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Home My WebLink About2015-02-24 Retirement Board Minuteso- w� Town of Reading Meeting Minutes RECEIVED TOWN CLERK BOard - Committee - Commission - Council. READING, MASS. 'F Contributory Retirement Board i1116 FEB 22 P Z. 43 Date: 2015 -02 -24 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, Nancy Heffernan Members - Not Present: Joseph Veno and Thomas Clough Others Present: Colleen Loughlin Minutes Respectfully Submitted By: Colleen Loughlin Topics of Discussion: MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, February 24, 2015 The Reading Retirement Board held a regular session meeting on February 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, Nancy Heffernan and Board Administrator, Colleen Loughlin. Joseph Veno and Thomas Clough were not able to attend. 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, except Sharon Angstrom who was not present. TABLED • Minutes from the January 29, 2015 regular session to be read and approved by all board members, except Joseph Veno and Francis Driscoll who were not present. TABLED • SHARON ANGSTROM moved to approve the following new member: Page 1 1 Susan Beauregard Librarian Date of hire — 1020/93 (1/7/15) 8 % +2% Gr. I (Library) Date of membership — 11/30/92 (prior service with Saugus) SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Daniel Cahoon Firefighter 4/3/15 33 years, 4 months Option C (Fire) Rosanne Murphy Customer Specialist 5/15/15 18 years, 5 months Option A (RMLD) SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to approve application for refund of accumulated deductions: Kelly McNamara Resigned 10/22/14 3 mths (Police - Dispatcher) Total deductions & interest $ 1,048.39 Less 20% Federal Taxes 209.68 Net refund (cash) $ 838.72 SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • SHARON ANGSTROM moved to approve final calculations for the following retirement approved by PERAC: Richard Robbins Police 1/6/15 32 years, 0 mths Option B (Superannuation) Annuity: $19,210.44 Pension: $69,720.60 Yearly: $88,931.04 Monthly: $ 7,410.92 SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • Approve or deny Steve Perry's "Application for Disability Retirement." The Reading Retirement Board received from PERAC the Medical Panel Certificate & report by the regional medical panel for Steve Perry based on his hand/shoulder injury. The next step is for the Board to approve or deny Steve's application and, if approved, send to PERAC for their approval. TABLED • SHARON ANGSTROM moved to approve to send Fire Contract (parts of contract) to Attorney Michael Sacco if PERAC does not issue a response within 20 days. SECONDED BY: NANCY HEFFERNAN Page 1 2 VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP022015 totaling $831,570.69 as listed: Commonwealth of Mass. $ 385.69 Commonwealth of Mass. $ 1,794.15 Commonwealth of Mass. $ 1,684.35 Reading Retirement Board • $ 1,203.71 Internal Revenue Service $ 69,032.45 Reading Credit Union $ 34,259.00 Feb Retirement Allowances $ 602,427.06 Town of Reading Treasurer $ 46,553.79 Town of Reading $ 198.16 Town of Reading Treasurer $ 5,356.00 Kelly McNamara $ 838.71 Internal Revenue Service $ 209.68 Woburn Retirement Board $ 4,485.20 Winthrop Retirement Board $ 3,355.53 Winchester Retirement Board $ 22,772.50 Arlington Retirement Board $ 2,582.29 Mass Teachers Retirement Board $ 35,636.13 RHA Health Ins. Deductions State Tax Deductions Child Support Excess Earnings — C. Johnson Federal Tax Deductions Credit Union Deductions Net Retiree Payroll Hlth, Life, & Dental Ins. Deductions Postage due Town Feb Administrator's Salary & MedFICA Refund to Member Refund to Member- K.McNamara Fed Tax Section 3(8xc) Reimb for 2014 Section 3(8xc) Reimb for 2014 Section 3(8)(c) Reimb for 2014 Section 3(8)(c) Reimb for 2014 Section 3(8)(c) Reimb for 2014 '$1,203.71 Excess Earnings — not issuing a check, but reducing the liability. SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • Treasurer needs updated signatures from the Board. • Discussed notification of injuries sustained by a member and approved letter to go to Department Heads. • 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 make adjustment to regulations to read "anyone employed by the Town of Reading or the Reading Housing Authority, whose combined total service equals or exceeds 1,690 scheduled hours shall be enrolled in the Reading Retirement System" and send to PERAC for approval. • Discussion on PERAC Memo #39/2012. Board agreed to send Fire Contract to Attorney Michael Sacco if we don't get a response from PERAC within 20 days. • William Holmes, who worked for School Department and retired on November 14, 2000, passed away on 2/1115. He chose Option C at retirement. His spouse, Beverly Holmes, will receive a monthly allowance of $695.99, which is 2 /3rds of the amount William was receiving when he died. Page 1 3 • Paul Todisco, Senior Client Services Officer of the PRIM Board, PRIT, would like to attend the March 24, 2015 board meeting to discuss the performance of the funds in PRIT since all board members were not going to be present at the February meeting. • On February 23, 2015, PERAC notified this Board that Matthew McSheehy was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job. • Received reimbursement from Shirley Robson's daughter for the $1,633.82 overpayment of retirement allowance in 2014 when the Board was not notified of Shirley's death on a timely manner. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Lawrence Retirement Board - Stoneham Retirement Board - Somerville Retirement Board - Beverly Retirement Board - Everett Retirement Board - Salem Retirement Board - Andover Retirement Board - Danvers Retirement Board - Cambridge Retirement Board - Taunton Retirement Board • Copies of the following Reading Retirement Board reports were entailed for review: The PRIT fund's monthly statement & fund performance for period ending January 31, 2015. Bank Reconciliation for the month ending January 31, 2015. Reading Co -op Bank Statement for the month ending January 31, 2015. MMDT Bank Statement for the month ending January 31, 2015. • The next board meeting is scheduled for Tuesday, March 24, 2015 at 5:30 pm in the Lower Level Conference Room. PERAC Memo #7/2015 — Actuarial Data OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING • SHARON ANGSTROM moved to adjourn this open session at 6:05 P.M. SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS Page 1 4 Chairman, Francis P. Driscoll, I" elected Sharon M. Angstrom, Ex Officio Nancy J. Heffernan, I' appointed Vice Chairman, Joseph R. Veno, 2 elected Thomas A. Clough, 2 appointed Page 1 5