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HomeMy WebLinkAbout2015-07-28 Retirement Board MinutesOrN Town of Reading Meeting Minutes a „xmwr °'” Board - Committee - Commission - Council: Contributory Retirement Board Date: 2015 -07 -28 Building: Reading Town Hall Address: 16 Lowell Street Purpose: General Business Attendees: Members - Present: Time: 5:30 PM Location: Conference Room Session: Open Session Version: Final RECEIVED TOWN CLERK READING, MASS. Uib FEB 22 P 2 42 Francis Driscoll, Sharon Angstrom, Thomas Clough, Nancy Heffernan Members - Not Present: Joseph Veno Others Present: Colleen Loughlin and Paul Shanley from Amity Insurance Minutes Respectfully Submitted By: Colleen Loughlin Topics of Discussion: MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, July 28, 2015 The Reading Retirement Board held a regular session meeting on July 28, 2015, in The 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 Nancy Heffernan, Thomas Clough, Sharon Angstrom, and Board Administrator, Colleen Loughlin. Joseph Veno was not able to attend. Paul Shanley from Amity Insurance was also present to discuss the MACRS Fidelity and Fiduciary program. SPECIAL ITEM • Paul Shanley from Amity Insurance attended this meeting to discuss the MACRS Fidelity and Fiduciary program. Open enrollment is March 1° and Reading Retirement Board would qualify for the Fiduciary insurance. • SHARON ANGSTROM moved to join the MACRS Fiduciary Insurance plan which will consist of $85 crime policy and approximately $6,500 premium for fiduciary insurance policy: SECONDED BY: VOTED: MINUTES THOMAS CLOUGH (4 -0 -0) UNANIMOUS • Regular session minutes for the May 26, 2015 meeting were signed by all board members. • SHARON ANGSTROM moved to accept the June 24, 2015 regular session minutes. Page I 1 SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Laurie Stanton Housing Coordinator Date of him — 1/12/15 9 % +2% Gr.I (Planning) Date of membership — 7/1/15 (prior non - membership service) Brian O'Maley Facilities Operations Date of hire & membership — 7/6/15 9 % +2% (Facilities) Manager Less 20% Federal Taxes Joseph Sacco Computer Technician Date of hire- 7/6/15 9 % +2% (School) Date of membership — 9/9/14 Daniel Holmberg Mechanic Date of hire & membership — 7/7/15 9%+2% (DPW) SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Maureen Zaya Food Service Worker 07/14/15 29 years, 9 months (School - Lunch) David Meuse (School) SECONDED BY: VOTED: Custodian THOMAS CLOUGH (4 -0 -0) UNANIMOUS Option A 10101115 21 years, 11 months Option C • SHARON ANGSTROM moved to approve final calculation fr by PERAC: Maureen Zaya School 7/14/15 (Superannuation) Annuity: Pension: Yearly: Monthly, SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS .r the following retirements approved 29 years, 9 mths Option A $ 3,601.80 $ 8,529.36 $12,131.16 $ 1,010.93 • SHARON ANGSTROM moved to approve the following application for refund of accumulated . deductions: Christopher Germain Resigned 06/30/15 7 years, 4 mths (Fire) Total deductions & interest $ 49,817.14 Less 20% Federal Taxes $ 0.00 Net refund (Rollover) $ 49,817.14 Page 1 2 Or. I Gr. I Or. I SECONDED BY: THOMASCLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS SHARON ANGSTROM moved to approve to documentation to Attorney Sacco for opinion on Ballou. SECONDED BY: THOMASCLOUGH VOTED: (4 -0 -0) UNANIMOUS send the medical panel certificate and backup the involuntary disability application of David • SHARON ANGSTROM moved to approve request from eligible member to purchase military service for creditable service. Kenneth J. Hughes Navy -USN 9/14/73- 9/13/76 3 yews, 0 months The total purchase amount is $10,258.15. Kenneth will make a lump sum payment. