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Home My WebLink About2016-08-23 Retirement Board MinutesOWN OF R��i Town of Reading Meeting Minutes sJe+1HCORQ�� Board - Committee - Commission - Council: Contributory Retirement Board Date: 2016-08-23 Time: 4:00 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, Nancy Heffernan, Louis deBrigard Jr. Members - Not Present: Sharon Angstrom, Thomas Clough Others Present: Colleen Loughlin, Carol Roberts, Stephan Georgacopoulos Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1 1495 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, August 23, 2016 The Reading Retirement Board held a regular session meeting on August 23, 2016, in The Conference Room, at 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 Nancy Heffernan, Louis deBrigard, Jr., - and Board Administrators, Colleen Loughlin. Sharon Angstrom and Thomas Clough were not present. Carol Roberts and Stephan Georgacopoulos attended to make their presentations. SPECIAL ITEM • Carol Roberts was hired to create a Reading Contributory Retirement System Employee Handbook. She presented the Board with a draft and the format is the same as the Town of Reading's Personnel Policies. Carol was able to review policies from 5 other retirement systems as well the Town of Reading Personnel Policies that have not yet been approved by the Board of Selectmen. MINUTES o J C1 ,rte' CD • Minutes from the June 21, 2016 regular session meeting were signed by all board mer"Mber.Fekct Thomas Clough who was not present. • Minutes from the July 26, 2016 regular session to be read and approved by all bo rd n umbas, except Joseph Veno who was not present. ' TABLED Minutes from the July 26, 2016 executive session to be read and approved by all board members, except Joseph Veno who was not present. TABLED APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • LOUIS DEBRIGARD moved to approve the following new members: Scott Craven Police Officer Date of hire — 7/27/16 9% + 2% Gr. 4 (Police) Date of membership — 7/27/16 Eric Beaulieu Fire Fighter Date of hire — 8/15/16 9% + 2% Gr, 4 (Fire) Paramedic Date of membership — 9/5/12 1496 Brian Roche Fire Fighter Date of hire — 8/15/16 9% + 2% Gr. 4 (Fire) Paramedic Date of membership — 8/15/16 Christopher Gonsalves Custodian Date of hire & membership -8/16/16 9% + 2% Gr. 1 (School) SECONDED BY: NANCY HEFFERNAN VOTED: (3-0-0) UNANIMOUS • LOUIS DEBRIGARD moved to approve the following retirements approved by PERAC: George Zambouras Engineer 6/17/16 33 years, 8 mths Option C. (Superannuation) Annuity: $ 17,564.40 Pension: $ 52,378.20 Yearly: $ 69,942.60 Monthly: $ 5,828.55 Priscilla Gottwald Public Relations 6/30/16 18 years, 2 mths Option C (Superannuation) Manager Annuity: $ 11,346.12 Pension: $ 19,787.04 Yearly: $ 31,133.16 Monthly: $ 2,594.43 Patricia Shields School 6/30/16 10 years, 10 mths Option C (Superannuation) Annuity: $ 2,980.08 Pension: $ 5,413.32 Yearly: $ 8,393.40 Monthly: $ 699.45 SECONDED BY: NANCY HEFFERNAN VOTED: (3-0-0) UNANIMOUS • LOUIS DEBRIGARD moved to approve the following transfer of funds to other systems: Ruth Urell To State Retirement Board $126,475.44 . 30 yrs, 5 months (Library) SECONDED BY: NANCY HEFFERNAN VOTED: (3-0-0) UNANIMOUS 14971- i APPROVAL OF MISCELLANEOUS ITEMS • LOUIS DEBRIGARD moved to approve to request clarification from Ronan Laskey's physician. SECONDED BY: NANCY HEFFERNAN VOTED: . (3-0-0) UNANIMOUS • LOUIS DEBRIGARD moved to approve the accidental disability application. for Joseph Guazzaloca. SECONDED BY: NANCY HEFFERNAN VOTED: (3-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • LOUIS DEBRIGARD moved to approve the following warrant #AP082016 totaling $1,002,016.99: Commonwealth of Mass. $ 388.21 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,783.13 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support Internal Revenue Service $ 83,153.91 Federal Tax Deductions Reading Credit Union $ 40,054.00 Credit Union Deductions Aug Retirement Allowances $ 676,126.60 Net Retiree Payroll Town of Reading Treasurer $ 54,347.62 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,120.27 Aug Staff Salary & Benefits Law Offices of Michael Sacco $ 2,511.00 Legal Expense -Miscellaneous Canon Financial Services $ 168.48 Service Contract - Copier GWT Realty $ 2,800.00 Rent RMLD $ 98.53 Admin Expense - Electric National Grid $ 21.00 Admin Expense — Heat/Gas Town of Reading $ 236.98 Amin Exp — NOD forms and DYMO Label Printers W13. Mason Co, Inc. $ 47.47 Administrative Expense.— Supplies State Retirement Board $ 1263475.44 Transfer to Other System — R. Urell SECONDED BY: NANCY HEFFERNAN VOTED: (3-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Received a Notice of Appearance from Michael Sacco regarding Laura Demone's appeal. The Notice of Appearance states that Attorney Michael Sacco serves as counsel to the Reading Retirement Board ("Respondent"). 1498 Frederick Livingstone, who worked for the Fire Dept. and retired on November 1, 1982, passed away on 8/6/16. He, chose Option B at his retirement, but there are no remaining funds in his annuity. He retired on accidental disability retirement. He retired from heart -hypertensive heart disease, angina pectoris, coronary insufficiency and he died from kidney disease. His spouse, Evilo Livingstone, is eligible for a Section 101 allowance of $9,000.00 per year because Fred retired prior to November 7, 1996. Sent application to spouse to petition for an accidental death benefit. Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2016. Bank Reconciliation for the month ending July 31, 2016 Reading Co-op Bank Statement for the month ending July 31, 2016. MMDT Bank Statement for the month ending, July 31, 2016. • The next, board meeting is scheduled for Tuesday, September 27, 2016 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. MEMORANDUMS & LETTERS RECEIVED PERAC Memo 421/2016 - Updating PERAC's Website on Supplemental Regulations PERAC Pension News #43/August 2016 OLD & NEW BUSINESS • NANCY HEFFERNAN moved to approve Margaret Campbell to work up to 20 hours per week at Rebecca's rate of pay until the next board meeting. SECONDED BY: LOUIS DEBRIGARD VOTED: (3-0-0) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING RECESS (4:45 PM) 1499 SPECIAL ITEM • Stephan Georgacopoulos attended the meeting to present the Employee Self -Service (ESS) to the Board. Stephan walked through the Self Service Portal with the Board to show the benefits for actives/retirees. If the Board decided to go with the Employee Self -Service portal, it would take approximately 1 month to be up and running. RECESS (5:50 PM) SPECIAL ITEM • Jean -Carlo Oviedo from Pension Benefit Information, Inc. scheduled a live demonstration for the Board to show how this service works. Pension Benefit Information (PBI) specializes in protecting retirement funds by utilizing. resources outside of your typical state and SSA death records to provide you with deaths where no death record exists. ADJOURNMENT • NANCY HEFFERNAN moved to adjourn this open session at 7:00 P.M. SECONDED BY: LOUIS DEBRIGARD VOTED: (3-0-0) UNANIMOUS C firman, Joseph R. Veno, 2'delected Sharon M. Angstrom, Ex Officio I lala y J. H an, 1 Sc a ointed Vice Chairman, Thomas A. Clough, 2"" appointed Louis E. deB, ' gard, Jr., is' Vected