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Home My WebLink About2015-12-22 Retirement Board MinutesW'z� " orq _ Town of Reading ?�;' Meeting Minutes Bo ard - Committee - Commission - Council: Contributory Retirement Board Date: 2015 -12 -22 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: Joseph Veno, Nancy Heffernan, Thomas Clough Members - Not Present: Sharon Angstrom Others Present: Colleen Loughlin Minutes Respectfully Submitted By: Colleen Loughlin Topics of Discussion: RECEIVED TOWN CLERK READING, MASS. 701b FEB 22 P 2-- 431 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, December 22, 2015 The Reading Retirement Board held a regular session meeting on December 22, 2015, in The Conference Room Room Town Hall, Reading, Massachusetts. The meeting was called to order at 5:30 P.M. by Chairman Joseph Veno in the presence of members Thomas Clough, Nancy Heffernan, and Board Administrator, Colleen Loughlin. Sharon Angstrom was not able to attend. Francis Driscoll resigned December 10, 2015. APPROVAL OF MISCELLANEOUS ITEMS • NANCY HEFFERNAN moved to nominate Joseph Veno as Chairman. SECONDED BY: THOMAS CLOUGH VOTED: (3 -0 -0) UNANIMOUS • NANCY HEFFERNAN moved to nominate Thomas Clough as Vice Chairman. SECONDED BY: VOTED: MINUTES JOSEPH VEND (3 -0 -0) UNANIMOUS • Regular session minutes for the October 27, 2015 meeting were signed by all board members. • Executive session minutes for the October 27, 2015 meeting were signed by all board members. • Special session minutes for the November 10, 2015 meeting were signed by all board members. Page I 1 • THOMAS CLOUGH moved to table signing the regular session minutes for November 24, 2015 meeting and accepting December 1, 2015 special session and December 1, 2015 executive session meetings. SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • THOMAS CLOUGH moved to approve the following new members: Julie Mercier Comm. Develop. Date of hire — 11/30/15 9%+2% Or. I (Public Services) Director Date of membership — 2/20/09 (Transfer from Concord Retirement) Alyse Warren Nurse Advocate Date of hire & membership— 11/30/15 9 % +2% Dr. I (Public Services) SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • THOMAS CLOUGH moved to approve the following retirement application: Laura Demone Customer Specialist 12/3/15 29 years, 4 months Option A (RMLD) SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • THOMAS CLOUGH moved to approve the following transfer of funds to other system Kathleen Rolli To Medford Retirement Board $47,281.72 10 years, 10 months (RHA) SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • THOMAS CLOUGH moved to approve application for refund of accumulated deductions: Kelly Colon Resigned 9/11/15 1 year, 3 mths (School) Total deductions & interest $ 12,861.51 Less 20% Federal Taxes $ 0.00 Net refund (rollover) $ 12,861.51 SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS Page 1 2 • THOMAS CLOUGH moved to approve the preliminary Budget for calendar year 2016 (See Attachment 1). SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • THOMAS CLOUGH moved to approve the job description and salary range for Retirement Administrative Assistant as amended of $45,000 - $54,900 (See Attachment 11). SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • THOMAS CLOUGH moved to approve payment of $3,000 for furniture for new location at 2 Haven Street, Unit 307, Reading subject to verification upon move in day (See Attachment III). SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS • THOMAS CLOUGH moved to approve request from eligible member to purchase prior creditable service from Barnstable County. Timothy Barrett Barnstable County 6/t/06- 12/21107 1 year, 6 months The total purchase amount is $9,605.89. Timothy will begin payroll deductions of $81.35 with the January 15, 2016 pay period. SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS THOMAS CLOUGH moved to approve the following warrant #AP122015 totaling $864,662.52 as listed: Commonwealth of Mass. $ 399.93 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,794.15 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support Reading Retirement Board • $ 1,189.64 Excess Earnings — C. Johnson Internal Revenue Service $ 75,072.51 Federal Tax Deductions Reading Credit Union $ 37,024.00 Credit Union Deductions Dec Retirement Allowances $ 624,833.06 Net Retiree Payroll Town of Reading Treasurer $ 51,423.42 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 201.60 Postage due Town Town of Reading Treasurer $ 8,322.63 Dec Administrator's Salary & MedFICA Law Offices of Michael Sacco $ 2,574.00 Legal Expense — Miscellaneous Medford Retirement Board $ 47,281.72 Transfer to Other Syst: K. Rolli Fidelity, FBO Kelly Colon $ 12,861.51 Refund of accumulated deductions •$1,189.64 Excess Earnings — not issuing a check, but reducing the liability. SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS Page 1 3 • The Board received notice from PERAC that the funding schedule recently adopted has been approved. The schedule assumes payments are made August 1 and December 31 each fiscal year. • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY 17 is $5,418,129. • Barbara Turenne who worked for Food Service in the School Department and retired on June 23, 2006, passed away on November 23, 2015. She chose Option A at her retirement. • William O'Brien who worked for Food Service in the School Department and retired on May 19, 1997, passed away on November 15, 2015. He chose Option B at his retirement, but there are no funds remaining. • Lois Bazilchuk, Option D beneficiary of Victor Bazilchuk, died November 18, 2015. • Final notices for Affidavits were mailed to all retirees. All have been received. • Paul Todisco, Senior Client Services Officer of the PRIM Board, PRIT, would like to attend the January 26, 2016 board meeting to discuss the performance of the funds in PRIT. • Requested Attorney Sacco to review the job description for Paul McGonagle, Facilities Manager for the RMLD. The Light Department is of the opinion that because of his title of Manager that he should be classified as Group 4. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending November 30, 2015. General Ledger Trial Balance as of November 30, 2015. Cash Receipts, Adjustments, and Disbursements as of November 30, 2015. Bank Reconciliation for the month ending November 30, 2015. Reading Co -op Bank Statement for the month ending November 30, 2015. MMDT Bank Statement for the month ending November 30, 2015. • The next monthly board meeting is scheduled for Tuesday, January 26, 2016 at 5:00 pm in the Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #25/2015 — Tobacco Company List PERAC Memo #26/2015 — 2015 Disability Retiree Data PERAC Memo #27/2015 — Annual Disclosure Forms OLD & NEW BUSINESS • THOMAS CLOUGH moved to approve the lease as amended to be signed when the Board receives the amended copy. SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS Page 14 THOMAS CLOUGH moved to approve a separate warrant for $8,400 for the security deposit and first month's rent for 2 Haven St, Reading upon signature of the lease. SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING a THOMAS CLOUGH moved to adjourn this open session at 7:05 P.M. SECONDED BY: NANCY HEFFERNAN VOTED: (3 -0 -0) UNANIMOUS Chairman, Joseph R. Veno, 2 elected Sharon M. Angstrom, Ex Officio Nancy J. Heffernan, 1" appointed Vice Chairman, Thomas A. Clough, 2 Id appointed (vacant) 1" elected Page 1 5