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Town of Reading
Meeting Minutes
RECEIVED
TOWN
CLERK
READING, MASS.
Board - Committee - Commission - Council:
P 2 40'
1816 FEB 22
Contributory Retirement Board
Date: 2015 -09 -22
Time: 5:30 PM
Building: Reading Town Hall
Location: Conference Room
Address: 16 Lowell Street
Session: Open Session
Purpose: General Business
Version: Final
Attendees: Members - Present:
Francis Driscoll, Sharon Angstrom, Joseph Veno, Nancy Heffernan, Thomas
Clough
Members - Not Present:
Others Present:
Colleen Loughlin
Minutes Respectfully Submitted By: Colleen Loughlin
Topics of Discussion:
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, September 22, 2015
The Reading Retirement Board held a regular session meeting on September 22, 2015, in The Conference
Room Room Town Hall, Reading, Massachusetts.
The meeting was called to order at 5:35 P.M. by Chairman Francis Driscoll in the presence of members
Thomas Clough, Nancy Heffernan, Sharon Angstrom, Joseph Veno, and Board Administrator, Colleen
Loughlin.
MINUTES
• Regular session minutes for the July 28, 2015 meeting were signed by all board members, except
Joseph Veno who was not present.
• JOSEPH VEND moved to accept the August 25, 2015 regular session minutes.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VEND moved to approve the following new members:
Steven DiLauro Health Agent Date of him — 8/31/15 9 % +2% Gr.I
(Health) Date of membership — 8/4/14
(Transfer from Framingham)
Pape I 1
Richard Belmonte Comm. Service Date of hire — 9/9/13 9 % +2%
(School) Coordinator Date of membership- 8/17/15
(prior non - membership service)
Paul McGonagle Facilities Mgr Date of hire- 9/17/15 9 % +2%
(RMLD) Date of membership — 7/17/00
(Transfer from Danvers)
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
Gr. I
Gr.IV
• JOSEPH VENO moved to approve final calculation for the following retirement approved by
PERAC:
Steven Perry RMLD
6/10/14
37 years, 1 mth Option C
(Accidental Disability)
Annuity:
$12,693.24
1,794.15 State Tax Deductions
Pension:
$48,900.96
1,684.35 Child Support
Yearly:
$61,594.20
73,840.62 Federal Tax Deductions
Monthly:
$ 5,132.85
SECONDED BY: SHARON ANGSTROM
Sept Retirement Allowances
$ 618,929.97 Net Retiree Payroll
VOTED: (5 -0 -0) UNANIMOUS
$
50,152.53 Hlth, Life, & Dental Ins. Deductions
• JOSEPH VENO moved to table the vote on a funding schedule.
The Board was presented various funding schedules from Linda Bournival, Actuary from KMS
Actuaries. The Board would like to see another schedule with B -3 options extending to 2029 to
see what it does for the first year (goal of reducing Assessment increase from 7.92 %). They
would also like to see another schedule with B -3 options remaining at 4.5% Assessment increase
to see how far it goes out in case additional year to be fully funded isn't enough.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
JOSEPH VEND moved to approve the following warrant #AP092015 totaling $791,085.93 as listed:
Commonwealth of Mass.
$
389.46 RHA Health Ins. Deductions
Commonwealth of Mass.
$
1,794.15 State Tax Deductions
Commonwealth of Mass.
$
1,684.35 Child Support
Internal Revenue Service
$
73,840.62 Federal Tax Deductions
Reading Credit Union
$
36,824.00 Credit Union Deductions
Sept Retirement Allowances
$ 618,929.97 Net Retiree Payroll
Town of Reading Treasurer
$
50,152.53 Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
185.87 Postage due Town
Town of Reading Treasurer
$
6,211.39 Sept Administrator's Salary & MedFICA
Law Offices of Michael Sacco
$
888.00 Legal Expense — Miscellaneous
Colleen Loughlin
$
74.49 Travel Expense —Auburn Seminar
BACTES
$
55.44 Medical Records — J. Guazzaloca
Nancy Heffernan
$
55.66 Travel Expense — PERAC Emerging Issues
Page 1 2
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• Steve Perry owes the Reading Retirement Board $29,859.56 as he was receiving a superannuation
since June 2014 and has now been approved for disability retirement and is subject to the workers'
compensation offset. Member has notified the Administrator that he intends on reimbursing the board
in a lump -sum payment. A letter has been sent certified registered mail to Steven Perry notifying him
that if he chooses a lump sum payment, amount is due within 30 days.
• Mer icals have been received for Charles Helmka (no vote necessary). Since Attorney Sacco is
available for our next scheduled meeting and the Board must give the member at least a 30 day notice
for hearing date, the Board agreed to notify member that there will be a hearing on October 27s'
• Discussion of Administrator's position. The Board is authorizing overtime to the Administrator up to
8 hours per week until January 1, 2016.
• Mary Drew, Option C beneficiary of Lawrence Drew, died August 19, 2015.
• Copies of the following Reading Retirement Board reports were emailed for review:
The PRIT fund's monthly statement & fond performance for period ending August 31, 2015.
General Ledger Trial Balance as of August 31, 2015.
Cash Receipts, Adjustments, and Disbursements as of August 31, 2015.
Bank Reconciliation for the month ending August 31, 2015.
Reading Co -op Bank Statement for the month ending August 31, 2015.
MMDT Bank Statement for the month ending August 31, 2015.
• The next board meeting is scheduled for Tuesday, October 27, 2015 at 5:30 pm in The Conference
Room.
PERAC Memo #20/2015 — Tobacco Company List
OLD & NEW BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 ]FIRS IN ADVANCE OF
MEETING
• JOSEPH VEND moved to adjourn this open session at 6:50 P.M.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
Page 1 3
Chairman, Francis P. Driscoll, I "elected
M. Angstrom, Ex Officio
Nancy J. Heffernan, I' appointed
Joseph R. Veno, 2 elected
Vice Chairman, Thomas A. Clough, 2 appointed
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