HomeMy WebLinkAbout2015-11-24 Retirement Board MinutesgOrR
Town of Reading
,.r Meeting Minutes
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Board - Committee - Commission - Council:
READING, MASS.
Contributory Retirement Board 2016 FES 22 P 2: 40
Date: 2015 -11 -24 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, Thomas Clough
Members - Not Present:
Nancy Heffernan
Others Present:
Colleen Loughlin
Minutes Respectfully Submitted By: Colleen Loughlin
Topics of Discussion:
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, November 24, 2015
The Reading Retirement Board held a regular session meeting on November 24, 2015, in The Conference
Room Room Town Hall, Reading, Massachusetts.
The meeting was called to order at 5:34 P.M. by Chairman Francis Driscoll in the presence of members
Thomas Clough, Sharon Angstrom, Joseph Veno, and Board Administrator, Colleen Loughlin. Nancy
Heffernan was not able to attend.
MINUTES
• Regular session minutes for the September 22, 2015 meeting were signed by all board members.
• JOSEPH VENO moved to accept the October 27, 2015 regular session minutes.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
• JOSEPH VENO moved to accept the October 27, 2015 executive session minutes.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
• JOSEPH VENO moved to accept the November 10, 2015 special session minutes.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
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• JOSEPH VENO moved to accept the November 17, 2015 special session minutes, except Thomas
Clough who was not present.
SECONDED BY: SHARON ANGSTROM
VOTED: (3 -0 -1) ABSTAINED: THOMAS CLOUGH
• JOSEPH VENO moved to approve the following new members
Jennifer Iosua
Computer Tech Date of hire & membership — 11/2/15 9 % +2% Gr. I
(Technology)
(RMLD)
Annmarie Foley
Admin. Assist. Date of hire — 10/22/12 9%+2% Gr. I
(School)
Date of membership— 11/4/15
Specialist
(Possibly eligible to purchase non - membership service)
Rebecca Kyle
Clerk Date of hire & membership — 11/16/15 9%+2% Gr. I
(Finance)
THOMAS CLOUGH
SECONDED BY:
THOMAS CLOUGH
VOTED:
(4 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve the following retirement applications
Thomas Williamson Leader Lineman
11/21/15 35 years, 6 months
Option C
(RMLD)
Total deductions & interest
$ 8,382.60
Pasquale lapicca
Specialist
01/03116 33 years, 0 months
Option C
(Police)
SECONDED BY:
THOMAS CLOUGH
James Cormier
Chief
01/03/16 33 years, 0 months
Option C
(Police)
SECONDED BY:
THOMAS CLOUGH
VOTED:
(4 -0 -0) UNANIMOUS
• JOSEPH VEND moved to approve application for refund of accumulated deductions
Yanni Danoff
Resigned 10/2/15
1 year, 10 mths
(School)
Total deductions & interest
$ 8,382.60
Less 20% Federal Taxes
1,676.52
Net refund (cash)
$ 6,706.08
SECONDED BY:
THOMAS CLOUGH
VOTED:
(4 -0 -0) UNANIMOUS
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APPROVAL OF MISCELLANEOUS ITEMS
• JOSEPH VEND moved to request Attorney Michael Sacco to send another clarification request to the
medical panel for David Ballou.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
JOSEPH VEND moved to approve the following warrant #API 12015 totaling $813,277.39 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
$
73,707.48
Federal Tax Deductions
Reading Credit Union
$
37,024.00
Credit Union Deductions
Nov Retirement Allowances
$ 620,032.37
Net Retiree Payroll
Town of Reading Treasurer
$
49,361.28
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
374.48
Postage due Town
Town of Reading Treasurer
$
5,544.70
Nov Administrator's Salary & MedFICA
Law Offices of Michael Sacco
$
4,627.00
Legal Expense — Miscellaneous
Kingsbury Press
$
155.41
1099R forms
KMS Actuaries
$
9,000.00
Actuarial & Consulting Services
Danni Yanoff
$
6,706.08
Refund of accumulated deductions
Internal Revenue Service
$
1,676.52
20% Fed Taxes — D. Yanoff refund
'$1,189.64 Excess Earnings — not issuing a check, but reducing
the liability.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
• Discussed Budget for calendar year 2016.
• A transfer amount of $37,563.41 dated 10/30/15 was received from Danvers Retirement Board for
Paul McGonagle. Danvers Retirement System will accept liability for 1 year and 9 months of
creditable service. Lexington Retirement System will accept liability for 10 months of creditable
service. Middlesex County Retirement Board will accept liability for 1 year and 11 months of
service.
• Affidavits were mailed to all retirees on October 7, 2015. Second notices were sent out November 5,
2015. There are 6 affidavits still due. Final notices will he mailed sent out December 1, 2015.
• Copies of the following Reading Retirement Board reports were entailed for review:
The PRIT fund's monthly statement & fund performance for period ending October 31, 2015.
General Ledger Trial Balance as of October 31, 2015.
Cash Receipts, Adjustments, and Disbursements as of October 31, 2015.
Bank Reconciliation for the month ending October 31, 2015.
Reading Co-op Bank Statement for the month ending October 31, 2015.
MMDT Bank Statement for the month ending October 31, 2015.
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• The next meeting to hold a hearing is scheduled for Tuesday, December 1, 2015 at 5:30 pm in the
Conference Room.
• The next monthly board meeting is scheduled for Tuesday, December 22, 2015 at 5:30 pm in the
Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #23/2015 — New Fraud Prevention Poster
PERAC Memo #24/2015 — Survey for PERAC Technology Improvement Project
OLD & NEW BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF
MEETING
• JOSEPH VENO moved to adjourn this open session at 7:10 P.M.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0A) UNANIMOUS
Chairman, Francis P. Driscoll, I' elected
Sharon 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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