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Home My WebLink About2012-06-26 Retirement Board Minutes1261 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, June 26, 2012 The Reading Retirement Board held a regular session meeting on June 26, 2012, in The Conference Room, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M. by Chairman Joseph Veno in the presence of members Richard Foley, Gail LaPointe, Francis Driscoll, Thomas Clough, and Board Administrator, Colleen Loughlin. Sharon Angstrom, new Town Accountant was also present. MINUTES N • FRANCIS DRISCOLL to the May 29, 2012 regular session minutes as written.,--I m moved accept —4 a C= YOB rT1 SECONDED BY: RICHARD FOLEY z z VOTED: (5 -0 -0) UNANIMOUS G �0 3rr*rnrn o APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS cn N • FRANCIS DRISCOLL moved to approve the following new members: Sharon Angstrom Accountant Date of hire & membership — 6/18/12 9%+2% (Accounting) Andrea Fiorillo Librarian Date of hire — 6/22/12 9%+2% (Library) Date of membership — 9/09 Kristyn Cohen Admin. Assist. Date of hire & membership — 5/16/12 9%+2% (School) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following retirement applications: Gail LaPointe Accountant 6/29/12 23 years, 0 mths Option A (Accounting) Mark Russell Station Operator 9/1/12 40 years, 2 mths Option C (RMLD) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior Reading non- membership service and prior service for which you received a refund from Wakefield Retirement Board: Kevin Doherty Reading 11/29/10- 2/5/12 11 months Wakefield 7/21/75- 10/5/79 4 years, 2 months 1252 The total purchase amount is $14,081.55. Kevin will begin payroll deductions with the July 6, 2012 pay period. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior non - membership service for creditable service: Jennifer Shoemaker Reading 8/30/10- 3/11/12 10 months The total purchase amount is $2,864.02. Jennifer will begin payroll deductions with the July 6, 2012 pay period. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior non - membership service for creditable service: Paula Santarpio Reading 8/27/07 - 10/23/11 4 years, 1 month The total purchase amount is $12,322.96. Paula will make a lump sum payment of $8,475.93 and begin payroll deductions with the July 6, 2012 pay period. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve to request a medical panel from PERAC for William Van Horn II based on medical reports: SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to increase the Retirement Board Administrator's salary in 2 steps: July 1, 2012 to increase by $5000; and January 1, 2013 to increase an additional $5000: The board discussed a step approach to get the administrator's salary closer to other communities and will work on getting to the average. After 2 step increase, the salary will be comparable to surrounding communities such as Stoneham, Winchester, and Concord, which is still below the average. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID RICHARD FOLEY moved to approve the following warrant #AP062012 totaling $645,897.44: 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 $ 57,977.18 Federal Tax Deductions Reading Credit Union $ 31,758.00 Credit Union Deductions April Retirement Allowances $ 499,257.31 Net Retiree Payroll Town of Reading Treasurer $ 50,146.08 Hlth, Life, & Dental Ins. Deductions 12 63 Town of Reading $ 333.05 Postage due to Town of Reading Town of Reading Treasurer $ 3,697.67 May's Administrator's Salary Cape Codder Resort & Spa * $ - 288.92 Travel Expense — MACRS Conference * Voided check #2523 dated 4/30/12 for $288.92 Cape Codder Resort & Spa (did not get voided in May) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS INFORMATION/OUESTIONS /OTHER ITEMS • Discussed submitting a letter to PERAC requesting a recalculation of a section 3(8)(c) Reimbursement. • Retiree Paul Sheridan and Robert Castine received a "Notification of Termination" from PERAC for failure to file their 2011 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan and Mr. Castine regarding this issue. Mr. Castine lost his paperwork, so the administrator mailed him another form and notified PERAC of situation. Received notice that PERAC has received the completed 2011 Annual Statement of Earnings from Robert Castine. No response from Mr. Sheridan. • The Board Administrator attended the MACRS Training and Spring Conference in Hyannis, MA. Some topics that were discussed: post retirement earnings, fiduciary duties, and Chapter 176 of the Acts of 2011. • Peter Vincent, who worked for the Fire Department and retired on May 31, 1992, passed away on 6/10/12. He chose Option B at his retirement but there are no funds remaining. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Middlesex County Retirement System • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2012. General Ledger Trial Balance as of May 31, 2012 Bank Reconciliation for the month ending May 31, 2012. • The next board meeting is scheduled for July 24, 2012 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #35/2012 — Mandatory Retirement Board Member Training - Quarterly Update PERAC Memo #36/2012 — Timothy McDaid PERAC Memo #37/2012 — PRIT Fund and Chapter 68 of the Acts of 2007 PERAC Memo #38/2012 — Anti- Spiking Provisions of Chapter 176 of the Acts of 2011 PERAC 2011 Annual Report OLD BUSINESS 1264,a OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS 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 hairman, Joseph R. Veno, 2° elected Gail LaPointe, Ex Officio Richard P. Foley, I" appointed A�l.dt.+�cie Vice Chairman, Francis P. kiscoll, 1St elected Thomas A. Clough,