HomeMy WebLinkAbout2012-08-28 Retirement Board Minutes1Lh9
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, August 28, 2012
The Reading Retirement Board held a regular session meeting on August 28, 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 Sharon
Angstrom, Francis Driscoll, Thomas Clough, Board Administrator, Colleen Loughlin, and Francis Duclos.
Richard Foley was not able to attend.
SPECIAL ITEM
• FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior non - membership
service for creditable service:
Francis Duclos Middlesex County Retirement Board 1/15/75- 9/5/75 7.5 months
The total purchase amount is $1,625.53. Frank will make a lump -sum payment. Middlesex County
Retirement Board will not accept liability.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
• Sergeant Duclos was able to produce W -2 for 1975 and Police Chief David Scott from Town of Pepperell
provided hours worked during this period. Mr. Duclos worked for the CETA program during this period.
MINUTES
• Regular session minutes for the June 26, 2012 meeting were signed by all board members, except Sharon
Angstrom.
• FRANCIS DRISCOLL moved to accept the July 24, 2012 regular session minutes as written, except Joseph
Veno who was not present.
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -1) ABSTAINED: JOSEPH VEND
• Minutes from the July 31, 2012 special session to be read and approved by all board members, except Joseph
Veno and Thomas Clough who were not present.
Tabled.
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following new members:
John Keough Firefighter Date of hire — 7/30/12 8%+2%
(Fire) Date of membership — 1/96
David Polson Facilities Manager Date of hire & membership — 8/6/12 9%+2%
(RMLD)
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
1" n
• FRANCIS DRISCOLL moved to approve the following retirement application:
Richard Stansfield Station Operator 9/1/12 30 years, 2 mths Option C
(RMLD)
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following calculations for the following retirements approved
by PERAC:
Gail LaPointe
(Superannuation)
Craig Owen
(Superannuation)
Lynne Graham
(Superannuation)
Joseph Donahoe
(Superannuation)
Accounting
RMLD
School
IINuW-11
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
6/29/12
Annuity:
Pension:
Yearly:
Monthly:
6/23/12
Annuity:
Pension:
Yearly:
Monthly:
6/19/12
Annuity:
Pension:
Yearly:
Monthly:
4/21/12
Annuity:
Pension:
Yearly:
Monthly
23 years, 0 mths
$11,873.64
$14,944.80
$26,818.44
$ 2,234.87
18 years, 6 mths
$12,391.92
$21,894.48
$34,286.40
$ 2,857.20
23 years, 8 mths
$ 2,527.56
$ 7,822.32
$10,349.88
$ 862.49
25 years, 1 mth
$ 10,002.24
$ 41,132.16
$ 51,134.40
$ 4,261.20
Option A
Option C
Option A
Option C
• FRANCIS DRISCOLL moved to approve request from Board Administrator and Town Accountant to attend
the PERAC Emerging Issues Forum being held September 20, 2012 at College of the Holy Cross in
Worcester, MA:
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
12
• FRANCIS DRISCOLL moved to request that board meetings be recorded.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
FRANCIS DRISCOLL moved to approve the following warrant #AP082012 totaling $663,269.50:
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
$
59,420.73
Federal Tax Deductions
Reading Credit Union
$
32,478.00
Credit Union Deductions
August Retirement Allowances
$ 511,882.42
Net Retiree Payroll
Town of Reading Treasurer
$
50,170.40
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
185.36
Postage due Town
Town of Reading Treasurer
$
6,387.28
August's Administrator's Salary
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
INFORMATION /OUESTIONS /OTHER ITEMS
• James Sharkey chose Option C at his retirement and his spouse has passed away.
• John Beaudoin (Non- contributory), who worked for the Police Department and retired on March 1, 1980,
passed away on July 30, 2012.
• Evora Bacon, who worked for the School Department and retired on August 31, 1980, passed away on
7/23/12. 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 fund performance for period ending June 30, 2012.
The PRIT fund's monthly statement & fund performance for period ending July 31, 2012.
General Ledger Trial Balance as of June 30, 2012 and July 31, 2012.
Bank Reconciliation for the month ending June 30, 2012 and July 31, 2012.
PRIT June 2012 Quarterly Profile.
• The next board meeting is scheduled for September 25, 2012 at 6:00 pm in the Lower Level Conference
Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #39/2012 — Regular Compensation status of payments made in lieu of taking vacation leave
PERAC Memo #40/2012 — Reinstatement to Service under G.L. c. 32 § 105
PERAC Memo #41/2012 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental
Disability Retirees and Accidental Death Survivors
PERAC Memo #42/2012 — Same Sex Marriage Option Change (Section 58 of Chapter 118 of the Acts of 2012)
PERAC Memo #43/2012 — Local Option Increase to Benefits Payable to Widows and Widowers of Disabled
12 2
Public Employees under § 101 (Chapter 139 of the Acts of 2012)
PERAC Memo #44/2012 – Anti- Spiking Worksheet
PERAC Memo #45/2012 – Tobacco Company List
OLD BUSINESS
THOMAS CLOUGH moved to clarify that the Reading Retirement Board intended for Colleen Loughlin,
Retirement Board Administrator, to receive the full $5,000 and that the $5,000 increase on July 1, 2012 will be
fully assumed by the Retirement Board as well as the $5,000 increase being given in January 2013.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4 -0 -0) UNANIMOUS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 7:02 P.M.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
ZIN vzl'lr�
irman, Joseph R. Veno, 2d
1q. OA"iavh2m) —
Sharon M. Angstrom, Ex trio
Richard P. Foley, 1" appointed
Vice Chairman, Francis P. Driscoll, I" elected
1
Thomas A. Clough, 2" pointed