Retirement Board – Aug 19, 2026

Wednesday, August 19, 2026

Where: Not listed on the city's Agenda Center
Time: Not listed

What was decided

The board accepted July minutes, warrants, payroll, new members, retirement applications, withdrawals/transfers, and buybacks. It agreed to keep using the current investment policy, named Malden the lead plaintiff in security litigation with Intuit, and accepted medical panel results for James Connolly and Stephen Prince to send to PERAC. The board tabled the Lisa Hammersley ADR application because the physician's application was incomplete, and it discussed the director's salary without voting.

Decisions recorded

Accepted the July Board Meeting Minutes, August Expense Warrant, July Retiree Payroll and Staff Payroll Warrant, and July Cash Books & Cash Reconciliation.
Accepted the list of new members.
Accepted the Retirement Applications, Adjustments, and Survivor Benefits.
Accepted the Withdrawals/Transfers list.
Accepted the Buybacks, Makeups and Military Purchases item.
Accepted liability for 5 months of service for Patricia Tramondozzi's transfer to MTRS.
Decided to keep following the current CB Investment Policies until further discussion or changes are needed.
Made Malden the lead on the Security Litigation with Intuit.
Accepted the James Connolly Medical Panel Results and agreed to submit them to PERAC, all present in favor.
Accepted the Stephen Prince Medical Panel Results and agreed to submit them to PERAC, all present in favor.
Tabled the Lisa Hammersley ADR Application until the September meeting because the physician's application was incomplete.

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BOARD MEETING MINUTES

DATE: August 19, 2026

A meeting of the Malden Retirement Board was held this day August 19, 2026, at 8:35 AM in conference room #105 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: Colin Edgar, Stone Consulting. Daniel Grover, Treasurer.

Craig Spadafora was appointed and took an oath to faithfully perform the duties of the office as a member of the Malden Retirement Board by the City Clerk's office on August 10, 2026.

Call to Order

Mr. Hall called the meeting to order at 8:35 AM. The Board Secretary Maria LoGrasso took an attendance roll call vote.

Warren Atkinson Jr. arrives at the Board meeting at 8:37 am.

Presentation

Stone Consulting, Colin Edgar presented the Actuarial Valuation report. The board will review and discuss the Actuarial Valuation report at the September meeting.

Craig Spadafora exited meeting at 8:58AM shortly after the presentation started.

General Meeting

Accept July Board Meeting Minutes, August Expense Warrant, July Retiree Payroll and Staff Payroll Warrant, July Cash Books & Cash Reconciliation.

VOTE: To accept July Board Meeting Minutes, August Expense Warrant, July Retiree Payroll and Staff Payroll Warrant, July Cash Books & Cash Reconciliation. The board accepted the July Minutes with the amended COLA vote for Charles Ranaghan. 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 - Absent

Motion passed.

New Members

Michael McCormack – MPS, ESP, Hire Date 07/21/2026
Marianna Neville – City, Animal Control Officer, Hire Date 08/04/2026
Andrea Le – City, Constituent Services Representative, Hire Date 08/04/2026
Cash Kearney – City, Custodial Services, Hire Date 08/04/2026
Olivia Bernis – MPS, ESP, Hire Date 08/24/2026
Sarah Deal – MPS, ESP, Hire Date 08/24/2026
Valerie Aranha – MPS, ESP, Hire Date 08/24/2026
Roy Jeong – MPS, ESP, Hire Date 08/24/2026

VOTE: To accept new members. Motion by Mr. Ranaghan and seconded by Mr. Hall, it was voted:

Mr. Atkinson Jr. - Yes
Mr. Hall - Yes
Mr. Lucey - Yes
Mr. Ranaghan - Yes
Mr. Spadafora - Absent

Motion passed.

Deceased

Brian Newnan – Police, Date of Death 08/03/2026 ODR Option C (Spouse)
Carole Spaulding – MPS, Date of Death 08/01/2026 SA Option A, NFB

Retirement Applications, Adjustments, and Survivor Benefits

Margaret Drummey – MPS, ESP, Date of Retirement 06/30/2026 Option B

VOTE: To accept Retirement Applications, Adjustments, and Survivor Benefits. 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 - Absent

Motion passed.

