The URL can be used to link to this page

Home My WebLink About2012-07-24 Retirement Board Minutes1265 MINUTES OF THE READING RETIREMENT BOARD MEETIN(iECEIVED Tuesday, July 24, 2012 TOWN CLERK READING. MASS. The Reading Retirement Board held a regular session meeting on July 24, 2012, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. All SEP 2b A & 44, The meeting was called to order at 6:01 P.M. by Vice Francis Driscoll in the presence of members Richard Foley, Sharon Angstrom, Thomas Clough, and Board Administrator, Colleen Loughlin. MINUTES • Regular session minutes for the May 29, 2012 meeting were signed by all board members. • RICHARD FOLEY moved to accept the June 26, 2012 regular session minutes as written. SECONDED BY: THOMAS CLOUGH VOTED: (3 -0 -1) ABSTAINED: SHARON ANGSTROM APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following transfer of funds to other system: Stephen Duke To Stoneham Retirement Board $7,031.66 2 years, 4 months (Dispatch) SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve the following retirement application: Bruce Russell Sergeant (Police) SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS 8/31/12 34 years, 10 months Option C • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: Nancy Aberman Saugus 12/1/79- 9/12/80 9 months The total purchase amount is $1,893.21. Saugus will not accept liability. Nancy will make a lump sum payment. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 12 E, 5 INFORMATION /OUESTIONS /OTHER ITEMS APPROVAL OF INVOICES TO BE PAID RICHARD FOLEY moved to approve the following warrant #AP082012 totaling $705,566.19: Commonwealth of Mass. $ 646.05 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,882.60 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 59,232.65 Federal Tax Deductions Reading Credit Union $ 31,758.00 Credit Union Deductions July Retirement Allowances $ 512,088.57 Net Retiree Payroll Town of Reading Treasurer $ 50,488.74 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 179.27 Postage due Town Town of Reading Treasurer $ 3,697.67 July's Administrator's Salary Wakefield Retirement Board $ 6,292.74 Section 3(8)(c) Reimbursement for 2011 Boston Retirement Board $ 8,482.29 Section 3(8)(c) Reimbursement for 2011 Middlesex County Retirement Bd $ 23,569.29 Section 3(8)(c) Reimbursement for 2011 Stoneham Retirement Board $ 7,031.66 Transfer to Other System — S. Duke SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTHER ITEMS • Board Members should sign a signature card for the Treasurer- Collector to have on file. • Accidental disability retiree Charles Johnson had excess earnings for the year 2011. A notification letter was sent out on July 23 with a deadline of August 17 to either pay the amount due to the retirement board or to request a hearing. If neither has happened then the retirement allowance will be suspended beginning with the August check until the total amount has been collected. Charles Johnson called on 7/23/12 and would like to do the same thing as prior years when he had excess earnings — withhold his monthly retirement allowance with the exception of his health & life insurance deductions until the full amount of $3,034.86 owed to the retirement system has been paid. If Board agrees to withhold his monthly retirement allowance, the full amount of $3,034.86 will be paid by October 2012. The Board agreed to withhold his monthly retirement allowance until amount is paid in full. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Wakefield Retirement System • A COLA reimbursement of $109,230.97 from the State for the period 1/1/12- 6/30/12 was received on 6/28/12. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement for period ending June 30, 2012. • The next board meeting is scheduled for August 28, 2012 at 6:00 pm in the Lower Level Conference Room. -1LtI MEMORANDUMS & LETTERS RECEIVED PERAC Emerging Issues Forum — September 29, 2012 at 9am to 3 pm at Hogan Campus Center, College of the Holy Cross, Worcester, MA OLD BUSINESS RICHARD FOLEY moved to rescind the vote on June 26, 2012 regarding Board Administrator's salary and replace with the following: The Board Administrator's salary of $53,411 will be increased by 2% on July 1, 2012. In addition the annual salary will be increased by $5,000 on July 1, 2012 and $5,000 on January 1, 2013. In further, the board will adopt the salary schedule as presented on Option 2. This scale will be subject to adjustment as the Town presents a cost of living adjustment. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 7:10 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS Chairman, Joseph R. Veno, 2° d elected K-) of Sharon M. Angstrom, EM Officio )7A Richard P. Foley, 1St appointch J-- r-, --, . n fi Vice Chairman, Francis P. Driscoll, 1St elected Thomas A. Clough, 2 °° appointed