HomeMy WebLinkAbout2013-11-26 Retirement Board Minutes1337
*NUT1 OF THE READING RETIREMENT BOARD MEETING
W N CLERK Tuesday, November 26, 2013
The Reading Retirement oar held a regular session meeting on November 26, 2013, in The Lower Level Room,
Town Hall, Readin M s ac s s.
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The meeting was called to order at 6:00 P.M. by Chairman Francis Driscoll in the presence of members Richard
Foley, Joseph Veno, Thomas Clough, and Board Administrator, Colleen Loughlin. Sharon Angstrom is on
maternity leave.
MINUTES
• Regular session minutes for the September 24, 2013 meeting were signed by all board members.
• Special session minutes for the October 17, 2013 meeting were signed by all board members.
• JOSEPH VENO moved to accept the October 22, 2013 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• JOSEPH VENO moved to approve the following new members:
Danni Yanoff Admin Assist Date of hire & membership— 11/4/13 9%+2%
(School)
Mark Mahoney Custodian Date of hire & membership - 9%+2%
(School)
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve the following retirement applications:
Thomas Davis Station Operator 11/4/13 12 years, 2 months Option C
(RMLD)
Paul Murphy Jr. Leader Lineman 1/21/14 35 years, 7 months Option A
(RMLD)
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve final calculation for the following retirement approved by PERAC:
Suzanne Haverty School
(Superannuation)
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
10/19/13
13 years, 4 mths
Annuity:
$ 4,469.64
Pension:
$ 8,187.24
Yearly:
$12,656.88
Monthly:
$ 1,054.74
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APPROVAL OF MISCELLANEOUS ITEMS
• JOSEPH VENO moved to approve request from eligible member to purchase prior non - membership service
for creditable service
Paul Dudley Wilmington (Middlesex) 7/7/86 - 8/5/88 2 years and 29 days
The total purchase amount is $8,190.67. Paul will begin payroll deductions with the December 6, 2013 pay
period.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
INFORMATION /QUESTIONS /OTHER ITEMS
• The Board discussed actuarial data and agreed to request that Linda Bournival attend the December 10`h
meeting.
• Chairman must sign the Determination Letter Packet.
• Adelaide Winam, Option C beneficiary of Russell Winam died October 10, 2013.
• Affidavits were mailed to all retirees on October 8, 2013. Second notices were sent out October 31, 2013.
There are 7 affidavits still due. Final notices will be mailed sent out November 27, 2013.
• A transfer amount of $255.43 dated 10/31/13 was received from Middlesex County Retirement Board for
John Keough, Firefighter. There is no additional service, just additional deductions. Original transfer was
received in Reading on October 1, 2012.
• On November 12, 2013, PERAC notified this Board that Arthur King, Jr. 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.
• On November 6, 2013, PERAC notified this Board that PERAC accepts the receipt of the following
information with regard to the Board's selection of the Law Offices of Michael Sacco and KMS Actuaries,
LLC:
- A certification, signed by the Board Chairman, that, in making the selection, the Board has
complied with the procurement process established in section 23B
- A copy of the vendor certification as required under section 23B that its submission was
made in good faith and without fraud or collusion
- A copy of a Board member form signed by each board member certifying that, to his /her
knowledge and belief, the proposal of the vendor selected has been made in good faith and
without fraud or collusion
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending October 31, 2013.
Cash Receipts, Adjustments, and Disbursements as of October 31, 2013.
General Ledger Trial Balance as of October 31, 2013.
Bank Reconciliation for the month ending October 31, 2013.
Reading Co -op Bank Statement for the month ending October 31, 2013.
MMDT Bank Statement for the month ending October 31, 2013.
• The next board meeting is scheduled for Tuesday, December 10, 2013 at 6:00 pm in the Lower Level
Conference Room.
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MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #29/2013 — IRS Determination Letter Packet — Definition of "Participant"
PERAC Memo #30/2013 — Enforcement of Post - Retirement Limits on Retirees of a Public Retirement System
who Take Employment with any Public Entity in Massachusetts. (Earned Income Worksheet and Q &A
Attached)
PERAC Memo #31/2013 — Tobacco Company List
PERAC Memo #32/2013 — Herrick v. Essex Regional Retirement Board — 465 Mass.801 (2013)
PERAC Memo #33/2013 — MacAloney
Comm'n, CR -11 -19 (CRAB 2013)
PERAC Pension News #35
OLD BUSINESS
Worcester Regional Ret. System and Public Employee Ret. Admin.
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• JOSEPH VENO moved to adjourn this open session at 7:00 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
Chairman, Francis P. Driscoll, I" elected
Sharon M. Angstrom, Ex Officio
Richard P. Fole I" app inted
ZZ
ice Chairman, Joseph R. Ve o, 2 nd elected
"
Thomas A. Clough, 2 d ppointed