HomeMy WebLinkAbout2016-04-26 Retirement Board MinutesF
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Board - Committee - Commission - Council:
Contributory Retirement Board tai ,��. 2� 20
Date: 2016-04-26 Time: 4:00 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, Nancy Heffernan, Louis deBrigard, Jr
Members - Not Present:
Sharon Angstrom
Others Present:
Colleen Loughlin, Rebecca Furilla, Attorney Michael Sacco
Minutes Respectfully Submitted By: Colleen Loughlin
Topics of Discussion:
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, April 26, 2016
The Reading Retirement Board held a regular session meeting on April 26, 2016, in The Conference
Room, 2 Haven Street, Unit 307, Reading, Massachusetts.
The meeting was called to order at 4:00 P.M. by Chairman Joseph Veno in the presence of members
Thomas Clough, Nancy Heffernan, Louis E. deBrigard, Jr., and Board Administrators, Colleen Loughlin
and Rebecca Furilla. Also present was Attorney Michael Sacco. Sharon Angstrom was not able i to
attend.
MINUTES
• LOUIS DEBRIGARD, JR. moved to accept the January 26, 2016 regular session minutes.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
• LOUIS DEBRIGARD, JR. moved to accept the February 18, 2016 special session minutes.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
• LOUIS DEBRIGARD, JR. moved to accept the February 23, 2016 regular session minutes.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
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• LOUIS DEBRIGARD, JR. moved to accept the March 22, 2016 regular session minutes.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• LOUIS DEBRIGARD, JR. moved to approve the following new members:
Philip Canniff
Assessors Assistant Date of hire — 2/29/16 9%+2%
(Assessors)
Date of membership — 1/13/14
Jayne Miller
Business Admin Date of hire & membership — 2/29/16 9%+2%
(Administrative Services)
Lynda Florence
Custodian Date of hire & membership — 4/13/16 9%+2%
(Facilities)
SECONDED BY:
NANCY HEFFERNAN
VOTED:
(4-0-0) UNANIMOUS
• LOUIS DEBRIGARD,
JR. moved to approve the following refund of accumulated deductions:
Thomas MacKinnon Terminated 12/5/11 10 years, 8 mths
(School)
Total deductions & interest $35,141.28
Less 20% Federal Taxes $ 7,028.26
Net refund (Cash) $28,113.02
SECONDED BY:
NANCY HEFFERNAN
VOTED:
(4-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• THOMAS CLOUGH moved to approve Attorney Sacco's recommendation to approve David
Ballou's Involuntary Application for Disability Retirement.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
• THOMAS CLOUGH moved to approve request from Administrators to attend the MACRS 2016
Conference/Trustees Educational Seminar being held June 4 — June 8, 2016 in Hyannis, MA.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
• THOMAS CLOUGH moved to approve to vote on May 24, 2016 a COLA increase for FY2a 17,
which begins on July 1, 2016 and ends June 30, 2017. It is limited to a maximum amount of 3°/0 of
$12,000.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
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Gr. I
Gr. I
Gr. I
LOUIS DEBRIGARD, JR. moved to approve to a maintenance agreement for the folder/sealer
machine pending the Board was satisfied with what the maintenance agreement covered.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
THOMAS CLOUGH moved to exclude vacation buyback and clothing allowance as pensionable
based on the police chief's contract.
The Board agreed to have Attorney Sacco respond to Town Manager's request to clarify what was
regular compensation regarding police chief contract.
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
THOMAS CLOUGH moved to approve the following warrant #AP042016 totaling $877,048.69' as
listed:
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
Reading Retirement Board *
$
324.77
Excess Earnings — C. Johnson
Internal Revenue Service
$
78,004.52
Federal Tax Deductions
Reading Credit Union
$
38,424.00
Credit Union Deductions
Apr Retirement Allowances
$ 640,136.47
Net Retiree Payroll
Town of Reading Treasurer
$
51,649.15
Hlth, Life, & Dental Ins. Deductions
Town of Reading Treasurer
$
9,731.17
Apr Administrator's Salary & MedFICA
Law Offices of Michael Sacco
$
3,384.00
Legal Expense — Miscellaneous
NEOFUNDS by NEOPOST
$
700.00
Admin Expense — Postage
NEOFUNDS by NEOPOST
$
144.76
Service Contract — Postage
Canon Financial Services
$
336.96
Service Contract — Copier
Thomas MacKinnon
$
19,512.91
Refund to Member
Internal Revenue Services
$
4,878.23
Refund to Member — 20% Fed Tax
Jeannine MacKinnon
$
8,600.11
Refund to Member — DRO
Internal Revenue Services
$
2,150.03
Refund to Member — 20% Fed Tax
GWT Realty
$
2,800.00
Rent
Town of Reading Treasurer
$
10,430.00
Equip & Furniture Exp (IT & panels
for Conference room)
Town of Reading Police Dept
$
392.00
Equip & Furniture -IT installation detajil
Flyers Unlimited
$
156.00
Admin Expense - envelopes
RMLD
$
39.95
Administrative Expense — Electric'
National Grid
$
28.85
Administrative Expense — Heat
The Sign Station
$
175.00
Equip & Furniture Exp -Interior Sign
NEOPOST Northeast
$
208.50
Administrative Exp — postage supplies
Total Print Solutions
$
625.00
Equip & Furniture Exp — Exterior Sign
Thomson Reuters - West
$
94.00
Admin Expense — Ch. 32 Inserts
MACRS
$
540.00
Education & Training — MACRS 201
Spring Trustees Educational Semi ar
W.B. Mason Co., Inc.
