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Home My WebLink About2013-04-23 Retirement Board Minutes1303 MINUTES OF THE READING RETIREMENT BOARD AQD Tuesday, April 23, 2013 �� NG CLERK S The Reading Retirement Board held a regular session meeting on April 23, 2013; in` Y e Lower Level nference Room, Town Hall, Reading, Massachusetts. P The meeting was called to order at 6:05 P.M. by Vice - Chairman Francis Driscoll, in the presence of members Richard Foley, Sharon Angstrom, Thomas Clough, and Board Administrator, Colleen Loughlin. Chairman, Joseph Veno was not able to attend. APPROVAL OF MISCELLANEOUS ITEMS • Re- organize Board TABLED MINUTES • Regular session minutes for the February 26, 2013 meeting were signed by all board members, except Thomas Clough who was not present. • RICHARD FOLEY moved to accept the March 26, 2013 regular session minutes as written. SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following new member: Laura DiBacco Athletics Secretary (School) SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS Date of hire — 12/3/12 9%+2% Date of membership — 10/23/07 (buyback request approved) • RICHARD FOLEY moved to approve the following retirement applications: Joseph Donovan School Custodian 6/29/13 12 years, 4 mths Option C (Superannuation) William Hill School Custodian 6/28/13 14 years, 0 mths Option C (Superannuation) Walter Spaulding School Custodian 6/29/13 30 years, 10 mths Option B (Superannuation) Ann Arington School Secretary 7/2/13 14 years, 5 mths Option C (Superannuation) 1304 SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS RICHARD FOLEY moved to approve final calculations for the following retirements approved by PERAC: Donald Waters (Superannuation) Vincent Cameron, Jr (Superannuation) Francis Duclos (Superannuation) Engineering RMLD Police SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS 02/28/13 Annuity: Pension: Yearly: Monthly: 03/06/13 Annuity: Pension: Yearly: Monthly: 02/25/13 Annuity: Pension: Yearly: Monthly: 39 years, 8 mths $ 9,161.04 $ 36,675.48 $ 45,675.48 $ 3,806.29 24 years, 9 mths $ 27,114.12 $ 79,994.76 $107,108.88 $ 8,925.74 32 years, 0 mths $ 13,349.04 $ 58,259.76 $ 71,608.80 $ 5,967.40 RICHARD FOLEY moved to approve application for refund of accumulated deductions: Option B Option A Option B Gregory Odin Resigned 2/22/13 .8 years, 3 mths (DPW) Total deductions & interest (3% rule applied) $31,667.04 Less Interest $ 0.00 Less 20% federal tax $ 5,279.03 Net refund (cash) $26,388.01 SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to review, approve, and sign the Annual Statement for PERAC for calendar year ended December 31, 2012: SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve request from Board Administrator to attend the MACRS 2013 Spring Conference being held June 1 — June 5, 2013 in Hyannis, MA: 1305 SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve to vote on May 28, 2013 a COLA increase for FY 2014, which begins on July 1, 2013 and ends June 30, 2014. It is limited to a maximum amount of 3% of $12,000: SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve final draft agreement between the Town of Reading and the Reading Retirement Board relative to the cost related to administration cost of the Retirement Board: SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS • Approve /deny request from member, Walter Spaulding, to grant 1 month of creditable service for the period of absence due to unpaid sick leave (heart surgery): TABLED The Board would like Administrator to confirm with HR reason he was out and confirm that his sick time was used up for sick reasons and not disciplinary. • RICHARD FOLEY moved to approve request from eligible member to purchase prior creditable service for creditable service: Ruth Urell Hampshire County 4/28/824/30/83 1 year The total purchase amount is $2,296.58. Ruth will make a lump sum payment of $2,296.58. SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: David Chiaradonna Lynn 6/9/07- 3/14/09 11 months (pro- rated) The total purchase amount is $2,839.40. David will begin payroll deductions with the May 10, 2013 pay period. SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID 1306 RICHARD FOLEY moved to approve the following warrant #AP042013 totaling $746,402.72: 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 $ 61,193.56 Federal Tax Deductions Reading Credit Union $ 35,103.00 Credit Union Deductions April Retirement Allowances $ 534,326.35 Net Retiree Payroll Town of Reading Treasurer $ 48,288.14 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 351.19 Postage due Town Town of Reading Treasurer $ 4,541.01 April's Administrator's Salary Middlesex Cty Retirement Board $ 23,569.29 Section 3(8xc) Reimb for 2012 Quincy Retirement Board $ 4,751.33 Section 3(8xc) Reimb for 2012 Gregory Odin $ 26,388.01 Refund to Member Internal Revenue Service $ 5,279.03 Refund to Member — 20% fed tax SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS INFORMATION/OUESTIONS /OTHER ITEMS • 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. PERAC had to postpone Audit for one week. • Discuss approved pay scale for Retirement Board Administrator. • Discuss RFP's for legal and actuarial services. • Received request from PERAC for list of all members who have retired under superannuation between January 1, 2011 and December 31, 2012. This bi- annual review of calculations is required since the Board elected to take advantage of the benefit calculation waiver process on submitting superannuation retirement calculations to PERAC for approval. • A check was received from the following Boards for full payment of its Section 3(8xc) reimbursement. - Middlesex County 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 March 31, 2013. General Ledger Trial Balance as of January 31, 2013, February 28, 2013, and March 31, 2013. Bank Reconciliation for the month ending January 31, 2013, February 28, 2013, and March 31, 2013. Reading Co -op Bank Statement for the month ending January 31, 2013, February 28, 2013, and March 31, 2013. MMDT Bank Statement for the month ending January 31, 2013, February 28, 2013, and March 31, 2013. • The next board meeting is scheduled for May 28, 2013 at 6:00 pm in the Lower Level Conference Room. • Discussed other possible dates for meetings in June and October. Board agreed to change June meeting to June 24, 2013 and October will be held October 22, 2013. 1307 MEMORANDUMS & LETTERS RECEIVED PERAC Memo # 13/2013 — Tobacco Company List PERAC Memo # 14/2013 — Follow up to PERAC Memoranda #4/2013 and #7/2013 PERAC Memo # 15/2013 — Mandatory Retirement Board Member Training- 2 °d Quarter 2013 Newton Retirement Board is asking for support for local option bill number H2369, "An Act providing equal cost of living adjustments to all eligible pension benefit recipients." OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 BRS IN ADVANCE OF MEETING ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 7:30 P.M. SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS Chairman, Joseph R. Veno, 2d Juivil "- Sharon M. Angstrom, Ex OfIlcio -dja4 61, Richard P. Foley, I' appoiAted .�t Vice Chairman, Francis P. Driscoll, 1" elected Thomas A. Clough, 2 %% pp ointed