HomeMy WebLinkAbout2016-05-24 Retirement Board MinutesF
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Board - Committee - Commission - Council:
Contributory Retirement Board
Date: 2016-05-24
Building: Reading Retirement Administration
Address: 2 Haven Street Unit 307
Purpose: General Business
Attendees: Members - Present:
Time: 5:00 PM
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h'Et"%0ING, MASS,
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Location: Conference Room
Session: Open Session
Version: Final
Joseph Veno, Thomas Clough, Sharon Angstrom, Nancy Heffernan, Louis
deBrigard, Jr.
Members - Not Present:
Others Present:
Colleen Loughlin, Rebecca Furilla
Minutes Respectfully Submitted By: Colleen Loughlin
Topics of Discussion:
MINUTES OF THE READING RETIREMENT BOARD MEE7
Tuesday, May 24, 2016
The Reading Retirement Board held a regular session meeting on May 24th, 2016, in
Room, at 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, Louis E. deBrigard, Jr., and Board Administrators,
Colleen Loughlin and Rebecca Furilla.
MINUTES
• Minutes from the October 27, 2015 regular session meeting were signed by all board members.
• Minutes from the November 10, 2015 special session meeting were signed by all board members.
• Minutes from the November 17, 2015 special session meeting were signed by all board members,
except Thomas Clough who was not present.
• Minutes from the November 24, 2015 regular session meeting were signed by all board members,
except Nancy Heffernan who was not present.
• Minutes from the December 22, 2015 regular session meeting were signed by all board members,
except Sharon Angstrom who was not able to attend.
• Minutes from the February 18, 2016 special session were signed by all board members.
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• Minutes from the February 23, 2016 regular session were signed by all board members.
• Minutes from the March 22, 2016 regular session were signed by all board members.
• SHARON ANGSTROM moved to accept the January 26, 2016 regular session minutes as amended,
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-1) ABSTAINED: LOUIS DEBRIGARD, JR.
• Minutes from the January 26, 2016 regular session meeting were signed by all board members.
• NANCY HEFFERNAN moved to accept the April 26, 2016 regular session minutes.
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
• NANCY HEFFERNAN moved to Table the April 26, 2016 executive session minutes.
DISCUSSION: Board wanted a "more detailed" description of minutes.
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-1) ABSTAINED: SHARON ANGSTROM
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• NANCY HEFFERNAN moved to approve the following new members:
Kevin Gerstner Facilities Operations Date of hire — 2/19/13 9%+2% Gr. I
(Facilities) Manager Date of membership — 2/8/16
(possibly eligible to purchase non -membership)
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
• NANCY HEFFERNAN moved to approve the following retirement applications:
Ronan Laskey
Laborer
28 years, 0 months
Option B
(Water)
George Zambouras
Engineer
33 years, 8 months
Option C
(Engineering)
Rafael Mercado
Custodian
36 years, 4 months
Option C
(School)
Yeri Castellanos
Custodian
15 years, 9 months
Option A
(School)
SECONDED BY:
THOMAS CLOUGH
VOTED:
(5-0-0) UNANIMOUS
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• NANCY HEFFERNAN moved to approve the following return of accumulated deductions:
Lizandro Mendoza Terminated 4/1/16 4 years, 9 mths
(School) Total deductions & interest $20,163.71
Less 20% Federal Taxes $ 4,032.74
Net refund (Cash) $16,130.97
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
• NANCY HEFFERNAN moved to approve the following transfer of funds to other system:
Cheryl Nahigian To Arlington Retirement Board $3,955.84 1 year
(Dispatcher)
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
• NANCY HEFFERNAN moved to approve the following retirements approved by PERAC:
Margaret Campbell
Asst. Treasurer
3/4/16
34 years, 6 mths
Option A
(Superannuation)
Annuity:
$ 9,434.40
Pension:
$ 34,794.36
Yearly:
$ 44,228.76
Monthly:
$ 3,685.73
James Collins
Comm Sery Officer
01/14/16
30 years, 0 mths
Option C
(Superannuation)
Annuity:
$ 12,677.40
Pension:
$ 41,325.48
Yearly:
$ 54,002.88
Monthly:
$ 4,500.24
Pasquale Iapicca
Specialist - Police
01/03/16
33 years, 0 mths
Option C
(Superannuation)
Annuity:
$ 13,114.08
Pension:
$ 52,276.32
Yearly:
$ 65,390.40
Monthly:
$ 5,449.20
James Cormier
Police Chief
01/03/16
33 years, 0 mths
Option C
(Superannuation)
Annuity:
$ 17,357.76
Pension:
$ 90,588.24
Yearly:
$107,946.00
Monthly:
$ 8,995.50
Laura Demone
Customer Specialist
12/3/15
29 years, 4 mths
Option A
(Superannuation)
Annuity:
$ 9,097.80
Pension:
$ 17,868.84
Yearly:
$ 26,966.64
Monthly:
$ 2,247.22
Thomas Williamson
Leader Lineman
11/21/15
35 years, 6 mths
Option C',
(Superannuation)
Annuity:
$ 14,869.08
Pension:
$ 58,826.16
Yearly:
$ 73,695.24
Monthly:
$ 6,141.27
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SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• NANCY HEFFERNAN moved to approve a COLA increase of 3% on the first $12,000 for FY2017:
DISCUSSION: The potential base increase from $12,000 to $14,000 will be determined for approval
at the November town meeting.
