The URL can be used to link to this page

Home My WebLink About2014-07-22 Retirement Board Minutes13 7 4 , ', MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, July 22, 2014 The Reading Retirement Board held a regular session meeting on July 22, 2014, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M. by Chairman Francis Driscoll in the presence of members Richard Foley, Sharon Angstrom, and Board Administrator, Colleen Loughlin. Thomas Clough and Joseph Veno were not able to attend. MINUTES • Regular session minutes for the May 27, 2014 meeting were signed by all board members. • Regular session minutes for the March 26, 2013 were signed by all board members as amended. • RICHARD FOLEY moved to accept the June 24, 2014 regular session minutes as written, except Joseph Veno who was not present. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following new members: Edward Hudson Disptacher (Police) Kelly McNamara Dispatcher (Police) Date of hire — 7/1/14 Date of membership — 9/9/13 Date of hire & membership— 7/1/14 Kaylyn Gooley Patrolman Date of hire — 7/1/14 (Police) Date of membership — (Prior Service with State) Matthew Orr Patrolman (Police) SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS Date of hire & membership— 7/1/14 • RICHARD FOLEY moved to approve the following transfer of funds to other systems: Dina McCarron To Somerville Retirement (Health) Kevin Sullivan To Wellesley Retirement (RMLD) SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS 9%+2% 9%+2% 9%+2% 9%+2% $41,962.54 9 years and 8 months (4 yrs, 1 mth, 24 days Everett) $72,219.93 5 years and 6 months 1375 • RICHARD FOLEY moved to approve the following retirement applications: E. Lewis MacLean Tutor/Paraprofessional 6/30/14 21 years, 5 months (School) Jane Brenner Admin Secretary 7/20/14 20 years, 3 months (School) SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS Option A Option C • RICHARD FOLEY moved to approve final calculations for the following retirement approved by PERAC: John Kyle Police 6/15/14 21 years, 10 mths Option A (Superannuation) Annuity: $ 9,065.64 Pension: $24,565.92 Yearly: $33,631.56 Monthly: $ 2,802.63 Thomas O'Connor, Jr. RMLD 5/31/14 41 years, 6 mths (Superannuation) Annuity: $11,762.28 Pension: $62,482.32 Yearly: $74,244.60 Monthly: $ 6,187.05 SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to approve Lisa Palermo's "Application for Disability Retirement." SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS Option C • SHARON ANGSTROM moved to set up a hearing for Robert McCarthy at the August 26`h Board Meeting to review his application for Accidental Disability. Robert McCarthy, a firefighter, has submitted an application for accidental disability. His application is complete and the board can vote to accept/deny the application for accidental disability retirement. SECONDED BY: RICHARD FOLEY VOTED: (3 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to set up a hearing for Steven Perry at the August 26`h Board Meeting to review his application for Accidental Disability. Steven Perry, an RMLD Lineman, has submitted an application for accidental disability. His application is complete and the board can vote to accept/deny the application for accidental disability retirement. SECONDED BY: RICHARD FOLEY VOTED: (3 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service. Mark Mahoney Reading 8/2/13- 11/17/13 2 months (pro- rated) The total purchase amount is $333.40. Mark will begin payroll deductions with the August 1, 2014 pay period. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: Donna Walsh Middlesex County 11/14/79- 6/17/80 7 months, 3 days (pro- rated) The total purchase amount is $1,130.13. Donna will begin payroll deductions with the August 1, 2014 pay period. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve request from member, Jane Brenner, to grant 1 month of creditable service for the period of absence due to illness. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • RICHARD FOLEY moved to approve the following warrant #AP072014 totaling $875,103.60: 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 $ 69,037.01 Federal Tax Deductions Reading Credit Union $ 34,473.00 Credit Union Deductions July Retirement Allowances $ 598,762.56 Net Retiree Payroll Town of Reading Treasurer $ 48,909.06 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 189.86 Postage due Town Town of Reading Treasurer $ 5,253.97 July Administrator's Salary & MedFICA Law Offices of Attorney M. Sacco $ 48.00 Legal Services (L. Palermo) MIIA Property and Casualty Group $ 343.00 Wokers' Comp Coverage Thomas Davis $ 35.00 Admin Expense — overdraft fee Mark Russell $ 30.00 Admin Expense — overdraft fee Wellesley Retirement System $ 72,219.93 Trsf to Other System — K. Sullivan Somerville Retirement System $ 41,962.54 Trsf to Other System — D. McCarron 1377 SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTHER ITEMS • Herbert Maine, who worked for RMLD and retired on April 30, 1982, passed away on 7/18/14. His wife predeceased him. He chose Option C at his retirement. • Stephen Lewko, who worked for the Fire Dept. as a Fire Fighter and retired on November 19, 2004, passed away on July 18, 2014. He chose Option A at his retirement. • Discussed Budget that would be presented to the Board on a monthly basis. Board is ok with the format. • Discussed liability insurance with the Board. Board doesn't feel it's necessary to have and will continue to be self - insured. • Board reviewed and approved forms that Administrator would like to include in member's packets. • A transfer amount of $39,809.87 dated 6/26/14 was received from Lawrence Retirement Board for Judith Perkins, Human Resources Administrator. Lawrence Retirement System will accept liability for 16 years and 3 months of creditable service. • Received application from member, Maureen Zaya, who has elected to have retirement deductions withheld beyond the age of 70. • On July 9, 2014, PERAC notified this Board that Perry Raffi 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. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2014. General Ledger Trial Balance as of June 30, 2014. Cash Receipts, Adjustments, and Disbursements as of June 30, 2014. Bank Reconciliation for the month ending June 30, 2014. Reading Co -op Bank Statement for the month ending June 30, 2014. MMDT Bank Statement for the month ending June 30, 2014. • The next board meeting is scheduled for Tuesday, August 26, 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 -11 -19 (CRAB 2013) PERAC Pension News No. 21 PERAC Memo #20/2014 — Tobacco Company List PERAC Memo #21/2014 — Concurrent Benefits PERAC Memo #22/2014 — Mandatory Retirement Board Member Training 3`d Quarter 2014 PERAC Memo #23/2014 — Mandatory Retirement Board Member Training 3`d Quarter 2014 State Ethics Commission Seminars —Update 13 7 �f v PERAC Memo #24/2014 — Retroactive Changes to Cash Book Entries PERAC Memo #25/2014 — Reinstatement to Service under G.L. c.32 § 105 PERAC Pension News No. 37 OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 7:20 P.M. SECONDED BY: SHARON ANGSTROM VOTED: (3 -0 -0) UNANIMOUS Chairman, Francis P. Dri� riiscoll, I" elected auyb'n �-4- Sharon M. Angstrom, Ex O cio Richard P. Foley, I" appointed Vice Chairman, Joseph R. Veno, 2 "° elected Thomas A. Clough, 2 ntl appointed