HomeMy WebLinkAbout2015-05-26 Retirement Board Minutes*i;'o
Town of Reading
Meeting Minutes RECEIVED TOWN CLERK
Board - Committee - Commission - Council:
READING. MASS.
Contributory Retirement Board 71116 FEB 22 P Z. 41 i
Date: 2015 -05 -26 Time: 5:30 PM
Building: Reading Town Hall Location: Lower Level Conference Room
Address: 16 Lowell Street Session: Open Session
Purpose: General Business Version: Final
Attendees: Members - Present:
Francis Driscoll, Sharon Angstrom, Thomas Clough, Joseph Veno
Members - Not Present:
Nancy Heffernan
Others Present:
Colleen Loughlin
Minutes Respectfully Submitted By: Colleen Loughlin
Topics of Discussion:
MINUTES OF THE READING RETH2EMENT BOARD MEETING
Tuesday, May 26, 2015
The Reading Retirement Board held a regular session meeting on May 26, 2015, in The Lower Level
Conference Room, Town Hall, Reading, Massachusetts.
The meeting was called to order at 5:30 P.M. by Chairman Francis Driscoll in the presence of members
Sharon Angstrom, Joseph Veno, Thomas Clough and Board Administrator, Colleen Loughlin. Nancy
Heffernan was not able to attend. Let the record show that Tom Clough left the meeting at 6:55 pm.
MINUTES
• Regular session minutes for the March 24, 2015 meeting were signed by all board members.
• JOSEPH VEND moved to accept the April 21, 2015 regular session minutes, except Thomas Clough
who was not able to attend.
SECONDED BY: SHARON ANGSTROM
VOTED: (3 -0 -1) ABSTAINED: THOMAS CLOUGH
• JOSEPH VEND moved to accept the May 7, 2015 regular session minutes.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
• JOSEPH VEND moved to accept the May 7, 2015 executive session minutes.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
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APPROVAL OF NEW MEMBERS, RETIREMENTS. TRANSFERS AND REFUNDS
• JOSEPH VEND moved to approve the following new members:
Alyssa Bryan
Dispatcher
Date of hire- 4/6/15
9 % +2%
Gr.I
(Police)
Date of membership — 4/6115
(prior service — State 3/25/14)
Cheryl Nahigian
Dispatcher
Date of hire & membership — 4/6/15
9 % +2 °/P
Gr. I
(Police)
Matthew Kraunelis
Admin Sery
Date of hire- 5/4/15
9 % +2%
Or.I
(Operations)
Director
Date of membership- 5/4/14
(prior service —State I /l /00)
Kevin Bohmiller
Veterans Serv.
Date of hire & membership — 5/4/15
9 % +2%
Or.I
(Veterans)
Officer
Charles Throne
Conservation
Date of hire- 7/25/11
9 % +2%
Gr.I
(Conservation)
Admin.
Date of membership- 5/11/15
(prior non - membership service)
Robert Forsey
Firefighter
Date of hire & membership — 5/7/15
9 %+2%
Gr. IV
(Fire)
Brian Yeager
Firefighter
Date of hire & membership — 5/4/15
9 % +2%
Gr. IV
(Fire)
(prior non - membership service)
John Messer
Firefighter
Date of him & membership — 5/5/15
9 % +2%
Or. IV
(Fire)
Eric Bagby
Firefighter
Date of him & membership — 5/6/15
9% +2%
Gr. IV
(Fire)
Rahul Shah
Energy Efficiency Date of hire- 5/9/11
9 % +2%
Gr.I
(RMLD)
Engineer
Date of membership- 5/18/15
(prior non - membership service)
SECONDED BY: SHARON ANGSTROM
VOTED: (4-0-0) UNANIMOUS
• JOSEPH VENO moved to approve the following refund of accumulated deductions:
Evanildo Fernandes Resigned 12/19/14 3 years, Imth
(School - IT) Total deductions & interest $ 12,384.67
Less 20% Federal Taxes $ 2476.93
Net refund (cash) $ 9,907.74
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
• JOSEPH VEND moved to approve final calculations for the following retirements approved by
PERAC:
Page 1 2
Daniel Cahoon
(RMLD)
Richard Puopolo
(Fire)
Firefighter
Firefighter
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
04/03/15
33 years, 1 month Option C
Annuity:
$12,121.56
Pension:
$37,889.28
Yearly:
$50,010.84
Monthly:
$ 4,167.57
04/17/15
32 years, 0 months Option B
Annuity:
$13,000.32
Pension:
$50,909.04
Yearly:
$63,909.36
Monthly:
$ 5,325.78
APPROVAL OF MISCELLANEOUS ITEMS
• JOSEPH VEND moved to approve a COLA increase for FY2016, which begins on July 1, 2015 and
ends June 30, 2016, which is reflected in the July 1, 2013 actuarial valuation. It is limited to a
maximum amount of 3% of $12,000.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
The Board will request the actuary, Linda Bournival, to run reports for the Board to review increasing
the COLA base to $13,000 or $14,000.
