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Home My WebLink About2016-10-26 Retirement Board Minutes�N OF J? !. Town of. Reading Meeting Minutes 1 „a,o RE, r 1`3141J�. Bard - Committee -'Commission - Council: Contributory Retirement Board 2011 DEC 1 I P I: 4-21 Date: 2016-10-26 Time: 6:32 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, Thomas Clough, Sharon Angstrom, Nancy Heffernan, Louis d'eBrigard Jr. Members - Not Present: Others Present: Colleen Loughlin, Carol Roberts Minutes Respectfully Submitted By:. Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1 150:7 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, October 26, 2016 The Reading Retirement Board held a regular session meeting on October 26, 2016, in The Lower Level Conference Room, at Reading Town Hall, 16 Lowell St, Reading, Massachusetts. The meeting was called to order at 6:32 P.M. by Chairman Joseph Veno in the presence of members Thomas Clough, Sharon Angstrom, Nancy Heffernan, Louis deBrigard, Jr., and Board Administrator, Colleen Loughlin. Carol Roberts was also present. SPECIAL ITEM MINUTES • LOUIS DEBRIGARD, JR. moved to accept the September 27, 2016 regular session minutes. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • LOUIS DEBRIGARD, JR. moved to accept the October 11, 2016 special session minutes. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) • UNANIMOUS • Minutes from the July 26, 2016 executive session to be signed by all board members, except Joseph Veno who was not present. • Minutes from the July 26, 2016 regular session to be signed by all board members, except Joseph Veno who was not present. • Minutes from the August 23, 2016 regular session meeting to be signed by all board members, except Thomas Clough and Sharon Angstrom who were not present. o Carol Roberts attended the meeting to discuss Retirement Board Policies.Cn ' Ga SHARON ANGSTROM moved to approve 'and r n submit Appendix A from the Employee-,'.= Handbook to the Town Manager for 111proval. SECONDED BY: NANCY HEFFERNAN W cin VOTED: (5-0-0) UNANIMOUS Ln MINUTES • LOUIS DEBRIGARD, JR. moved to accept the September 27, 2016 regular session minutes. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • LOUIS DEBRIGARD, JR. moved to accept the October 11, 2016 special session minutes. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) • UNANIMOUS • Minutes from the July 26, 2016 executive session to be signed by all board members, except Joseph Veno who was not present. • Minutes from the July 26, 2016 regular session to be signed by all board members, except Joseph Veno who was not present. • Minutes from the August 23, 2016 regular session meeting to be signed by all board members, except Thomas Clough and Sharon Angstrom who were not present. .1508 APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • LOUIS DEBRIGARD, JR. moved to approvethefollowing new member: Jesse Malonson Custodian Date of hire — 9/26/16 9% + 2% Gr. 1 (School) Date of membership — 9/1/14 (Transfer from Wakefield) SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • LOUIS DEBRIGARD, JR. moved to approve the following transfer of funds to other system: Michelle Zeller To Peabody Retirement Board $216.73 '22 days (Dispatch) SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • LOUIS DEBRIGARD, JR. moved to approve the following retirement applications: Timothy Brennan Inspector .10/24/16 10 years, 3 months Option B (Inspections) SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • LOUIS DEBRIGARD, JR. moved to approve final calculation for the following retirement approved by PERAC: Rafael Mercado School 6/25/16 36 years, 4 mths Option C (Superannuation) Annuity: $ 8,786.88 Pension: $ 28,558.80 Yearly: $,37,345.68 Monthly: $ 3;112.14 SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS 1 1509 APPROVAL OF MISCELLANEOUS ITEMS • LOUIS DEBRIGARD, JR. moved to submit clarification request to the medical panel for Rachid Kourbali. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • LOUIS DEBRIGARD, JR.moved to approve request from eligible member to purchase military service for creditable service: Kevin Bohmiller Navy-USNR 10/1/83-12/31/89 4 years, 0 months The total purchase amount is $22,103.43. Kevin will start payroll deductions of $200.00/pay period. SECONDED BY: SHARON ANGSTROM VOTED: . (5-0-0) UNANIMOUS • NANCY HEFFERNAN moved to increase the Retirement Administrator's salary to Step 5 retroactive to date of hire of the Administrative Assistant (March 7, 2016) to recognize her in a supervisory role. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP 10201(6A totaling $778.28:. Neofunds by Neopost $ 778.28 Admin Expense — postage SECONDED BY: LOUIS DEBRIGARD, JR VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP 102016B totaling $271.47: RMLD $ 80.59 Admin Expense — Electric National Grid $ 22.40 Admin Expense — Heat/Gas Canon Financial Services $ 168.48 Service Contract - Copier 151Q SECONDED BY: LOUIS DEBRIGARD, JR VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP 102016 totaling $870,635.51: Commonwealth of Mass. $ 388.21 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,683.13 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support Internal Revenue Service $ 82,080.13 Federal Tax Deductions Reading Credit Union $ 38,321.00 Credit Union Deductions Oct Retirement Allowances $ 676,354.86 Net Retiree Payroll Town of Reading Treasurer $ 535553.25 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 9,449.42 Oct Staff Salary & Benefits Law Offices of Michael Sacco $ 744.00 Legal Expense -Miscellaneous GWT Realty $ 2,800.00 Rent WB Mason Co., Inc. $ 17.50 Administrative Expense — Supplies KMS Actuaries, LLC $ 3,125.00 Actuarial Services Peabody Retirement Board $ 216.73 Transfer to Other Systems-M.Zellen Colleen Loughlin $ 17.93 Travel -Mileage Reimb-PTG Training Neopost by Neopost $ 200.00 Admin Expense - Postage SECONDED BY: LOUIS DEBRIGARD, JR VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Affidavits were mailed to all retirees September 13, 2016. Second notices were sent out October 12, 2016. There are 51 affidavits still due. • George Lefave, who worked for the Reading Police Department and retired on 1/27/78, passed away on October 6, 2016. He chose Option B at retirement. There are no remaining funds in his account. • Judith Colella, who worked for the School Department and retired on 6/19/08, passed away on August 31, 2016. She chose Option A at retirement. • A transfer amount of $14,608.31 dated 9/30/16 was received from the State Retirement Board for Kevin Cabuzzi. The State Retirement System will accept liability for 1 year, 10 months and 22 days of creditable service. • A transfer amount. of $6,662.67 dated 10/20/16 was received from Wakefield Retirement Board for Jesse Malonson. The Wakefield Retirement System will accept liability for 1 year and 10 months of creditable service. 1511 • A transfer amount of $15,845.46 dated ' 9/26/16 was received from the Essex Regional Retirement Board for Eric Beaulieu. The Essex Regional Retirement System will accept liability for 3 years, 11 months of creditable service. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period' ending September 30, 2016. General Ledger Trial Balance as of September 30, 2016. Cash Receipts, Adjustments, and Disbursements as of September 30, 2016. Bank Reconciliation for the month ending September 30, 2016 Reading Co-op Bank Statement for the month ending September 30, 2016. MMDT Bank Statement for the month ending September 30, 2016. • The next board meeting is scheduled for Tuesday, November 22, 2016 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #24/2016 — Mandatory Retirement Board Member Training -4th Quarter 2016 PERAC Memo #25/2016 — Other Post -Employment Benefits (OPEB) Summary PERAC Memo #26/2016 — Appropriation Data Due October 31, 2016 OLD & NEW BUSINESS • Discussion of Administrative Assistant's final pay • Paraprofessional works 2 jobs (paraprofessional — 17.5 hrs & extended day — 19.5 hrs) — She is currently working 1554 hours annually (21 pp). She would like to know if she can get her hours up to 1690, would she become a member of the retirement system? OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT 1512. • SHARON ANGSTROM.moved to adjourn this open session at 8:35 P.M. SECONDED BY: LOUIS DEBRIGARD, JR VOTED: (5-0-0) UNANIMOUS Y ,tbairman, Joseph R. Veno, 2... elected At Sharon M. Angstrom, Ex Officlo J. Hcffgj flan, 1 Vice Chairman, Thomalough, 2°° appointed Louis E. deBri ard, r., I" elected