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
• NANCY HEFFERNAN moved to approve Annual Statement for calendar year 2015:
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
• NANCY HEFFERNAN moved to deny Laura Demone's application for accidental disability:
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-1) ABSTAINED: SHARON ANGSTROM
APPROVAL OF INVOICES TO BE PAID
NANCY HEFFERNAN moved to approve the following warrant #AP052016 totaling $1,026,427.215:
Commonwealth of Mass.
$
399.93
RHA Health Ins. Deductions
Commonwealth of Mass.
$
1,783.13
State Tax Deductions
Commonwealth of Mass.
$
1,684.35
Child Support
Internal Revenue Service
$
78,054.82
Federal Tax Deductions
Reading Credit Union
$
39,624.00
Credit Union Deductions
May Retirement Allowances
$
644,502.83
Net Retiree Payroll
Town of Reading Treasurer
$
50,939.51
Hlth, Life, & Dental Ins. Deductions
Town of Reading Treasurer
$
9,397.81
May Staff Salary & Benefits
Law Offices of Michael Sacco
$
3,994.00
Legal Expense -Miscellaneous
Canon Financial Services
$
168.48
Service Contract - Copier
Lizandro Mendoza
$
16,130.97
Refund to Member
Internal Revenue Service
$
4,032.74
Refund to Member — 20% Fed Tax
GWT Realty
$
2,800.00
Rent
RMLD
$
55.30
Admin Expense - Electric
National Grid
$
20.51
Admin Expense — Heat
W.B. Mason Co., Inc.
$
213.93
Administrative Expense — Supplies
Arlington Retirement System
$
3,955.84
Transfer to Other Systems — C. Nahigian
Medical Records Associates
$
88.01
Medical Records — R. Kourbali
Essex Regional Retire. Board
$
66,122.23
Section 3(8)(c) Reimbursement for 2015
Boston Retirement Board
$
8,679.94
Section 3(8)(c) Reimbursement for 2015
Quincy Retirement Board
$
4,751.33
Section 3(8)(c) Reimbursement for 2015
Woburn Retirement Board
$
4,485.20
Section 3(8)(c) Reimbursement for 2015
Middlesex County Retire. BD
$
25,759.65
Section 3(8)(c) Reimbursement for 2015
Norfolk County Retire. System
$
2,276.71
Section 3(8)(c) Reimbursement for 2015
State Retirement Board
$
55,894.29
Section 3(8)(c) Reimbursement for 2015
Joseph Veno training
$
16.74
Travel — Reimb for PERAC
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FORMAX $ 595.00
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
Contract for FORMAX/Sealer
Board received a copy of letter addressed to Robert LeLacheur, Town Manager, regarding regular
compensation regarding Police Chief Mark Segalla's contract. The Board has determined that only:
Chief Segalla's Grade M step 6 (base), his so-called "holiday" pay and his education incentive pay
conform to and comply with the definition of regular compensation. With respect to Chief Segalla's
so-called vacation buyback, the Division of Administrative Law Appeals (DALA) recently ruled that
vacation buyback payments are not regular compensation. With regards to clothing allowance and',
taxes allowance, retirement deductions should not be withheld from clothing and taxes allowance
because it is clear that this payment is not for any "services" being provided to the Town of Reading
and thus the taxes component is similarly excluded from the definition of regular compensation.
• A transfer amount of $9,348.17dated 4/29/16 was received from Arlington Retirement Board for
Philip Cannif£ Arlington Retirement System will accept liability for 2 years and 1 month of
creditable service.
• A transfer amount of $3,325.47 dated 5/6/16 was received from the State Retirement Board for
Robert Deane. The State Retirement System will accept liability for 11 months and 27 days of
creditable service.
• Joseph Cormier who worked for the Police Department and retired on March 1, 1983, passed away on
May 16, 2016. He chose Option B at his retirement, but there are no funds remaining.
• Frederick Kirkland who worked for the School Department and retired on September 4, 1998, passed
away on May 7, 2016. He chose Option B at his retirement, but there are no funds remaining.
• A check was received from the following Boards for full payment of its Section 3(8)(c)
reimbursement.
- Essex Regional Retirement Board
- State 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 April 30, 2016.
Bank Reconciliation for the month ending April 30, 2016.
Reading Co-op Bank Statement for the month ending April 30, 2016.
MMDT Bank Statement for the month ending April 30, 2016.
• The next board meeting is scheduled for Tuesday, June 21, 2016 at 5:00 pm in the Conference Room
at 2 Haven Street, Unit 307, Reading.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo # 16/2016 — Chapter 77 of the Acts of 2016, An Act Further Regarding Survivor's Pension
Benefits and Qualified Domestic Relations Orders
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OLD & NEW BUSINESS
• Copy board members on any letters "if they miss a meeting" that a letter is referencing
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE QF
MEETING
ADJOURNMENT
• THOMAS CLOUGH moved to adjourn this open session at 6:25 P.M.
SECONDED BY: NANCY HEFFERNAN
VOTED: (5-0-0) UNANIMOUS
Chairman, Joseph R. Veno, 2"° elected
Sharon M. Angstrom, Ex Officio
Nancy J. Heffernan, I` appointed
Vice Chairman, Thomas A. Clough, 2" appointed
Louis E. deBrigard, Jr., 1" elected
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