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Home My WebLink About2015-08-25 Retirement Board Minutesn Town of Reading I Meeting Minutes 'M(OPP OP' PC I Board - Committee - Commission - Council: Contributory Retirement Board Date: 2015 -08 -25 Building: Reading Town Hall Address: 16 Lowell Street Purpose: General Business Attendees: Members - Present: Time: 5:30 PM Location: Berger Room Session: Open Session Version: Final Fr LEI LU TOWN CLERK READING. MASS. i01h FEB 22 P 2-, 43 i Francis Driscoll, Sharon Angstrom, Joseph Veno, Nancy Heffernan Members - Not Present: Thomas Clough - participated remotely Others Present: Colleen Loughlin and Linda Bourival from KMS Actuaries Minutes Respectfully Submitted By: Colleen Loughlin Topics of Discussion: MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, August 25, 2015 The Reading Retirement Board held a regular session meeting on August 25, 2015, in The Berger Room, Town Hall, Reading, Massachusetts. The meeting was called to order at 5:35 P.M. by Chairman Francis Driscoll in the presence of members Nancy Heffernan, Sharon Angstrom, Joseph Veno, and Board Administrator, Colleen Loughlin. Linda Boumival from KMS Actuaries was also present to discuss various reports for the valuation. Thomas Clough participated remotely due to geographical distance. Please let the record show that Joseph Veno left the meeting at 6:45 pm. SPECIAL ITEM • Linda Boumival from KMS Actuaries attended this meeting to discuss various reports for the valuation. The Board agreed to have Linda create additional schedules with certain assumptions to review at next board meeting. Joseph Veno left the meeting at 6:45 pm. MINUTES • Regular session minutes for the June 24, 2015 meeting were signed by all board members. • NANCY HEFFERNAN moved to accept the July 28, 2015 regular session minutes, except Joseph Veno who was not present. SECONDED BY: SHARON ANGSTROM Page I 1 ROLL CALL VOTE: THOMAS CLOUGH Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye FRANCIS DRISCOLL Aye VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS - RETIREMENTS, TRANSFERS AND REFUNDS • NANCY HEFFERNAN moved to approve final calculation for the following retirement approved by PERAC: - David Meuse School 1011115 21 years, 11 mths Option C (Superannuation) Annuity: $ 4,227.12 Pension: $ 7,366.68 Yearly: $11,593.80 Monthly: $ 966.15 SECONDED BY: SHARON ANGSTROM - ROLL CALL VOTE: THOMAS CLOUGH Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye FRANCIS DRISCOLL Aye VOTED: (4 -0 -0) UNANIMOUS • NANCY HEFFERNAN moved to approve the following transfer of funds to other systems: Mary DeLai To Mass Teachers' Retirement Board $110,639.69 9 years, 10 months (School) David Polson To Wakefield Retirement Board $22,408.94 2 years, 0 months (RMLD) Patricia Sullivan To Andover Retirement Board $42,524.60 9 years, 6 months (Assessors) SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye FRANCIS DRISCOLL Aye VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • The Board Administrator requested approval to attend the MACRS One Day Seminar for Board Administrators and Staff being held August 25, 2015 at Auburn Elks in Auburn, MA. The notification did not arrive in time to get approval at the July 28ih Board meeting, so the Chairman Francis Driscoll made the decision to allow the Administrator to attend. Page 12 APPROVAL OF INVOICES TO BE PAID • NANCY HEFFERNAN moved to approve the following warrant 4AP082015 totaling $968,386.44 as listed: Commonwealth of Mass. $ 389.46 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,794.15 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support Internal Revenue Service $ 74,051.38 Federal Tax Deductions Reading Credit Union $ 36,899.00 Credit Union Deductions Aug Retirement Allowances $ 620,703.88 Net Retiree Payroll Town of Reading Treasurer $ 49,447.93 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 200.37 Postage due Town Town of Reading Treasurer $ 5,544.69 Aug Administrator's Salary & MedFICA Law Offices of Michael Sacco $ 2,098.00 Legal Expense — Miscellaneous MTRS $110,639.69 Transfer to Other Sys. — M. DeLai Wakefield Retirement Board $ 22,408.94 Transfer to Other Sys. — D. Polson Andover Retirement Board $ 42,524.60 Transfer to Other Sys. — P. Sullivan SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH Aye SHARON ANGSTROM Aye NANCY HEFFERNAN Aye FRANCIS DRISCOLL Aye VOTED: (4 -0 -0) UNANIMOUS • Retiree Paul Sheridan received a `Notification of Termination" from PERAC for failure to file their 2014 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan regarding this issue. No response from Mr. Sheridan. • On August 11, 2015, PERAC notified this Board that Michael Grnnaweig, Jr. 