred 3 months. The service amount did not total the 30 years at the time transfer was done for all Nurses to be part of MTRS. The amount of liability is in question. The Board agreed to make the member whole for the 30 years of service and to review the MTRS calculations to confirm the calculations are correct and to determine if Malden needs to dispute the liability.
VOTE: The Board made a motion granted the amount of credible service transfer to make the member whole for the 30 years of service and to recalculate the MTRS calculation of service to determine liability. Motion by Mr. Hall and seconded by Mr. Ranaghan, it was voted:
- Mr. Atkinson Jr. - Yes
- Mr. Hall - Yes
- Mr. Lucey - Yes
- Mr. Ranaghan - Yes
- Mr. Spadafora - Abstained
Motion was passed.
*All present were in favor
Review of Upcoming Election for Retirement Board – The staff informed the board members that the Notice of Election was mailed.
Review of Investment Policies
VOTE: To Board made a motion to extend reviewing the Investment policies till the next August board meeting. Motion by Mr. Lucey and seconded by Mr. Hall, it was voted:
- Mr. Atkinson Jr. - Yes
- Mr. Hall - Yes
- Mr. Lucey - Yes
- Mr. Ranaghan - Yes
- Mr. Spadafora - Abstained
Motion was passed.
Scott Lucey review of NCPERS – Scott Lucey, reviewed his attendance at the May 2026 NCPERS Conference. He recommended that the Board research guidelines for Retirement Board Meetings and Office policies.
Update with transition to GIC for Retirees – The retirement staff discussed that members who did not register for plans are being updated with GIC so there is no lapse in coverage.
Quarterly review of Staff Timesheets
Quarterly review of Budget
Discussion of COLA and Contracts for staff
VOTE: To approve a 3% COLA increase for Retirement office staff effective July 1st, 2026. Motion by Mr. Hall and seconded by Mr. Lucey, it was voted: The Board Secretary Maria LoGrasso took a roll call vote.
- Mr. Atkinson Jr. - Yes
- Mr. Hall - Yes
- Mr. Lucey - Yes
- Mr. Ranaghan - Yes
- Mr. Spadafora - Abstained
Motion was passed.
Discussion of Topics Not Reasonably Anticipated 48 Hours in Advance of Meeting
Documents Distributed to the Board:
- July Agenda
- July Disbursement Warrant
- Cambridge Trust June Report
- PERAC Memos #19 & #22
- Notice of Election
- Budget through July
- Staff Timesheets
- June Reconciliation and June cash books (Balance Spreadsheet)
- Investment Policy as of April 15, 2026
- June Minutes
- June Payroll Warrant
Future Meeting dates: August 19, 2026, 8:30 am: September 16, 2026, 8:30 am.
VOTE: To adjourn the meeting at 11:15 AM Eastern time, Motion by Mr. Hall, seconded by Mr. Lucey, it was voted:
- Mr. Atkinson Jr. - Yes
- Mr. Hall - Yes
- Mr. Lucey - Yes
- Mr. Ranaghan - Yes
- Mr. Spadafora - Abstained
Motion was passed.
Warren Atkinson Jr., Chairman
Scott Lucey, Board Appointed
Craig Spadafora, Appointed Member
John Hall, Elected Member
Charles Ranaghan, Ex-Officio