$
106.90
Administrative Expense - Supplies
*$324.77 Excess Earnings — not issuing a check, but reducing the liability.
Page 1 3
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
• THOMAS CLOUGH moved to approve the following warrant #AP04A2016 totaling $350.74 :as
listed:
Double Tree by Hilton Cape Cod $
SECONDED BY: NANCY HEFFERNAN
VOTED: (4-0-0) UNANIMOUS
INFORMATION/OUESTIONS/OTHER ITEMS
350.74 Travel — Hotel Reservations for
MACRS 2016 Conference
• Treasurer needs updated signatures from the Board.
• The Bond Insurance was cancelled with NGM Insurance Company since the Board now has coverage
with MACRS Fidelity Insurance as of March 1, 2016.
• Margaret Howe who worked for the DPW and retired on March 2, 1997, passed away on March 17
2016. She chose Option A at her retirement.
• A transfer amount of $11,208.59 dated 3/31/16 was received from Lowell Retirement Board for Se 'an
Donahue. Lowell Retirement System will accept liability for 2 years and 11 months of creditable
service.
• A check was received from the following Boards for full payment of its Section 3(8)(c)
reimbursement.
- Middlesex County 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 March 31, 2016.
General Ledger Trial Balance as of March 31, 2016.
Cash Receipts, Adjustments, and Disbursements as of March 31, 2016.
Bank Reconciliation for the month ending March 31, 2016.
Reading Co-op Bank Statement for the month ending March 31, 2016.
MMDT Bank Statement for the month ending March 31, 2016.
• The next board meeting is scheduled for Tuesday, May 24, 2016 at 5:00 pm in the Conference Room
at 2 Haven Street, Unit 307, Reading.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo # 12/2016 — Retirement Board Election Regulations (840 CMR 7.00)
PERAC Memo #13/2016 — Disability Regulations (840 CMR 10.00)
PERAC Memo # 14/2016 — Mandatory Board Member Training — 2nd Quarter 2016
PERAC Memo #15/2016 — Disability Regulations and Signed Transmittals
Page 1 4
OLD & NEW BUSINESS
• Discussed the usage of a Board credit card. The Board agreed to allow the Board attorney to draft a
supplemental regulation for the Board to approve at next meeting regarding obtaining a board credit
card.
• Attorney Sacco covered a brief overview of board's responsibilities as we have a new board member
and staff.
• Discussion regarding a request from HR for an updated list of disabilities and the nature of the
disabilities. The attorney recognized that what the office had shared in the past may not have beer in
the realm of public disclosure and public records law, but that the Town should be aware of the nature
of the disability by virtue of the Panel as indicated in Section 10013 of the General Laws of the
Commonwealth of Massachusetts if the Town adopted this section. Records indicate that Chapter 41,
Section 10013 was adopted on April 14, 1983.
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE �)F
MEETING
EXECUTIVE SESSION
• THOMAS CLOUGH moved to enter into executive session for the purpose of discussing the
accidental disability application of Laura Demone and to adjourn open meeting session at 5:00 P.M!.
SECONDED BY: NANCY HEFFERNAN
ROLL CALL VOTE: THOMAS CLOUGH Aye
LOUIS DEBRIGARD, JR. Aye
JOSEPH VENO Aye
NANCY HEFFERNAN Aye
VOTED: (4-0-0) UNANIMOUS
ADJOURNMENT
• THOMAS CLOUGH moved to adjourn this open and executive session at 6:25 P.M.
SECONDED BY: NANCY HEFFERNAN
ROLL CALL VOTE: THOMAS CLOUGH Aye
LOUIS DEBRIGARD, JR. Aye
JOSEPH VENO Aye
NANCY HEFFERNAN Aye
VOTED: (4-0-0) UNANIMOUS
Page 1 5
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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