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Home My WebLink About2013-09-24 Retirement Board Minutes1325 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, September 24, 2013 The Reading Retirement Board held a regular session meeting on September 24, 2013, in The Lower Level Conference Room Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. by Chairman Francis Driscoll in the presence of members Richard Foley, Joseph Veno, Sharon Angstrom, Thomas Clough, and Board Administrator, Colleen Loughlin. Retiree, John Green was also present. SPECIAL ITEM • Accidental Disability, John Green, attended meeting to discuss notice of excess earnings. Member explained situation to member and supplied agreement between the credit union and Mr. Green. The Board suggested that Mr. Green put in writing explanation of history and administrator will submit with regpest for opinion to PERAC. APPROVAL OF MISCELLANEOUS ITEMS • Lisa Palermo, a firefighter, has submitted an application for accidental disability. Her application is now complete and we have also received the completed Physician's Statement. The board can now vote to accept/deny the application for accidental disability retirement. The Board agreed to table approval of application and set up a hearing to get clarification from member. MINUTES • Regular session minutes for the June 24, 2013 meeting were signed by all board members, except Richard Foley and Francis Driscoll who were not present. • Regular session minutes for the July, 2013 meeting were signed by all board members. • JOSEPH VENO moved to accept the August 27, 2013 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (3 -0 -1) ABSTAINED: THOMAS CLOUGH APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • JOSEPH VENO moved to approve the following new member: Christina DiRico Community Serv. Date of hive & membership- 9/9113 9 % +2% (School — Comm. Ed) Coordinator SECONDED BY: RICHARD FOLEY VOTED: (4 -0-0) UNANIMOUS 1326 APPROVAL OF MISCELLANEOUS ITEMS • JOSEPH VEND moved to approve request from eligible member to purchase prior non - membership service for creditable service: Deborah DelGreco Reading 12/17/12- 6/23/13 3 months (pro-rated) The total purchase amount is $847.42. Deb will begin payroll deductions with the October 11, 2013 pay period. SECONDED BY: RICHARD FOLEY VOTED: (4 -0 -0) UNANIMOUS • JOSEPH VEND moved to elect Colleen Loughlin as election officer for the election of the first elected member. Frank Driscoll's term as board member expires on March 31, 2014. SECONDED BY: RICHARD FOLEY VOTED: (4 -0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID JOSEPH VEND moved to approve the following warrant #AP092013 totaling $705,507.66 Commonwealth of Mass. $ 672.78 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,808.33 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 62,606.65 Federal Tax Deductions Reading Credit Union $ 34,327.00 Credit Union Deductions Sept Retirement Allowances $ 550,762.63 Net Retiree Payroll Town of Reading Treasurer $ 49,711.77 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 161.66 Postage due to Town Town of Reading Treasurer $ 5,172.94 September's Admin's Salary & Benefits Sharon Angstrom $ 67.24 Travel Expense —PERAC Emerging _ Issues Forum Holy Cross SECONDED BY: RICHARD FOLEY VOTED: (4 -0 -0) UNANIMOUS INFORMATION /OUESTIONS /OTHER ITEMS • The Board reviewed the proposals for legal services. The Board agreed to invite Attomey Nicholas Poser and Attorney Michael Sacco in for an interview the week of October 7'°. Would like to schedule the interviews for 6:00 pm and 7:00 pm which would give each candidate approximately 30 minute timeframe. • Board Members should sign a signature card for the Treasurer - Collector to have on file. • Linda Bournival from KMS Actuaries would like to attend the October 22° meeting to discuss various funding schedules. • Accidental disability retiree Charles Johnson had excess earnings for the year 2012. A notification letter was sent out on August 28, 2013 with a deadline of September 19, 2013 to either pay the amount due to the retirement board or to request a hearing. If neither has happened then the retirement allowance will be suspended beginning with the September check until the total amount has been collected. 1327 > Charles Johnson called on 9/3/13 and would like to do the same thing as prior years when he had excess earnings — withhold his monthly retirement allowance with the exception of his health & life insurance deductions until the full amount of $4,234.18 owed to the retirement system has been paid. If Board agrees to withhold his monthly retirement allowance, the full amount of $4,234.18 will be paid by December 2013. • A transfer amount of $162,928.11 dated 9/1/13 was received from Danvers Retirement Board for Coleen O'Brien, RMLD General Manager. Danvers will accept liability for 18 years, 3 months, and 16 days of creditable service. • A transfer amount of $4,445.81 dated 9/13/13 was received from State Retirement Board for Justin McLaughlin, DPW Mechanic. State will accept liability for 1 year, 2 months, and 21 days of creditable service. • Received reimbursement from Irene Sunbury's estate for the $1,716.50 overpayment of retirement allowance ,. in 2013 when the Board was not notified of Irene's death on a pmely manner. • Janet Galante, Option D beneficiary of John Galante, died August 16, 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 August 31, 2013. Cash Receipts, Adjustments, and Disbursements as of August 31, 2013. General Ledger Trial Balance as of August 31, 2013. Bank Reconciliation for the month ending August 31, 2013. Reading Co-op Bank Statement for the month ending August 31, 2013. MMDT Bank Statement for the month ending August 31, 2013. • The next board meeting is scheduled for October 22, 2013 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #2312013 — Cycle C Determination Letter Filing — PERAC, in consultation with tax counsel, Ice Miller, has determined that it is best to complete the new IRS determination letter filing process in the current Cycle C, which ends on January 31, 2014. While a retirement system is not required to join PERAC's filing, given the success of the original filing process, we urge all retirement systems to do so again in order to ensure that their favorable determination letters continue to be current. OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 IH2S IN ADVANCE OF MEETING ADJOURNMENT • JOSEPH VENO moved to adjourn this open session at 8:00 P.M. SECONDED BY: RICHARD FOLEY VOTED: (4 -0 -0) UNANIMOUS 1328 Chairman, Francis P. Driscoll, I °-elected Sharon M. Angstrom, Ex Officio Rich P. Foley, I° appointed Vx- C ®hairmannloseph�no, 2 elected /.�11.G4rwa (w Thomas A. Clough, 2—Appointed