Vincent Malgeri

PERAC Approves Vincent Malgeri as 5th Member

JANUARY 23, 2012: Today, the Public Employee Retirement Administration Commission (PERAC) approved the fifth and final member of the Essex Regional (County) Retirement Board.

Vincent Malgeri, chairman of the Newburyport Retirement Board, had been chosen by the first four members of the Essex Board to be their fifth member after interviewing five finalists.
Essex Board members Ira Singer, Kevin Merz, Susan Yaskell and H. Joseph Maney voted for Malgeri at their January meeting, but needed PERAC’s approval at today’s PERAC meeting. This approval was part of a special law enacted by the Legislature after a two-year review by PERAC and state officials.

The Board’s restructure included two new elected members, Yaskell and Maney, both retirees. A new representative of the treasurers of the towns and units in the Essex elected one of their own, Ipswich Town Treasurer Kevin Merz, to be their designee on the Board. Ira Singer, the Board’s first member, was elected by the System’s town managers of the members’ units. He is the Middleton Town Manager.

Because the fifth member cannot be a member of the Essex System, the applicants came from varied backgrounds. Malgeri, a Newburyport attorney, is Mayor Donna Holaday’s appointee on that city’s Retirement Board. With the Board’s five members now in place, they elected member Joe Maney to be chairman. Maney is a retired Lynnfield Town Administrator.

Charles  "CHUCK" Kostro is the Executive Director of the Essex Regional Retirement System. There are 4,128 employees and 1,165 retirees in the system. Those members encompass 19 towns and 29 assorted housing authorities, regional school districts (non-teachers) and water districts in the system. Approximately 50% of the retirees and survivors are members of our Association.