HomeMy WebLinkAbout2016-02-23 Retirement Board Minutes Town of Reading
Meeting Minutes
WIN
' INGBoard - Committee - Commission - Council: MASS.
Contributory Retirement Board Z05 JUL 21 A' 21
Date: 2016-02-23 Time: 5:00 PM
Building: Reading Retirement Administration Location: Conference Room
Address: 2 Haven Street Unit 307 Session: Open Session
Purpose: General Business Version: Final
Attendees: Members - Present:
Joseph Veno, Thomas Clough, Sharon Angstrom, Nancy Heffernan
Members - Not Present:
Others Present:
Colleen Loughlin, Louis deBrigard, Jr.
Minutes Respectfully Submitted By: Colleen Loughlin
Topics of Discussion:
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, February 23, 2016
The Reading Retirement Board held a regular session meeting on February 23, 2016 in The Conference Room
2 Haven Street, Unit 307, Reading, Massachusetts.
The meeting was called to order at 5:00 P.M. by Chairman Joseph Veno in the presence of members Thomas
Clough, Sharon Angstrom, Nancy Heffernan, and Board Administrator, Colleen Loughlin. Also present was
Louis E. deBrigard, Jr.
APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS
• SHARON ANGSTROM moved to approve the following new members:
Benjamin Thivierge Resource Specialist Date of hire&membership— 1/15/16 9%+2% Gr. I
(RMLD)
Sean Donahue HR Generalist Date of hire—2/16/16
(Admin Services) Date of membership—2/19/13 9%+2% Gr. I
(prior non-membership service)
Kathleen Drummey Administrator Date of hire—9/25/12 9%+2% Gr. I
(School) Date of membership— 1/25/16
(prior non-membership service)
Brian Lewis Police Officer Date of hire&membership—2/22/16 9%+2% Cr. W
(Police)
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Christopher Warren Police Officer Date of hire—2/22/16 9%+2% Gr.IV
(Police)
SECONDED BY: NANCY HEFFERNAN
• VOTED: (4-0-0) UNANIMOUS
• SHARON ANGSTROM moved to approve the following refund of accumulated deductions:
Laura DiBacco Resigned 12/11/15 5 years,2 mths
(School) Total deductions& interest $17,436.04
Less 20% Federal Taxes 0.00
Net refund(Rollover) $17,436.04
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• SHARON ANGSTROM moved to approve the following warrant#AP022016 totaling$913,004.73
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 $ 77,424.81 Federal Tax Deductions
• Reading Credit Union $ 38,024.00 Credit Union Deductions
February Retirement Allowances $ 640,225.42 Net Retiree Payroll
Town of Reading Treasurer $ 52,334.63 Hlth,Life,&Dental Ins.Deductions
Town of Reading $ 400.05 Postage due Town
Town of Reading Treasurer $ 6,489.13 Feb Administrator's Salary&MedFICA
Law Offices of Michael Sacco $ 312.00 Legal Expense—Miscellaneous
Winthrop Retirement Board $ 3,355.53 Section 3(8)(c)Reimb for 2015
Mass Teachers Retirement Board $ 35,636.13 Section 3(8)(c)Reimb for 2015
Wakefield Retirement Board $ 1,623.86 Section 3(8)(c)Reimb for 2015
Arlington Retirement Board $ 2,582.29 Section 3(8xc)Reimb for 2015
Barnstable County Ret.Board $ 2,083.28 Section 3(8xc)Reimb for 2015
Peabody Retirement Board $ 22,146.49 Section 3(8xc)Reimb for 2015
TIAA-CREF FBO Laura DiBacco$ 17,436.04 Ref to Member(Rollover)Laura DiBacco
Amity Insurance Agency, Inc. $ 5,063.00 Fiduciary Insurance
GWT Realty $ 2,800.00 Rent
'$1,189.64 Excess Earnings—not issuing a check,but reducing the liability.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
• INFORMATION/QUESTIONS/OTHER ITEMS
• A transfer amount of$28,438.52 dated 1/29/16 was received from Concord Retirement Board for Julie
Mercier. Concord Retirement System will accept liability for 4 years and 5 months of creditable service.
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• Medical Panel Certificates were received for Charles Helmka and Joseph Guazzaloca and both were sent
to Attorney Sacco to review.
• A check was received from the following Boards for full payment of its Section 3(8)(c)reimbursement.
- Peabody Retirement Board
- Worcester Retirement Board
- Woburn Retirement Board
- Stoneham Retirement Board
- Somerville Retirement Board
- Salem Retirement Board
- Natick Retirement Board
- Medford Retirement Board
- Massachusetts Teachers' Retirement Board
- Lawrence Retirement Board
- Fall River Retirement Board
- Everett Retirement Board
- Beverly Retirement Board
- Andover Retirement Board
- Boston Retirement Board
- Cambridge Retirement Board
• Copies of the following Reading Retirement Board reports were emailed for review:
The PRIT fund's monthly statement&fund performance for period ending January 31, 2016.
Bank Reconciliation for the month ending January 31,2016.
Reading Co-op Bank Statement for the month ending January 31, 2016.
MMDT Bank Statement for the month ending January 31,2016.
• The next board meeting is scheduled for Tuesday, March 22,2016 at 5:00 pm in the Conference Room at 2
Haven Street, Unit 307, Reading.
MEMORANDUMS& LETTERS RECEIVED
PERAC Memo#8/2016—Actuarial Data
PERAC Memo#9/2016—Buyback and Make-up Repayment Worksheets
OLD &NEW BUSINESS
• Discussed Attorney Sacco's response regarding the Reading Municipal Light Department group
classification. The Board would like to check with the attorney if it's possible to waive the adjus ment to
the change in Group.
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANE OF
MEETING
ADJOURNMENT
• SHARON ANGSTROM moved to adjourn this open session at 5:30 P.M.
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SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
Chairman, Joseph R. Veno, 2°d elected
Sharon M.Angstrom, Ex Officio
Nancy J. Heffernan, 1"appointed
Vice Chairman, Thomas A. Clough, 2nd appointed
(vacant) 1"elected
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