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Home My WebLink About2013-03-26 Retirement Board Minutes1298�I MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, March 26, 2013 The Reading Retirement Board held a regular session meeting on March 26, 2013, in The Lower Level Conference Room. Town Hall, Reading, Massachusetts. The meeting was called to order at 1:00 P.M. by Chairman Joseph Vero, in the presence of members Richard Foley, Sharon Angstrom, Francis Driscoll, and Board Administrator, Colleen Loughlin. Thomas Clough participated remotely due to geographical distance. MINUTES • Special session minutes for the Febmary 21, 2013 meeting were signed by all board members, except Thomas Clough who was not present. • RICHARD FOLEY moved to accept the February 26, 2013 regular session minutes as written. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS • RICHARD FOLEY moved to accept the January 29, 2013 regular session minutes as written. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS. RETIREMENTS, TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following new members: Stephen Quigley Parks/Forestry Date of hire — 9/8/08 9 % +2% (DPW) Date of membership — 3/4/13 (Eligible for buyback) Cation Masons, Custodian Date of hire- 12/31/12 9 % +20/o (School) Date of membership — 2112/13 (Eligible for buyback) SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve final calculations for the following retirements approved by PERAC: Ruth Boyd Elder Services 02/06/13 10 years, 2 mths Option A (Superannuation) Annuity: $ 1,919.40 Pension: $ 4,286.88 Yearly: $ 6,206.28 Monthly: $ 517.19 1299 William Van Horn H Fire 01114/13 17 years, 11 mths Option A (Accidental Disability) Annuity: $ 7,408.80 Pension: $38,222.88 Yearly: $45,631.68 Monthly: $ 3,802.64 SECONDED BY: FRANCIS DRISCOLL VOTED: (5A -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to deny request from eligible spouse to petition for accidental death benefits based upon the cause of death and retirement don't appear to be related: Gerald Powers, who worked for the Police Dept. and retired on September 4, 1976, passed away on 1/18/13. He chose Option A at his retirement. He retired on accidental disability retirement. He retired from cervical strain and radiculitis, lumbar strain, and cephalalgia severe and he died of respiratory failure, pleural effusion, and gastroesophageal cancer. His spouse Bach -Tuyet Nguyen, has applied for accidental death benefits. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: Catino Masotut Reading 12/31/12- 2/11/13 1 month (pro- rated) The total purchase amount is $209.93. Catino will make a lump sum payment of $209.93. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: Stephen Quigley Reading 6/14/10 - 3/3/13 2 years, 2 months (pro- rated) The total purchase amount is $5,084.12. Stephen will make a lump sum payment from a rollover and begin payroll deductions with the March 29, 2013 pay period. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior creditable service for which she took a refund for creditable service: Ruth Urell Cambridge 9/10180- 9/1/81 11 months, 21 days 1300 The total purchase amount is $2,536.48. Ruth will begin payroll deductions with the March 29, 2013 pay period. She also signed "Intent to Purchase" service from Hadley for the period 4/28/82 - 4/30/83. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0-0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: Patrick Dawley Reading 7/71I 1- 2/6/13 1 year, I month (pro-rated) The total purchase amount is $4,041.68. Patrick will begin payroll deductions with the March 29, 2013 pay period. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0-0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: Patrice O'Donnell Reading 10/6/98 - 423/00 7 months (pro- rated) The total purchase amount is $1,860.26. Patrice will begin payroll deductions with the March 29, 2013 pay period. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0-0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: Matthew Wilson Woburn 9/1101- 6/30/04 1 year (pro -mted) The total purchase amount is $7,249.58. Matthew will begin payroll deductions with the March 29, 2013 pay period. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: Laura DiBacco Reading 1023/07 - 12/2/12 2 years, 2 months (pro- rated) The total purchase amount is $4,659.10. Laura will make a lump sum payment from a rollover and will begin payroll deductions with the March 29, 2013 pay period. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS 1301 APPROVAL OF INVOICES TO BE PAID RICHARD FOLEY moved to approve the following warrant #AP032013 totaling $690,639.78: Commonwealth of Mass. $ 655.75 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,739.40 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 61,055.75 Federal Tax Deductions Reading Credit Union $ 35,103.00 Credit Union Deductions March Retirement Allowances $ 534,498.26 Net Retiree Payroll - Town of Reading Treasurer $ 47,802.83 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 171.76 Postage due Town Town of Reading Treasurer $ 6,814.08 March's Administrator's Salary Arlington Retirement Board $ 2,582.29 Section 3(8Xc) Reimb for 2012 SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS INFORMATION /OUESTIONS /OTHER ITEMS • Spoke to John Parsons at PERAC regarding supplemental regulation Board submitted in July 2011. Some of the regulation goes against Chapter 32. The Board agreed to wait for PERAC to complete their review of all board's supplementary regulations before submitting one regarding buybacks of non - membership service from another governmental unit. • Linda Engelson, School Secretary, has submitted an "Intent to Purchase" non - membership service in Reading for the period 6/80- 10 /30/80 and 4 years as a substitute in Burlington. A request has been sent to Middlesex Retirement Board. Based on the supplementary regulations, the board agreed that she would not be eligible to purchase the 1980 non - membership service from Reading since she became a member of the Reading Retirement System 11/6/98, which would mean that the buyback is not 6 months immediately preceding membership. • PERAC will be conducting an audit of the Reading Retirement System for the period beginning January 1, 2010 to December 31, 2012 starting on April 1, 2013. • A check was received from the following Boards for full payment of its Section 3(8Xc) reimbursement. - Salem 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 February 28, 2013. • The next board meeting is scheduled for April 23, 2013 at 6,00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo 41212013 — 2012 Statement of Financial Interests PERAC Pension Newsflash — Open Meeting Law Regional Workshops PERAC Pension Newsflash — Statement of Financial Interests are now Available on PERAC Website: Will be mailed soon. 13 02 OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF MEETING ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 1:35 P.M. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS v C��h}}ainnau,_�Jos -�eph R//. Veenno_, 2° e/lecctted-, \ 12/IlVL814'I ". (�'1��,�NiV Sharon M. Angstrom, Ex O cio �.� Richard P. Foley, 1" appo' ted S • P 'D.4 tre P V ice Chairman, Francis P. D 'scoll, 1" elected Thomas A. Clough, 271sppointed