HomeMy WebLinkAbout2015-03-24 Retirement Board Minutes6�11 Town of Reading
Meeting Minutes
Board - Committee - Commission - Council:
Contributory Retirement Board
Date: 2015 -03 -24
Building: Reading Town Hall
Address: 16 Lowell Street
Purpose: General Business
Attendees: Members - Present:
Time: 5:30 PM
RECEIVED ?,
TOWN CLERK
READING, MASS.
1016 FEB 22 P 2, 42 ,
Location: Lower Level Conference Room
Session: Open Session
Version: Final
Francis Driscoll, Joseph Vane, Thomas Clough, Sharon Angstrom, Nancy
Heffernan
Members - Not Present:
Others Present:
Colleen Loughlin & Paul Todisco (PRIT)
Minutes Respectfully Submitted By: Colleen Loughlin
Topics of Discussion:
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, March 24, 2015
The Reading Retirement Board held a regular session meeting on March 24, 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, Nancy Heffernan and Board Administrator, Colleen
Loughlin. Also present was Paul Todisco, Senior Client Service Officer from the PRIM Board. Let the
record show that Tom Clough left the meeting at 6:55 pm.
SPECIAL ITEM
Paul Todisco, Senior Client Services Officer from the PRIM Board, attended this meeting to discuss the
performance of the funds in PRIT.
APPROVAL OF MISCELLANEOUS ITEMS
• JOSEPH VENO moved to appoint Thomas Clough as the fifth Board Member. His term will run
from 4/1/15- 3/31/18.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VEND moved to nominate Francis Driscoll as Chairman.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
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• JOSEPH VEND moved to nominate Thomas Clough as Vice - Chairman.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
MINUTES
• Regular session minutes for the November 24, 2014 meeting were signed by all board members.
• JOSEPH VENO moved to accept the December 23, 2014 regular session minutes, except Sharon
Angstrom who was not present.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -1) ABSTAINED: SHARON ANGSTROM
• THOMAS CLOUGH moved to accept the January 29, 2015 regular session minutes, except Joseph
Veno and Francis Driscoll who were not present.
SECONDED BY: SHARON ANGSTROM
VOTED: (3 -0 -2) ABSTAINED: JOSEPH VEND & FRANCIS DRISCOLL
• SHARON ANGSTROM moved to accept the February 24, 2015 regular session minutes, except
Joseph Veno and Thomas Clough who were not present.
SECONDED BY: NANCY HEFFERNAN
VOTED: (3 -0 -2) ABSTAINED: JOSEPH VEND & THOMAS CLOUGH
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• JOSEPH VENO moved to approve the following new members:
Scott Mullen Computer Tech Date of hire - 2/23/15 9 % +2% Gr. I
(School) Date of membership —
(prior service with Essex)
Timothy Barrett Police Officer Date of him & Membership — 3/9/15 9 %+ 2% Gr. IV
(Police)
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve the following retirement application:
Richard Puopolo Firefighter
(Fire)
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
4/17/15 32 years Option
• JOSEPH VEND moved to approve final REVISED calculation for the following retirement approved
by PERAC:
Lisa Palermo Fire 8/29/14 16 years, 5 mths Option C
(Ace. Disability) Annuity: $ 6,696.36
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Pension: $42,826.32
Yearly: $49,522.68
Monthly: $ 4,126.89
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• JOSEPH VENO moved to approve Steve Perry's "Application for Disability Retirement."
Consensus of majority of the Board was to send to Attorney Sacco for review.
• JOSEPH VENO moved to approve to charge interest on buyback balance by the prescribed PERAC
rate:
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve request from eligible member to purchase prior non - membership
service for creditable service:
Lorraine Barry Reading 9/23/93- 2/13/05 7 years and 8 months
(pro-rated)
The total purchase amount is $36,924.00. Lorraine will complete a pre -tax rollover.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
• JOSEPH VEND moved to approve request from eligible member to purchase prior non - membership
service for creditable service:
Susan Beauregard Reading 7/1/07- 1/6/15 6 years and 1 month
(pro -rated)
The total purchase amount is $31,710.85. Susan would like to complete a pre-tax rollover and
payroll deductions.
SECONDED BY: SHARON ANGSTROM
VOTED: (5 -0 -0) UNANIMOUS
Tom Clough left the meeting at 6:55 pm.
• JOSEPH VENO moved to approve the following warrant #AP032015 totaling $807,332.72 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
Reading Retirement Board •
$
1,203.71
Excess Earnings — C. Johnson
Internal Revenue Service
$
70,181.77
Federal Tax Deductions
Reading Credit Union
$
35,459.00
Credit Union Deductions
Mar Retirement Allowances
$ 609,111.27
Net Retiree Payroll
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Town of Reading Treasurer
$
47,157.34
Fifth, Life, & Dental Ins. Deductions
Town of Reading
$
194.44
Postage due Town
Town of Reading Treasurer
$
5,356.01
Mar Administrator's Salary & MedFICA
Lowell Retirement Board
$
.06
Trsfer to Other Systems — M. Bouvier
Brookline Retirement Board
$
103.69
Section 3(8)(c) Reimb for 2014
Wellesley Retirement Board
$
2,497.34
Section 3(8Xc) Reimb for 2014
Wakefield Retirement Board
$
2,465.49
Section 3(SXc) Reimb for 2014
Middlesex Retirement Board
$
23,569.29
Section 3(8Xc) Reimb for 2014
Quincy Retirement Board
$
4,751.33
Section 3(8Xc) Reitnb for 2014
Belmont, MA Contrib. Retirement $
1,417.79
Section 3(8Xc) Reimb for 2014
•$1,203.71 Excess Earnings — not issuing a check, but reducing the liability.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
• Treasurer needs updated signatures from the Board.
• Received application from member, William Marks, who has elected to have retirement deductions
withheld beyond the age of 70.
• A check was received from the following Boards for full payment of its Section 3(8)(c)
reimbursement.
- Natick Retirement Board
- Medford Retirement Board
- Middlesex County Retirement Board
- Boston Retirement Board
- Wakefield Retirement Board
• Copies of the following Reading Retirement Board reports were emailed for review:
The PRIT fund's monthly statement & fund performance for period ending February 28, 2015.
Bank Reconciliation for the month ending February 28, 2015.
Reading Co-op Bank Statement for the month ending February 28, 2015.
MMDT Bank Statement for the month ending February 28, 2015.
• The next board meeting is scheduled for Tuesday, April 21, 2015 at 5:30 pm in the Lower Level
Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #8/2015 — Remarriage Penalty
OLD & NEW BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF
MEETING
Page 14
• JOSEPH VENO moved to adjourn this open session at 7:00 P.M.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
Chairman, Francis P. Driscoll,
Sharon M. Angstrom, Ex Officio
Nancy J. Heffeman, I' appointed
Joseph R. Veno, 2° elected
Vice Chairman, Thomas A. Clough, 2 appointed
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