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Home My WebLink About2012-03-27 Retirement Board Minutes1 2 49 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, March 27, 2012 The Reading Retirement Board held a regular session meeting on March 27, 2012, in The Lower Level Conference Room Town Hall, Reading, Massachusetts. 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. APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to appoint Thomas Clough as the fifth Board Member. His term will run from 4/1/12- 3/31/15. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS Board went into a brief recess at 6:02 pm while Thomas Clough was sworn in by Town Clerk. Board resumed meeting at 6:07 pm. MINUTES • Regular session minutes for the January 24, 2012 meeting were signed by all board members. • FRANCIS DRISCOLL moved to accept the February 9, 2012 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (3 -0 -2) ABSTAINED: JOSEPH VENO and GAIL LAPOINTE • RICHARD FOLEY moved to accept the February 21, 2012 regular session minutes as written. SECONDED BY: THOMAS CLOUGH VOTED: (3 -0 -2) ABSTAINED: FRANCIS DRISCOLL and GAIL LAPOINTE APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new members: Carol Chapman Secretary Date of hire— 10 /11 /01 9 % +2% (School) Date of membership — 2/27/12 (Possibly eligible for Buyback) Robert Gannon System Administrator (RMLD) Jennifer Shoemaker Comm.Ed.Program Coord. (School) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS Date of hire & membership - 3/6/12 9 %+ 2% Date of hire — 8/30/10 9%+2% Date of membership — 3/12/12 (Possibly eligible for Buyback) • FRANCIS DRISCOLL moved to approve the following transfer of funds to other systems: Jeffrey Strong To Mass Teachers' Retirement $36,654.65 15 years and 3 months (Police Dispatch) Robert Ventura To State Retirement (School — Comp Tech) Gary Carroll To State Retirement (DPW) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS $ 9,481.02 2 years and 8 months $ 286.76 l month • FRANCIS DRISCOLL moved to approve the following retirement application: Nancy Aberman Librarian (Library) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 1250 7/28/12 31 years, 10 mths Option A • FRANCIS DRISCOLL moved to approve William Van Horn's application for Accidental Disability Retirement. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to waive an error that was not the result of erroneous information provided by the member according to MA G.L. c.32, § 20(5)(3). Received a response from Wakefield Retirement Board regarding the error on creditable service that Wakefield listed on a letter when Mr. Rich took a refund from their board. A letter dated April 14, 1998 from the Wakefield Retirement Board states that James Rich was a member of the Wakefield Retirement Board for the period March 2, 1976 to November 30, 1985. He took a refund of $9,554.93 on December 4, 1985 for a total of 9 years, 8 months of creditable service. James Rich completed the buyback with the Reading Retirement Board adding 9 years and 8 months of creditable service to his total creditable service. He retired on November 22, 2010. It wasn't until Reading Retirement Board sent the Section 3(8)(c) Reimbursement letter to Wakefield that they realized the error in Mr. Rich's creditable service. Wakefield Retirement Board has informed our board that his creditable service is actually 9 years and 7 months. Reading Retirement Board sent a request to Wakefield Retirement Board asking if they would consider MA G.L. c.32, § 20(5)(3) which would allow their board to waive an error that was not the result of erroneous information provided by the member. Wakefield Retirement Board denied the Board's request. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • Discuss to approve /deny the increase to the minimum monthly allowance contained in G.L. c.32, § 12(2)(d) from $250 to $500. This section becomes effective on February 16, 2012. The local option to increase the minimum allowance must be accepted by a majority vote of the Retirement Board and by the legislative body. Tabled until next meeting. 