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Home My WebLink About2013-01-29 Retirement Board Minutes1287 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, January 29, 2013 The Reading Retirement Board held a regular session meeting on January 29, 2012, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno, in the presence of members Richard Foley, Sharon Angstrom, Francis Driscoll, Thomas Clough, and Board Administrator, Colleen Loughlin. Also present was Paul Todisco, Senior Client Service Officer from the PRIM Board. SPECIAL ITEM Paul Todisco, Senior Client Services Officer from the PRIM Board, attended this meeting to discuss the performance of the funds in PRIT. MINUTES • Regular session minutes for the November 27, 2012 meeting were signed by all board members. • FRANCIS DRISCOLL moved to accept the December 11, 2012 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new members: Jamie Eulie Laborer - Highway Date of hire — 7/2/12 9%+2% (DPW) Date of membership — 1/7/13 (Eligible for buyback) Tirzah Shakespeare Key Accounts Mgr Date of hire & membership — 1/15/13 9%+2% (RMLD) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following retirement applications: Ruth P. Boyd Elder Services 02/06/13 10 years, 2 mths Option A (Superannuation) Donald Waters Engineering 02/28/13 39 years, 8 mths Option B (Superannuation) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS 1288 • FRANCIS DRISCOLL moved to approve the final calculation for the following retirement approved by PERAC: Bruce Fenton DPW (Superannuation) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS 01/03/13 39 years, 6 mths Option C Annuity: $ 7,095.60 Pension: $ 37,037.88 Yearly: $ 44,133.48 Monthly: $ 3,677.79 APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve to accept the draft as amended of the agreement between the Town of Reading and the Reading Retirement Board: SECONDED BY: SHARON ANGSTROM VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID FRANCIS DRISCOLL moved to approve the following warrant #APO12013 totaling $731,306.08: Commonwealth of Mass. $ 655.75 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,749.40 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 58,184.51 Federal Tax Deductions Reading Credit Union $ 34,053.00 Credit Union Deductions January Retirement Allowances $ 518,424.18 Net Retiree Payroll Town of Reading Treasurer $ 47,516.73 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 178.99 Postage due Town Town of Reading Treasurer $ 4,348.69 January's Administrator's Salary The Graphics Shop $ 83.26 Admin Expense - Envelopes MACRS $ 400.00 Admin Expense — 2013 Dues Malden Retirement Board $ 2,431.64 Section 3(8)(c) Reimb for 2012 Braintree Retirement Board $ 7,510.16 Section 3(8)(c) Reimb for 2012 Worcester Retirement Board $ 3,270.86 Section 3(8)(c) Reimb for 2012 Peabody Retirement Board $ 2,124.22 Section 3(8)(c) Reimb for 2012 Belmont, MA Contrib. Ret. Bd $ 1,890.39 Section 3(8)(c) Reimb for 2012 Andover Retirement Board $ 4,773.13 Section 3(8)(c) Reimb for 2012 Winchester Retirement Board $ 22,869.51 Section 3(8)(c) Reimb for 2012 Pension Technology Group $ 17,625.00 Service Contracts — Support & Maint. The Segal Company $ 3,000.00 Professional Services — Actuarial and consulting services as of 7/1/12 SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 1289 INFORMATION /QUESTIONS /OTHER ITEMS • Discussion - Received draft agreement between the Town of Reading and the Reading Retirement Board • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Massachusetts Teachers' Retirement Board - Fall River Retirement Board - Peabody Retirement Board • A COLA reimbursement of $101,523.70 from the State for the period 6/30/12- 12/31/12 was received on 12/26/12. • Ruth Cunningham, who worked as a secretary for the School Department and retired on November 30, 1982, passed away on 8/30/12. She chose Option A at her retirement. The Board had not received her affidavit so the administrator contacted a family member and was told that Ruth Cunningham died in August 2012. Her son, Wendall is the POA, so once we were informed of Ruth's death, we explained that there is money owed to the Reading Retirement System since payments had been made September through December 2012. The amount owed is $2,025.00. The estate attorney has been contacted, but he was informed of Ruth's death as late as we were so he is just working on it now. • Anne White, who worked for the School Cafeteria and retired on September 7, 1998, passed away on 9/19/12. She chose Option A at her retirement. Gerald Powers, who worked for the Police Dept. and retired on September 4, 1976, passed away on 1/18/13. He chose Option A at his retirement. He retired on accidental disability retirement. He retired from cervical strain and radiculitis, lumbar strain, and cephalalgia severe and he died of respiratory failure, pleural effusion, and gastroesophageal cancer. His spouse, Thi/Bach Tuyet Nguyen, is eligible for a Section 101 allowance of $9,000.00 per year because Gerald retired prior to November 7, 1996. Sent application to spouse to petition for an accidental death benefit. • Virginia Junkins, Option D beneficiary of Paul Junkins, died January 8, 2013. • On January 24, 2013, PERAC notified this Board that Leone Sullivan was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that she is unable to perform the essential duties of her job. • Received request from Massachusetts Retirees United, stating that they are a non - profit organization under the umbrella of the American Federation of Teachers - Massachusetts and the AFL /CIO. They are working on getting 2 bills passed and would like information on our members. Sent a determination request to PERAC to confirm if this organization would be considered a nonprofit organization for retired public employees under chapter 180. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending November 30, 2012 & December 31, 2012. General Ledger Trial Balance as of November 30, 2012 & December 31, 2012. Bank Reconciliation for the month ending November 30, 2012 & December 31, 2012. • The next board meeting is scheduled for March 19, 2013 at 6:00 pm in the Lower Level Conference Room. 1290 MEMORANDUMS & LETTERS RECEIVED PERAC Memo #56/2012 — Tobacco Company List PERAC Memo #57/2012 — 2012 Disability Retiree Data PERAC Memo #58/2012 — Mandatory Retirement Board Member Training — I" Quarter 2013 PERAC Memo #59/2012 — Updated 9 1 A Earned Income Worksheet and Change in Public Employment Earnings for Disabled Retirees PERAC Memo #60/2012 — 840 CMR 10:10(3) & 10:15(4) — Annual Review of Medical Testing Fee PERAC Pension News #32 PERAC Memo # 1 /2013 — 2013 Limits under Chapter 46 of the Acts of 2002 PERAC Memo 42/2013 — 2013 Limits under Section 23 of Chapter 131 of the Acts of 2010 PERAC Memo #3/2013 — COLA Notice PERAC Memo #4/2013 — Buyback and Make -up Repayment Worksheets Using Buyback Interest PERAC Memo #5/2013 — Chapter 176 of the Acts of 2011, A & F Study PERAC Memo #6/2013 — Preparation of the Annual Statement Classes PERAC Pension Newsflash — PERAC announced that commencing immediately a retirement board member who completes the newly revised Ethics Commission Conflict of Interest Law online training program will receive 3 credits towards meeting his or her education requirement under Chapter 32. PERAC Memo 97/2013 — Follow up to PERAC Memorandum #4/2013 PERAC Memo #8/2013 — On -Line Training for Educational Credit PERAC Memo #9/2013 — 2013 Interest Rate set at 0.1% PERAC Memo #10/2013 — Actuarial Data OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT 1291 • FRANCIS DRISCOLL moved to adjourn this open session at 8:00 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS z�d w 6-an-man, Joseph R. Veno, 2" elected Sharon M. Angstrom, Ex OfficYo & Richard P. Foley, I' appo* tedd Vice Chairman, Francis P. Driscoll, I" elected Thomas A. Clough, 2 "° appointed