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Home My WebLink About2016-06-21 Retirement Board Minuteso�N OF RgAO/ _ yc Town of Reading •r• • N �I Meeting Minutes G �38")NCOR40 � Board - Committee - Commission - Council: Contributory Retirement Board Date: 2016-06-21 Time: 5:00 PM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: General Version: Final Attendees: Members - Present: Chairman Joseph Veno, Sharon Angstrom,Nancy Heffernan, Louis deBrigard Members - Not Present: Thomas Clough Others Present: Colleen Loughlin, Rebecca Furilla Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, June 21, 2016 The Reading Retirement Board held a regular session meeting on June 21St, 2016, in The Conference 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 Sharon Angstrom, Nancy Heffernan, Louis E. deBrigard, Jr., and Board Administrators, Colleen Loughlin, and Rebecca Furilla. Thomas Clough was not present. MINUTES • NANCY HEFFERNAN moved to accept December 1, 2015 executive session minutes. SECONDED BY: SHARON ANGSTROM VOTED: (3-0-1) ABSTAINED: LOUIS DEBRIGARD, JR. • NANCY HEFFERNAN moved to accept the April 26, 2016 executive session minutes, except Sharon Angstrom who was not present. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3-071) ABSTAINED: SHARON ANGSTROM . • NANCY HEFFERNAN moved to accept the May 24, 2016 regular session minutes. SECONDED BY: SHARON ANGSTROM G' =� rr --� VOTED: (4-0-0) UNANIMOUS Ty o ,7 p r F' • NANCY HEFFERNAN moved to accept the June 14, 2016 special meeting minutes 3 r v oc SECONDED BY: LOUIS DEBRIGARD, JR. U7r� VOTED: (3-0-1) ABSTAINED: SHARON ANGSTROM • Minutes from the December 1, 2015 special session meeting were signed by all board members, except Thomas Clough who was not present and LOUIS DEBRIGARD, JR. who was not a board member at the time. (minutes approved at 1/26/16 meeting) • Minutes from the April 26, 2016 regular session meeting were signed by all board members, except Sharon Angstrom who was not present. 1484 APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • NANCY HEFFERNAN moved to approve the following new member: Allison Jenkins Procurement Date of hire -6/6/16 9%+2% Gr. I (Admin Serv) Officer Date of membership - 6/6/2016 (transfer from Essex Regional Board) SECONDED BY: SHARON ANGSTROM VOTED: (4-0-0) . UNANIMOUS • NANCY HEFERNAN moved to approve the following retirement applications: Priscilla Gottwald' Public Relations (RMLD) Manager Robert Fournier Accountant (RMLD) Kenneth Evans Engineer (RMLD) Patricia Shields Secretary (School) - SECONDED BY: SHARON ANGSTROM VOTED: (4-0-0) UNANIMOUS 18 years, 2 months Option C 27 years, 2 months Option C 27 years, 2 months Option B 10 years, 10 months Option C • NANCY HEFFERNAN moved to approve the following refunds of accumulated deductions: Brian O'Maley Resigned 2/5/16 6 months (School) Total deductions & interest $ 3,940.28 J Less 20% Federal Taxes $ 788.06 Net refund (Cash) $ 3,152.22 Cody MacKinnon Resigned 4/22/16 2 years, 1 month (DPW - Cemetery) Total deductions & interest $ 7,030.45 Less 20% Federal Taxes $ 1,406.09 Net refund (Cash) $ 5,624.36 SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (4-0-0) UNANIMOUS 1485 • NANCY HEFFERNAN moved to approve the following transfer of funds to other system: Cheryl Nahigian To Arlington Retirement Board $4,075.76 1 year (Dispatcher) Additional deductions were posted. The Arlington Administrator preferred to receive transfer of funds at once instead of partial payments. Voided payment dated 5/31/16 for $3,955.84. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • NANCY HEFFERNAN moved to approve pay increase for FY17. DISCUSSION: Town is giving a 2% COLA and 2% STEP for July 1, 2016. Rebecca Furilla will receive 2% COLA but will wait for her 6 month review to get the STEP increase. Colleen Loughlin will receive 2% increase Tor COLA and 2% STEP. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (4-0-0) UNANIMOUS • NANCY HEFFERNAN moved to approve vacation pay out time of 59.00 hours to Board Administrator, Colleen Loughlin. