HomeMy WebLinkAbout2014-10-21 Retirement Board Minutes13 }1 S
t _ MgiFTES OF THE READING RETIREMENT BOARD MEETING
r �� L K Tuesday, October 21, 2014
"AN ,u'NG, MASS.
The Reading letirement Board held a regular session meeting on October 21, 2014, in The Lower Level
Conference oo Teo vnllaj dd .: ling, Massachusetts.
LUD The meeting was called to order at 6:05 P.M. by Chairman Francis Driscoll in the presence of members Richard
Foley, Joseph Veno, Thomas Clough, Sharon Angstrom and Board Administrator, Colleen Loughlin. Please let
the record show that Thomas Clough left the Board meeting at 7:00 pm.
MINUTES
• Regular session minutes for the July 22, 2014 meeting were signed by all board members, except Joseph
Veno and Thomas Clough who were not present.
• Regular session minutes for the August 26, 2014 meeting were signed by all board members, except Thomas
Clough and Sharon Angstrom who were not present.
• JOSEPH VENO moved to accept the September 23, 2014 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• JOSEPH VENO moved to approve the following final calculation for the following retirement approved by
PERAC:
Grace Serratore Paraprofessional
(School)
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
9/18/14
25 years, 6 mths Option A
Annuity:
$
3,706.68
Pension:
$
5,394.24
Yearly:
$
9,100.92
Monthly:
$
758.41
• JOSEPH VENO moved to approve request from eligible member to purchase military service for creditable
service:
John Edson Air Force /Reg AF 7/15/81- 7/14/85 4 years, 0 months
The total purchase amount is $17,470.90. John will make a lump sum payment.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
3 to
• JOSEPH VENO moved to approve that the Board attempt to collect the overpayment to retiree, Shirley
Robson, who passed away August 2, 2014. Board was notified in October that she passed away; therefore the
Board will request repayment from August 3 — September 30, 2014:
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve that the Board change from a 7/1 valuation to a 1/1 valuation as
recommended:
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve that membership for the Reading Retirement System remains at 1690
hours:
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• JOSEPH VENO moved to approve the following warrant #AP102014 totaling $752,258.18:
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
$
67,960.46
Federal Tax Deductions
Reading Credit Union
$
33,883.00
Credit Union Deductions
Oct Retirement Allowances
$
592,835.04
Net Retiree Payroll
Town of Reading Treasurer
$
47,566.04
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
208.91
Postage due Town
Town of Reading Treasurer
$
5,356.58
Oct Administrator's Salary & MedFICA
Colleen Loughlin
$
272.38
Travel Exp — 2014 Fall MACRS Conf.
Attorney Michael Sacco
$
48.00
Legal Exp — Memo to Board clients
Regarding recent decisions — dual
Membership & superannuation retirement
New England Office Supply
$
143.10
Admin Expense — Supplies
Calendar Press
$
95.00
Admin Expense - Envelopes
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
INFORMATION /QUESTIONS /OTHER ITEMS
• Discussed GASB 67. Board agreed to change from a 7/1 valuation to a 1/1 valuation.
• Discussed Membership for the Reading Retirement Board. After review and discussion, the Board will
remain at 1690 hours for membership to the Reading Retirement Board.
• Reimbursements have been completed with the October 31, 2014 retirement payroll for members that had the
monetary value of the personal use of employer- supplied motor vehicle included as regular compensation.
1 3 8
Accidental disability retiree Charles Johnson had excess earnings for the year 2013. A notification letter was
sent out on September 30, 2014 with a deadline of October 16, 2014 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 October check until the total amount has been collected.
Charles Johnson called on 10/14/14 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 $8,139.85 owed to the retirement system has been paid. The Board agreed
to withhold his monthly retirement allowance until the full amount of $8,139.85 is paid.
• Shirley Robson, Option D beneficiary of Herbert Robson, died August 2, 2014.
Copies of the following Reading Retirement Board reports were emailed for review:
The PRIT fund's monthly statement & fund performance for period ending September 30, 2014.
General Ledger Trial Balance as of September 30, 2014.
Cash Receipts, Adjustments, and Disbursements as of September 30, 2014.
Bank Reconciliation for the month ending September 30, 2014.
Reading Co -op Bank Statement for the month ending September 30, 2014.
MMDT Bank Statement for the month ending September 30, 2014.
• The next board meeting is scheduled for Monday, November24, 2014 at 6:00 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 ]FIRS IN ADVANCE OF
MEETING
ADJOURNMENT
• JOSEPH VENO moved to adjourn this open session at 7:02 P.M.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
R 3 6(-1
Chairman, Francis P. Driscoll, Is' lected
Sharon M. Angstrom, Ex Officio
Richar P. Foley, 1 St app inted
Vice Chairman, Joseph ZRV no, 2""' elected
Thomas A. Clough, 2" appointed