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HomeMy WebLinkAbout2016-11-22 Retirement Board MinutesOF I? p�N ,. yc Town of Reading. Meeting MinutesUt ++.. r Board - Committee - Commission - Council: 4Lr�l,i Contributory Retirement Board VI Date: 2016-11-22 Time: 5:05 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., Thomas Clough (remotely) Members - Not Present: Sharon Angstrom Others Present: Colleen Loughlin Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1 1513 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, November 22, 2016 The Reading Retirement Board held a regular session meeting on November 22, 2016, in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 5:05 P.M. by Chairman Joseph Veno in the presence of members Nancy Heffernan, Louis-deBrigard, Jr., and Board Administrator, Colleen Loughlin. Sharon Angstrom was not able to attend. Thomas Clough participated remotely due to geographical distance. SPECIAL ITEM • Sean Wilson attended the meeting to request the board's approval to purchase his military time..He recognizes that he's past his 10 year anniversary date, but did not understand the regulation. TABLE The Chairman advised Mr. Wilson that he would prefer a complete board discussion as one, of the Board members was absent. Will be included on next Board Agenda. MINUTES • LOUIS DEBRIGARD, JR. moved to accept the October 26, 2016 regular session rMutes�:;!-- r1 G) c- SECONDED BY: NANCY HEFFERNAN _p `` Ty 7;P ROLL CALL VOTE: THOMAS CLOUGH Aye W LOUIS DEBRIGARD Aye r JOSEPH VENO Aye NANCY HEFFERNAN Aye VOTED: (4-0-0)- UNANIMOUS • Minutes from the September 27, 2016 regular session to be signed by all board members. 0 Minutes from the October 11, 2016 special session to be signed by all board members. 1514 APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • LOUIS DEBRIGARD, JR. moved to approve the following new members: Katie Mahan Operational Asst. Date of hire —10/31/16 9%.+ 2% Gr. 1 (RMLD) Date of membership — (Transfer from Gloucester) Raymond Melvin First.Class.Lineman Date of hire = 11/15/16 9%+ 2% Gr. 4 (RMLD) Date of membership — 2/9/10 Angela Serrano Custodian Date of hire — 9/19/16 9% + 2% Gr. 1 (School Facilities) Date of membership — 11/7/16 SECONDED BY: NANCY HEFFERNAN ROLL CALL VOTE: THOMAS CLOUGH Aye LOUIS DEBRIGARD Aye t JOSEPH VENO Aye NANCY HEFFERNAN Aye VOTED:. (4-0-0) UNANIMOUS • LOUIS DEBRIGARD, JR. moved to approve the following return of accumulated deductions: Rebecca Furilla Resigned 10/27/16 7 months (Retirement) Total deductions & interest $ 2,804.32 . Less 20% Federal Taxes $ 560.86 Net refund (Cash) $ 2,243.46 SECONDED BY: ROLL CALL VOTE: NANCY HEFFERNAN THOMAS CLOUGH LOUIS DEBRIGARD JOSEPH VENO NANCY HEFFERNAN VOTED: (4-0-0) UNANIMOUS Aye ' Aye Aye Aye 1515 1 APPROVAL OF MISCELLANEOUS ITEMS • LOUIS DEBRIGARD, JR. moved to table the discussion and approval of the Budget for calendar year 2017. SECONDED BY: NANCY HEFFERNAN ROLL CALL VOTE: THOMAS CLOUGH Aye LOUIS DEBRIGARD Aye JOSEPH VENO Aye NANCY HEFFERNAN Aye VOTED: (4-0-0) UNANIMOUS • NANCY HEFFERNAN moved to approve hiring Margaret Campbell for up to 20 -hours/week. as needed at the previous ,assistant administrator's salary level until the new Administrative Assistant is hired. SECONDED BY: LOUIS DEBRIGARD, JR. ROLL CALL VOTE: THOMAS CLOUGH Aye LOUIS DEBRIGARD Aye JOSEPH VENO Aye NANCY HEFFERNAN Aye VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • LOUIS DEBRIGARD, JR. moved to approve the following warrant #API12016B totaling $89.80: RMLD $ 66.42 Admin Expense — Electric National Grid $ 23.38 Admin Expense _ Heat/Gas SECONDED BY: NANCY HEFFERNAN ROLL CALL VOTE: THOMAS CLOUGH Aye LOUIS DEBRIGARD Aye JOSEPH