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Home My WebLink About2014-01-28 Retirement Board Minutes1343 MINYT" ql �HE READING RETIREMENT BOARD MEETING T 0, W N C L E R K Tuesday, January 28, 2014 r�viNG. MASS. The Reading Retirement Board held a regular session meeting on January 28, 2014, in The Conference Room, Town Hall, Reading' as h ffttp 0 4 1 The meeting was called to order at 6:00 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. MINUTES • JOSEPH VENO moved to accept the December 10, 2013 regular session minutes as written. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: Thomas Clough Aye Richard Foley Aye Joseph Veno Aye Sharon Angstrom Abstained Francis Driscoll Aye VOTED: (4 -0 -1) ABSTAINED: SHARON ANGSTROM • Special session minutes for the November 25, 2013 meeting were signed by all board members, except Thomas Clough and Sharon Angstrom who were not able to attend. • Regular session minutes for the November 26, 2013 meeting were signed by all board members, except Sharon Angstrom who was not able to attend. • Special session minutes for the November 5, 2013 meeting were signed by all board members, except Thomas Clough and Sharon Angstrom who were not able to attend. • Executive session minutes for the November 5, 2013 were signed by all board members, except Thomas Clough and Sharon Angstrom who were not present. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • JOSEPH VENO moved to approve the following transfer of funds to other system: Andrew Scribner - MacLean To Maynard Retirement $61,395.25 9 years and 8 months (Police) 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 134it • JOSEPH VENO moved to approve the following retirement applications: John Rawcliffe Custodian 12/26/13 38 years, 4 mths (School) Louis DeBrigard, Jr. Supervisor 03/01/14 46 years, 1 mth (DPW) 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 refund of accumulated deductions: Bonnie Lane Terminated 6/30/11 5 years, 10 mths (School - Technician) Total deductions & interest $21,986.53 Less Interest — forfeited $ 12.81 Less 20% federal tax 0.00 Net refund (rollover) $21,973.72 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 request from Board Administrator to attend the PERAC Preparation of the Annual Statement Class being held February 5, 2014 at Danvers Town Hall. 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 mandate direct deposit for all members that retire on or after February 1, 2014. SECONDED BY: RICHARD FOLEY 1 4; 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 #APO12014 totaling $839,828.37: 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 $ 63,095.78 Federal Tax Deductions Reading Credit Union $ 34,017.00 Credit Union Deductions Jan Retirement Allowances $ 564,309.62 Net Retiree Payroll Town of Reading Treasurer $ 44,674.11 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 109.92 Postage due to Town Town of Reading Treasurer $ 7,765.58 January's Admin's Salary & Benefits Town of Reading Treasurer $ 38.83 Admin Exp -W.B. Mason (chair mat) Fidelity Investment $ 21,973.72 Refund to Member— Bonnie Lane Maynard Retirement Board $ 61,395.25 Transfer to Other Systems — Andrew Scribner - MacLean MACRS $ 400.00 Admin Exp — 2014 Annual Dues Pension Technology Group $ 18,500.00 Annual Support & Maintenance 2014 Peabody Retirement Board $ 2,124.22 Section 3(8)(c) Reimbursement for 2013 Barnstable County Retirement Bd $ 2,083.28 Section 3(8)(c) Reimbursement for 2013 Lawrence Retirement Board $ 8,473.55 Section 3(8)(c) Reimbursement for 2013 Worcester Retirement Board $ 3,270.86 Section 3(8)(c) Reimbursement for 2013 Malden Retirement Board $ 2,431.64 Section 3(8)(c) Reimbursement for 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 INFORMATIONWESTIONS /OTHER ITEMS • All Board members signed the Summary of the Conflict of Interest Law. Tom will stop by the office at a later date to sign. • Members reviewed and amended statement of completion of education from PERAC. • Paul Todisco, Senior Client Services Officer of the PRIM Board, PRIT, would like to attend the February 25, 2014 board meeting to discuss the performance of the funds in PRIT. • Discussed the accounts payable account for Sheridan. It was mentioned in the last audit report that this should no longer be considered a liability. The Board would like to request a statement in writing from Auditor. • Discussed increase and effective date of Section 101 and 12(2)(d) benefit. Section 101 was approved by board and the legislative body to be effective 7/1/12. Contact PERAC that the date on PERAC's website is incorrect under the local options. Include a copy of town meeting article. The 12(2)(d) benefit is effective upon the filing of a certification of such vote with the Commission. Eligible retirees will be paid a retroactive payment in February. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Peabody Retirement Board - Fall River Retirement Board - Andover Retirement Board - Taunton Retirement Board • A COLA reimbursement of $91,553.42 from the State for the period 6/30/13 - 12/31/13 was received on 12/24/13. • Received notification from PERAC for approval of the Board's acceptance of G.L. c.32, § 12(2)(d), as amended by Sections 29 and 30 of Chapter 176 of the Acts of 2011 increasing the minimum monthly allowance from $250 to $500. The Commission hereby approves the Board's action on the date such notice was received by PERAC, December 27, 2013. • A transfer amount of $57,060.98 dated 1/24/14 was received from State Retirement Board for Michael Scouten, Police Officer. State will accept liability for 14 years, 11 months, and 16 days of creditable service (prior service with Reading Retirement Board and Woburn Retirement Board). • Received copy of Internal Revenue Service Application for Determination for Reading Retirement Board. • Received copy of the Comprehensive Annual Financial Report (CAFR), the fiscal year 2013 Annual Report of the PRIT Fund. • Nomination papers were submitted by Francis Driscoll. • Received the municipal acknowledgment signature page from Attorney Sacco, Attorney Collins, and Gina Lucido for the Conflict of Interest. • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FYI is $4,961,544. • The Board received notice from PERAC that the revised funding schedule recently adopted has been approved. • The Reading Retirement Board has received payment in full from Charles Johnson, Jr. for his excess earnings in 2012 for $4,234.18. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending November 30, 2013 and December 31, 2013. Cash Receipts, Adjustments, and Disbursements as of November 30, 2013 and December 31, 2013. General Ledger Trial Balance as of November 30, 2013 and December 31, 2013. Bank Reconciliation for the month ending November 30, 2013 and December 31, 2013. Reading Co -op Bank Statement for the month ending November 30, 2013 and December 31, 2013. MMDT Bank Statement for the month ending November 30, 2013 and December 31, 2013. • The Board reviewed the KMS Valuation and discussed the increase in certain departments. The Board would like the actuarial to review the factors that attribute to the increases. 1347 • The next board meeting is scheduled for Tuesday, February 25, 2014 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #34/2013 — 840 CMR 3.07 and 3.10 Heroes Earnings Assistance and Relief Tax of 2008 (HEART Act) PERAC Memo 435/2013 — 2013 Disability Retiree Data PERAC Memo #36/2013 — 840 CMR 10:10(3) & 10:15(4) — Annual Review of Medical Testing Fee — The Commission voted to continue the past practice of allowing PERAC staff to approve up to $100.00 per case for non- evasive medical testing associated with the medical panel process. PERAC Memo #37/2013 — Mandatory Retirement Board Member Training — V Quarter 2014 PERAC Memo # 1/2014 — 2014 Limits under Chapter 46 of the Acts of 2002 PERAC Memo #2/2014 — 2014 Limits under Section 23 of Chapter 131 of the Acts of 2010 PERAC Memo #3/2014 — COLA Notice — The Social Security Administration has announced that the latest Cost of Living Adjustment (COLA) is 1.5 %. The COLA which any such system may grant, pursuant to Chapter 32, Section 103(c) and effective July 1, 2014 will thus be 1.5 %. Pursuant to Section 103(1), a Retirement Board, with proper notice to the legislative body, may elect to increase this percentage up to 3 %, at a duly called meeting. PERAC Memo #4/2014 — Buyback and Make -up Repayment Worksheets PERAC Memo #5/2014 — Effective Date of Actuarial Assumed Interest for Buybacks PERAC Memo #6/2014 — Preparation of the Annual Statement Classes PERAC Memo #7/2014 — Tobacco Company List PERAC Memo #8/2014 — 2014 Interest Rate set at 0.1 % PERAC Memo #9/2014 — Actuarial Data — Boards must submit to PERAC data for active members, retirees /survivors and disability retirees as of December 31, 2013. Data is due by March 31, 2014 in the standard PERAC record format. OLD & NEW BUSINESS • JOSEPH VENO moved to mandate direct deposit for all members that retiree on or after February 1, 2014. 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 1348 OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF MEETING ADJOURNMENT • JOSEPH VENO moved to adjourn this open session at 6:50 P.M. 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 Chairman, Francis P. Driscoll, I" elected .set a-raki M. y Sharon /Mj . Angstrom, Ex Offici Richa P. Foley, 1" appoint 6d 29015(ce Joseph R. Veno, 2nd elected Thomas A. Clough, 2" °dppointed