HomeMy WebLinkAbout2012-12-11 Retirement Board Minutes12 a3
MINUTES OF THE READING RETIREMENT BOARD MEETING T 0 EC U L E RK
Tuesday, December 11, 2012 READING, MASS.
The Reading Retirement Board held a regular session meeting on December 11, 2012, in TAu Lowy vel
Conference Room Town Hall, Reading, Massachusetts. 177—Ff 0 11: O I
The meeting was called to order at 6:01 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 October 23, 2012 meeting were signed by all board members.
• FRANCIS DRISCOLL moved to accept the November 27, 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 members:
Kathleen Rybak Operational Assist/ Date of hire & membership — 11/27/12
(RMLD) Engineering & Operations
Patrick Dawley Police Officer
(Police).
Michael Muolo Police Officer
(Police)
Laura Dallis Police Officer
(Police)
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
Date of hire & membership — 12/3/12
Date of hire & membership — 12/3/12
Date of hire & membership— 12/3/12
9 % +2 ^/•
9%+2%
9% +2%
9%+2%
• RICHARD FOLEY moved to table the approval of FYI Budget. The Retirement Boards will get quotes on
space from other areas in the Town of Reading.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
• RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership
service for creditable service:
Carol Chapman Reading 8/26/07 - 2126/12 2 years, 9 months
The total purchase amount is $6,985.78. Carol will make a lump sum payment of $5,853.99 and begin
payroll deductions with the December 21, 2012 pay period.
1284,
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
• RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership
service for creditable service:
Amy Greco Reading 8/28/08- 6130/11 1 year, 10 months
The total purchase amount is $3,123.17. Amy will make a lump sum payment of $2,539.18 and begin payroll
deductions with the December 21, 2012 pay period.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0.0) UNANIMOUS
APPROVAL OF BWOICES TO BE PAID
RICHARD FOLEY moved to approve the following warrant #AP 122012 totaling $663,931.10:
Commonwealth of Mass.
$
655.75
RHA Health Ins. Deductions
Commonwealth of Mass.
$
1,749.40
State Tax Deductions
Commonwealth of Mass.
$
216.66
Child Support
Internal Revenue Service
$
58,711.57
Federal Tax Deductions
Reading Credit Union
$
34,053.00
Credit Union Deductions
December Retirement Allowances$
516,107.40
Net Retiree Payroll
Town of Reading Treasurer
$
47,895.02
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
175.55
Postage due Town
Town of Reading Treasurer
$
4,156.35
December's Administrator's Salary
Kingsbury Press
$
133.22
Admin Expense — 1099R fors
Colleen Loughlin, Petty Cash
$
77.18
Administrative Expense — postage
*Void check #2921 dated 11/29/12 - Insperity Retirement Services — Net $4,564.56. Kimberly Wyman
requested to rollover funds to 401 k plan, Although it's accepted by IRS rules, PERAC does not approve rollovers
to 401 k plans. Member plans to set up an account from an eligible plan to complete rollover next year.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0A) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• RICHARD FOLEY moved to approve William Van Hom II's application for Accidental Disability
Retirement based upon medical panel report and subsequent doctor's information.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
1285
INFORMATION /OUESTIONS/OTHER ITEMS
• The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement
System for FY14 is $4,747,889.
• There are 2 affidavits still due, Betsey Hoyt and Ruth Cunningham. Final notices were mailed on December
5, 2012 registered /certified. Joe Veno will attempt to get in touch with Betsey.
• Paul Todisco is available to attend the January 29, 2013 meeting (assuming we schedule the meeting on the
last Tuesday of the month).
• On December 7, 2012, PERAC notified this Board that Linda Polcari was evaluated for possible return to
service and PERAC's internal Nurse Case Manager determined that she is unable to perform the essential
duties of herjob.
• Copies of the following Reading Retirement Board reports were handed out for review:
September 2012 Quarterly PRIT Profile
• The next board meeting is scheduled for January 29, 2013 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #532012 — Age 70 -1/2 Distribution
PERAC Memo #542012 — Annual Disclosure Forms
PERAC Memo #552012 — Governmental Plan Alerts -Ice Miller guidance
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF
MEETING
• On November 27, 2012, Mr. Veno and Mr. Foley met with Town Manager Peter Hechenbleikner at his
request to address the issue of the Retirement Board Administrator having office space in the Town Hall. It
appears from the meeting that the Retirement Board is going to have to pay rent to the Town for the office
space at some point.
ADJOURNMENT
• RICHARD FOLEY moved to adjourn this open session at 7:00 P.M.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
A�U 1256
airman, Joseph R. Veno, 2° elected
aga,m l F-f Qx06?�
Sharon M.
n
M.gAngstrom, Ex fficto
Richard P. Foley, I° appoi rted
o 6>
Vice Chairman, Francis P. Driscoll, P elected
Thomas A. Clough, 2 appointed