HomeMy WebLinkAbout2012-10-23 Retirement Board Minutes12
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, October 23, 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 Chairman Joseph Veno, in the presence of members Richard
Foley, Sharon Angstrom, Francis Driscoll, Thomas Clough, and Board Administrator, Colleen Loughlin.
MINUTES
• Special session minutes for the July 31, 2012 meeting were signed by all board members, except Joseph Veno
and Thomas Clough who were not present.
• FRANCIS DRISCOLL moved to accept the August 28, 2012 regular session minutes as written, except
Richard Foley who was not present.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -1) ABSTAINED: RICHARD FOLEY
• FRANCIS DRISCOLL moved to accept the September 25, 2012 regular session minutes as written, except
Thomas Clough and Joseph Veno who were not present.
SECONDED BY: RICHARD FOLEY
VOTED: (3 -0 -2) ABSTAINED: JOSEPH VENO & THOMAS CLOUGH
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following new members:
Julianne DeAngelis RCASA —Outreach Coord. Date of hire —2/7/11 9%+2%
(Police) Date of membership — 10/1/12
(Possibly eligible for buyback)
Marc DiLeo Station Operator Date of hire & membership — 10/4/12 9%+2%
(RMLD)
Andrew Strutt Help Desk Technician Date of hire & membership — 9/24/12 9%+2%
(School)
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following calculation for the following retirement approved by
PERAC:
Bruce Russell Police 8/31/12 34 years, I 1 mths Option C
(Superannuation) Annuity: $14,655.24
Pension: $44,095.32
Yearly: $58,750.56
Monthly: $ 4,895.88
Richard Stansfield RMLD 9/1/12
30 years, 2 mths
(Superannuation) Annuity:
$ 9,501.48
Pension:
$33,124.68
Yearly:
$42,626.16
Monthly:
$ 3,552.18
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
Option C
• FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior creditable service
for which he received a refund.
Marc DiLeo Middlesex County 10/28/02 - 11/26/10 8 years, 29 days
The total purchase amount is $25,960.26. Middlesex County Retirement Board will accept liability for 8
years, 29 days. Marc will begin payroll deductions with the November 9, 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 #AP102012 totaling $667,088.95:
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
$
59,201.27
Federal Tax Deductions
Reading Credit Union
$
33,578.00
Credit Union Deductions
Oct. Retirement Allowances
$
516,503.05
Net Retiree Payroll
Town of Reading Treasurer
$
50,867.67
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
170.50
Postage due Town
Town of Reading Treasurer
$
4,156.35
October's Administrator's Salary
SECONDED BY: RICHARD FOLEY
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• RICHARD FOLEY moved to approve request from eligible member to purchase military service for
creditable service.
Joseph Belmonte USMC -11 4/1/77- 11/30/81 4 years
In February 2003, there was a change to the Military Service Credit Provision. Chapter 468 of the Acts of
2002 removed the ten -year creditable service requirement in order to purchase service for military service.
On March 28, 2003, Joseph Belmonte Jr. was notified of the change. Because he did not receive the Notice of
Potential to Benefits form at the time of entry into the system and the 10 -year creditable service requirement
was removed, he did not complete the Notice of Potential Benefits form until October 2003, therefore, the
Board will allow him to purchase his military service.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5 -0 -0) UNANIMOUS
INFORMATION /QUESTIONS /OTHER ITEMS
• Discussed issue with Joseph Belmonte's possibility of veteran buyback.
• Received memo from PERAC regarding retirees eligible for a waiver of fling the required Annual Statement
of Earned Income. As a result of Chapter 176 of the Acts of 2011, PERAC is directed to make such
determination and obtain from those retirees a signed Annual Statement of Earned Income Waiver Affidavit
before such eligibility can take place.
• Received memo from PERAC regarding clarification request for William Van Horn, II was sent to each
doctor on the medical panel.
• Stella Halfyard, who worked as a secretary for the Town of Reading and retired on June 29, 1979, passed
away on 9/12/12. She chose Option A at retirement.
• Thomas Lyle, who worked for the Fire Dept. as a Fire Fighter and retired on March 5, 1989, passed away on
9/19/12. He chose Option A at his retirement.
• James Sharkey, who worked for the Fire Dept. as Captain and retired on May 5, 1990, passed away on
10/8/12. His wife predeceased him. He chose Option C at his retirement.
• Bruce Gustafson, who worked for RMLD and retired on August 1, 2005, passed away on 10/13/12. He chose
Option A at his retirement.
• Affidavits were mailed to all retirees on October 16, 2012.
• Received Thank You note from Mr. James Rich regarding his pension adjustment. He was grateful to hear
that the Reading Retirement Board made an attempt to accept liability for the error that occurred in Wakefield
regarding the 1 month of creditable service.
• A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement.
- State Retirement Board
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending September 30, 2012.
General Ledger Trial Balance as of September 30, 2012.
Bank Reconciliation for the month ending September 30, 2012.
• The next board meeting is scheduled for November 27, 2012 at 6:00 pm in the Lower Level Conference
Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #47/2012 — Mandatory Retirement Board Member Training - Quarterly Update
r
PERAC Memo #48/2012 — Appropriation Data Due October 31, 2012 — Submitted to PERAC on 10/15/12
PERAC Memo #49/2012 — Investment Under Chapter 176 of the Acts of 2011
PERAC Memo #50/2012 — Tobacco Company List
PERAC Pension Newsflash
PERAC Memo #51/2012 — Chapter 32, Section 23B Contract Terms, Indemnification, Disclosure, and Fiduciary
Duty
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 6:55 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (5 -0 -0) UNANIMOUS
11CO airman, Joseph R. Veno, 2 "d elected
Sharon M. Angstrom, Ex Officio
g'zuF cV
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Richard P. Foley, 1 S` appo' ted
Vice Chairman, Francis P. Driscoll, I" elected
Thomas A. Clough, 2" appointed