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 memo from PERAC regarding G.L. c. 32, § 91A. PERAC enclosed a Verification of Information Report that lists disability retirees who have reported earnings in an amount that may result in an adjustment to their disability retirement allowance. The board administrator will review the report and update or make any necessary changes to the annuity, pension, dependency, and/or worker compensation offset amounts, and will send a request to department heads for the annual current salary. Data must be returned to PERAC on or before September 3, 2015. • Received a response from PERAC after inquiring whether an Option B beneficiary, that is not a spouse, can do a rollover to an inherited IRA or if they have to take a lump sum payment. The rollover mles currently in effect do allow a non - spouse beneficiary to do a rollover to an inherited IRA. However; the inherited IRA must be established with the named beneficiary under the plan as the beneficiary of the inherited IRA. Page 1 3 • The Retirement Board Administrator attended a training seminar "Human Resources for Anyone with Newly Assigned HR Responsibilities." The seminar focused on recordkeeping and retention; what goes in and stays out of employee files, and who has access to them. The trainer covered what you may and may not ask in an interview and the reasons for this, a checklist of steps you must take before hiring, and the legally safe way to get the information you need when it comes to references, background checks, and drug tests. There are different forms of discrimination. Understanding the Fair Labor Standards Act (ELSA). • Discussed Separation. The Board will continue to look at locations within the Town of Reading. The Administrator will inquire with PERAC if the Board is required to remain in the Town of Reading. Sharon Angstrom will ask the Town Manager if he has a timeframe when the Retirement Board must be out of Town Hall. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2015. General Ledger Trial Balance as of July 31, 2015. Cash Receipts, Adjustments, and Disbursements as of July 31, 2015. Bank Reconciliation for the month ending July 31, 2015. Reading Co-op Bank Statement for the month ending July 31, 2015. MMDT Bank Statement for the month ending July 31, 2015. • The next board meeting is scheduled for Tuesday, September 22, 2015 at 5:30 pm in The Conference Room. PERAC Memo #16/2015 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors PERAC Memo #17/2015 — Reinstatement to Service under G.L. c. 32 § 105 PERAC Memo #18/2015 — Section 54 of Chapter 46 of the Acts of 2015 PERAC 11' Emerging Issue Forum Registration notification — Hogan Conference Center, College of the Holy Cross, Worcester, MA on September 17, 2015 from 9 — 3 pm Received notification from Ron L. Beaulieu & Company to introduce their firm and the benefits they could provide the Reading Retirement Board for upcoming audit. OLD & NEW BUSINESS • Approve or deny David Ballou's Disability Retirement. The Reading Retirement Board received from PERAC the Medical Panel Certificate & report by the regional medical panel for David Ballou based on his hip injury. The next step is for the Board to approve or deny David's application and, if approved, send to PERAC for their approval. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 URS IN ADVANCE OF MEETING Page 1 4 • NANCY HEFFERNAN moved to adjourn this open SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: THOMAS CLOUGH SHARON ANGSTROM NANCY HEFFERNAN FRANCIS DRISCOLL VOTED: (4 -0 -0) UNANIMOUS session at 8:20 P.M Aye Aye Aye Aye Chairman, Francis P. Driscoll, 1" elected Angstrom, Ex Officio Nancy J. Heffernan, 1 "appointed Joseph R. Veno, 2 elected Vice Chairman, Thomas A. Clough, 2 appointed Page 1 5