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Home My WebLink About2015-06-24 Retirement Board Minutes� eFk Town of Reading Meeting Minutes RECEIVED TOWN CLERK Board - Committee - Commission - Council: READING, MASS. Contributory Retirement Board i'Oib FEE 22 P 2-- 42 Date: 2015 -06 -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, Nancy Heffernan Members - Not Present: Thomas Clough - participated remotely Others Present: Colleen Loughlin Minutes Respectfully Submitted By: Colleen Loughlin Topics of Discussion: MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, June 24, 2015 The Reading Retirement Board held a regular session meeting on June 24, 2015, in The Conference Rim Town Hall, Reading, Massachusetts. The meeting was called to order at 5:35 P.M. by Chairman Francis Driscoll in the presence of members Joseph Veno, Nancy Heffeman, and Board Administrator, Colleen Loughlin. Let the record show that Sharon Angstrom arrived at 5:40 pm. Thomas Clough participated remotely due to geographical distance. MINUTES • Regular session minutes for the April 21, 2015 meeting were signed by all board members, except Thomas Clough who was not present. • Special session minutes for the May 7, 2015 meeting were signed by all board members. • Executive session minutes for the May 7, 2015 meeting were signed by all board members. • JOSEPH VEND moved to accept the May 26, 2015 regular session minutes. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH Aye JOSEPH VENO Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye FRANCIS DRISCOLL Aye Page 1 1 VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • JOSEPH VENO moved to approve the following retirement application: Glen Redmond Building Inspector 9/1115 25 years, 3 months Option C (Community Development) SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH Aye JOSEPH VEND Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye FRANCIS DRISCOLL Aye VOTED: (5 -0 -0) UNANIMOUS • JOSEPH VENO moved to approve final calculation for the following retirements approved by PERAC: Rosanne Murphy RMLD (Superannuation) SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH JOSEPH VENO SHARON ANGSTROM NANCY HEFFERNAN FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS 5/15/15 18 years, 5 mths Option A Annuity: $ 7,677.36 Pension: $18,912.48 Yearly: $26,589.84 Monthly: $ 2,215.82 Aye Aye Aye Aye Aye • JOSEPH VENO moved to approve request from Retirement Board Administrator to attend a Fred Pryor Human Resources class on August 12, 2015 in Peabody for a cost of $99. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH Aye JOSEPH VENO Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye Page 1 2 FRANCIS DRISCOLL Aye VOTED: (5 -0-0) UNANIMOUS • JOSEPH VEND moved to approve proposed pay scale (Step 4) for the Retirement Administrator for the period FY 16 using 1.5 % COLA and 2% Step, which is consistent with the Town. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH Aye JOSEPH VENO Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye FRANCIS DRISCOLL Aye VOTED: (5 -0 -0) UNANIMOUS • JOSEPH VEND moved to approve to offer Susan Tapley up to 5 years to buyback of erroneous deductions with stipulation that if she terminates service before balance is paid, she must make payment in full. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH Aye JOSEPH VENO Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye FRANCIS DRISCOLL Aye VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID JOSEPH VEND moved to approve the following warrant #AP062015 totaling $785,644.15 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 $ 71,844.39 Federal Tax Deductions Reading Credit Union $ 36,919.00 Credit Union Deductions June Retirement Allowances $ 613,623.30 Net Retiree Payroll Town of Reading Treasurer $ 50,121.86 Hlth, Life, & Dental his. Deductions Town of Reading $ 185.41 Postage due Town Town of Reading Treasurer $ 5,356.00 Jun Administrator's Salary & MedFICA Town of Reading $ 1,000.00 Rent Law Offices of Michael Sacco $ 2,400.00 Legal Expense — Miscellaneous Edward Wilkins, Jr. $ 297.00 Return of Erroneous Contributions Internal Revenue Service $ 33.00 10% Mandatory Federal withholdings SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH Aye JOSEPH VENO Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye Page 1 3 FRANCIS DRISCOLL Aye VOTED: (5 -0 -0) UNANIMOUS • Joseph Guag Aloca, a working foreman for DPW, has submitted an application for accidental disability. His application is now complete and we have also received the completed Physician's Statement. The administrator is in the process of obtaining medical records. We need verification that the Department Head has submitted all medical documents that the Town has on file, even those that the Human Resource Department may have. Sharon Angstrom will draft a release form for the Human Resources Director and the Board will request that the Attorney draft a letter from the Chairman to all Department Heads explaining their responsibility when filing an employer's statement. • A check was received from the following Board for full payment of its Section 3(8)(c) reimbursement. State Retirement Board • All Section 3(8)(c) Reimbursements have been paid to the Reading Retirement Board. Now that that the Board has received payment from the State, payment will be made in July and all reimbursements will be paid. • Received notification from PERAC that the Reading Retirement Board will continue to be granted the waiver of submitting superannuation refinement calculations for approval. • Received memo from Attorney Sacco regarding organizational issues. • Edward Wilkins, Jr. is being reimbursed $333.00 less 10% federal withholdings ($33.30) net $299.70 for erroneous deductions taken. Contribution rate should have been 8% instead of 9 %. • A transfer amount of $10,013.11 dated 3/31/15 was received from Saugus Retirement Board for Susan Beauregard. Saugus Retirement System will accept liability for 3 years and 2 months of creditable service. • A transfer amount of $5,924.53 dated 4/27/15 was received from Essex Regional Retirement Board for Scott Mullen. Essex Regional Retirement System will accept liability for 1 year and 9 months of creditable service. • A transfer amount of $22,229.03 dated 5/31/15 was received from Middlesex County Retirement Board for Matthew Berger. Middlesex County Retirement System will accept liability for 1 year, 2 months, and 27 days of creditable service. Boston Retirement System transferred 3 years and 1 month to Middlesex County Retirement System. • A transfer amount of $115,177.20 dated 6/5/15 was received from State Retirement Board for Matthew Kraunelis. State Retirement System will accept liability for 8 years, 4 months, and 14 days of creditable service. Methuen Retirement System transferred 6 years, 11 months, and 14 days to State Retirement System. • A transfer amount of $3,480.98 dated 6/5115 was received from State Retirement Board for Alyssa Bryan. State Retirement System will accept liability for 1 year and 25 days of creditable service. Page 14 • Paul Shanley from Amity Insurance will be attending the July 28, 2015 meeting to discuss the MACRS Fidelity and Fiduciary program. • The Board had a discussion about what the Board would like to see happen after the investigation. the board discussed the possibility of housing Retirement outside of Town Hall. • Copies of the following Reading Retirement Board reports were entailed for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2015. General Ledger Trial Balance as of May 31, 2015. Cash Receipts, Adjustments, and Disbursements as of May 31, 2015. Bank Reconciliation for the month ending May 31, 2015. Reading Co -op Bank Statement for the month ending May 31, 2015. MMDT Bank Statement for the month ending May 31, 2015. • The next board meeting is scheduled for Tuesday, July 28, 2015 at 5:30 pm in the Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC email — 2014 Investment Report OLD & NEW BUSINESS • The Board had a discussion about what the Board would like to see happen after the investigation. The board discussed the possibility of housing Retirement outside of Town Hall. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF MEETING • JOSEPH VEND moved to adjourn this open session at 6:40 P.M. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH Aye JOSEPH VEND Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye FRANCIS DRISCOLL Aye VOTED: (5 -0 -0) UNANIMOUS Page 1 5 Francis P. Driscoll, 1" elected Sharon M. Angstrom, Ex Officio Nancy J. Heffernan, I" appointed Joseph R. Veno, 2- elected Vice Chairman, Thomas A. Clough, 2 appointed Page 1 6