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Home My WebLink About2013-08-27 Retirement Board Minutes1321 MINUTES OF THE READING RETIREMENT BOARD MEE 'I l� Tuesday, August 27, 2013 ;' W N CLERK l 1 'I" The Reading Retirement Board held a regular session meeting on August 27, 2'0 , m The A gwe, Level Conference Room, Town Hall, Reading, Massachusetts. M15 X114 30 P 12' 4b 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 was not able to attend. MINUTES • Regular session minutes for the June 24, 2013 meeting were signed by all board members. Tabled • JOSEPH VENO moved to accept the July 23, 2013 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (4 -0 -0) APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS • JOSEPH VENO moved to approve the following retirement application: Suzanne Haverty Admin Secretary 10/19/13 13 years, 4 months (School) SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS • JOSEPH VENO moved to approve the following Revised retirements approved by PERAC: Bruce Fenton DPW (Superannuation) SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS 01/03/13 39 years, 6 mths Annuity: $ 7,100.28 Pension: $ 37,033.20 Yearly: $ 44,133.48 Monthly: $ 3,677.79 • JOSEPH VENO moved to approve the following refund of accumulated deductions: Option Option C William Boatwright Resigned 3/30/12 2 year, 0 months (Finance- Assessors) Total deductions & interest (3% rule applied) $ 17,579.23 Less Interest $ 0.00 Less 20% federal tax $ 0.00 Net refund (Rollover) $ 17,579.23 SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS 1322 APPROVAL OF MISCELLANEOUS ITEMS • Lisa Palermo, a firefighter, has submitted an application for accidental disability. Her application is now complete and we have also received the completed Physician's Statement. The board can now vote to accept/deny the application for accidental disability retirement. Tabled • JOSEPH VENO moved to approve the RFP for legal services as amended. SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS JOSEPH VENO moved approve request for Board Administrator to attend the PERAC Emerging Issues Forum being held September 12, 2013 at College of the Holy Cross in Worcester, MA. SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS • JOSEPH VENO moved approve request for Board Administrator to attend the MACRS 2013 Fall Conference being held October 6 — October 9, 2013 at Springfield, MA. SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID JOSEPH VENO moved to approve the following warrant #AP082013 totaling $728,940.54: Commonwealth of Mass. $ 672.78 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,808.33 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 62,538.62 Federal Tax Deductions Reading Credit Union $ 34,327.00 Credit Union Deductions Aug Retirement Allowances $ 553,777.90 Net Retiree Payroll Town of Reading Treasurer $ 49,830.72 Hlth, Life, & Dental Ins. Deductions Brookline Retirement Board $ 103.69 Section 3(8xc) Reimb for 2012 Colleen Loughlin $ 42.85 Travel - Mileage Reimbursement MACRS Auburn Elks Medical Record Associates, LLC $ 81.95 Medical Expense — L. Palermo Town of Reading $ 195.83 Postage due to Town Town of Reading Treasurer $ 7,764.98 August Admin's Salary & Benefits ING National Trust, Custodian $ 17,579.23 Refund (Rollover) W. Boatwright SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTHER ITEMS • Accidental disability retiree Charles Johnson and John Green had excess earnings for the year 2012. A notification letter will be sent out on August 28, 2013 with a deadline of September 19, 2013 to either pay the amount due to the retirement board or to request a hearing. If neither has happened then the retirement 1323 allowance will be suspended beginning with the September 2013 check until the total amount has been collected. • Discussed workers' compensation policy. It was mentioned in an administrator's meeting that some retirement boards have their own policy. Confirmed with Carol Roberts in Human Resource Department after speaking with MIAA that the Retirement Board administrator would be covered since this position is on the town's payroll. • Discussed bond coverage for Treasurer. It was suggested by the auditors that the Treasurer should also be listed on the bond since the Retirement Board is separate from the Town. The Board agreed that the wire transfers from the prior month be listed on the agenda. • Discussed Town Meeting vote on 12 -2 -d increase. The Board agreed that Frank Driscoll will present at Town Meeting in November 2013. • Discuss coverage when Retirement Administrator out. The Board agreed that Sharon Angstrom is the backup to the Retirement Board Administrator. • Received notice that PERAC has received the completed 2012 Annual Statement of Earnings from Michael Grunzweig, Jr. • Victor Cail, Jr., who worked for the Fire Dept. and retired on July 29, 1989, passed away on 8/9/13. He chose Option A at his retirement. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2013. General Ledger Trial Balance as of June 30, 2013 - Revised. Cash Receipts, Adjustments, and Disbursements as of June 30, 2013 — Revised. General Ledger Trial Balance as of July 31, 2013. Bank Reconciliation for the month ending July 31, 2013. Reading Co -op Bank Statement for the month ending July 31, 2013. MMDT Bank Statement for the month ending July 31, 2013. • The next board meeting is scheduled for September 24, 2013 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #22/2013 — MacAloney v. Worcester Regional Ret. System and Public Employees Ret. Admin. Comm'n. CR -11 -19 (CRAB 2013) — On June 21, 2013, the Contributory Retirement Appeal Board (CRAB), issued a decision on call firefighters which has an effect on the implantation of G.L. c. 32, § 4(2)(b) by retirement boards as of the date of the decision. Reserve or permanent - intermittent police officers or reserve, permanent - intermittent firefighters are impacted in the same fashion as call firefighters. 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 7:30 P.M. SECONDED BY: SHARON ANGSTROM VOTED: (4 -0 -0) UNANIMOUS Chairman, Francis P. Driscoll, I S` elected Sharon M. Angstrom, Ex Offi o l Richard P. Folle; I/` a ointed 4 Voice Chairman, Joseph R. Veno, 2 "d elected Thomas A. Clough, 2nd appointed 1324