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Home My WebLink About2015-10-27 Retirement Board Minutesi Town of Reading Meeting Minutes RECEIVED °a• °" TOWN CLERK Board - Committee - Commission - Council: READING. MASS. Contributory Retirement Board 2016 FEB 22 P 2 40' Date: 2015 -10 -27 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 Members - Not Present: Thomas Clough - participated remotely Others Present: Colleen Loughlin, Attorney Micheal Sacco, Charles Helmka, Attorney Daniel Napolitano Minutes Respectfully Submitted By: Colleen Loughlin Topics of Discussion: MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, October 27, 2015 The Reading Retirement Board held a regular session meeting on October 27, 2015, in The Conference Rim Town Hall, Reading, Massachusetts. The meeting was called to order at 5:30 P.M. by Chairman Francis Driscoll in the presence of members Nancy Heffernan, Sharon Angstrom, Joseph Veno, and Board Administrator, Colleen Loughlin. Thomas Clough participated remotely due to geographical distance. Board Attorney Michael Sacco, Charles Helmka, and Attorney Daniel Napolitano were also present. • JOSEPH VENO moved to enter into executive session for the purpose of discussing the accidental disability application of Charles Helmka and to return to open session to continue the meeting. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: JOSEPH VEND FRANCIS DRISCOLL NANCY HEFFERNAN SHARON ANGSTROM THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS Page 1 1 MINUTES • Regular session minutes for the August 25, 2015 meeting were signed by all board members. • JOSEPH VEND moved to accept the September 22, 2015 regular session minutes. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: JOSEPH VEND FRANCIS DRISCOLL NANCY HEFFERNAN SHARON ANGSTROM THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS. RETIREMENTS. TRANSFERS AND REFUNDS • JOSEPH VENO moved to approve the following new members Robert Deane Custodian Date of hire — 9/28/15 9%+2% Gr. 1 (School Facilities) Date of membership — 814/14 (Transfer from MTRS) Kathryn Sherber Asst Appraiser Date of hire & membership — 10/5/15 9-/.+2% Gr. I (Assessors) Julian Carr Network Manager Date of hire & membership— 10/5 /15 9% +2% Gr. I (School - IT) Daniel Rio Mechanic Date of hire & membership— 10126/15 9 % +2% Gr. I (DPW) SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: JOSEPH VEND FRANCIS DRISCOLL NANCY HEFFERNAN SHARON ANGSTROM THOMASCLOUGH VOTED: (5 -0 -0) UNANIMOUS • JOSEPH VEND moved to approve the following transfer of funds to other system: Heather Tate To Middlesex Regional Retirement Board $12,612.61 3 years, 11 months (Finance — Collector's) SECONDED BY: SHARON ANGSTROM Page 1 2 ROLL CALL VOTE: JOSEPH VEND FRANCIS DRISCOLL NANCY HEFFERNAN SHARON ANGSTROM THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • JOSEPH VENO moved to approve funding schedule B -5 (see attached). This schedule maintains the 4.5% increase, $14,000 COLA Base, Reduced investment term rate, new life expectancy table, and keeping the funding schedule to 2028 -2029. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: JOSEPH VEND FRANCIS DRISCOLL NANCY HEFFERNAN SHARON ANGSTROM THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID JOSEPH VEND moved to approve the following warrant #AP 102015 totaling $806,675.23 as listed: Commonwealth of Mass. $ 399.93 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,794.15 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support Reading Retirement Board • $ 1,189.64 Excess Earnings — C. Johnson Internal Revenue Service $ 73,640.48 Federal Tax Deductions Reading Credit Union $ 37,024.00 Credit Union Deductions Oct Retirement Allowances $ 619,505.08 Net Retiree Payroll Town of Reading Treasurer $ 49,508.88 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 217.21 Postage due Town Town of Reading Treasurer $ 5,822.50 Oct Aministrator's Salary & MedFICA Attorney Michael Sacco $ 781.00 Legal Expense - Miscellaneous Middlesex County Retirement Syst. $ 12,612.61 Transfer to Other System — H. Tate Edward Wilkins, Jr. $ 670.86 Return of erroneous deductions Internal Revenue Service $ 74.54 10% Mandatory Federal Withholdings RMS Actuaries $ 1,750.00 Actuarial and Consulting Services •$1,189.64 Excess Earnings— not issuing a check, but reducing the liability. