HomeMy WebLinkAbout2013-02-26 Retirement Board Minutes12 93
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, February 26, 2013
The Reading Retirement Board held a regular session meeting on February 26 2012, in The Lower Level
Conference Room Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:05 P.M. by Chairman Joseph Veno, in the presence of members Richard
Foley, Sharon Angstrom, Francis Driscoll, and Board Administrator, Colleen Loughlin. Also present was Laura
Gemme, Reading Town Clerk. Thomas Clough was not able to attend.
SPECIAL ITEM
Laura Gemme, Reading Town Clerk, attended this meeting to discuss the use of Laserfiche. Subsequent vote by
board later in meeting.
MINUTES
• Regular session minutes for the December 11, 2012 meeting were signed by all board members.
• FRANCIS DRISCOLL moved to accept the January 29, 2013 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to accept the February 21, 2013 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS- TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following retirement applications:
Vincent Cameron RMLD 03/06113 24 years, 9 mths Option A
(Superannuation)
Marie Ammer Elder Services 05/01/13 14 years, 1 mth Option C
(Superannuation)
Peter Hechenbleikner Town Manager 06101/13 26 years, 8 mths Option C
(Superannuation)
Francis Duclos Police 02/25/13 32 years, 0 mths Option B
(Superannuation)
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the refunds of accumulated deductions:
Peter Tammaro Resigned 1/31/13 6 years, 3 mths
(School - Custodian) Total deductions & interest (3% rule applied) $24,827.46
Less Interest $ 0.00
Less 20% federal tax 4$ .965.49
1294. +,
Net refund (cash)
$19,861.97
David Toren Resigned 1217/12
13 years, I 1 mths
(School - Custodian) Total deductions & interest
$40,553.83
Less Interest
$ 0.00
Less 20% federal tax
$ 8.1 10.77
Net refund (cash)
$32,443.06
SECONDED BY:. RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• FRANCIS DRISCOLL moved to approve the use of laserfiche through the Town of Reading:
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the draft agreement between the Town of Reading and the Reading
Retirement Board as amended:
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the FY14 budget as amended:
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior non - membership
service for creditable service:
Vincent Cameron Quincy 7/1/71 - 11/1/91 2 months (pro-rated)
The total purchase amount is $120.03. Vincent will make a lump sum payment of $120.03. Quincy is not
accepting liability for this service.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior service from
Reading for which he took a refund as creditable service:
Daniel Pouliot Reading 3121/05- 2/28/09 3 years, 5 months (pro-rated)
The total purchase amount is $19,443.15. Daniel will make a lump sum payment from a rollover.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
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APPROVAL OF INVOICES TO BE PAID
FRANCIS DRISCOLL moved to approve the following warrant #AP022013 totaling $803,387.91
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
$
58,361.28
Federal Tax Deductions
Reading Credit Union
$
35,103.00
Credit Union Deductions
February Retirement Allowances
$
522,827.90
Net Retiree Payroll
Town of Reading Treasurer
$
47,669.96
Hlth, Life, & Dental Ins. Deductions
Barnstable Retirement Board
$
2,083.28
Section 3(8xc) Reimb for 2012
Winthrop Retirement Board
$
3,355.53
Section 3(8xc) Reimb for 2012
Saugus Retirement Board
$
4,664.40
Section 3(8)(c) Reimb for 2012
Stoneham Retirement Board
$
9,271.92
Section 3(Sxc) Reimb for 2012
Mass Teachers' Retirement Board $
36,015.15
Section 3(8xc) Reimb for 2012
Lawrence Retirement Board
$
11,156.90
Section 3(8)(c) Reimb for 2012
(2,683.35 due for 2011)
Town of Reading
$
178.99
Postage due Town
Town of Reading Treasurer
$
4,541.02
February's Administrator's Salary
Sharon Angstrom
$
155.48
Admin Expense — Reimb for postage
Peter Tammaro
$
83.26
Refund to Member
Internal Revenue Service
$
13,076.26
Refund to Member— 20% fed tax
(4,965.49 -P. Tammaro; 8,110.77- D.Turen)
David Toren
$
32,443.06
Refund to Member
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• FRANCIS DRISCOLL moved to approve to raise the Board Administrator's salary for FY14 to grade 2 based
on a 1% COLA and 2% step consistent with the town.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0A) UNANIMOUS
INFORMATION /QUESTIONS /OTHER ITEMS
• Discussed draft agreement between the Town of Reading and the Reading Retirement Board. The Board
agreed to delete the line item for pension on the budget for FYI because the Actuarial had already been
approved for FY 14. Inserted a line item for document storage.
• Board discussed plan if no postage available and payroll is to be mailed. Contact board members if postage
becomes an issue.
• Received notification from PERAC that they have recalculated the percentage of the reimbursement due from
Reading Retirement System to the Essex Regional Retirement System for the service of John Price under the
provisions of G.L. c. 32, section 3(8xc). PERAC has made an adjustment to the Reimbursement figure due to
1296
Essex from $2,297.73 to $412.59. This amount is prospective from June 28, 2012, the date the request was
received at PEP AC.
• A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement.
- Danvers Retirement Board
- Beverly Retirement Board
- Andover Retirement Board
- Stoneham Retirement Board
- Norfolk County Retirement Board
- Everett Retirement Board
- Natick Retirement Board
- Cambridge Retirement Board
- Medford Retirement Board
- Somerville Retirement Board
- Lawrence Retirement Board
• Barbara Smith, Option C beneficiary of C. Dewey Smith died February 14, 2013.
• Joan Puopolo, who worked for the police department and assessor's office and retired on May 2, 1997, passed
away on 2/21/13. 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 statement & fund performance for period ending January 31, 2013.
• The next board meeting is scheduled for March 19, 2013 at 6:00 pm in the Lower Level Conference Room.
Frank and Sharon will not be able to attend.
• The June board meeting needs to be rescheduled due to State Election and meetings not being held in Town
Hall. Board Administrator will confirm with Thomas Clough if he is available either June 24 or June 26,
2013.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #11/2013 — Procurement Certification
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
• FRANCIS DRISCOLL moved to adjourn this open session at 7:20 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
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haiman, Joseph Veno, 2 elected
51'"m M P -
Sharon M. Angstrom, Ex io
Richard P. Foley, I" appoi ed
t/'TAw iir kY
VVI
ice Chairman, Francis P. Driscoll, 1® elected
Thomas A. Clough, 2 appointed