Retirement Board approves $1.9 million in operating expenses for winter months.
Andover Retirement Board greenlights $1.9M in winter operating expenses. Chair Mathew Fabiani, Eric Teichert, and newly appointed ex-officio member Andrea Dimitriadis unanimously approved wire transfers of $1.3 million for December, $1.2 million for January, and up to $1.6 million for February,
Retirement Board · Meeting of January 29, 2026
Andover Retirement Board greenlights $1.9M in winter operating expenses. Chair Mathew Fabiani, Eric Teichert, and newly appointed ex-officio member Andrea Dimitriadis unanimously approved wire transfers of $1.3 million for December, $1.2 million for January, and up to $1.6 million for February, along with a January payroll of $1.77 million. The board approved retirement allowances for four departing employees, John Parker, Meryl Holber, Terri Feole, and Charles Kearn, and two intents to retire, and approved transfer-in credits totaling $214,037.62 from school employees.
Executive Director Derek Minervini reported that a Cost of Living Adjustment public hearing must be scheduled to vote on a rate between 2.8 and 3 percent, per recent PERAC guidance.
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Source: the Retirement Board meeting of January 29, 2026, compiled from the official minutes.
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