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Home My WebLink About2016-03-22 Retirement Board MinutesF Town of Reading r Meeting Minutes Bas°1NCOPT- Board - Committee - Commission - Council: I VEOK READ G, MASS, Contributory Retirement Board t01b JUL 21 A % 2 Date: 2016-03-22 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, Rebecca Furilla, Louis deBrigard, Jr. Minutes Respectfully Submitted By: Colleen Loughlin Topics of Discussion: MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, March 22, 2016 The Reading Retirement Board held a regular session meeting on March 22, 2016, in The Conference Doom, 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 5:01 P.M. by Chairman Joseph Veno in the presence of members Thomas Clough, Sharon Angstrom, Nancy Heffernan, and Board Administrators, Colleen Loughlin and Rebecca Furilla. Also present was Louis E. deBrigard, Jr. MINUTES • SHARON ANGSTROM moved to table approval of minutes Minutes from the January 26, 2016 regular session to be read and approved by all board members. Minutes from the February 18, 2016 special session to be read and approved by all board members.'. Minutes from the February 23, 2016 session to be read and approved by all board members. SECONDED BY: NANCY HEFFERNAN VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS. TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Page 1 1 Rebecca Furilla Ret. Bd Admin Asst Date of hire & membership — 3/7/16 9% + 2% Gr.I (Retirement) Cynthia McGrath Accts. Payable Date of hire — 3/19/12 (Accounting) Date of membership — 3/7/16 9% + 2% Gr. I (Eligible to purchase non -membership service) 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 $17,479.41 Less 20% Federal Taxes 0.00 Net refund (Rollover) $17,479.41 Member returned payment of $17,436.04 that was refunded in February. Laura would like to receive a check for the non-taxable portion and rollover the taxable portion to an eligible plan. SECONDED BY: NANCY HEFFERNAN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Arthur Markos To Middlesex Cty Retirement Board $42,636.24 8 years, 2 months (Engineering) SECONDED BY: NANCY HEFFERNAN VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve Charles Helmka's Application for Disability Retirement. SECONDED BY: NANCY HEFFERNAN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve Joseph Guazzaloca's Application for Disability Retirement and request that Board Attorney request clarification. SECONDED BY: NANCY HEFFERNAN VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP032016 totaling $892,177.10 as listed: Commonwealth of Mass. $ 399.93 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,844.15 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support Page 1 2 Reading Retirement Board * $ 1,189.64 Excess Earnings — C. Johnson Internal Revenue Service $ 77,402.24 Federal Tax Deductions Reading Credit Union $ 38,124.00 Credit Union Deductions Mar Retirement Allowances $ 641,104.47 Net Retiree Payroll Town of Reading Treasurer $ 52,044.16 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 182.64 Postage due Town Town of Reading Treasurer $ 7,826.57 Mar Admin's Salary & MedFICA Law Offices of Michael Sacco $ 600.00 Legal Expense — Miscellaneous TIAA-CREF FBO Laura DiBacco $ 15,498.25 Ref to Memb(Rollover)Laura DiBacco Laura DiBacco $ 1,981.16 Refund to Member GWT Realty $ 2,800.00 Rent GWT Realty $ 25.00 Admin Expense — Key FOB WB Mason Co. $ 480.00 Furniture & Equipment Expense WB Mason Co. $ 711.43 Administrative Expense — Supplies MACRS $ 400.00 Administrative Expense — 2016 Dues Town of Reading Treasurer $ 207.06 Administrative Expense — Payroll Stock & cleaning supplies Town of Reading Treasurer $ 1,891.03 Furniture & Equipment Expense Town of Reading Police Dept $ 200.00 Administrative Expense — Parking Permit Flyers Unlimited $ 117.60 Admin Exp- business cards and postcards for move Quadrant Health Strategies $ 185.00 Admin Expense—physical for Admin Asst Colleen Loughlin, Petty Cash $ 75.51 Admin Expense — postage Mass Municipal Association $ 105.00 Advertising — Employment posting; RMLD $ 35.84 Administrative Expense — Electric Relyco $ 2,375.00 Furn & Equip Exp-Folding/Sealer Machine National Grid $ 22.04 Administrative Expense — Heat Nancy Heffernan $ 14.80 Travel -Mileage Reimb for PERAC training Colleen Loughlin $ 13.99 Travel -Mileage Reimb for PERAC training Middlesex Cty Retirement Board $ 42,636.24 Transfer to Other Systems — A. Mairkos *$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 • Clarify communication with Town without involving board members. • Discussion of Board credit card. Board would like to see how PERAC handles the interest. • Attorney Michael Sacco will be available to hold a disability hearing at the meeting of April 26, 2016. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Wakefield Retirement Board - Danvers Retirement Board - Taunton 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 February 29, 2016. General Ledger Trial Balance as of February 29, 2016. Cash Receipts, Adjustments, and Disbursements as of February 29, 2016. Bank Reconciliation for the month ending February 29, 2016. Page 1 3 Reading Co-op Bank Statement for the month ending February 29, 2016. MMDT Bank Statement for the month ending February 29, 2016. • The next board meeting is scheduled for Tuesday, April 26, 2016 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. MEMORANDUMS & LETTERS RECEIVED PERAC Memo # 10/2016 — Retirement Guide Mailing PERAC Memo #11/2016 — Tobacco Company List OLD & NEW BUSINESS • Discussed Attorney Sacco's response regarding the Reading Municipal Light Department ,group classification. Before notifying members that they may be a group 1 employee rather than a group 4 member, the Board would like to wait for a completed organizational chart and updated job descriptions for all employees of the Reading Municipal Light Department. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCIE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 5:40 P.M. SECONDED BY: NANCY HEFFERNAN VOTED: (4-0-0) UNANIMOUS Chairman, Joseph R. Veno, 2"° elected Sharon M. Angstrom, Ex Officio Nancy J. Heffernan, I" appointed Vice Chairman, Thomas A. Clough, 2"d appointed (vacant) 1" elected Page 1 4