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Home My WebLink About2014-06-24 Retirement Board Minutes1J69 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, June 24, 2014 ''N C L L R K The Reading Rat gnt,jpf� j eld a regular session meeting on June 24, 2014, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. gJwYIcaAPd toopor e""6:00 P.M. by Chairman Francis Driscoll in the presence of members Richard The meetA Foley, Sharon Angstrom, and Board Administrator, Colleen Loughlin. Thomas Clough participated remotely due to geographical distance. Joseph Veno was not able to attend. MINUTES • Regular session minutes for the April 22, 2014 meeting were signed by all board members, except Francis Driscoll who was not present. • SHARON ANGSTROM moved to accept the May 27, 2014 regular session minutes as written. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (4 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to accept the March 26, 2013 regular session minutes as amended. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Judith Perkins ( Admin Services) Daniel Tilton (DPW - Hwy) Human Resources Admin Laborer Thomas Campbell Laborer (DPW — Pks & Fstry) Date of hire — 6/2/14 9%+2% Date of membership — 9/27/99 (Prior Service with Lawrence) Date of hire & membership— 6/3/14 9%+2% Date of hire — 7/9/12 9%+2% Date of membership — 6/9/14 (Prior non - membership service with Reading) Zachary Paiva Laborer Date of hire — 4/1/14 9%+2% (DPW — Sewer) Date of membership — 6/9/14 (Prior non - membership service with Reading) Kelly Colon Facilities Director (School) Thomas 011ila Integrated Resource (RMLD) Engineer II SECONDED BY: RICHARD FOLEY 3 ,' 0 Date of hire & membership — 6/10/14 9%+2% Date of hire & membership — 6/5/14 9%+2% ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (4 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement application: Carol Roberts Human Resources Admin 6/28/14 21 years, 5 mths ( Admin Services) SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (4 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Timothy Gillis Resigned 10/17/13 3 years, 4 mths (School Facilities) Total deductions & interest $12,341.25 Less Interest — forfeited $ 0.00 Less 20% federal tax $ 2,468.25 Net refund (cash) $ 9,873.00 SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (4 -0 -0) UNANIMOUS 13,7.E • SHARON ANQ fRgM moved to approve the following retirement approved by PERAC: "Nit V Peter Oarrrns C ^ ("',Police 4/23/14 37 years, 4 mths Option C (Superannuation) Annuity: $15,556.68 Pension: $57,494.88 p 12 48 Yearly: $73,051.56 Monthly: $ 6,087.63 SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • Approve or deny Lisa Palermo's "Application for Disability Retirement." The Reading Retirement Board received from PERAC the Medical Panel Certificate & report by the regional medical panel for Lisa Palermo. The next step is for the Board to approve or deny Lisa's application and, if approved, send to PERAC for their approval. TABLED — Waiting for response from Medical Panel on clarification request. • SHARON ANGSTROM moved to approve proposed pay scale for the Retirement Board Administrator for the period FY 15 using 1.5% COLA and 2% step, which is consistent with the Town. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (3 -0 -1) ABSTAINED: THOMAS CLOUGH Tom Clough abstained because he did not have a copy of the pay scale as he was participating remotely. • SHARON ANGSTROM moved to approve request from eligible member to purchase prior non - membership service for creditable service. Marianna Zanni Reading 9/1/07- 6/30/13 4 years, 10 months (pro- rated) The total purchase amount is $10,776.51. Marianna will make a lump sum payment of $2,218.79 and will complete a rollover for the remaining balance of $8,557.72. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (4 -0 -0) UNANIMOUS 13 2 APPROVAL OF INVOICES TO BE PAID SHARON ANGSTROM moved to approve the following warrant #AP062014 totaling $751,494.34: Commonwealth of Mass. $ 461.35 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,742.06 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support Internal Revenue Service $ 66,475.87 Federal Tax Deductions Reading Credit Union $ 34,367.00 Credit Union Deductions June Retirement Allowances $ 578,676.73 Net Retiree Payroll Town of Reading Treasurer $ 48,796.06 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 191.60 Postage due Town Town of Reading Treasurer $ 5,173.54 June Administrator's Salary & MedFICA Law Offices of Attorney M. Sacco $ 432.00 Legal Services (L. Palermo) Timothy Gillis $ 9,873.00 Refund to Member Internal Revenue Service $ 2,468.25 Refund to Member — 20% Federal Tax BACTES $ 152.53 Medical Records — R. McCarthy & S. Perry Town of Reading $ 1,000.00 Rent SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (5 -0 -0) UNANIMOUS INFORMATIONWESTIONS /OTHER ITEMS The Board discussed the possibility of issuing a memo to active members regarding the reduction to Option C when reaching 80 %. Sharon spoke to Jim Lamenzo at PERAC looking for a simple explanation that we can relay to members. Jim stated that the Option C calculation has a life insurance component built in that increases as you age. The system is designed to provide a benefit to the member; however Option C provides a benefit to a survivor after the member's death. If a member has reached their 80 %, choses Option C, and has not received an increase in pay, they may notice that their Option C benefit decreases. This decrease becomes more pronounced if the member works 5 years after reaching their 80 %. The Board agreed that issuing a memo to all members was not necessary and that it would be easier to explain to members on a case by case basis. • Request came from Essex Regional Retirement System asking how much liability this Board will accept for a previous employee that took a refund. Confirmed start/end dates with town and reviewed deductions. Confirmed that the Board would accept liability of 13 years and 7 months of creditable service upon proper payment to other system. • Received a public records request from Attorney Michael Conley on June 23, 2014 regarding Firefighter Lisa Palermo. • Mary Muise, Option C beneficiary of James Muise, died June 13, 2014. • On May 23, 2014, PERAC notified this Board that William Van Horn, II was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job. • A COLA reimbursement of $88,890.59 from the State for the period 01/14- 6/30/14 was received on 6/23/14. 113 Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2014. Cash Receipts, Adjustments, and Disbursements as of May 31, 2014. General Ledger Trial Balance as of May 31, 2014. Bank Reconciliation for the month ending May 31, 2014. Reading Co -op Bank Statement for the month ending May 31, 2014. MMDT Bank Statement for the month ending May 31, 2014. The next board meeting is scheduled for Tuesday, July 22, 2014, 2014 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #19/2014 — MacAloney v. Worcester Regional Ret. System and Public Employee Ret. Admin. Comm'n, CR -I 1 -19 (CRAB 2013) PERAC Pension News No. 21 PERAC Memo #20/2014 — Tobacco Company List OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:45 P.M. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (4 -0 -0) UNANIMOUS ti,c�a Chairman, Francis P. Driscoll, I` elected 6 /,, ," mil - Sharon M. Angstrom, Ex Officilo _61 ^ Richard P. Foley, Is` a pointed Vice Chairman, Joseph R. Veno, "elected Thomas A. Clough, 2 " ap&inted