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Home My WebLink About2013-07-23 Retirement Board Minutes1317 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, July 23, 2013 The Reading Retirement Board held a regular session meeting on July 23, 2013, in The Lower Level Conference Rim Town Hall, Reading, Massachusetts. The meeting was called to order at 6:01 P.M. by Chairman Francis Driscoll in the presence of members Richard Foley, Joseph Veno, Sharon Angstrom, and Board Administrator, Colleen Loughlin. Please let the record show that Thomas Clough arrived at 6:05. MINUTES • Regular session minutes for the May 28, 2013 meeting were signed by all board members. • JOSEPH VENO moved to accept the June 23, 2013 regular session minutes as written. SECONDED BY: SHARON ANGSTROM VOTED: (3 -2 -0) - ABSTAINED: RICHARD FOLEY & FRANCIS DRISCOLL APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • JOSEPH VENO moved to approve the following new members: John Falkenstrom Custodian Date of him & membership — 7/1/13 9 % +20/6 (School) Kenneth Mahoney Custodian Date of hire — 12/21/12 9 % +20/6 (School) Date of membership — 7/1/13 (Possibly eligible for buyback) Benjamin Triter Custodian Date of hire- 7/1/07 9 % +2% (School) Date of membership — 7/1/13 (Possibly eligible for buyback) Paul Dudley Custodian Date of hire & membership — 7/15/13 9 % +2% (School) Marianna Zanni Secretary Date of him & membership — 7/1/13 9 % +2% (School) Coleen O'Brien General Manager Date of him — 7/15/13 8 % +2% (RMLD) Date of membership — . (Transfer from Danvers) SECONDED BY: SHARON ANGSTROM VOTED: (5 -0 -0) UNANIMOUS • JOSEPH VENO moved to approve the following retirements approved by PERAC: Peter Hechenbleikner (Superannuation) Joseph Bilicki (Superannuation) Town Manager 06/01/13 Annuity: Pension: Yearly: Monthly RMLD 06108/13 Annuity: Pension: Yearly: Monthly SECONDED BY: SHARON ANGSTROM VOTED: (" -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 26 years, 8 mths $ 23,492.52 $ 53,953.20 $ 77,445.72 $ 6,453.81 39 years, 5 mths $ 10,913.04 $ 51,843.24 $ 62,756.28 $ 5,229.69 • SHARON ANGSTROM moved to hire KMS Actuaries for actuarial services. 13 18 Option C Option C After evaluations and price were presented to the retirement board, the board selected KMS as the highest rated bidder with the lowest price. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • Discuss and approve RFP for legal services. TABLED • JOSEPH VENO moved have treasurer correct the signature card with the bank to be in compliance with the recommendations of PERAC auditors. SECONDED BY: SHARON ANGSTROM VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID JOSEPH VENO moved to approve the following warrant NAP072013 totaling $733,337.51: Commonwealth of Mass. $ 672.78 RHA Health his. Deductions Commonwealth of Mass. $ 1,808.33 State Tax Deductions - Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 63,797.65 Federal Tax Deductions _ Reading Credit Union $ 33,927.00 Credit Union Deductions July Retirement Allowances $ 561,533.29 Net Retiree Payroll Town of Reading Treasurer $ 49,847.10 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 167.42 Postage due Town Town of Reading Treasurer $ 5,096.89 July's Admin's Salary & Benefits 1319 Daily Times Chronicle Pension Technology Group William Hill, Jr. Thomas Reuters - West SECONDED BY: SHARON ANGSTROM VOTED: (5 -0-0) UNANIMOUS INFORMATION /OUESTIONS /OTHER ITEMS $ 6,292.74 Admin Expense — Advertisement for Actuarial RFP $ 15,990.00 Service Contracts — Support & Hosting Services for 2011 $ 86.85 Refund to Member — overpayment to Veteran Buyback $ 72.26 Admin Expense — Chapter 32 inserts 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. • Reviewed and discussed the PERAC Audit Report for the period 1/1/10 - 12/31/12 as well as the suggested recommendations. Retiree Paul Sheridan, Matthew McSheehy, and Michael Grunzweig, Jr. received a "Notification of Termination" from PERAC for failure to file their 2012 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan, Mr. McSheehy, and Mr. Grunzweig regarding this issue. Mr. McSheehy and Mr. Gn zweig both claimed they never received the paperwork from PERAC. Received notice that PERAC has received the completed 2012 Annual Statement of Earnings from Matthew McSheehy. Confirmed with Mr. Grunzweig that he intends on submitting paperwork to PERAC, but they have not received as of yet. No response from Mr. Sheridan. The Board agreed to give Mr. Grunzweig, Jr. until next board meeting to comply with PERAC. If PERAC has not received the 2012 Annual Statement of Earned Income, then the Reading Retirement Board will terminate his retirement allowance. • Received memo from PERAC regarding G.L. c. 32, § 91A. PERAC enclosed a Verification of Information Report that lists disability retirees who have reported earnings in an amount that may result in an adjustment to their disability retirement allowance. The board administrator will review the report and update or make any necessary changes to the annual current salary, amuity, pension, dependency, and/or worker compensation offset amounts. Data must be returned to PERAC on or before August 8, 2013. • Received reimbursement from Ruth Cunningham's estate for the $2025.00 overpayment of retirement allowance in 2012 when the Board was not notified of Ruth's death on a timely manner. • A COLA reimbursement of $97,802.45 from the State for the period 1 /I /13- 6/30/13 was received on 6/25/13. • Richard Murch, who worked for RMLD and retired on January 8, 1999, passed away on 7/8113. He chose Option C at retirement. His spouse, Carolyn Murch, will receive a monthly allowance of $3,653.54, which is 2/3rds of the amount Richard was receiving when he died. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2013. 1320 General Ledger Trial Balance as of June 30, 2013. General Ledger Trial Balance as of May 31, 2013 — Revised. Bank Reconciliation for the month ending June 30, 2013. Reading Co -op Bank Statement for the month ending June 30, 2013. MMDT Bank Statement for the month ending June 30, 2013. Cash Receipts, Adjustments, and Disbursements as of June 30, 2013. Adjustments as of May 31, 2013 — Revised. • The next board meeting is scheduled for August 27, 2013 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo # 17/2013 — Proposed Regulations Regarding the HEART Act and IRS code section 415 PERAC Memo # 18/2013 — Mandatory Retirement Board Member Training -3`^ Quarter 2013 PERAC Memo 419/2013 — Reinstatement to Service under G.L. c. 32 § 105 PERAC Memo #20/2013 — Tobacco Company List PERAC Memo #21/2013 — Cost of Living for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors. Any retirement system which has accepted the supplemental dependent allowance provided for in G.L. c. 32 § 7(2)(a)(iii), or which has accepted the provisions of G.L. c.32, § 22D (under which the supplemental dependent allowance is also deemed to have been accepted), shall pay an annual amount of $797.64 beginning July 1, 2013 for each eligible child as defined in G.L. c.32, § 7(2)(axiii). Email from PIG introducing the Employee Self Service (ESS) Web Portal! OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 THIS IN ADVANCE OF MEETING ADJOURNMENT • JOSEPH V ENO moved to adjourn this open session at 7:30 P.M. SECONDED BY: SHARON ANGSTROM VOTED: (5 -0 -0) UNANIMOUS Chairman, Francis P. Driscoll, I° elected u�tltrw� M G�1 -r�rn� Sharon M. Angstrom, Ex Officio