HomeMy WebLinkAbout2014-11-24 Retirement Board Minutes13 €0
�"jt�T" OF THE READING RETIREMENT BOARD MEETING
I? W N C L ER' K Monday, November 24, 2014
"1E'ING. MASS.
The Reading Retirement Board held a regular session meeting on November 24, 2014, in The Lower Level
Conference mm�, nHl , &-AWg, 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, Thomas Clough, Sharon Angstrom and Board Administrator, Colleen Loughlin.
MINUTES
• Regular session minutes for the September 23, 2014 meeting were signed by all board members.
• JOSEPH VENO moved to accept the October 21, 2014 regular session minutes as written.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• JOSEPH VENO moved to approve the following new members:
Christopher Zollner Control Room Operator Date of hire — 11/5/14 9%+2%
(RMLD) Date of membership — 8/18/03
(Prior Service with Wilmington)
Gregory Williams Control Room Operator Date of hire & membership— l 1/6/14 9 % +2%
(RMLD) (Prior non - membership service w/Essex & Rowley)
Patrick Fallon First Class Lineman Date of hire — 1 l /6/14 9%+2%
(RMLD) Date of membership — 6/25/12
(Prior Service with Belmont)
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• JOSEPH VENO moved to approve request from eligible member to purchase non - membership service for
creditable service:
Amy Lannon Reading
10/14/03- 10/31/12 5 years, 5 months (pro- rated)
The total purchase amount is $26,715.09. Amy will make a lump sum payment.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve Robert McCarthy's "Application for Disability Retirement" based upon
the Medical Panel Certificate.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VENO moved to accept Steven Perry's "Application for Disability Retirement."
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VENO moved to deny the accidental disability application of Steven Perry based upon the Medical
Panel Certificate as of the exam of October 28, 2014.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
JOSEPH VENO moved to approve the following warrant #AP112014 totaling $775,394.20:
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
Internal Revenue Service
$
67,633.91
Federal Tax Deductions
Reading Credit Union
$
34,209.00
Credit Union Deductions
Nov Retirement Allowances
$
592,438.68
Net Retiree Payroll
Town of Reading Treasurer
$
47,635.19
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
396.66
Postage due Town
Town of Reading Treasurer
$
5,356.60
Nov Administrator's Salary & MedFICA
Law Office of Michael Sacco
$
111.00
Legal Expense — Audit letter
Kingsbury Press
$
154.20
Administrative Expense — 1099Rs
Middlesex County Retirement Board
$
23,569.29
Section 3(8)(c) Reimb for 2013
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
INFORMATION /QUESTIONS /OTHER ITEMS
• Richard Foley is currently the Board of Selectmen's appointment to the Retirement Board, with his term
ending December 31, 2014. Richard is not planning to seek a new term. The Board will notify the Board of
Selectmen. Nancy Heffernan, Treasurer, has indicated her interest in applying for the Selectmen's
appointment for the vacated seat. The Board will write a letter of support to the Board of Selectmen.
• Accidental Disability Retiree, Perry Raffi, failed to file his Statement of Earned Income for 2013. His benefit
will be terminated. Mr. Raffi is entitled to a hearing before benefit is terminated. Mr. Perry sent an email
explaining that he filed an extension on his taxes for health reasons and didn't realize it would affect his
benefit. He has stated that he mailed his Statement of Earned Income to PERAC on November 24, 2014.
• Discussed the Budget and made some adjustments. Will review and approve at next month's meeting.
• Reviewed Board Regulations.
• The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement
System for FYI 6 is $5,184,813.
• Received application from member, Yeri Castellanos, Sr., who has elected to have retirement deductions
withheld beyond the age of 70.
• Affidavits were mailed to all retirees on October 2, 2014. Second notices were sent out October 30, 2014.
There are 3 affidavits still due. Final notices will be mailed sent out December 1, 2014.
• Copies of the following Reading Retirement Board reports were emailed for review:
The PRIT fund's monthly statement & fund performance for period ending October 31, 2014.
General Ledger Trial Balance as of October 31, 2014.
Cash Receipts, Adjustments, and Disbursements as of October 31, 2014.
Bank Reconciliation for the month ending October 31, 2014.
Reading Co -op Bank Statement for the month ending October 31, 2014.
MMDT Bank Statement for the month ending October 31, 2014.
• The next board meeting is scheduled for Tuesday, December 23, 2014 at 5:30 pm in the Lower Level
Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #31/2014 — Mandatory Retirement Board Member Training — 4`h Quarter 2014
PERAC Memo #32/2014 — Appropriation Data Due October 31, 2014
PERAC Memo #33/2014 — Electronic Document Submission Training
OLD & NEW BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• JOSEPH VENO moved to adjourn this open session at 7:40 P.M.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
E
Chairman, Francis P. Driscoll, l" elected
M•
Sharon M. Angstrom, Ex Offi Mo
Richard P Foley, l5` a pointed
V' Chairman, Joseph R. V , 2" elected
Thomas A. Clough, 2" pointed