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Home My WebLink About2014-12-23 Retirement Board Minutes1394 MINUTE$ .QV THE READING RETIREMENT BOARD MEETING i' ` ` U Tuesda , December 23, 2014 'N CLEi�K y " 'r , M " S The Reading Retirement oard heV a regular session meeting on December 23, 2014, in The Lower Level Conference Room Mw�Uiyjl0R di,pg,.Massachusetts. The meeting was called to order at 5:30 P.M. by Chairman Francis Driscoll in the presence of members Richard Foley, Joseph Veno, Thomas Clough, and Board Administrator, Colleen Loughlin. Sharon Angstrom was not able to attend. MINUTES • Regular session minutes for the October 21, 2014 meeting were signed by all board members. • JOSEPH VENO moved to accept the November 24, 2014 regular session minutes as written. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • JOSEPH VENO moved to approve the following new members: Anthony Sarcone 3`d Class Lineman Date of hire & membership — 12/1/14 (RMLD) Matthew Berger Firefighter Date of hire — 12/15/14 (Fire) Date of membership — 8/4/08 SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS • JOSEPH VENO moved to approve the following retirement applications: John Cussen System Administrator 02/11/15 18 years, 5 months (RMLD) Richard Robbins Lieutenant 01 /06/15 32 years, 6 months (Police) SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS APPROVAL OF INVOICES TO BE PAID 9% + 2% Gr. IV 9% + 2% Gr. IV Option C Option B • JOSEPH VENO moved to approve the following warrant #AP122014 totaling $834,912.73 as amended: Commonwealth of Mass. $ 385.69 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,819.63 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support 1395 Internal Revenue Service $ 67,633.91 Federal Tax Deductions Reading Credit Union $ 34,209.00 Credit Union Deductions Dec Retirement Allowances $ 592,678.07 Net Retiree Payroll Town of Reading Treasurer $ 47,395.80 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 177.59 Postage due Town Town of Reading Treasurer $ 5,356.61 Dec Administrator's Salary & MedFICA Boston Retirement Board $ 8,679.94 Section 3(8)(c) Reimb for 2013 Colleen Loughlin, Petty Cash $ 77.60 Administrative Expense - Postage Attorney Michael Sacco $ 120.00 Legal Expense — Conference call on pension matters State Retirement Board $ 55,269.54 Section 3(8)(c) Reimb for 2013 Pension Technology Group $ 19,425.00 Support & Maintenance SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTHER ITEMS • Discussed position of Town /School Electrician. Member should be categorized under group 2. • Review and approved letter addressed to the Board of Selectmen stating that Richard Foley is not planning to seek a new term and the Board is recommending a member for the vacated seat. • A transfer amount of $99,980.85 dated 11 /1 /l4 was received from Montague Retirement Board for Edward Wilkins, Jr. Montague Retirement System will accept liability for 28 years and 4 months of creditable service. • A transfer amount of $22,394.01 dated 11/30/14 was received from Belmont, MA Contributory Retirement Board for Patrick Fallon. Belmont, MA Contributory Retirement System will accept liability for 2 years, 4 months, and 10 days of creditable service. • Received notification from PERAC that they have received the completed 2013 Annual Statement of Earnings from Perry Raffi whose name had appeared on the termination list previously sent to the Board, pursuant to G. L. c. 32, § 91A. • Final notices for Affidavits were mailed to all retirees. All have been received. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - State Retirement Board • Received application from member, Brenda Wettergreen, who has elected to have retirement deductions withheld beyond the age of 70. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending November 30, 2014. General Ledger Trial Balance as of November 30, 2014. Cash Receipts, Adjustments, and Disbursements as of November 30, 2014, Bank Reconciliation for the month ending November 30, 2014. Reading Co -op Bank Statement for the month ending November 30, 2014. MMDT Bank Statement for the month ending November 30, 2014. • The next board meeting is scheduled for Tuesday, January 27, 2015 at 5:30 pm in the Lower Level Conference Room. 13 96 A MEMORANDUMS & LETTERS RECEIVED PERAC Memo 434/2014 — GASB 67/68 PERAC Memo #25/2014 — 2014 Disability Retiree Data PERAC Memo #36/2014 — Accounting for Investment Related Fees PERAC Memo #37/2014 — Tobacco Company List PERAC Memo #38/2014 — 840 CMR 10:10(3) & 10:15(4) — Annual Review of Medical Testing Fee PERAC Memo #39/2014 — Mandatory Retirement Board Member Training 1" Quarter 2015 PERAC Memo #39a/2014 — Mandatory Retirement Board Member Training — 1" Quarter 2015 OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF MEETING ADJOURNMENT • JOSEPH VENO moved to adjourn this open session at 6:00 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS Chairman, Francis P. Driscoll, I' elected Sharon M. Angstrom, Ex Officio Richar P. Foley 1 S` appointed Chairman, Joseph R. Ven�f 2°° elected Thomas A. Clough,