HomeMy WebLinkAbout2014-02-25 Retirement Board Minutes13r;o
!1l1X')ES OF THE READING RETIREMENT BOARD MEETING
Gay CLERK
Tuesday, February 25, 2014
Mr SS.
The Reading Retirement Board held a regular session meeting on February 25, 2014, in The Lower Level Room,
Town Hall, e din ]k1dss�yev,
The meeting was called to order at 6:00 P.M. by Chairman Francis Driscoll in the presence of members Joseph
Veno, Thomas Clough, and Board Administrator, Colleen Loughlin. Sharon Angstrom and Richard Foley were
not able to attend due to illness.
MINUTES
• Regular session minutes for the December 10, 2013 meeting were signed by all board members, except
Sharon Angstrom who was not present.
• JOSEPH VENO moved to accept the January 28, 2014 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
• Minutes from the February 6, 2014 special 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 transfer of funds to other system:
Daniel Furbush To Middlesex County Retirement Board .$5,596.09 1 year and 11 months
(DPW)
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve the following retirement application:
John Kyle
(Police)
Patrolman 6/15/14 21 years, 10 mths Option A
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve final calculation for the following retirements approved by PERAC:
Thomas Davis
(Superannuation)
John Rawcliffe
(Superannuation)
School
11/4/13
Annuity:
Pension:
Yearly:
Monthly
12/26/13
Annuity:
Pension:
Yearly:
Monthly:
12 years, 3 mths
$ 5,558.40
$12,355.20
$17,913.60
$ 1,492.80
38 years, 4 mths
$ 7,293.96
$25,299.36
$32,593.32
$ 2,716.11
Option C
Option C
Robert Stark DPW 1/3/14 40 years, 8 mths Option B
(Superannuation) Annuity: $ 7,433.40
Pension: $42,360.72
Yearly: $49,794.12
Monthly: $ 4,149.51
James Richardson DPW 1/4/14
(Superannuation) Annuity:
Pension:
Yearly:
Monthly:
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
42 years, 2 mths Option C
$ 8,745.12
$48,505.32
$57,250.44
$ 4,770.87
• JOSEPH VENO moved to approve application for refund of accumulated deductions:
Stephen Quigley Terminated 1/3/14 2 years, 6 mths
(DPW) Total deductions & interest $ 6,337.16
Less Interest $ 0.00
Less 20% federal tax ($782.40 already taxed) $ 1,110.95
Net refund (cash) $ 5,226.21
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
JOSEPH VENO moved to approve request from Board Administrator to attend the PERAC Pre - Retirement
Counseling -Post Retirement Earnings Limit Class being held at PERAC office in Somerville. The
Administrator would also like to attend the Survivor Benefits and Other Cases of Interest Training Class
being held at PERAC office in Somerville.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
JOSEPH VENO moved to approve the following warrant #AP022014 totaling $809,897.72:
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
$
64,191.43
Federal Tax Deductions
Reading Credit Union
$
36,017.00
Credit Union Deductions
February Retirement Allowances
$
569,467.88
Net Retiree Payroll
Town of Reading Treasurer
$
45,497.69
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
370.55
Postage due Town
Town of Reading Treasurer
$
5,173.52
Feb Admin Salary & Benefits
Law Offices of Michael Sacco
$
48.00
Legal Expense — IRS Private Letter
Ruling and Case Law
Middlesex County Retirement Board
$
5,596.09
Transfer to Other Systems -D. Furbush
KMS Actuaries, LLC
$
8,500.00
Actuarial Services
Andover Retirement Board
$
4,773.13
Section 3(8)(c) Reimb. for 2013
Stoneham Retirement Board
$
9,271.92
Section 3(8)(c) Reimb. for 2013
Braintree Retirement Board
$
7,510.16
Section 3(8)(c) Reimb. for 2013
Quincy Retirement Board
$
4,751.33
Section 3(8)(c) Reimb. for 2013
Saugus Retirement Board
$
4,664.40
Section 3(8)(c) Reimb. for 2013
Brookline Retirement Board
$
103.69
Section 3(8)(c) Reimb. for 2013
Wakefield Retirement Board
$
2,825.32
Section 3(8)(c) Reimb. for 2013
Winchester Retirement Board
$
22,772.50
Section 3(8)(c) Reimb. for 2013
Winthrop Retirement Board
$
3,355.53
Section 3(8)(c) Reimb. for 2013
Woburn Retirement Board
$
4,485.20
Section 3(8)(c) Reimb. for 2013
Stephen Quigley
$
5,226.21
Refund to Member
Internal Revenue Service
$
1,1 10.95
Refund to Member -20% Federal Tax
Carol Chapman
$
7.47
Overpayment to buyback
Francis Driscoll
$
12.74
Travel — Mileage Reimb for PERAC
Training
INFORMATION /QUESTIONS /OTHER ITEMS
• Louis DeBrigard has withdrawn his application to retire at this time. He will be submitting a retirement
application when he returns from his surgery.
• A transfer amount of $8,192.99 dated 2/7/14 was received from Massachusetts Teachers' Retirement Board
for Matthew Wilson, School Network Administrator. MTRS will accept liability for 2 years and 12 days of
creditable service.
• Herbert Perry (Non - contributory), who worked for the Police Department and retired on January 31, 1991,
passed away on February 5, 2014.
• Rena McDonald, Option C beneficiary of Raphael McDonald, died February 4, 2014.
• Discussed valuation report from KMS — breaking out the retirement cost to other units.
• A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement.
- Lawrence Retirement Board
- Salem Retirement Board
- Beverly Retirement Board
- Everett Retirement Board
- Stoneham Retirement Board
- Somerville Retirement Board
- Cambridge Retirement Board
- Medford Retirement Board
- Danvers Retirement Board
- Mass Teachers' Retirement Board
- Wakefield Retirement Board
Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending January 31, 2014.
Cash Receipts, Adjustments, and Disbursements as of January 31, 2014.
Bank Reconciliation for the month ending January 31, 2014.
Reading Co -op Bank Statement for the month ending January 31, 2014.
MMDT Bank Statement for the month ending January 31, 2014.
• The next board meeting is scheduled for Tuesday, March 25, 2014 at 6:00 pm in the Lower Level Conference
Room.
Paul Todosico, Senior Client Services Officer from the PRIM Board, will attend the March 25, 2014 meeting
to discuss the performance of the funds in PRIT.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo 910/2014 — Reimbursement pursuant to G.L. c.32 § 3(8)(c)
PERAC Memo # 11/2014 — Mandatory Ethics Training
Giusti, Hingston and Company, Certified Public Accountants, sent letter to introduce themselves as a firm located
in Georgetown, MA that specializes in municipal accounting, auditing and consulting services.
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF
MEETING
ADJOURNMENT
• JOSEPH VENO moved to adjourn this open session at 6:20 P.M.
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
Chairman, Francis P. Driscoll, I" elected
Sharon M. Angstrom, Ex Officio
Richard P. Foley, 1S` appointed lo 4 9
Vi Chairman, Joseph R. Veno, 2 "d elected
Thomas A. Clough, 2 " ointed