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HomeMy WebLinkAbout2012-09-25 Retirement Board Minutes12 rt 3 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, September 25, 2012 The Reading Retirement Board held a regular session meeting on September 25, 2012, in The Lower Level Conference Room Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. by Vice Chairman Francis Driscoll in the presence of members Richard Foley, Sharon Angstrom, and Board Administrator, Colleen Loughlin. Joseph Veno and Thomas Clough were not able to attend. • Regular session minutes for the July 24, 2012 meeting were signed by all board members. • RICHARD FOLEY moved to accept the July 31, 2012 special session minutes as written. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS • Minutes from the August 28, 2012 regular session to be read and approved by all board members, except Richard Foley who was not present. Tabled. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following new member: Gregory Barstow Station Operator Date of hire & membership — 9/18/12 9%+2% (RMLD) SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve the following retirement application: Bruce Fenton Foreman 1/3/13 39 years, 6 mths Option C (DPW) SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve the following calculatic PERAC: Nancy Aberman Librarian 7/28/12 (Superannuation) Annuity: Pension: Yearly: Monthly: m for the following retirement approved by 32 years, 7 mths Option A $ 7,697.64 $27,461.40 $35,159.04 $ 2,929.92 y r. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • There was a unanimous consensus of the Board to send a letter to PERAC regarding William Van Horn's medical panel report. RICHARD FOLEY moved to elect Colleen Loughlin as the election officer for the election of the second member, Joseph Veno: SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS RICHARD FOLEY moved to approve request from Board Administrator to attend the MACRS Fall Conference being held October 14 — October 17, 2012 at Sheraton Springfield in Springfield, MA. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID RICHARD FOLEY moved to approve the following warrant #AP092012 totaling $673,298.97: Commonwealth of Mass. $ 646.05 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,749.40 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 59,905.44 Federal Tax Deductions Reading Credit Union $ 33,978.00 Credit Union Deductions Sept. Retirement Allowances $ 521,790.73 Net Retiree Payroll Town of Reading Treasurer $ 50,611.98 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 167.75 Postage due Town Town of Reading Treasurer $ 4,232.96 September's Administrator's Salary SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • At the June 26, 2012 board meeting, the Board approved retirement application for Mark Russell with a retirement date of 9/1/12. Correct date of retirement should be 9/2/12. • Discussed issue with Jospeh Belmonte's veteran buyback. • James Sharkey chose Option C at his retirement and his spouse has passed away. PERAC has included in their records the payment of an Option A retirement allowance to Mr. Sharkey (Option C "pop -up "), effective as of July 27, 2012. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending August 31, 2012. General Ledger Trial Balance as of August 31, 2012. Bank Reconciliation for the month ending August 31, 2012. • The next board meeting is scheduled for October 23, 2012 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #46/2012 — Anti - Spiking Review OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 7:15 P.M. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS Chairman, Joseph R. Veno, 2 °° elected au'u'n �:/- aA420?M= Sharon M. Angstrom, Ex Officio Richard P. Foley, I" appo' ted Vice Chairman, Francis P. Driscoll, I" elected Thomas A. Clough, 2°° appointed