HomeMy WebLinkAbout2014-09-23 Retirement Board Minutes1383
MINUTES OF THE READING RETIREMENT BOARD MEETING
%,;,- L'_ I V � j Tuesday, September 23, 2014
i =!�JN CLERK
The Reading Retiltr)IIAC�oa {d field a regular session meeting on September 23, 2014, in The Berger Room,
Town Hall, Reading, Massachusetts.
1u115 JUN 30 P 12* 48
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. Victoria
Yablonsky and Alice Collins, Library Board of Trustees, and Ruth Urell, Director, also attended.
SPECIAL ITEM
Victoria Yablonsky, Alice Collins, and Ruth Urell attended the Board Meeting to ask that the Board consider
reducing the membership requirement to the Reading Retirement System. Not all Library employees meet the
membership requirement of 1690 hours per year to become a member of the Reading Retirement System;
therefore, they are only able to contribute to OBRA if they are not a member of the Reading Retirement System.
As a part -time, seasonal or temporary employee of the Commonwealth of Massachusetts, you are required to
participate in the SMART plan. The SMART Plan is an alternative to Social Security as permitted by the federal
Omnibus Budget Reconciliation Act of 1990 (OBRA). OBRA requires that beginning July 1, 1991, employees
not eligible to participate in their employer's retirement program be placed in Social Security or another program
meeting federal requirements.
The Board discussed how the reduction in hours could affect the pension liability as well as the OPEB liability.
MINUTES
Regular session minutes for the June 24, 2014 meeting were signed by all board members, except Joseph
Veno who was not present.
• RICHARD FOLEY moved to accept the July 22, 2014 regular session minutes as written, except Joseph
Veno and Thomas Clough who were not present.
SECONDED BY: SHARON ANGSTROM
VOTED: (3 -0 -2)
ABSTAINED: JOSEPH VENO & THOMAS CLOUGH
• RICHARD FOLEY moved to accept the August 26, 2014 regular session minutes, except Sharon Angstrom
and Thomas Clough who were not present.
SECONDED BY: SHARON ANGSTROM
VOTED: (3 -0 -2) ABSTAINED: SHARON ANGSTROM & THOMAS CLOUGH
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• JOSEPH VENO moved to approve the following new members:
Johanna Meyer
(RMLD)
Edward Wilkins, Jr
(School)
Janet Hebert
(School)
Systems Admin II Date of hire & membership — 9/4/14 9%+2%
Facilities Manager Date of hire — 9/2/14 9%+2%
Date of membership — 3/1/87
(Prior Service with Montague & Worcester)
School Business Asst. Date of hire — 9/8/14 9%+2%
Date of membership — 7/7/03
(Prior Service with Swampscott)
Kyle Sargent
(DPW)
SECONDED BY
VOTED:
Mechanic
THOMAS CLOUGH
(5 -0 -0) UNANIMOUS
Date of hire & membership — 9/22/14
• JOSEPH VENO moved to approve the following retirement application:
Grace Serratore Paraprofessional 9/18/14 25 years, 6 months
(School)
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve the following transfer of funds to other systems:
1 3 64
9%+2%
Option A
Maureen Cranitch To Andover Retirement $12,215.44 7 years and 2 months
(School) (2 yrs, 6 mths Melrose)
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• JOSEPH, VENO moved to approve request from Board Administrator to attend the MACRS Fall 2014
Conference being held October 5, 2014 to October 8, 2014 at Sheraton Springfield in Springfield, MA.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
JOSEPH VENO moved to approve the following warrant #AP092014 totaling $765,459.49:
Commonwealth of Mass.
$
385.69
RHA Health Ins. Deductions
Commonwealth of Mass.
$
1,769.63
State Tax Deductions
Commonwealth of Mass.
$
1,684.35
Child Support
Internal Revenue Service
$
68,065.47
Federal Tax Deductions
Reading Credit Union
$
34,123.00
Credit Union Deductions
Sept Retirement Allowances
$
593,067.55
Net Retiree Payroll
Town of Reading Treasurer
$
48,072.08
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
172.20
Postage due Town
Town of Reading Treasurer
$
5,356.58
Sept Administrator's Salary & MedFICA
Colleen Loughlin
$
61.82
Mileage Reimb — Auburn Seminar
MACRS
$
270.00
MACRS 2014 Fall Conference
Andover Retirement Board
$
12,215.44
Trsf to Other System- M. Cranitch
Jane Brenner
$
194.11
Refund of erroneous deductions
Internal Revenue Service
$
21.57
10% Federal Taxes — J. Brenner
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
13 65
INFORMATION /QUESTIONS /OTHER ITEMS
• Board Members signed a signature card for the Treasurer - Collector to have on file.
• Discussed switching pension valuation to 1/1 instead of 7/1 in response to auditor concerns regarding GASB
67. Before the Board decides they wanted to determine when the next valuation would be needed in order to
comply with GASB 67 disclosure requirements.
• Jane Brenner is being reimbursed $215.68 less 10% federal withholdings ($21.57) net $194.11 for erroneous
deductions taken. Member was overpaid by the school department.
• Copies of the following Reading Retirement Board reports were emailed for review:
The PRIT fund's monthly statement & fund performance for period ending August 30, 2014.
General Ledger Trial Balance as of August 30, 2014.
Cash Receipts, Adjustments, and Disbursements as of August 30, 2014.
Bank Reconciliation for the month ending August 30, 2014.
Reading Co -op Bank Statement for the month ending August 30, 2014.
MMDT Bank Statement for the month ending August 30, 2014.
The next board meeting is scheduled for Tuesday, October 21, 2014 at 6:00 pm in the Lower Level
Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo 429/2014 — Chapter 165 of the Acts of 2014 — pension provisions
PERAC Memo #30/2014 — Tobacco Company List
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 7:30 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (5 -0 -0) UNANIMOUS
_61_7 - -�.„
Chairman, Francis �P. /Driscoll, I" elected
Sharon . Angstrom, Ex Offic'
/I _ /1 N n /
Rich4rd P. Foley, I"
Vice Chairman, Joseph R. Ve , 2 elected
Thomas A. Clough, 2 ° pointed