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Board - Committee - Commission - Council:
Contributory Retirement Board
Date: 2015 -04 -21
Building: Reading Town Hall
Address: 16 Lowell Street
Purpose: General Business
Attendees: Members - Present:
Time: 5:30 PM
RECEIVED
TOWN CLERK
READING, MASS.
IDlb FEB 22 P 2 44
Location: Lower Level Conference Room
Session: Open Session
Version: Final
Francis Driscoll, Joseph Veno, Sharon Angstrom, Nancy Heffernan
Members - Not Present:
Thomas Clough
Others Present:
Colleen Loughlin
Minutes Respectfully Submitted By: Colleen Loughlin
Topics of Discussion:
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, April 21, 2015
The Reading Retirement Board held a regular session meeting on April 21, 2015, in The Lower Level
Conference Room Town Hall, Reading, Massachusetts.
The meeting was called to order at 5:32 P.M. by Chairman Francis Driscoll in the presence of members
Sharon Angstrom, Joseph Veno, Nancy Heffernan and Board Administrator, Colleen Loughlin. Thomas
Clough was not able to attend.
MINUTES
• Regular session minutes for the December 23, 2014 meeting were signed by all board members,
except Sharon Angstrom who was not present.
• Regular session minutes for the January 29, 2015 meeting were signed by all board members, except
Joseph Veno and Francis Driscoll who were not present.
• Regular session minutes for the February 24, 2015 meeting were signed by all board members, except
Joseph Veno and Thomas Clough who were not present.
• JOSEPH VENO moved to accept the March 24, 2015 regular session minutes.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve the following new members:
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Michael Plummer Laborer Date of hire & membership- 3/23/15 9 %+ 2% Or. I
(DPW - Cemetery)
Nathan Buck Laborer Date of him & membership — 3/30/15 9 % +2% Gr.I
(Parks & Forestry)
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve final calculations for the
following retirement approved by
PERAC:
$ 9,163.44
Pension:
$38,561.40
John Cussen
System Administrator
02/11/15
18 years, 5 months Option C
(RMLD)
Annuity:
$11,335.32
Pension:
$16,932.24
Yearly:
$28,267.56
Monthly:
$ 2,355.63
Peter Tassi
Water Supply
2/21/15
42 years, I month Option C
(DPW - Water)
Supervisor
Annuity:
$10,117.80
Pension:
$52,861.32
Yearly:
$62,979.12
Monthly:
$ 5,248.26
Robert McCarthy Firefighter
(Fire)
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
01 /30/15
26 years, 5 months Option C
Annuity:
$ 9,163.44
Pension:
$38,561.40
Yearly:
$47,724.84
Monthly:
$ 3,977.07
• JOSEPH VEND moved to approve to and sign the Annual Statement for PERAC for calendar year
ended December 31, 2014.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
• JOSEPH VENO moved to approve Steve Perry's Application for Disability Retirement.
SECONDED BY: SHARON ANGSTROM
VOTED: (3 -0 -1) ABSTAINED: NANCY HEFFERNAN
• JOSEPH VEND moved to approve to accept the following involuntary disability retirement
application filed by Chief Greg Bums on behalf of David Ballou.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
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• JOSEPH VEND moved to table request from eligible member to purchase prior non - membership
service for creditable service:
Andrew MacKenzie, Jr. Reading
4/7/08- 6/13/10 1 year and 9 months
(pro-rated)
Because Andrew will be subject to the interest calculation,
he would like to review and see if it's
worth purchasing time back.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• JOSEPH VENO moved to approve the following warrant #AP042015 totaling $774,011.88 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
Reading Retirement Board •
$ 917.59
Excess Earnings — C. Johnson
Internal Revenue Service
$ 70,106.36
Federal Tax Deductions
Reading Credit Union
$ 35,959.00
Credit Union Deductions
Apr Retirement Allowances
$609,489.48
Net Retiree Payroll
Town of Reading Treasurer
$ 47,516.55
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$ 184.66
Postage due Town
Town of Reading Treasurer
$ 5,355.98
Apr Administrator's Salary & MedFICA
MACRS
$ 400.00
Annual Dues for 2015
New England Office Supply
$ 130.95
Admin Expense - Supplies
Thomson Reuters - West
$ 87.12
Admin Expense — Ch. 32 inserts
'$917.59 Excess Earnings — not issuing a check, but reducing the liability.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0-0) UNANIMOUS
• The Board agreed to vote on May 26, 2015 a COLA increase for FY 2016, which begins on July 1,
2015 and ends June 30, 2016. It is limited to a maximum amount of 3% of $12,000.
• Discussed opinion letter from Attorney Sacco regarding the regular compensation issues to the
Firefighters Contract Board agreed to notify Town Manager, Bob LeLacheur, Chief Crag Bums, and
Union Representative, Anthony Del Signore.
• Discussed PERAC Memo 98/2015 — Remarriage Penalty — can we rely on our Attorney's response he
gave to another Board. Board agreed that we should have in writing.
• The Board received PEP AC's approval on the revised regulation regarding membership.
• On March 18, 2015, PERAC notified this Board that Andrea Fitzpatrick was evaluated for possible
return to service and PERAC's internal Nurse Case Manager determined that she is unable to perform
the essential duties of herjob.
• Copies of the following Reading Retirement Board reports were mailed for review:
The PRIT fund's monthly statement & fund perfomrance for period ending March 31, 2015.
Bank Reconciliation for the month ending March 31, 2015.
Page 1 3
Reading Co -op Bank Statement for the month ending March 31, 2015.
MMDT Bank Statement for the month ending March 31, 2015.
• The next board meeting is scheduled for Tuesday, May 26, 2015 at 5:30 pm in the Lower Level
Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #9/2015 — Tobacco Company List
PERAC Memo #10/2015 — Mandatory Retirement Board Member Training — 2a' Quarter 2015
PERAC Pension Newsflash — Commission to Meet on Cape Cod on Wed, June 10, 2015 at the Double
Tree by Hilton, Hyannis, MA.
OLD & NEW BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
• JOSEPH VEND moved to adjourn this open session at 6:15 P.M.
SECONDED BY: SHARON ANGSTROM
VOTED: (4 -0 -0) UNANIMOUS
Chairman, Francis P. Driscoll, 1 "elected
Sharon M. Angstrom, Ex
Nancy J. Heffernan, 1" appointed
Joseph R. Veno, 2 elected
Vice Chairman, Thomas A. Clough, 2 appointed
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