2014-09-23 Retirement Board Minutes

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1383 MINUTES OF THE READING RETIREMENT BOARD MEETING %,;,- L'_ I V � j Tuesday, September 23, 2014 i =!�JN CLERK The Reading Retiltr)IIAC�oa {d field a regular session meeting on September 23, 2014, in The Berger Room, Town Hall, Reading, Massachusetts. 1u115 JUN 30 P 12* 48 The meeting was called to order at 6:05 P.M. by Chairman Francis Driscoll in the presence of members Richard Foley, Joseph Veno, Thomas Clough, Sharon Angstrom and Board Administrator, Colleen Loughlin. Victoria Yablonsky and Alice Collins, Library Board of Trustees, and Ruth Urell, Director, also attended. SPECIAL ITEM Victoria Yablonsky, Alice Collins, and Ruth Urell attended the Board Meeting to ask that the Board consider reducing the membership requirement to the Reading Retirement System. Not all Library employees meet the membership requirement of 1690 hours per year to become a member of the Reading Retirement System; therefore, they are only able to contribute to OBRA if they are not a member of the Reading Retirement System. As a part -time, seasonal or temporary employee of the Commonwealth of Massachusetts, you are required to participate in the SMART plan. The SMART Plan is an alternative to Social Security as permitted by the federal Omnibus Budget Reconciliation Act of 1990 (OBRA). OBRA requires that beginning July 1, 1991, employees not eligible to participate in their employer's retirement program be placed in Social Security or another program meeting federal requirements. The Board discussed how the reduction in hours could affect the pension liability as well as the OPEB liability. MINUTES Regular session minutes for the June 24, 2014 meeting were signed by all board members, except Joseph Veno who was not present. • RICHARD FOLEY moved to accept the July 22, 2014 regular session minutes as written, except Joseph Veno and Thomas Clough who were not present. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -2) ABSTAINED: JOSEPH VENO & THOMAS CLOUGH • RICHARD FOLEY moved to accept the August 26, 2014 regular session minutes, except Sharon Angstrom and Thomas Clough who were not present. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -2) ABSTAINED: SHARON ANGSTROM & THOMAS CLOUGH APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • JOSEPH VENO moved to approve the following new members: Johanna Meyer (RMLD) Edward Wilkins, Jr (School) Janet Hebert (School) Systems Admin II Date of hire & membership — 9/4/14 9%+2% Facilities Manager Date of hire — 9/2/14 9%+2% Date of membership — 3/1/87 (Prior Service with Montague & Worcester) School Business Asst. Date of hire — 9/8/14 9%+2% Date of membership — 7/7/03 (Prior Service with Swampscott)