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: JOSEPH VEND FRANCIS DRISCOLL NANCY HEFFERNAN SHARON ANGSTROM THOMASCLOUGH VOTED: (5 -0 -0) UNANIMOUS Page 1 3 • Discussion of site visit to 2 Haven Street, Reading, MA. Francis Driscoll, Sharon Angstrom, Joseph Veno, and Nancy Heffernan visited office at 2 Haven Street on October 20, 2015. The Board members had questions for the realtor which he responded via email. Board agreed that this location met the needs of the Retirement Board. There are still some questions that need to be answered regarding access to records and files that we currently have access to. • Accidental disability retiree Charles Johnson had excess earnings for the year 2014. A notification letter was sent out on October 6, 2015 with a deadline of October 29, 2015 to either pay the amount due to the retirement board or to request a hearing. If neither has happened then the retirement allowance will be suspended beginning with the October check until the total amount has been collected. Charles Johnson called on 10/19/15 and would like to do the same thing as prior years when he had excess earnings — withhold his monthly retirement allowance with the exception of his health & life insurance deductions until the full amount of $7,462.61 owed to the retirement system has been paid. The administrator will withhold his monthly retirement allowance until the full amount of $7,462.61 is paid which will be by April 2016. • Medicals have been received for Joseph Guaz aloca (no vote necessary). The Board agreed on November 24, 2015 for hearing as Attorney Michael Sacco is available. Member was given a 30 day notice for hearing date. • Steven Perry made a lump -sum payment for overpayment to his retirement allowance. Member was receiving a Superannuation allowance but was later approved for Accidental Disability. Because of the reduction in benefit and workers' compensation offset, the member owed the Reading Retirement System $29,859.56. • Leonard Redfem chose Option C at his retirement and his spouse has passed away. Calculation (Option C "pop -up ") was sent to PERAC for approval. • Received job description for Facilities Manager. Last month Paul McGonagle was approved as a new member under group IV. After review, it appears that this job would be classified as a Group I. • Edward Wilkins, Jr. is being reimbursed $745.40 less 10% federal withholdings ($74.54) net $670.86 for erroneous deductions taken. Contribution rate should have been 8% but Montague Retirement System took 9% and Worcester Regional Retirement System took 7% for a short period of time. • Affidavits were mailed to all retirees October 7, 2015. There are 45 affidavits still due. Second notices will be sent out in November. • Copies of the following Reading Retirement Board reports were entailed for review: The PRITfund's monthly statement & fund performance for period ending September 30, 2015. General Ledger Trial Balance as of September 30, 2015. Cash Receipts, Adjustments, and Disbursements as of September 30, 2015. Bank Reconciliation for the month ending September 30, 2015. Reading Co -op Bank Statement for the month ending September 30, 2015. MMDT Bank Statement for the month ending September 30, 2015. Page 1 4 • The next board meeting is scheduled for Tuesday, November 24, 2015 at 5:30 pm in The Conference Room. PERAC Memo 420/2015 — Tobacco Company List PERAC Memo #21/2015 — Mandatory Retirement Board Member Training — 0 Quarter 2015 PERAC Memo #22/2015 — Appropriation Data Due October 31, 2015 OLD & NEW BUSINESS • JOSEPH VEND moved to elect Colleen Loughlin as election officer for the election of the second elected member. Joseph Veno's term as board member expires on March 31, 2016. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: JOSEPH VEND FRANCIS DRISCOLL NANCY HEFFERNAN SHARON ANGSTROM THOMASCLOUGH VOTED: (5 -0 -0) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 IIRS IN ADVANCE OF MEETING • JOSEPH VEND moved to adjourn this open session at 7:50 P.M. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: JOSEPH VENO FRANCIS DRISCOLL NANCY HEFFERNAN SHARON ANGSTROM THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS Chairman, Francis P. Driscoll, 1" elected Sharon M. Angstrom, Ex Officio Page 1 5 Nancy J. Heffernan, I" appointed Veno, T" elected Vice Chaimnan, Thomas A. Clough, 2 appointed Page 16