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to approve requesting Attorney Sacco set a policy regarding the organization of the Board. SECONDED BY: THOMASCLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP072015 totaling $898,453.16 as listed: Commonwealth of Mass. Commonwealth of Mass. Commonwealth of Mass. Internal Revenue Service Reading Credit Union July Retirement Allowances Town of Reading Treasurer Town of Reading Town of Reading Treasurer Law Offices of Michael Sacco MSA Group State Retirement Board MIIA Property & Casualty Group Merrill Lynch FBO Christopher Germain BACTES WB Mason Co., Inc. Town of Reading Treasurer $ 389.46 BHA Health his. Deductions $ 1,794.15 State Tax Deductions $ 1,684.35 Child Support $ 73,402.31 Federal Tax Deductions $ 36,779.00 Credit Union Deductions $ 619,326.94 Net Retiree Payroll $ 49,507.82 Hlth, Life, & Dental Ins. Deductions $ 203.44 Postage due Town $ 8,203.77 July Administrator's Salary & MedFICA $ 562,00 Legal Expense — Miscellaneous $ 711.00 Fidelity Bond — hisurance $ 55,269.54 Section (3)(8)(c) Reimb for 2014 $ 298.07 Workers' Compensation $ 49,817.14 Refund to Member— C. Germain Page 1 3 103.87 Medical Records — Charles Helmka 201.30 Administrative Expense —Supplies 199.00 Education & Training —Reimb to Town for Fred Pryor Seminars Training SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS INFORMATION /OUESTIONS /OTHER ITEMS • Charles Helmka, a 1" Class Lineman for the Reading Municipal Light Department, 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. • Dorothy O'Leary, Option D beneficiary of Joseph O'Leary, died July 12, 2015. • Margaret Gaskill who worked for Food Service in the School Department and retired on June 19, 2008, passed away on July 18, 2015. She chose Option B at her retirement. The amount of remaining funds in her account is $1,739.86 before taxes. • Norma MacBrien who worked for the Town Clerk Office and retired on August 1, 1987, passed away on July 19,2015. She chose Option A at her retirement. • Copies of the following Reading Retirement Board reports were mailed for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2015. General Ledger Trial Balance as of June 30, 2015. Cash Receipts, Adjustments, and Disbursements as of June 30, 2015. Bank Reconciliation for the month ending June 30, 2015. Reading Coop Bank Statement for the month ending June 30, 2015. MMDT Bank Statement for the month ending June 30, 2015. • Linda Boumival from KMS Actuaries will be attending the August 25, 2015 meeting to discuss various options for the actuarial report. • The next board meeting is scheduled for Tuesday, August 25, 2015 at 5:30 pm in The Berger Room. PERAC Memo #11/2015 —New Post - Retirement Limits on Employment for Disability Retirees PERAC Memo #12/2015 — Inactive member buybacks and James Zavaglia v. Gloucester Retirement Board and Salem Retirement Board, CR -09 -459. PERAC Memo #13/2015 — Tobacco Company List PERAC 11'" Emerging Issue Forum Registration nofication — Hogan Conference Center, College of the Holy Cross, Worcester, MA on September 17, 2015 from 9 — 3 pm Email from Attorney Michael Sacco informing the Board that as part of Governor Baker's budget for FY16, Section 2313(k)(6)(i) has been amended to extend the length of vendor contracts from 5 to 7 years. He anticipates that PERAC will be issuing a PERAC Memorandum on the subject. PERAC Memo #14/2015 — Mandatory Retirement Board Member Training — 3r° Quarter 2015 PERAC Memo #15/2015 — Retroactive Changes to Cash Book Entries PERAC Memo 416/2015 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors. Beginning July 1, 2015, the annual Page 1 4 amount of $846.12 shall be paid for each individual eligible child as defined in G.L. c. 32, § 7(2xa)(iii). Also any retirement system which has accepted the additional pension for dependent children provided for in G.L. c. 32, § 9(2)(d)(ii), shall pay an annual amount of $846.12 beginning July 1, 2015 for each eligible child as defined in G.L. c. 32 § 9(2xd). PERAC Memo 17/2015 — Reinstatement to Service under G.L. c. 32 § 105 OLD & NEW BUSINESS • The board discussed the possibility of housing Retirement outside of Town Hall. There's the potential that Town Hall may not be able to house the Retirement Board in Town Hall with the space issue they are having. The Board agreed to start looking for office locations to view as a possibility. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:50 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS Chairman, 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 Pape 15