HomeMy WebLinkAbout2013-05-28 Retirement Board Minutes1310
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, May 28, 2013
The Reading Retirement Board held a regular session meeting on May 28, 2013, in The Lower Level Conference
Room, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:05 P.M. by Chairman Joseph R. Veno, in the presence of members Richard
Foley, Francis Driscoll, Sharon Angstrom, and Board Administrator, Colleen Loughlin. Thomas Clough arrived at
6:15 pm.
MINUTES
• Regular session minutes for the March 26, 2013 meeting were signed by all board members.
• FRANCIS DRISCOLL moved to accept the April 23, 2013 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to accept the May 13, 2013 special 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 new members:
Kerry Valle Social Worker
(Community Services)
Cristina Paterno Dispatcher
(Police)
Justin Mclaughlin Mechanic
(DPW)
Stephen Bohannon Electrician
(School)
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
Date of hire & membership — 5/6/13 9%+2%
Date of hire & membership — 5/14/13 9%+2%
Date of hire — 5/21/13 9%+2%
Date of membership — 2/26/12
Date of hire & membership — 5/22/13 9%+2%
• FRANCIS DRISCOLL moved to approve the following transfer of funds to other system:
Thomas Killion To Boston Retirement Board $3,281.63 9 months
(RMLD)
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
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• FRANCIS DRISCOLL moved to approve the following retirement application:
Joseph Bilicki RMLD
(Superannuation)
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
06/08/13 39 years, 5 mths Option C
FRANCIS DRISCOLL moved to approve a 3% COLA increase for FY2014 which begins on July 1, 2013
and ends June 30, 2014 on the first $12,000 of retirement benefit, which is reflected in the July 1, 2011
actuarial valuation.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve request from member, Walter Spaulding, to grant 1 month of
creditable service for the period of absence due to unpaid sick leave (heart surgery):
SECONDED BY: RICHARD FOLEY
VOTED: (5 -0 -0) UNANIMOUS
• THOMAS CLOUGH moved to approve the actuarial proposal:
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
FRANCIS DRISCOLL moved to approve the following warrant #AP052013 totaling $764,370.44:
Commonwealth of Mass.
$
655.75
RHA Health Ins. Deductions
Commonwealth of Mass.
$
1,808.33
State Tax Deductions
Commonwealth of Mass.
$
216.66
Child Support
Internal Revenue Service
$
61,255.72
Federal Tax Deductions
Reading Credit Union
$
35,103.00
Credit Union Deductions
May Retirement Allowances
$
534,538.28
Net Retiree Payroll
Town of Reading Treasurer
$
48,036.74
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
177.36
Postage due Town
Town of Reading Treasurer
$
4,541.02
May's Administrator's Salary
Essex Regional Retirement Board
$
54,625.75
Section 3(8)(c) Reimb for 2012
Wakefield Retirement Board
$
4,270.07
Section 3(8xc) Reimb for 2012
Woburn Retirement Board
$
4,485.20
Section 3(8xc) Reimb for 2012
Wellesley Retirement Board
$
2,497.34
Section 3(8)(c) Reimb for 2012
Boston Retirement Board
$
8,877.59
Section 3(8)(c) Reimb for 2012
($197.65 — Reimb. for 2011)
Boston Retirement Board
$
3,281.63
Transfer to Other System -T. Killion
SECONDED BY: RICHARD FOLEY
VOTED: (5 -0 -0) UNANIMOUS
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INFORMATION /QUESTIONS /OTHER ITEMS
• A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement.
- Essex Regional Retirement Board
- Wakefield Retirement Board
• Pauline Coates, who worked for the School Department and retired on December 31, 1985, passed away on
4/27/13. She chose Option A at her retirement.
• On May 9, 2013, PERAC notified this Board that Matthew McSheehy was evaluated for possible return to
service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential
duties of his job.
• After a PERAC audit review, it has come to the Reading Retirement Board's attention that Anthony Ricardo
should have been allowed to purchase 3 years and 11 months of military service. Mr. Ricardo made payment
in full in 2009 for 3 years and 5 months. Originally the DD214 was reviewed at PERAC and the
administrator was notified that the 6 month training should be deducted; therefore, member was only allowed
to purchase 3 years and 5 months of military service. Member has been notified that he is eligible to purchase
the 6 months and payment has been received in full on May 13, 2013.
Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending April 30, 2013.
General Ledger Trial Balance as of April 30, 2013.
Bank Reconciliation for the month ending April 30, 2013.
Reading Co -op Bank Statement for the month ending April 30, 2013
MMDT Bank Statement for the month ending April 30, 2013.
Cash Receipts, Adjustments, and Disbursements as of April 30, 2013.
PRIT December 2012 Quarterly Profile.
• The next board meeting is scheduled for June 24, 2013 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo # 16/2013 — Data Verification for PERAC's 2012 Annual Report
Received letter from Richard Biagiotti announcing his candidacy for the Executive Board of the Massachusetts
Association of Contributory Retirement System.
OLD BUSINESS
• RICHARD FOLEY moved to nominate Francis Driscoll the Chairman.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
• RICHARD FOLEY moved to nominate Joseph Veno the Vice - Chairman.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5 -0 -0) UNANIMOUS
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OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
FRANCIS DRISCOLL moved to adjourn this open session at 6:50 P.M.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
d-
Chairman, Francis P../Dnccoll, 1" elected
P4.
Sharon M. Angstrom, Ex OfWcio
L" (9 3
Richard P. Foley, l" appdinted
ice Chairman, Joseph R. Veno, 2" elected
Thomas A. Clough, 2' app6inted