• JOSEPH VEND moved to cancel the medical panel for David Ballou scheduled for June 19, 2015
since the Board is aware that they do not have all of the medical documents that the town has in their
possession. The Board would like the member and Town notified that the medical panel has been
cancelled.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
JOSEPH VEND moved to approve the following warrant #AP052015 totaling $863,932.50 as listed:
Commonwealth of Mass.
$ 385.69 RHA Health Ins. Deductions
Commonwealth of Mass.
$ 1,794.15 State Tax Deductions
Commonwealth of Mass.
$ 1,684.35 Child Support
Internal Revenue Service
$ 71,894.98 Federal Tax Deductions
Reading Credit Union
$ 36,587.00 Credit Union Deductions
May Retirement Allowances
$ 615,185.43 Net Retiree Payroll
Town of Reading Treasurer
$ 47,895.56 Hlth, Life, & Dental Ins. Deductions
Town of Reading
$ 400.58 Postage due Town
Town of Reading Treasurer
$ 5,355.99 May Administrator's Salary & MedFICA
Boston Retirement Board
$ 8,679.94 Section 3(8)(c) Reimb for 2014
Essex Regional Retirement Board
$ 59,752.16 Section 3(8xc) Reimb for 2014
Evanildo Fernandes
$ 9,907.74 Refund to Member
Internal Revenue Service
$ 2,476.93 20% Federal Tax — E. Fernandes
Calendar Press
$ 108.00 Admin Expense— Envelopes
Page 1 3
Law Offices of Michael Sacco 8 1,824.00 Legal Expense — S. Perry/FF Contract/
subpoena
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
Tom Clough left the meeting at 6:55 pm.
• Copies of the following Reading Retirement Board reports were entailed for review:
The PRIT fund's monthly statement & fund performance for period ending April 30, 2015.
General Ledger Trial Balance as of January 31, 2015, February 28, 2015, March 31, 2015, and
April 30, 2015.
Cash Receipts, Adjustments, and Disbursements as of January 31, 2015, February 28, 2015,
March 31, 2015, and April 30, 2015.
Bank Reconciliation for the month ending April 30, 2015.
Reading Coop Bank Statement for the month ending April 30, 2015.
MMDT Bank Statement for the month ending April 30, 2015.
• The next board meeting is scheduled for Tuesday, June 23, 2015 at 5:30 pm in the Lower Level
Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #11/2015 — New Post - Retirement Limits on Employment for Disability Retirees
OLD & NEW BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
• JOSEPH VENO moved to adjourn this open session at 7:00 P.M.
SECONDED BY: SHARON ANGSTROM
VOTED: (3 -0-0) UNANIMOUS
Chairman, Francis P. Driscoll, 10 elected
M. Angstrom, Ex Officio
Nancy J. Heffernan, 1" appointed
Joseph R. Veno, 2 elected
Vice Chairman, Thomas A. Clough, 2" appointed
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