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Home My WebLink About2013-06-24 Retirement Board Minutes13 14 a MINUTES OF THE READING RETIREMENT BOARD MEETING Monday, June 24, 2013 The Reading Retirement Board held a regular session meeting on June 24, 2013, in The Lower Level Conference Room Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. by Vice- Chairman Joseph R. Veno, in the presence of members Sharon Angstrom, Thomas Clough, and Board Administrator, Colleen Loughlin. Chairman Francis Driscoll and Richard Foley were not able to attend. MINUTES • Regular session minutes for the April 23, 2013 meeting were signed by all board members, except Joseph Vero who was not present. • Special session minutes for the May 13, 2013 meeting were signed by all board members. • THOMAS CLOUGH moved to accept the May 28, 2013 regular session minutes as amended. SECONDED BY: SHARON ANGSTROM VOTED: (3 -M) UNANIMOUS APPROVAL OF NEW MEMBERS. RETIREMENTS. TRANSFERS AND REFUNDS • THOMAS CLOUGH moved to approve the following new members: Michael Soouten Police Officer Date of hive — 6/3/13 9%+2% (Police) Date of membership — 6/11/98 (Transfer from State) Deborah DelGreco Clerk Date of hire — 828/07 9%+2% (Collector's) Date of membership — 624/13 (Eligible for Buyback) SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS • THOMAS CLOUGH moved to approve the following retirement application: Anthony Ricardo School 07/02/13 14 years, 9 mths Option C (Superannuation) SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS • THOMAS CLOUGH moved to approve the following calculations for the following retirement approved by PERAC: Marie Ammer Elder Services 05101/13 14 years, l mth Option C (Superannuation) Annuity: $ 5,676.84 Pension: $10,077.48 Yearly: $15,754.32 Monthly: $ 1,312.86 1315 SECONDED BY: SHARON ANGSTROM VOTED: (3.0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • Discuss and approve RFP for legal services. TABLED • THOMAS CLOUGH moved to approve accidental death benefits to Margaret Thurston. Chester Thurston, who worked for the Police Dept. and retired on December 30, 1983, passed away on 5/24/13. He chose Option B at his retirement. He retired on an accidental disability retirement. He retired from hypertension, and he died of myocardial infarction, pneumonia, right hip replacement. His spouse, Margaret has applied for accidental death benefits. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID THOMAS CLOUGH moved to approve the following warrant #AP062013 totaling $745,518.68: 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 $ 61,805.45 Federal Tax Deductions Reading Credit Union $ 35,153.00 Credit Union Deductions June Retirement Allowances $ 536,053.15 Net Retiree Payroll Town of Reading Treasurer $ 49,418.67 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 175.79 Postage due Town Town of Reading Treasurer $ 4,540.99 June's Administrator's Salary Colleen Loughlin $ 419.09 Travel Expense — MACRS Conference State Retirement Board $ 55,271.80 Section 3(8xc) Reimb for 2012 SECONDED BY: SHARON ANGSTROM VOTED: (3-0 -0) UNANIMOUS INFORMATION/OUESTIONS /OTHER ITEMS Irene Sunbury, who worked for the Library and retired on September 14, 1995, passed away on 4/19/13. She chose Option A at her retirement. The board administrator was notified of her death by her sister on June 10, 2013. She is aware that she will owe money back to the retirement system, but she has to wait until she is POA and has access to Gene's funds. • The Board Administrator attended the MACRS training and Spring Conference in Hyannis. Disability Retirements were a topic of discussion. It was suggested by an attorney to have a "hearing" as part of the disability process. PERAC can't by Statue demand a hearing but it is another `tool" boards are using. The Hearing is a fact finding process and is not adversarial and it is done before the Board decides to convene a Medical Panel. The Attorney is the hearing officer and conducts the hearing. It is only recommended for Accidental Disabilities and not Presumptions. It is a due diligence of the Board to observe and interview the member and to gather facts. Surveillance is another tool Boards are using to deny disability applications before the Board convenes a medical panel. 1316 • Review and discuss the PERAC Audit Report for the period 1/1/10 - 12/31/12 as well as the suggested recommendations. TABLED to discuss response regarding recommendations. • On June 13, 2013, PERAC notified this Board that Mark Spataro 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. • A check was received from the following Boards for full payment of its Section 3(8xc) reimbursement. - State 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 May 31, 2013. General Ledger Trial Balance as of May 31, 2013. Bank Reconciliation for the month ending May 31, 2013. Reading Co -op Bank Statement for the month ending May 31, 2013 MMDT Bank Statement for the month ending May 31, 2013. Cash Receipts, Adjustments, and Disbursements as of May 31, 2013. • The next board meeting is scheduled for July 23, 2013 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • THOMAS CLOUGH moved to adjourn this open session at 6:30 P.M. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0-0) UNANIMOUS Chairman, Francis P. Driscoll, la elected c4 F I a w QAAkI2 Sharon M. Angstrom, Ex Officio Richapd P Foley appointed Vice Chairman, Joseph R. Ven , 2 elected Th� . Clough, 2• a ointed