1251 APPROVAL OF INVOICES TO BE PAID • FRANCIS DRISCOLL moved to approve the following warrant #AP032012 totaling $700,257.75: Commonwealth of Mass. $ 628.89 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,882.60 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 58,013.05 Federal Tax Deductions Reading Credit Union $ 31,708.00 Credit Union Deductions March Retirement Allowances $ 499,747.51 Net Retiree Payroll Town of Reading Treasurer $ 50,660.59 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 334.15 Postage due Town Town of Reading Treasurer $ 5,546.48 March's Administrator's Salary Joseph R. Vero $ 17.76 Travel - Mileage Reimb. Training Wellesley Retirement Board $ 2,497.34 Section 3(8)(c) Reimbursement for 2011 Arlington Retirement Board $ 2,582.29 Section 3(8)(c) Reimbursement for 2011 Barnstable County Retirement $ '36,654.65 Transfer to Other System — J. Strong State Retirement Board $ 9,481.02 Transfer to Other System — R. Ventura Winthrop Retirement Board $ 286.76 Transfer to Other System — G. Carroll SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • Discussed PERAC Memo #19/2012 — 2011 Statement of Financial Interests. Some Board members needed clarification of what is required to be submitted to PERAC. • Discussed reclassification of the Retirement Board Administrator's position. The Board decided that Gail LaPointe will address the town for approval for the change. • Discussed the possibility of contacting Mike Daley, former CPA and former Town Accountant and Finance Director, when needed. The Board Administrator wanted to give the board prior notice that there may be a need to contact him for help in the future since Gail LaPointe will be retiring in June 2012. • Discussed group classification for RMLD position of tech/meter reader. • Discuss the calculation of possible buyback of member. Information from other board does not supply hours worked. Assumed hours based on salary earned during that year and information supplied from member. • Received letter from PERAC that the Reading Retirement Board will continue to be granted the waiver of submitting superannuation retirement calculations for approval. • Received notification from PERAC with the additional amount to be appropriated for the retirement system to reflect the military service fund appropriation for Michael Lee and Christine Amendola. The total additional appropriation amount is $12,712.54. • Lillian Racine, survivor of retiree Harvey Racine, was approved for accidental death benefits by PERAC. She will receive a monthly pension of $1,678.75. • Rita Nelson, Option C beneficiary of Hobart Nelson died March 8, 2012. • Received notice from the Town that the Board of Selectmen have decided not to permit remote participation by Boards, Committees or Commissions. The board administrator confirmed with the Attorney General's office that the Reading Retirement Board is separate from the town and can adopt remote participation. 1252 A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending February 29, 2012. Bank Reconciliation for the month ending February 29, 2012. PRIT December 2011 Quarterly Profile. The next board meeting is scheduled for April 24, 2012 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #22/2012 — Collusion/Fraud Provisions of Chapter 176 PERAC Memo #23/2012 — Service Purchases Pursuant to G.L. c. 32, § 3 PERAC Memo #23/2012 — CORRECTED — Service Purchases Pursuant to G.L. c. 32, § 3 PERAC Memo #24/2012 — Correction of Erroneous Employee Contributions PERAC Memo #25/2012 — Educational Credits/NCPERS TEDS Conference/New York PERAC Memo #26/2012 — Mandatory Retirement Board Member Training Email from PERAC stating that in PERAC Memo #26/2012, the ethics seminar being presented in April in Boston will be held on April 25, not April 26 at 10 am. PERAC Memo #27/2012 — Investment Under Chapter 176 of the Acts of 2011 PERAC Memo #28/2012 — Updated Worksheet for Post Retirement Limits on Public Employment for Retirees of a Public Retirement System who Retired for Superannuation (Follow -up to Memo 428/2011) PERAC Memo #29/2012 — Pro - ration of Benefits by Job Group PERAC Pension Newsflash — John Parsons Appointed PERAC General Counsel PERAC Pension Newsflash — Tom O'Donnell Appointed Compliance Officer of PERAC 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 7:30 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS 1253 Kai rm Joseph nz elected Ol Gail Pointe,, Ex Officio ul1oiJ ( , Richard P. Foley, I" appoint d � ' fp /n) 1 Vice Chairman, Francis P. Driscoll, I' elected Thomas A. Clough,