HomeMy WebLinkAbout2013-10-22 Retirement Board Minutes1330
f _ E C t I V614UTES OF THE READING RETIREMENT BOARD MEETING
fir's CLERK Tuesday, October 22, 2013
'WING M
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The Reading Retirement Board held a regular session meeting on October 22, 2013, in The Berger Room, Town
Hall, Rya ingdkI3s0acP s@s41
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, Thomas Clough, and Board Administrator, Colleen Loughlin.
SPECIAL ITEM
• Linda Bournival, KMS Actuaries, attended meeting to present various funding schedules to the Board.
• RICHARD FOLEY moved to accept the Funding Schedule D without the increase in COLA.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
MINUTES
• Regular session minutes for the August 27, 2013 meeting were signed by all board members, except Thomas
Clough who was not present.
• JOSEPH VENO moved to accept the September 24, 2013 regular session minutes as written.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VENO moved to accept the October 17, 2013 special session minutes as amended.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS
• JOSEPH VENO moved to approve the following new member:
John Mytych Plumber
(School)
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
Date of hire & membership — 10/7/13
• JOSEPH VENO moved to approve the following retirement application:
Robert Stark Foreman (Water Dept)
(DPW)
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
1/3/14 40 years, 8 nrths
9%+2%
Option B
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APPROVAL OF MISCELLANEOUS ITEMS
• JOSEPH VENO moved to approve the proposed contract from Law Offices of Attorney Sacco for legal
services for 5 years.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
APPROVAL OF INVOICES TO BE PAID
• JOSEPH VENO moved to approve the following warrant #AP102013 totaling $702,633.73:
Commonwealth of Mass.
$
509.08
RHA Health Ins. Deductions
Commonwealth of Mass.
$
1,719.64
State Tax Deductions
Commonwealth of Mass.
$
216.66
Child Support
Internal Revenue Service
$
62,513.97
Federal Tax Deductions
Reading Credit Union
$
34,367.00
Credit Union Deductions
Oct Retirement Allowances
$ 548,643.74
Net Retiree Payroll
Town of Reading Treasurer
$
48,978.37
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
159.76
Postage due to Town
Town of Reading Treasurer
$
5,172.94
October's Admin's Salary & Benefits
Daily Times Chronicle
$
121.28
Advertising — Legal RFP posting
W.B. Mason
$
61.30
Administrative Exp- supplies
NewEgg Computers
$
169.99
Administrative Exp- recorder
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
INFORMATION /QUESTIONS /OTHER ITEMS
• Board must sign "Retirement Board Member Certification" forms for actuarial services and legal services.
• Doris MacLeod, who worked for the School Dept. and retired on June 30, 2007, passed away on 9/26/13. She
chose Option A at her retirement. Doris was also the Option D beneficiary of Kenneth Gaw.
• Affidavits were mailed to all retirees on October 8, 2013. There are 72 affidavits still due. Second notices
will be sent out October 31, 2013.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending September 30, 2013.
Revised Adjustments and General Ledger Trial Balance as of August 31, 2013.
Cash Receipts, Adjustments, and Disbursements as of September 30, 2013.
General Ledger Trial Balance as of September 30, 2013.
Bank Reconciliation for the month ending September 30, 2013.
Reading Co -op Bank Statement for the month ending September 30, 2013.
MMDT Bank Statement for the month ending September 30, 2013.
• The next board meeting is scheduled for Tuesday, November 5, 2013 at 6:00 pm in the Lower Level
Conference Room.
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MEMORANDUMS & LETTERS RECEIVED
PERAC Memo 424/2013 — Mandatory Retirement Board Member Training — 4th Quarter 2013
PERAC Memo #25/2013 — Appropriation Data Due October 31, 2013
PERAC Memo #26/2013 — New Fraud Prevention Poster
PERAC Memo 427/2013 — Determination Letter Filing Trainings
PERAC Memo #28/2013 — Additional Determination Letter filing training
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• JOSEPH VENO moved to adjourn this open session at 7:40 P.M.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
Chairman, Francis P. Driscoll, I" elected
Sharon M. Angstrom, Ex Offi o
Richard P. Fol , 1 S` ap ointed
ice airman, Joseph R. V o, 2'd elected
J_
Thomas A. Clough, 2" ppointed