2019-10-03 Commissioners of Trust Funds Minutes

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On a motion by Ms. Klepeis, second by Mr. Daly, 1300 (1000 shares purchased on 6/17/99 and 300 purchased on 4/24/01) shares of Intel stock was authorized to be sold by a vote of 4-0. On a motion by Ms Kleoeis, second by Mr. Daly 600 shares of iShares Russell 2000 IWM purchased on 3/13/12 was authorized to be sold by a vote of 4-0 On a motion by Ms. Klepeis, second by Mr. Daly 150 shares of SPDR S7P 500 ETF SPY purchased on 5/3/13 was authorized to be sold by a vote of 4-0 Mr. Cohen requested a discussion on the repurchase strategy. Mr. Daly suggested splitting the repurchase the same as we did before 65% in Russell and 350/0 in S&P SPDRs over 3 months. After the discussion the following motion was made: On a motion by Ms. Klepeis, second by Mr. Daly the proceeds from the sale of the IWM. SPDRs and Intel will be reinvested at a 35% SPDRs 65% Russell split over a period of 3 months by a vote of 4-0 Mr. Daly mentioned that Thermo Fisher Scientific bond was recalled, and he was in contact with Greg Lee to find a suitable replacement for it. the 10-year govt bond was up at 3.2%, and the 10 years one was at 1.5%. Mr. Kume mentioned that the CDARS with Northern Bank and Trust were at 2.1-2.4% range. He would reach out to them and ask if we could do a 1-year CDARS, but he wasn't sure if the Bank would agree to that. Reading Response Program Ms. Klepeis gave a brief overview of the sub-committee meeting regarding the Medicare rate increases and the issues that Elderly Services was having regarding the program guidelines. She made the following motions: On a motion by Ms. Klepeis seconded by Mr. Daly, it was voted and approved to increase the daily rate for Adult Day Health Care to 480 by a vote of 4-0. Ms. Klepeis gave an overview of the no show issue as described in the meeting notes of 9/19/19 and made the following motion: On a motion by Ms. Klepeis seconded by Mr. Daly, it was voted and approved that if a client misses more than 5 rides in a 6-month period, the client will pet excluded from the program for the rest of the year, by a vote of 4-0. Ms. Klepeis informed the Commissioners about a few issues that the Elderly and Human Services were having with some clients due to lack of guidelines. She explained that the issue at hand is that elderly clients don't have much family support, and they are just confused with the services that they are getting. Some of them get the Ride; some get MassTran, and they just get confused. They call the Elderly Services and ask where their ride is when their ride is with a different provider, and they get angry and frustrated as they ask for service, which the staff cannot accommodate on the same day. This causes confusion, and there have been cases when two services show up. MassTran shows up, and they have already left with the other provider, so we end up getting charged. Another client called MassTran directly and wanted a specific driver to take her to the hospital, and she had stated that the plastic ladder used by the company had given her knee pain. After presenting these facts Ms. Klepeis made the following motion: On a motion by Ms Klepeis second by Mr. Daly, the following reinforcement guidelines were voted and approved, 1. If the client doesn't follow program guidelines, they will no longer be eligible for the service 2 If the client refuses to cooperate with Elderly Service and starts causing confusion they will no longer qualify for service. 3. If the clients bypass the Page 1 2