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (4-0-0) UNANIMOUS • NANCY HEFFERNAN moved to rescind acceptance of liability that was accepted in 2004 for Elected Official, Stephen O'Leary. SECONDED BY: SHARON ANGSTROM VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • NANCY HEFFERNAN moved to approve the following warrant #AP062016 totaling $855,387.03: Commonwealth of Mass. $ 388:21 Commonwealth of Mass. $ 1,783.13 Commonwealth of Mass. $ 1,684.35 Internal Revenue Service $ 78,133.74 Reading Credit Union $ 39,624.00 June Retirement Allowances $ 642,664.40 Town of Reading Treasurer $ 52,460.40 Town of Reading Treasurer $ 9,633.94 Town of Reading Treasurer $ 8,514.68 Law Offices of Michael Sacco $ 1,906.00 Canon Financial Services $ 168.48 GWT Realty $ 2,800.00 RMLD $ 78.57 National Grid $ 21.00 W.B. Mason Co., Inc. $ 63.77 Arlington Retirement System * $ -4,075.76 Brian O'Maley $ 3,152.22 Internal Revenue Service $ 788.06 Joe Veno $ 16.74 Rebecca Furilla $ 35.19 Colleen Loughlin $ 19.66 Fred Pryor Seminar $ 179.00 Cody MacKinnon $ 5,624.36 Internal Revenue Service $ 1,406.09 Commonwealth Print Services $ 201.90 Medical Records Associates $ 42.38 1486 RHA Health Ins. Deductions State Tax Deductions Child Support Federal Tax Deductions Credit Union Deductions Net Retiree Payroll Hlth, Life, & Dental Ins. Deductions June Staff Salary & Benefits Furniture&Equip—printers/scanners/ computers LegalExpense-Miscellaneous Service Contract _ Copier Rent Admin Expense - Electric Admin Expense — Heat/Gas Administrative Expense — Supplies Transfer to Other Systems —C. Nahigian Refund to Member Ref. to member -20% Fed Tax Travel -mileage for PERAC training Travel — MACRS TEDS Seminar Travel — MACRS TEDS Seminar & PERAC Training Educ. Training — Fred Pryor Refund to Member Ref to Member -20% Fed Tax Admin Exp -Retirement Guides Medical Records — J. Edson *Void check 44778 dated 5/31/16 - $3,955.84 payable to Arlington Retirement Board for transfer to other systems for Cheryl Nahigian. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (4-0-0) UNANIMOUS • NANCY HEFFERNAN moved to approve the following warrant #AP06A2016 totaling $426.47: NEOFUNDS by NEOPOST $ 426.47 Admin Expenses - Postage 1487 SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • All Section 3(8)(c) Reimbursements have been paid to the Reading Retirement Board. • Received appeal of denial of disability retirement. • Received notification from Pension Benefit Information (PBI) regarding death notifications. Other Boards are using this service. Would Board like to consider having Jean -Carlo out for a demonstration? Currently the Board is not utilizing any services for notification of deaths. The service would help prevent payments to participants yet to be identified as deceased. DISCUSSION: To contact Retirement Boards regarding the service • Memo from Attorney Sacco .regarding Rachid Kourbali -was discussed. A hearing is tentatively planned for July 26, 2016 Retirement Board meeting. Needs to be confirmed with Attorney Sacco and Attorney representing Rachid Kourbali. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2016. Bank Reconciliation for the month ending May 31, 2016. Reading Co-op Bank Statement for the month ending May 31, 2016. MMDT Bank Statement for the month ending May 31, 2016. • The next board meeting is scheduled for Tuesday, July 26, 2016 at 5:00 pm in the Conference Room. at 2 Haven Street, Unit 307, Reading. DISCUSSION: Joseph Veno will not be at July 26, 2016 meeting. MEMORANDUMS & LETTERS RECEIVED 2015 PERAC Investment Report PERAC Memo # 17/2016 - Tobacco Company List OLD & NEW BUSINESS • SHARON ANGSTROM moved to approve including language in the article for Town Warrant to go retroactive to July 1, 2016 in the COLA base increase. SECONDED BY: NANCY HEFFERNAN VOTED: (4-0-0) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • NANCY HEFFERNAN moved to adjourn this open session at 5:50 P.M. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (4-0-0) UNANIMOUS 1 96 airman, Joseph R. Veno, 2° elected Sharon M. Angstrom, Ex Officio cy J. oufiernan, `1 s appointed Vice Chairman, Thi mas A. Clough, 2° appointed Lou s/1✓.`drigard, 7r., 1 Selected