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HomeMy WebLinkAbout2014-04-22 Retirement Board Minutes1361 MINUTES OF THE READING RETIREMENT BOARD MEETING c, �N N C B R K Tuesday, April 22, 2014 lNG, MAb The Reading Retirement Board held a regular session meeting on April 22, 2014, in The Lower Level Conference Roor ovfll j b Ilk The m RpdV41Sassachusetts. (leetinJJg was called to order at 6:00 P.M. by Vice - Chairman Joseph Veno in the presence of members Richard Foley, Sharon Angstrom, Thomas Clough and Board Administrator, Colleen Loughlin. Chairman Francis Driscoll was not able to attend. MINUTES • Special session minutes for the February 6, 2014 meeting were signed by all board members, except Joseph Veno and Thomas Clough who were not present. • Regular session minutes for the February 25, 2014 meeting were signed by all board members, except Sharon Angstrom and Richard Foley who were not present. • Special session minutes for the March 5, 2014 meeting were signed by all board members, except Joseph Veno and Thomas Clough who were not present. • RICHARD FOLEY moved to accept the March 25, 2014 regular session minutes as written. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following new member: Louis Caputo Network Manager Date of hire — 4/14/14 9%+2% (School) Date of membership — 2/8/99 (Prior Service with State & Essex) SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve the following transfer of funds to other systems: Nathan Gardiner To Middlesex County Retirement (DPW) Michael Bouvier To Lowell Retirement (Police) SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS $15,063.96 4 years and 10 months $36,055.42 6 years and I month L RICHARD FOLEY moved to approve the following retirement application: Peter Garchinsky Lieutenant 4/23/14 37 years, 4 mths (Police) SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve the following refund of accumulated deductions: Kimberly Wyman Resigned 5/6/11 (RMLD) Total deductions & interest Less Forfeited Interest Net refund (rollover) SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • Approve or deny Lisa Palermo's "Application for Disability Retirement." 1 year, 10 days $ 4,760.07 $ 138.64 $ 4,621.43 1362 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. RICHARD FOLEY moved to approve request from Board Administrator to attend the MACRS 2014 Spring Conference being held June 1 — June 4, 2014 in Hyannis, MA. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve to vote on May 27, 2014 a COLA increase for FY 2015, which begins on July 1, 2014 and ends June 30, 2015. It is limited to a maximum amount of 3% of $12,000: SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID RICHARD FOLEY moved to approve the following warrant #AP042014 totaling $838,082.40: Commonwealth of Mass. $ 509.08 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,604.63 State Tax Deductions Commonwealth of Mass. $ 2,051.30 Child Support Internal Revenue Service $ 64,192.08 Federal Tax Deductions Reading Credit Union $ 38,567.00 Credit Union Deductions April Retirement Allowances $ 568,540.81 Net Retiree Payroll Town of Reading Treasurer $ 45,867.02 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 190.68 Postage due Town Town of Reading Treasurer $ 5,173.54 Apr Administrator's Salary & MedF1CA Law Offices of Attorney M. Sacco $ 72.00 Legal Services Essex Regional Retirement Board $ 53,683.12 Section 3(8)(c) Reimbursement for 2013 Belmont Retirement Board $ 1,890.39 Section 3(8)(c) Reimbursement for 2013 Middlesex Regional Retirement Bd $ 15,063.96 Transfer to Other System -N. Gardiner Reading Co- Operative Bank $ 4,621.43 Refund to Member (Rollover)K. Wyman Lowell Retirement Board $ 36,055.36 Transfer to Other System -M. Bouvier SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTHER ITEMS • A transfer amount of $159,494.29 dated 3/1/14 was received from Danvers Retirement Board for Hamid Jaffari, RMLD Engineering and Operations Manager. Danvers will accept liability for 15 years and 5 months of creditable service. • Robert Nickerson, who worked for the DPW Dept. and retired on September 30, 1986, passed away on 4/19/14. He chose Option A at his retirement. He retired on accidental disability retirement. His wife, Frances, passed away August 20, 2007. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Essex Regional Retirement Board • Received PERAC approval letter for the revised supplementary regulation regarding military service purchase. • Received PERAC denial letter for the proposed supplementary regulation regarding purchase of non- membership service. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending March 31, 2014. General Ledger Trial Balance as of January 31, 2014, February 28, 2014, and March 31, 2014. Cash Receipts, Adjustments, and Disbursements as of March 31, 2014. Bank Reconciliation for the month ending March 31, 2014. Reading Co -op Bank Statement for the month ending March 31, 2014. MMDT Bank Statement for the month ending March 31, 2014. • The next board meeting is scheduled for Tuesday, May 27, 2014 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo # 13/2014 — Mandatory Retirement Board Member Training 2nd Quarter 2014 PERAC Memo #14/2014 — Investor Registration with the Securities Exchange Commission Massachusetts Secretary of State. PERAC Commissioners unanimously voted to approve the following motion: A retirement board that seeks to invest funds with an entity that is not registered with the Securities and Exchange Commission ( "SEC ") or, if applicable, the Massachusetts Office of the Secretary of State ( "SOS ") will not receive an Acknowledgement Letter from the Commission and therefore may not make such an investment as the Commission has made a determination that it is in the best interest of the retirement system to withhold the Acknowledgement in circumstances in which a retirement board seeks to invest with a non - registered entity. PERAC Memo # 15/2014 — Tobacco Company List 1364 Case Laws from Attorney Michael Sacco OLD & NEW BUSINESS • Discussed minimum payment of $25 for buybacks /make -up payments. After review of what other boards have for a minimum payment, the Board agreed to keep minimum payments at $25 per biweekly payments. • Discussed group 1 and group 4 positions at RMLD. A member contacted Board Administrator inquiring about his position possibly being changed from group 4 to group 1. Since RMLD is having an organizational study, the Board will review the job descriptions and group classifications once the study is completed. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 RRS IN ADVANCE OF MEETING ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 6:55 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS Chairman, Francis P. Driscoll, I" elected ". Sharon M. Angstrom, Ex Offici Richard P. Foley, I" app inted ice Chairman, Joseph R. Veno'° elected Thomas A. Clough,