VENO Aye NANCY HEFFERNAN Aye VOTED: (4-0-0) UNANIMOUS 1516 • LOUIS DEBRIGARD, JR. moved to approve the following warrant #AP 112016 totaling $871,240.00: Commonwealth of Mass.. $ 388.21 Commonwealth of Mass. $ 1,683.13 Commonwealth of Mass. $ 1,684.35 Internal Revenue Service $ 82,056.69 Reading Credit Union $ 38,421.00 Nov Retirement Allowances $ .676,483.94 Town of Reading Treasurer $ 53,282.71 Town of Reading Treasurer $ 10;215.86 Law Offices of Michael Sacco $ 942.00 PWT Realty $ 2,800.00 Canon Financial Services $ 168.48 Rebecca Furilla $ 2,243.46 Internal Revenue Service $ 560.86 Kingsbury Press(Coen Business) $ 167.80 Town of Reading $ 25.17 Mass Municipal Association $ 105.00 Nancy Heffernan $ 11.34 SECONDED BY: ROLL CALL VOTE: VOTED: NANCY HEFFERNAN THOMAS CLOUGH LOUIS DEBRIGARD JOSEPH VENO NANCY HEFFERNAN (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS RHA Health Ins. Deductions State Tax Deductions Child Support Federal Tax Deductions Credit Union Deductions Net Retiree Payroll Hlth, Life, & Dental Ins. Deductions Nov Staff Salary & Benefits Legal Expense -Miscellaneous Rent Service Contract — Copier Refund to Member Ref. to Mem-20% Fed Tax -R. Furilla Admin Expense —1099R forms Admin Expense — State/Fed Poster Admin Expense — Advertising Travel — Mileage Reimb — Training Aye Aye Aye Aye • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY18 is $5,661,945. • Received a copy of the Request for Clarification for Rachid Kourbal from Attorney Sacco. • Affidavits were mailed to all retirees September 13, 2016. Second notices were sent out October 12, 2016. Final notices were mailed 11/14/16 with a deadline of .12/15/16. Currently there are 7 affidavits still due. 151 7 • A'transfer amount of $4,428.08 dated 10/28/16 was received from the Melrose Retirement Board for Stacy Scouten. The Melrose Retirement System will accept liability for 1 year and 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 October 31, 2016. General Ledger Trial Balance as of October 31, 2016. Cash Receipts, Adjustments, and Disbursements as of October 31, 2016. Bank Reconciliation for the month ending October 31, 2016. Reading Co-op Bank Statement for the month ending October 31, 2016. MMDT Bank Statement for the month ending October 31, 2016. • The next board meeting is scheduled for Tuesday, December 27 2016 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. Tom Clough will not be able to attend the December meeting. MEMORANDUMS & LETTERS RECEIVED PERAC Pension Newsflash PERAC Pension News No. 44 Memo from Attorney Sacco regarding the recent decision of Vernava and Kalu OLD & NEW BUSINESS • Discussion on Supplemental Regulations — put on the December agenda for discussion. Need to look into the intent on the regulation for membership. • Discussion on Military Service — approximately 5 active employees have past their 10 year anniversary date within 2015/2016. Will wait for a complete board discussion to consider allowing these members to purchase military purchase. Might want to consider a new regulation. • Discussion on COLA base increase. The article was withdrawn from Town Meeting for the Board to review the figures with Linda Bournival at KMS Actuaries. Will attempt to present to FINCOM Feb/Mar of 2017. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT 151 '8 • LOUIS DEBRIGARD, JR. moved to adjourn this open session at 6:10 P.M. SECONDED BY: NANCY HEFFERNAN ROLL CALL VOTE: THOMAS CLOUGH Aye LOUIS DEBRIGARD Aye JOSEPH VENO Aye NANCY HEFFERNAN Aye VOTED: (4-0-0) UNANIMOUS C 'rman, Joseph R. Veno, 2° elected M. Angstrom, Ex ,Pfficio ,i Y1/:, J. V Vice Chairman, Thomas A. CIO gh, 2" appointed Louis E. deBridard, Jr.f 151 elected