Withdrawals/Transfers

Ileana Llavina – MPS, Paraprofessional, Refund, 5 months
Jennifer Breaker – City, HR Director, Transfer to Wakefield, 17 years, 1 month
Suman Sah – City, Police, Transfer to Chelsea, 2 years, 3 months
Linda Kelly – MPS, Program Director, Refund, 7 years
Bridget Furlong – City, HHS Coordinator, RO to Vanguard, 1 year, 10 months
Brittany Bachewski – MPS, Paraprofessional, RO to LPL, 2 years, 4 months

VOTE: To accept Withdrawals/Transfers. Motion by Mr. Lucey and seconded by Mr. Ranaghan, it was voted:

Mr. Atkinson Jr. - Yes
Mr. Hall - Yes
Mr. Lucey - Yes
Mr. Ranaghan - Yes
Mr. Spadafora - Absent

Motion passed.

Buybacks, Makeups and Military Purchases

Update Stephen Shepard – MHA Part-time service 4 years, 10 months: $14,465.69 as of 08/31/2026. The board previously approved the original calculation for Mr. Shepard's makeup.

VOTE: To accept Buybacks, Makeups and Military Purchases. Motion by Mr. Hall and seconded by Mr. Lucey, it was voted:

Mr. Atkinson Jr. - Yes
Mr. Hall - Yes
Mr. Lucey - Yes
Mr. Ranaghan - Yes
Mr. Spadafora - Absent

Motion passed.

Correspondence

Recent PERAC Memos. None.

Director Report

Update on Patricia Tramondozzi service - Transfer to MTRS – The director discussed that the transfer letter was sent and that the board is liable for 5 months of service.

VOTE: To accept liability for 5 months of service. Motion by Mr. Ranaghan and seconded by Mr. Hall, it was voted:

Mr. Atkinson Jr. - Yes
Mr. Hall - Yes
Mr. Lucey - Yes
Mr. Ranaghan - Yes
Mr. Spadafora - Absent

Motion passed.

Update of Current Election status for Retirement Board

Discussion of Retirement Board, Office, and Investment Policies

VOTE: To Board made a motion to adhere to the current version of the CB Investment Policies until further discussion or changes are needed. Motion by Mr. Lucey and seconded by Mr. Ranaghan, it was voted:

Mr. Atkinson Jr. - Yes
Mr. Hall - Yes
Mr. Lucey - Yes
Mr. Ranaghan - Yes
Mr. Spadafora - Absent

Motion passed.

Review of Earnings Code – Additional Longevity – The Retirement Director discussed the additional longevity in the municipal contract is non-pensionable as it paid on a conditional basis regarding sick time. The Director refunded 30 active members and retirees for deductions and adjusted 2 retirees who had those earnings in their salary calculations.

Craig Spadafora arrived back at the meeting at 9:38AM.

Review of Potential Security Litigation

VOTE: The Board made a motion to make Malden the lead on the Security Litigation with Intuit. Motion by Mr. Ranaghan and seconded by Mr. Hall, it was voted:

Mr. Atkinson Jr. - Yes
Mr. Hall - Yes
Mr. Lucey - Yes
Mr. Ranaghan - Yes
Mr. Spadafora - Yes

Motion passed.

Discussion of Topics Not Reasonably Anticipated 48 Hours in Advance of Meeting

No Discussion.

Daniel Grover left the board meeting at 9:50 AM.

Executive Session

Executive Session under Purpose 7 of the Open Meeting Law: To comply with Exemption (c) of the Public Records Law (G.L. c. 4, s. 7(26)(c)) exempting personnel and medical files or information and other materials or data relating to a specifically named individual, the disclosure of which may constitute an unwarranted invasion of personal privacy.

VOTE: AT 9:56 AM the Board made a motion to go into Executive Session. Motion by Mr. Hall and seconded by Mr. Spadafora. The Board Secretary Maria LoGrasso took a roll call vote.