Fifth Member Position: Melrose Retirement Board

Appointed Fifth Member Position on the Melrose Retirement Board

The Melrose Retirement Board (“Board”) is seeking qualified applicants for the Fifth Member of the Board, to be chosen by the other four board members, for a three-year term commencing on June 28, 2025. The five-member Board acts as fiduciaries of the Melrose Retirement System and performs their duties solely in the interest of its members and beneficiaries. The Board oversees the administration of its approximately 1,200 active, retired, and inactive members, and approximately $125 million in pension assets. The Board members are paid an annual stipend of $3,000.00. The Board holds regular meetings one day a month, which typically last from 1-2 hours, and are held at the Retirement Board office at 562 Main Street, Melrose, MA, or remotely as needed.

Board Members are required to:

• File an Annual Statement of Financial Interest with PERAC detailing personal assets

• Complete Conflict of Interest and Ethics training biannually

• Develop knowledge of Massachusetts Open Meeting Law

• Develop knowledge of Massachusetts General Laws, Chapter 32

• Attend meetings, seminars, and educational trainings as necessary

• Complete 18 hours of training during the first three years of their term in order to maintain eligibility to serve on the Board. A minimum of three credits of training must be earned annually.

Applicants for the Fifth Member position shall not be an employee or retiree in the Melrose System or any of its governmental member units. Interested candidates should submit their letter of interest, resume, and other qualifications to the Melrose Retirement Board, electronically to RetirementBoardApply@CityofMelrose.org by Friday, April 18, 2025, at 12:00 noon. Selected candidates will be invited to interview with the Board. For additional information regarding the seat for the Fifth Member position, please contact Adam Travinski, Executive Director.

Prohibitions:

Massachusetts General Laws, Chapter 32, § 20 (4) (b), the Fifth Member shall NOT be an employee, retiree, or official (elected or appointed) of the Melrose Retirement System.

Massachusetts General Law Chapter 32, § 20 (47/8E). No employee, contractor, vendor or person receiving remuneration, financial benefit or consideration of any kind, other than a retirement benefit or the statutory stipend for serving on the retirement board, from a retirement board or from a person doing business with a retirement board shall be eligible to serve on a retirement board; provided, however, that an employee of a retirement board may serve on a retirement board other than the retirement board by which the person is employed; and provided further, this subdivision shall apply to only to individuals who first become members of a retirement board on or after April 2,2012.

840 Code of Massachusetts Regulations 1.03. No individual who has been convicted of a robbery, bribery, extortion, embezzlement, fraud, grand larceny, burglary, arson, a felony violation of state or federal law defined in Section 102(a) of the Comprehensive Drug Abuse Prevention and Control Act of 1970, murder, rape, kidnapping, perjury, assault with intent to kill, any crime described in Section 9(a)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a-9(a)(1), a violation of Section 302 of the Labor-Management Relations Act, 1947 (29 U.S.C. 186). A violation of Chapter 63 of Title 18, United Stated Code, a violation of the Labor-Management Reporting and Disclosure Act of 1959 (29 U.S.C. 401), any felony involving abuse or misuse of such person’s position or employment in labor organization or employee benefit plan to seek or obtain an illegal gain at the expense of the members of the labor organization or the beneficiaries of the employee benefit plan, or conspiracy to commit any such crimes, or a crime in which any of the foregoing is an element or has been found by the Public Employee Retirement Administration Commission or any court to have violated his/her fiduciary duty or has been found by the Ethics Commission or any court to have violated M.G.L. c.268A, shall be permitted to serve as a member of a retirement board.