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Home My WebLink About2012-01-24 Retirement Board Minutes1239 MINUTES OF THE READING RETIREMENT BOARD WR K Tuesday, January 24, 2012 RE %+DING, W%SS. The Reading Retirement Board held a regular session meeting on January 24, 2012 in T wer Level Conference Room Town Hall, Reading, Massachusetts. LI�II MAR 2$ A The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard Foley, Gail LaPointe, Francis Driscoll, Thomas Clough, and Board Administrator, Colleen Loughlin. MINUTES • Regular session minutes for the November 22, 2011 meeting were signed by all board members. • FRANCIS DRISCOLL moved to accept the December 13, 2011 regular session minutes as amended. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new member: Daniel Pouliot Firefighter (Fire) SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS Date of hire — 12/23/11 9%+2% Date of Membership — 12/23/11 • FRANCIS DRISCOLLApprove the following refund: Ryan Porter Resigned 6/14/09 (Police) Total deductions & interest Less Interest Net refund (cash) SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS 1 year, 3 months $ 10.91 $ 0.00 $ . 10.91 • FRANCIS DRISCOLL moved to approve the following retirement applications: Joseph Donahoe RMLD (Superannuation) Christine Skentzos RMLD (Superannuation) SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS 4/20/12 25 years, 1 mth Option C 4/21/12 20 years, 0 mths Option B 1240 APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve the request from eligible spouse to petition for accidental death benefits. Harvey Racine, who worked for Fire Dept. and retired on February 12, 1977, passed away on 12/22/11. He chose Option B at his retirement. He retired- on an accidental disability retirement. He retired from hypertension, hypertensive heart disease, premature ventric contraction, and he died of cardiopulmonary arrest, respiratory arrest. His spouse, Lillian has applied for accidental death benefits. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID FRANCIS DRISCOLL moved to approve the following warrant #APO 12012 totaling $723,970.02: Commonwealth of Mass. $ 674.06 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,969.11 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 57,859.19 Federal Tax Deductions Reading Credit Union $ 28,608.00 Credit Union Deductions January Retirement Allowances $ 501,658.08 Net Retiree Payroll Town of Reading Treasurer $ 51,378.91 Hhh, Life, & Dental Ins. Deductions Town of Reading $ 166.52 Postage due Town Town of Reading Treasurer $ 3,697.66 January's Administrator's Salary West Payment Center $ 1.392.00 Admin. Expenses — MA G.L. c.32 The Graphics Shop, Inc. $ 116.11 Administrative Expense — envelopes The Segal Company $ 16,500.00 Professional Services Pension Technology Group $ 16,785.00 Service Contracts MACRS $ 400.00 Annual dues for 2012 Andover Retirement Board $ 4,773.13 Section 3(8)(c) Reimbursement for 2011 Worcester Retirement Board $ 3,270.86 Section 3(8)(c) Reimbursement for 2011 Malden Retirement Board $ 2,431.64 Section 3(8)(c) Reimbursement for 2011 Peabody Retirement Board $ 2,124.22 Section 3(8)(c) Reimbursement for 2011 Lawrence Retirement Board $ 8,670.68 Section 3(8)(c) Reimbursement for 2011 Stoneham Retirement Board $ 9,271.92 Section 3(8)(c) Reimbursement for 2011. Woburn Retirement Board $ 4,485.20 Section 3(8)(c) Reimbursement for 2011 Braintree Retirement Board $ 7,510.16 Section 3(8)(c) Reimbursement for 2011 Refund to Member $ 10.91 Refund to Member — R. Porter SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to classify RMLD Dispatcher as Group 1 based upon the job description we received from Reading Memorial Light Department. 124 1 SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS RICHARD FOLEY moved to enter into a contract with Attorney Nicholas Poser until June 30, 2013 which is consistent with the contract for the actuarial. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS INFORMATION/OUESTIONS /OTHER ITEMS • Sandra Calandrella, school employee who works 25 pay periods, was not having the correct amount withheld for her 2% retirement deductions. The Treasurer has brought this to the school's attention and the issue has been corrected going forward. The member owes the Reading Retirement System $10.21. The member has been notified that the payroll department will deduct the additional $10.21 from the next payroll on 1/6/12. • Received an email from RMLD that included ajob description for a new position, dispatcher. They would like the Board to notify them of the group designation. • Received letter and resume from John F. Keenan, Attorney at Law. • A check was received from Massachusetts Teachers' Retirement Board for full payment of its Section 3(8)(c) reimbursement. • Received letter from Attorney Nicholas Poser. The new Pension Reform laws, Ch. 176 of the Acts of 2011 requires that legal service and other contracts previously exempted from formal procurement rules will be governed by a formal procurement process. However, PERAC has opined that existing contracts are exempt if the contract is amended by Board vote prior to February 16, 2012, to be one for a term of 5 years. • The Segal Company as also submitted a contract for the next 5 years including rates. • Received Amendment to Pension Technology Group Hosting Services Agreement. • Discuss student verification form for dependent allowance. A student verification form was returned from the accredited educational institution and was checked off that the student was not a full -time student. However; the department considers the student full -time because of the additional clinical surgical observation time that is required. • Edward McIntire, Jr., who worked for DPW and retired on July 1, 2009, passed away on 1/17/12. He chose Option C at retirement. His spouse, Mary McIntire, will receive a monthly allowance of $3,922.66, which is 2 /3rds of the amount Ted was receiving when he died. • Walter Franklin, Sr., who worked as a Police Officer and retired on March 6, 2003, passed away on 1/6/12. He chose Option A at his retirement. • Robert Marchand., who worked as a Police Officer and retired on March 31, 1985, passed away on 1/6/12. He chose Option A at his retirement. • Final Notice Affidavits were mailed to all retirees on December 19, 2011. Patricia Hindes.... • Received a check for $6,000 from MI1A for Mark Spataro's Lump Sum Agreement. 1242 • A COLA reimbursement of $157,062.39 from the State for the period 7/1/11 - 12/31/11 was received on 1/3/11. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending November 30, 2011 & December 31, 2011. General Ledger Trial Balance as of November 30, 2011 & December 31, 2011. Bank Reconciliation for the month ending November 30, 2011 & December 31, 2011. • The next board meeting is scheduled for February 21, 2012 at 6:00 pm in the Lower Level Conference Room. Paul Todisco from PRIT will be attending. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #39/2011 —Chapter 176 /Contracts PERAC Memo #40/2011 — Same Sex Marriage Option Change (Section 55 of Chapter 176 of the Acts of 2011) PERAC Memo #41/2011 — Mandatory Ethics Training PERAC Memo #42/2011 — 2011 Disability Retiree Data PERAC Memo #43/2011 — 840 CMR 10:10(3) & 10:15(4) — Annual Review of Medical Testing Fee PERAC Memo #44/2011 — Taxation and Reporting Requirements Workbook, Form 1099R Overview PERAC Memo # 1/2012 — Chapter 268A Compliance Pledge — Section 41 of Chapter 176 of the Acts of 2011 amends Chapter 32 of the MA General Laws to require each retirement board member upon the commencement of his/her term to file with the retirement board and the Commission "...a statement acknowledging the member is aware of and will comply with the standards set forth in Chapter 268A, this chapter (Chapter 32) and rules and regulations promulgated under this chapter." PERAC Memo #2/2012 — Local Option Increasing Board Members' Stipend Section 34 of Chapter 176 of the Acts of 2011 PERAC Memo #3/2012 — Tobacco Company List PERAC Memo #4/2012 — Annual Eligibility Certification PERAC Memo #5/2012 — 2012 Interest Rate set at 0.1 % PERAC Memo #6/2012 — Preparation of the Annual Statement Classes PERAC Memo #7/2012 — Placement Agent Policy Implementation PERAC Memo #8/2012 — Evergreen Clause Legislation PERAC Memo #9/2012 — Actuarial Data PERAC Memo # 10/2012 — 2012 Limits under Chapter 46 of the Acts of 2002 PERAC Memo # 11/2012 — 2012 Limits under Section 23 of Chapter 131 of the Acts of 2010 PERAC Memo #12/2012 — Buyback and Make -up Repayment Worksheets Using Buyback Interest 1241 PERAC Memo # 13/2012 — COLA Notice PERAC Memo #14/2012 — Local Option Increasing Minimum Allowance in G.L. c. 32, § 12 Sections 29 and 30 of Chapter 176 of the Acts of 2011 PERAC Memo 415/2012 — Procurement Under Chapter 176 of the Acts of 2011 PERAC Memo # 16/2012 — Retirement Board Member Data PRIM Board 2011 Annual CAFR Report OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:00 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS U� Officio I C7— elected Richard P. Foley, 1" appointed Ps7.� �oP� Vice Chairman, Francis P. Driscoll, I' elected Thomas A. Clough, 2° appointed