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Home My WebLink About2014-03-25 Retirement Board Minutes1355 ` L' E i V t. MINUTES OF THE READING RETIREMENT BOARD MEETING WN CLERK Tuesday, March 25, 2014 i, The Reading Setirement Board held a regular session meeting on March 25, 2014, in Confe ence m t-' �oyvn U&11, Reading, Massachusetts. LU! ��LC o The Lower Level The meeting was called to order at 6:02 P.M. by Chairman Francis Driscoll in the presence of members Richard Foley, Joseph Veno, Sharon Angstrom, and Board Administrator, Colleen Loughlin. Thomas Clough participated remotely due to geographical distance. Also present was Paul Todisco, Senior Client Service Officer from the PRIM Board. Let the record show that connection was lost with Tom Clough at 7:20 pm. SPECIAL ITEM Paul Todisco, Senior Client Services Officer from the PRIM Board, attended this meeting to discuss the performance of the funds in PRIT. APPROVAL OF MISCELLANEOUS ITEMS • JOSEPH VENO moved to nominate Francis Driscoll as Chairman. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye Joseph Veno Aye VOTED: (5 -0 -0) UNANIMOUS • RICHARD FOLEY moved to nominate Joseph Veno as Vice - Chairman. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye Joseph Veno Aye VOTED: (5 -0 -0) UNANIMOUS MINUTES • Regular session minutes for the January 28, 2014 meeting were signed by all board members. • RICHARD FOLEY moved to accept the February 6, 2014 special session minutes as written, except Joseph Veno and Thomas Clough who were not present. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: Thomas Clough Abstained Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye Joseph Veno Abstained VOTED: (3 -0 -2) ABSTAINED: THOMAS CLOUGH & JOSEPH VENO 1356 • JOSEPH VENO moved to accept the February 25, 2014 regular session minutes as written, except Sharon Angstrom and Richard Foley who were not present. SECONDED BY: THOMAS CLOUGH ROLL CALL VOTE: Thomas Clough Aye Richard Foley Abstained Sharon Angstrom Abstained Francis Driscoll Aye Joseph Veno Aye VOTED: (3 -0 -2) ABSTAINED: SHARON ANGSTROM & RICHARD FOLEY • RICHARD FOLEY moved to accept the March 5, 2014 special session minutes as written, except Joseph Veno and Thomas Clough who were not present. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: Thomas Clough Richard Foley Sharon Angstrom Francis Driscoll Joseph Veno VOTED: (3 -0 -2) ABSTAINED: Abstained Aye Aye Aye Abstained JOSEPH VENO & THOMAS CLOUGH APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • JOSEPH VENO moved to approve the following new members: Hamid Jaffari Engineering & Operations Date of hire — 2/25/14 9%+2% (RMLD) Manager Date of membership — 9/14/98 (Prior Service with Danvers) Daniel Radocckia Parks & Forestry Date of hire — 4/22/13 9%+2% (DPW) Date of membership — 3/17/14 (Prior non - membership service with Reading) Cody Mackinnon Cemetery Date of hire — 8/15/11 9%+2% (DPW) Date of membership — 3/17/14 (Prior non - membership service with Reading) Caitlin Saunders Administrative Secretary Date of hire — 11/3/05 9%+2% (Operations) Date of membership — 3/17/14 (Prior non - membership service with Reading) 1357 SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye Joseph Veno Aye VOTED: (5 -0 -0) UNANIMOUS • JOSEPH VENO moved to approve the following retirement approved by PERAC: Paul Murphy Jr. RMLD 1/21/14 35 years, 7 mths (Superannuation) Annuity: $12,525.96 Pension: $63,121.08 Yearly: $75,647.04 Monthly: $ 6,303.92 SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Joseph Veno Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (5 -0 -0) UNANIMOUS. • JOSEPH VENO moved to approve the following retirement applications: Louis DeBrigard, Jr. Supervisor 03/29/14 46 years, 2 mths (DPW) Thomas O'Connor, Jr. General Line 05/31/14 41 years, 7 months (RMLD) Foreman SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Joseph Veno Aye Sharon Angstrom Aye Francis Driscoll Aye Option A VOTED: (5 -0 -0) UNANIMOUS • JOSEPH VENO moved to approve the following refund of accumulated deductions: Carol Quinn Resigned 6/20/06 1 year, 11 mths (Recreation) Total deductions & interest $ 6,383.00 Less Forfeited Interest $ 1,010.81 Net refund (rollover) $ 5,372.19 Option C Option C 1358 ' SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Joseph Veno Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • JOSEPH VENO moved to approve and sign the Annual Statement for PERAC for calendar year ended December 31, 2013. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Joseph Veno Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (5 -0 -0) UNANIMOUS • JOSEPH VENO moved to approve request from eligible member to purchase prior non- membership service for creditable service. Linda Engleson Middlesex County 11 /14/80 - 11/30/83 2 years, 4 months, 15 days The total purchase amount is $3,446.71. Linda will begin payroll deductions with the April 11, 2014 pay period. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Joseph Veno Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • JOSEPH VENO moved to approve the following warrant #AP032014 totaling $768,721.45: 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 $ 63,720.15 Federal Tax Deductions Reading Credit Union $ 38,067.00 Credit Union Deductions March Retirement Allowances $ 565,568.13 Net Retiree Payroll Town of Reading Treasurer $ 45,528.73 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 365.81 Postage due Town 1359 Town of Reading Treasurer $ 5,173.55 Mar Administrator's Salary & MedFICA W.B. Mason $ 45.12 Admin Expenses - Supplies Arlington Retirement Board $ 2,582.29 Section 3(8)(c) Reimbursement for 2013 Mass Teachers' Retirement Board $ 35,636.13 Section 3(8)(c) Reimbursement for 2013 Wellesley Retirement Board $ 2,497.34 Section 3(8)(c) Reimbursement for 2013 Fidelity Management Trust Co. $ 5,372.19 Refund to Member- Rollover (C. Quinn) SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Joseph Veno Aye Sharon Angstrom Aye Francis Driscoll Aye VOTED: (5 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTHER ITEMS • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Natick Retirement Board - Boston Retirement Board - Middlesex Country Retirement Board • Received update from PERAC regarding Statement of Completion of Retirement Board Member Training pursuant to G.L. c. 32, § 20(7). • Sharon has been contacted by company, SEI that would like to make presentation to the Board regarding investments. Board is not interested in meeting with company as they are content with PRIT. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending February 28, 2014. Cash Receipts, Adjustments, and Disbursements as of February 28, 2014. Bank Reconciliation for the month ending February 28, 2014. Reading Co -op Bank Statement for the month ending February 28, 2014. MMDT Bank Statement for the month ending February 28, 2014. The next board meeting is scheduled for Tuesday, April 22, 2014 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo # 12/2014 — New Board Member Informational CD PERAC Pensions News OLD & NEW BUSINESS • Discussed minimum payment of $25 for buybacks /make -up payments. Research when the $25 minimum was created. Review if other boards have a minimum payment. 1360 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 ROLL CALL VOTE: Richard Foley Aye Sharon Angstrom Aye Francis Driscoll Aye Joseph Veno Aye VOTED: (4 -0 -0) UNANIMOUS Chairman, Francis P. Driscoll, I" elected Sharon M. Angstrom, Ex Offici o Richard P. Foley, 1" app rated ice Chairman, Joseph R. Veno, 2" elected Thomas A. Clough, 2" ppointed