HomeMy WebLinkAbout2014-08-26 Retirement Board Minutes137
MINU)('ES OF THE READING RETIREMENT BOARD MEETING
V' Tuesday, August 26, 2014
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The Reading held a regular session meeting on August 26, 2014, in The Lower Level
Conference Room, Town Hall, Reading, Massachusetts.
L615 JUN 30 P 12: 48
The meeting was called to order at 6:00 P.M. by Chairman Francis Driscoll in the presence of members Richard
Foley, Joseph Veno, and Board Administrator, Colleen Loughlin. Thomas Clough and Sharon Angstrom were
not able to attend.
APPROVAL OF MISCELLANEOUS ITEMS
• JOSEPH VENO moved to approve accidental disability application for Robert McCarthy, firefighter.
An evidentiary hearing regarding the accidental disability application of Robert McCarthy was conducted in
open session per member's request.
SECONDED BY: RICHARD FOLEY
VOTED: (3 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve accidental disability application for Steven Perry, RMLD Lineman.
An evidentiary hearing regarding the accidental disability application of Steven Perry was conducted in open
session per member's request.
SECONDED BY: RICHARD FOLEY
VOTED: (3 -0 -0) UNANIMOUS
MINUTES
Regular session minutes for the June 24, 2014 meeting were signed by all board members, except Joseph
Veno who was not present.
• Minutes from the July 22, 2014 regular session to be read and approved by all board members except Joseph
Veno and Thomas Clough who were not present.
TABLED
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• JOSEPH VENO moved to approve the following application for refund of accumulated deductions:
Cristina Paterno Resigned 7/14/14 1 year, 2 mths
(Dispatch) Total deductions & interest $ 4,007.62
Less 20% Federal Taxes $ 801.52
Net refund (cash) $ 3,206.10
SECONDED BY: RICHARD FOLEY
VOTED: (3 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve final calculations for the following retirement approved by PERAC:
Thomas Davis RMLD
(Superannuation)
(REVISED — Received Retro payment)
E. Lewis MacLean
(Superannuation)
Carol Roberts
(Superannuation)
School
Human Resources
SECONDED BY: RICHARD FOLEY
VOTED: (3 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
11/4/13
Annuity:
Pension:
Yearly:
Monthly:
06/30/14
Annuity:
Pension:
Yearly:
Monthly:
06/28/14
Annuity:
Pension:
Yearly:
Monthly:
12 years, 3 mths
$ 5,568.48
$12,469.32
$18,037.80
$ 1,503.15
26 years, 2 mths
$ 4,734.48
$ 9,435.60
$14,170.08
$ 1,180.84
21 years, 5 mths
$10,336.32
$30,160.08
$40,496.40
$ 3,374.70
13
Option C
Option A
Option A
• JOSEPH VENO moved to approve request from Board Administrator to attend the MACRS One Day
Seminar for Board Administrators and Staff being held August 28, 2014 at Auburn Elks in Auburn, MA.
SECONDED BY: RICHARD FOLEY
VOTED: (3 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• JOSEPH VENO moved to approve the following warrant #AP082014 totaling $757,475.37:
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
$
67,677.32
Federal Tax Deductions
Reading Credit Union
$
34,123.00
Credit Union Deductions
Aug Retirement Allowances
$
590,471.53
Net Retiree Payroll
Town of Reading Treasurer
$
48,543.11
Hith, Life, & Dental Ins. Deductions
Town of Reading
$
244.91
Postage due Town
Town of Reading Treasurer
$
8,040.21
Aug Administrator's Salary & MedF1CA
Cristina Paterno
$
3,206.10
Refund to Member
Internal Revenue Service
$
801.52
Refund to Member —Fed Taxes (C.Paterno)
Law Offices of Attorney M. Sacco
$
528.00
Legal Services (L.Palermo),
Investment Performance, & Case Law
SECONDED BY: RICHARD FOLEY
VOTED: (3 -0 -0) UNANIMOUS
1381
INFORMATION /QUESTIONS /OTHER ITEMS
• Retiree Paul Sheridan received a "Notification of Termination" from PERAC for failure to file his 2013
Annual Statement of Earned Income. Mr. Sheridan was given a written notice and an opportunity to be heard
by the Board and no response was received. Therefore, the Reading Retirement Board will continue to
terminate his retirement allowance until a properly completed 2013 Annual Statement of Earned Income has
been received by PERAC.
• A transfer amount of $3,372.65 dated 8/1/14 was received from State Retirement Board for Edward Hudson,
Dispatcher. State Retirement System will accept liability for 9 months and 22 days of creditable service.
• William Hill, Jr., who worked for School Dept. and retired on June 29, 2013 passed away on 8/7/14. He
chose Option C at retirement. His spouse, MaryAnn Hill, will receive a monthly allowance of $997.78, which
is 2 /3rds of the amount Bill was receiving when he died.
• Daniel Doran, who worked for Fire Dept. and retired on January 28, 1989 passed away on 8/13/14. He chose
Option C at retirement. His spouse, Louise Doran, will receive a monthly allowance of $1,346.82, which is
2 /3rds of the amount Daniel was receiving when he died.
• Joseph Hindes, Jr., who worked for the Fire Department and retired on March 31, 1989, passed away on
8/5/14. He chose Option B at his retirement but there are no funds remaining.
• Albert Tine, Sr., who worked for the RMLD and retired on April 20, 1979, passed away on 8/3/14. He chose
Option A at his retirement.
• Retiree Paul Sheridan received a "Notification of Termination" from PERAC for failure to file their 2013
Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan regarding this
issue. No response from Mr. Sheridan.
• Board Member, Richard Foley, had been approached by a Library Trustee to review the Board's regulations
regarding membership.
• Copies of the following Reading Retirement Board reports were emailed for review:
The PRIT fund's monthly statement & fund performance for period ending July 31, 2014.
General Ledger Trial Balance as of July 31, 2014.
Cash Receipts, Adjustments, and Disbursements as of July 31, 2014.
Bank Reconciliation for the month ending July 31, 2014.
Reading Co -op Bank Statement for the month ending July 31, 2014.
MMDT Bank Statement for the month ending July 31, 2014.
PRIT Reading Profile as of 6/30/14.
The next board meeting is scheduled for Tuesday, September 23, 2014 at 6:00 pm in the Lower Level
Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo 426/2014 — Electronic Document Submission Training
PERAC Memo #27/2014 — Applicability of IRS PLR Regarding Taxation
PERAC Memo #28/2014 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental
Disability Retirees and Accidental Death Survivors
OLD & NEW BUSINESS
1382
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• JOSEPH VENO moved to adjourn this open session at 6:45 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (3 -0 -0) UNANIMOUS
Chairman, Francis P. Driscoll, I" ele ted
Sharon M. Angstrom, Ex Officio
Richajid P. Foley, ls` appoi ted
JA
c Chairman, Joseph R. Veno, 2 °d elected
IF
Thomas A. Clough, 2 °° appointed