The URL can be used to link to this page

Home My WebLink About2012-11-27 Retirement Board Minutes1280 MINUTES OF THE READING RETIREMENT BOARD W L fv tv Tuesday, November 27, 2012 TOWN CLERK oofF The Reading Retirement Board held a regular session meeting on Novemb9l'..,,7 nnth(; 2012, MA in TShS. e Lower Level Conference Room Town Hall, Reading, Massachusetts. 1j13 FEB 21 A 11-- 01 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 • Regular session minutes for the August 28, 2012 meeting were signed by all board members, except Richard Foley who was not present. • Regular session minutes for the September 25, 2012 meeting were signed by all board members, except Thomas Clough and Joseph V eno who were not present. • FRANCIS DRISCOLL moved to accept the October 23, 2012 regular session minutes as written. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new member: Amy Lannon Assistant Director Date of hire— 10/14/03 (Library) Date of membership— 1I /1/12 (Possibly eligible for buyback) SECONDED BY: THOMAS CLOUGH VOTED: (5 -0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following refund of accumulation deductions: Kimberly Wyman Resigned 5/6/11 1 year, 10 days (RMLD) Total deductions & interest (3% rule applied) $ 4,564.56 Less Interest $ 0.00 Net refund (rollover) $ 4,564.56 SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 9 % +2% • FRANCIS DRISCOLL moved to approve a pay date of December 14, 2012 for the December retiree checks: SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS 1281 APPROVAL OF INVOICES TO BE PAID • FRANCIS DRISCOLL moved to approve the following warrant #API OA2012 totaling $591.03 APPROVAL OF MISCELLANEOUS ITEMS INFORMATION /OUESTIONS/OTHER ITEMS • Received memo from PERAC regarding clarification request for William Van Horn, II was sent to each doctor on the medical panel. Received response from Dr. Thakur. • Affidavits were mailed to all retirees on October 16, 2012. Second notices were sent out November 9, 2012. There are 8 affidavits still due. Final notices will be mailed sent out November 29, 2012. • Leslie Hadley, who worked for the Fire Dept. as a Fire Fighter and retired on July 30, 1983, passed away on 11/9/12. He chose Option Bat his retirement but them are no funds remaining. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending October 31, 2012. General Ledger Trial Balance as of October 31, 2012. Bank Reconciliation for the month ending October 31, 2012. • The next board meeting is scheduled for December 11, 2012 at 6:00 pm in the Lower Level Conference Room. October Retirement Allowances $ 591.03 Net Retiree Payroll SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following warrant #API 12012 totaling $669,491.91: Commonwealth of Mass. $ 655.75 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,749.40 State Tax Deductions Commonwealth of Mess. $ 216.66 Child Support Internal Revenue Service $ 58,711.57 Federal Tax Deductions Reading Credit Union $ 34,053.00 Credit Union Deductions November Retirement Allowances$ 515,048.25 Net Retiree Payroll Town of Reading Treasurer $ 49,621.33 Hhh, Life, & Dental Ins. Deductions Town of Reading $ 312.30 Postage due Town Town of Reading Treasurer $ 4,156.36 November's Administrator's Salary Sharon Angstrom $ 65.66 Travel — Mileaga Reimb. Holy Cross Colleen Loughlin $ 62.15 Travel — Mileage Reimb. Holy Cross Insperlty Trust FBO ASF 401(k) $ 4,564.56 Refund to Member — Rollover Kimberly Wyman W.B. Mason Co, Inc. $ 274.92 Administrative Expense SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS INFORMATION /OUESTIONS/OTHER ITEMS • Received memo from PERAC regarding clarification request for William Van Horn, II was sent to each doctor on the medical panel. Received response from Dr. Thakur. • Affidavits were mailed to all retirees on October 16, 2012. Second notices were sent out November 9, 2012. There are 8 affidavits still due. Final notices will be mailed sent out November 29, 2012. • Leslie Hadley, who worked for the Fire Dept. as a Fire Fighter and retired on July 30, 1983, passed away on 11/9/12. He chose Option Bat his retirement but them are no funds remaining. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending October 31, 2012. General Ledger Trial Balance as of October 31, 2012. Bank Reconciliation for the month ending October 31, 2012. • The next board meeting is scheduled for December 11, 2012 at 6:00 pm in the Lower Level Conference Room. 1282 MEMORANDUMS & LETTERS RECEIVED PERAC Memo #52/2012 — Education Reminder Email from Sarah Kelly at PERAC — Notice of Public Hearing — The Commission on the Commonwealth's Disability Retirement System Wednesday, December 5, 2012 1 -3 pm Hearing Room 427, State House, Boston, MA OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING RICHARD FOLEY moved to adjourn this open session at 6:40 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS 411 m n, Joseph�nR. /AVenn, 2 elected 1q. 6 Sharon M. Angstrom, Ex O in a 4 G ��-A / Ric and P. Foley, 1" appoInted Vice Chairman, Francis P D7 II, 1" elected Thomas A. Clough, 2 a ointed