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Home My WebLink About2015-01-29 Retirement Board Minutesc Town of Reading a Meeting Minutes �a° RECEIVED, TOWN CLERK Board - Committee - Commission - Council: READING, MASS. Contributory Retirement Board IN16 FEB 22 P 2-, 43 Date: 2015 -01 -29 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: Thomas Clough, Sharon Angstrom, Nancy Heffernan Members - Not Present: Joseph Veno and Francis Driscoll Others Present: Colleen Loughlin Minutes Respectfully Submitted By: Colleen Loughlin Topics of Discussion: MINUTES OF THE READING RETIREMENT BOARD MEETING Thursday, January 29, 2015 The Reading Retirement Board held a regular session meeting on January 29, 2015, in The Lower Level Conference Room. Town Hall, Reading, Massachusetts. The meeting was called to order at 5:30 P.M. by Thomas Clough in the presence of members Sharon Angstrom, Nancy Heffernan and Board Administrator, Colleen Loughlin. Joseph Veno was not able to attend and Francis Driscoll is still unavailable for medical reasons. MINUTES • Regular session minutes for the November 24, 2014 meeting were signed by all board members. • Minutes from the December 23, 2014 regular session to be read and approved by all board members. TABLED • SHARON ANGSTROM moved to approve the following new members: Jennifer Antcrak Dispatcher Date of hire & membership — 1/5/15 9 %+ 2% Or. I (Police) Dale Frey Dispatcher Date of hire & membership — 1/5/15 9%+2% Gr. I (Police) Page 1 1 Erik Mysliwy Water Quality/ Date of hire & membership — 1/26/15 9 %+ 2% Gr. 1 (DPW — Water) Supply Coordinator SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement application: Peter Tassi Water Supply (DPW - Water) Supervisor SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS 2/21/15 42 years, 1 month Option C • SHARON ANGSTROM moved to approve application for refund of accumulated deductions: Daniel Tilton Resigned 12/5/14 6 mths (DPW - Highway) Total deductions & interest $ 1,423.53 Less 20% Federal Taxes 284.71 Net refund (cash) $ 1,138.82 SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID SHARON ANGSTRM moved to approve the following warrant #AP012015 totaling $806,259.91 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 $ 68,268.41 Federal Tax Deductions Reading Credit Union $ 34,209.00 Credit Union Deductions Jan Retirement Allowances $ 598,095.81 Net Retiree Payroll Town of Reading Treasurer $ 47,043.62 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 183.46 Postage due Town Town of Reading Treasurer $ 8,039.59 Jan Administrator's Salary & MedFICA Braintree Retirement Board $ 7,510.16 Section 3(Bxc) Reimb for 2014 Malden Retirement Board $ 2,431.64 Section 3(Bxc) Reimb for 2014 Andover Retirement Board $ 49773.13 Section 3(8xc) Reimb for 2014 Somerville Retirement Board $ 466.36 Section 3(Bxc) Reimb for 2014 Worcester Retirement Board $ 3,270.86 Section 3(8)(c) Reimb for 2014 Peabody Retirement Board $ 2,124.22 Section 3(8)(c) Reimb for 2014 Lawrence Retirement Board $ 8,473.55 Section 3(8xc) Reimb for 2014 Barnstable Retirement Board $ 2,083.28 Section 3(8xc) Reimb for 2014 Stoneham Retirement Board $ 9,271.92 Section 3(8xc) Reimb for 2014 Saugus Retirement Board $ 4,664.40 Section 3(8)(c) Reimb for 2014 Law Offices of Michael Sacco $ 24.00 Legal Expense — Memo to clients Daniel Tilton $ 1,138.82 Refund to Member Internal Revenue Service $ 284.71 Refund to Member — D.Tilton Fed Tax New England Office Supply $ 38.78 Administrative Expense - Supplies Page 1 2 SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • Discussed Board regulations regarding employees that have multiple jobs. Regulations dated August 16, 2004 — Membership — "anyone employed by the Town of Reading or the Reading Housing Authority, whose combined total service equals or exceeds 1,690 hours per year shall be enrolled in the Reading Retirement System." Board agreed to discuss at a later board meeting so that they may review the intentions of the regulations. • Discussion on PERAC Memo 439/2012. • Paul Todisco, Senior Client Services Officer of the PRIM Board, PRIT, would like to attend the February 24, 2015 board meeting to discuss the performance of the funds in PRIT. Thomas Clough requested that Paul Todisco attend the March meeting since he will not be attending the February meeting. • A transfer amount of $46,204.51 dated 12/31/14 was received from Swampscott Retirement Board for Janet Hebert. Swampscott Retirement System will accept liability for I 1 years and 1 month of creditable service. • A transfer amount of $43,258.47 dated 12/31/14 was received from Middlesex County Retirement Board for Christopher Zollner. Middlesex County Retirement System will accept liability for 11 years and 2 months and 17 days of creditable service. • A transfer amount of $6,639.81 dated 1/23/15 was received from State Retirement Board for Kaylyn Gooley. State Retirement System will accept liability for 1 year, 7 months and 23 days of creditable service. • Lucille Calhoun, who worked as a Cafeteria worker in the School Dept. and retired on June 30, 1991, passed away on 12/30/14. Her husband predeceased her. She chose Option C at her retirement. • Rheta McKinley, who worked for Elder Services and retired on May 20, 1988, passed away on 1/25/15. She chose Option Bather retirement but there are no funds remaining. • Received a copy of the Comprehensive Annual Financial Report (CAFR), the fiscal year 2014 Annual Report of the PRIT Fund. • Received 2015 Hourly Rates from Attorney Michael Sacco. Attorney Michael Sacco's hourly rate for calendar year 2015 will remain at $240, and Ms. Lucido's hourly rate for calendar year 2015 will remain at $50. However, Attorney Collins' hourly rate will increase from $145 to $150 for calendar year 2015. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Massachusetts Teachers' Retirement Board - Peabody Retirement Board - Fall River Retirement Board • Copies of the following Reading Retirement Board reports were candied for review: The PRIT fund's monthly statement & fund performance for period ending December 31, 2014. Bank Reconciliation for the month ending December 31, 2014. Page 1 3 Reading Coop Bank Statement for the month ending December 31, 2014. MMDT Bank Statement for the month ending December 31, 2014. • The next board meeting is scheduled for Tuesday, March 24 at 5:30 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo 91/2015 — 2015 Limits under Chapter 46 of the Acts of 2002 PERAC Memo #2/2015 — 2015 Limits under Chapter 46 of the Acts of 2002 PERAC Memo #3/2015 — COLA Notice PERAC Memo #4 /2015 — Ethics Commission Seminars PERAC Memo #5/2015 — 2015 Interest Rate set at 0.1% PEP AC Memo #6/2015 — Buyback and Make -up Repayment Worksheets OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF MEETING • SHARON ANGSTROM moved to adjourn this open session at 6:00 P.M. SECONDED BY: NANCY HEFFERNAN VOTED: (3- 0- 0) UNANIMOUS Chairman, Francis P. Driscoll, I" elected Sharon M. Angstrom, Ex Officio Nancy J. Heffernan, I' appointed Vice Chairman, Joseph R. Veno, Thomas A. Clough, 2" appointed Page 14