The URL can be used to link to this page

Home My WebLink About2012-04-24 Retirement Board Minutes1254 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, April 24, 2012 The Reading Retirement Board held a regular session meeting on April 24, 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. MINUTES Regular session minutes for the February 9, 2012 meeting were signed by all board members, except Joseph Veno and Gail LaPointe who were not present. • RICHARD FOLEY moved to accept the February 21, 2012 regular session minutes as written, except Francis Driscoll and Gail LaPointe who were not present. SECONDED BY: TOM CLOUGH VOTED: (3 -0 -2) ABSTAINED: GAIL LAPOINTE & FRANCIS DRISCOLL • Minutes from the March 27, 2012 regular session to be read and approved by all board members. Tabled. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new member: Genevieve Fiorente Rec Program Coordinator Date of hire & membership — 4/23/12 9%+2% (Recreation) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following retirement application: Craig Owen Materials Manager 6/22/12 18 years, 6 mths Option C (RMLD) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the Revised final calculation for the following retirement approved by PERAC: Joan Lavoie School (Superannuation) SECONDED BY: 'RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS 1/6/12 23 years, 3 mths Option A Annuity: $ 2,972.28 Pension: $ 8,834.04 Yearly: $11,806.32 Monthly: $ 983.86 1255 ' 1 APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve Joseph Veno the Chairman. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS • JOSEPH VENO moved to approve Francis Driscoll the Vice - Chairman. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to review, approve, and sign the Annual Statement for PERAC for calendar year ended December 31, 2011: SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve request from Board Administrator to attend the MACRS 2012 Spring Conference being held June 3 -June 6, 2012 in Hyannis, MA: SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve to increase the minimum monthly allowance contained in G.L. c.32, § 12(2)(d) from $250 to $500. The local option to increase the minimum allowance must be accepted by a majority vote of the Retirement Board and by the legislative body: SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • Approve /Deny to $15,000 minimum retirement allowance for retirees who had been granted in excess of 25 years of creditable service. This local option is accepted by a majority vote of the Retirement Board, and by vote of the legislative body. Tabled. • FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior non - membership service for creditable service: Robert Keating Jr. West Bridgewater 6/1/68- 6/1/71 7 months (pro- rated) The total purchase amount is $1,076.66. Bob will begin payroll deductions with the May 11, 2012 pay period. SECONDED BY: RICHARD FOLEY VOTED:' (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • FRANCIS DRISCOLL moved to approve the following warrant #AP042012 totaling $646,213.85: Commonwealth of Mass. Commonwealth of Mass. Commonwealth of Mass. Internal Revenue Service Reading Credit Union April Retirement Allowances Town of Reading Treasurer Town of Reading Town of Reading Treasurer Quincy Retirement Board MACRS Cape Codder Resort & Spa West Payment Center Medical Records Association SECONDED BY: RICHARD FOLEY VOTED: . (5 -0 -0) UNANIMOUS 1256 $ 628.89 RHA Health Ins. Deductions $ 1,882.60 State Tax Deductions $ 216.66 Child Support $ 57,441.97 Federal Tax Deductions $ 31,708.00 Credit Union Deductions $ 494,904.51 Net Retiree Payroll $ 49,859.13 Hlth, Life, & Dental Ins. Deductions $ 167.90 Postage due Town $ 3,697.67 April's Administrator's Salary $ 4,751.33 Section 3(8)(c) Reimbursement for 2011 $ 270.00 Education & Training — MACRS Spring Conference $ 288.92 Travel Expense — MACRS Conference $ 372.00 Admin. Expense — Ch. 32 inserts $ 24.27 Medical Expense— W. Van Horn • The Town Moderator must be notified that the Retirement Board will be voting on the. COLA increase for FY2013 at the May 29, 2012 board meeting. • A transfer amount of $12,313.18 dated 4/20/12 was received from State Retirement Board for Jessie Wilson, Planner. State will accept liability for 2 years, 10 months, and 29 days of creditable service. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Norfolk County Retirement System - Natick Retirement System • Thomas O'Connor, Sr., who worked at the RMLD and retired on December 1, 1991; passed away on 4/3/12. He chose Option A at his retirement. • Marie Cohick, who worked in the Cafeteria and retired on August 31, 1985, passed away on 3/23/12. She chose Option A at her retirement. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending March 31, 2012. Bank Reconciliation for the month ending March 31, 2012. The next board meeting is scheduled for May 29, 2012 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Open Letter to All Retirement Boards — Governor Deval Patrick signed into law Chapter 176 of the Acts of 2011 on November 18, 2011. The intent of these governance provisions was in part to provide greater transparency and openness in government and to establish some additional oversight of the systems by PERAC. Since the recent concerns, PERAC thought it would be helpful to provide a detailed chronology for review. PERAC Memo #30/2012 —Tobacco Company List 1257 PERAC Memo #31/2012 — COLA Notice Update — Board Vote Needed Prior to June 30, 2012 PERAC Memo #32/2012 — Statement of Financial Interests (SFI) Reminder PERAC Memo #33/2012 — Chapter 32, Section 15(7) PERAC Pension Newsflash — SFI's due May 1, 2012 PERAC Issues Guidance Memo OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 RRS IN ADVANCE OF MEETING ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:10 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS Thomas A. Clough,