The URL can be used to link to this page

Home My WebLink About2017-01-24 Retirement Board MinutesOFR' Town of Reading Meeting Minutes 'e O i 639° NCO 90 Board - Committee - Commission - Council: - Contributory Retirement Board EC ' Date: 2017-01-24 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, Nancy Heffernan, Sharon Angstrom, Thomas Clough, Louis deBrigard Jr., Members - Not Present: Others Present: Colleen Loughlin, Michael Belmonte Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page I 1 1524 I 0 +"��&UTES OF THE READING RETIREMENT BOARD MEETING REA DI G' ' ' Tuesday, January 24, 2017 1 11 DEC -14 P The Reading Retirement Board held a regular session meeting on January 24, 2017, 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 Nancy Heffernan, Sharon Angstrom, Thomas Clough, Louis deBrigard, Jr., and Board Administrator, Colleen Loughlin. Michael Belmonte also attended this meeting. SPECIAL ITEM • Michael Belmonte attended this meeting to discuss his creditable service and date of membership. Nancy Heffernan recognized that their might be some discrepancies in payroll but will have to look into it further. MINUTES • LOUIS DEBRIGARD, JR. moved to accept the December 27, 2016 regular session minutes, except Sharon Angstrom and Thomas Clough who were not present. SECONDED BY: NANCY HEFFERNAN VOTED: (3-0-2) ABSTAINED: SHARON ANGSTROM & THOMAS CLOUGH • Minutes from the November 22, 2016 regular session to be signed by all board members. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • LOUIS DEBRIGARD, JR. moved to,approve the following new members: Andrew Kirwan Police Officer, Date of hire & membership — 1/9/17 (Police) Karen Nickerson Receptionist Date of hire & membership — 1/17/17 (RMLD) SECONDED BY: NANCY HEFFERNAN VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 9% + 2% Gr. 4 9% + 2% Gr. 1 1525 • SHARON ANGSTROM moved to petition PERAC for a second clarification for Rachid Kourbali. The Reading Retirement Board received the Medical Panel Clarification report for Rachid Kourbali and agreed with Attorney. Sacco that the Panel's clarification responses did not fully and adequately address the Board's concerns. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS SHARON ANGSTROM moved to approve the final draft of the Employee Handbook. SECONDED BY: THOMAS CLOUGH VOTED: . . (5-0-0) UNANIMOUS • The Actuarial Agreement expires June 30, 2017. Anytime between now and the. expiration of the existing contract the Board and KMS can negotiate an extension such that the contract will not exceed 7 years from the date first executed. If the Board is unhappy with KMS, the Board can do a Request for Proposal (RFP). TABLED • SHARON ANGSTROM moved to request Attorney Michael Sacco to conduct a review of Margaret Plansky's post-retirement earnings. It appears that Margaret Plansky, retired Reading Housing Authority Director, may have excess earnings. PERAC has been notified and found that she may be working in multiple locations but it's not PERAC's responsibility to collect the excess earnings. If it's determined that the retiree has excess earnings and the public entity that employed her does not elect to recover the excess amount paid, the Board has a fiduciary obligation to recoup the excess earnings. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: � (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • LOUIS DEBRIGARD, JR. moved to approve the following warrant #AP012017A totaling $496.82: National Grid $ 34.94 Admin Expense — Heat/Gas RMLD $ 61.88 Admin Expense — Electric NEOPOST $ 400.00 Admin Expense - Postage SECONDED BY: NANCY HEFFERNAN VOTED: (5-0-0) UNANIMOUS 1526 • LOUIS DEBRIGARD, JR. moved to approve ,the following warrant 4AP012017 totaling $981,575.68: 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 $ 83,770.69 Federal Tax Deductions Reading Credit Union $ 44,761.00 Credit Union Deductions Jan Retirement Allowances $ 684,278.13 Net Retiree Payroll Town of Reading Treasurer $ 56,862.48 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 6,857.58 Jan Staff Salary & Benefits Law Offices of Michael Sacco $ 192.00 Legal Expense -Miscellaneous GWT Realty $ 2,800.00 Rent Canon Financial Services $ 168.48 Service Contract — Copier MACRS $ 400.00. Admin Expense — 2017 Board Dues Pension Technology Group $ 23,360.00 Service Contracts — 2017 Support & Hosting fee/Employee Self -Service Web Portal Reading Police Department $ 240.00 Admin Expense — Parking Pass Andover Retirement System $ 4,773.13 Section 3(8)(c) Reimb for 2016 Braintree Retirement System $ 7,510.16 Section 3(8)(c) Reimb for 2016 Cambridge Retirement System $ 11,497.50 Section 3(8)(c) Reimb for 2016 Lawrence Retirement System $ 8,473.55 Section 3(8)(c) Reimb for 2016 Peabody Retirement System $ 1,053.82 Section 3(8)(c) Reimb for 2016 Somerville Retirement System $ 799.47 _ Section 3(8)(c) Reimb for 2016 Stoneham Retirement System $ 10,862.66 Section 3(8)(c) Reimb for 2016 Wellesley Retirement System $ 2,497.34 Section 3(8)(c) Reimb for 2016 Winchester Retirement System $ 22,772.50 Section 3(8)(c) Reimb for 2016 Winthrop Retirement System $ 3,355.53 Section 3(8)(c) Reimb for 2016 WB Mason Co. $ . 33.97 Admin Expense — Supplies Pension Benefit Information - $ 500.00 Service Contracts (death notification) SECONDED BY: NANCY HEFFERNAN VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Received a call and email from Jack Mahoney, a Regional Director with Russell Investments. He will be in the area weeks of February 6th and February 27th and would like to arrange a brief meeting with you to introduce himself and Russell Investments. Jack would like to share with you the work he has been doing with other municipalities dealing with PMT. The Board is not interested in coming out of PRIT. 152 7. • All affidavits were received for 2016. • 1099R's have been printed and mailed Thursday, January 26, 2017. File has been sent to the Treasurer to file with the IRS. • A transfer amount of $9,870.27 dated 12/28/16 was received from the Gloucester Retirement Board for Katie Mahan. The Gloucester Retirement System will accept liability for 2 years and 2 months of creditable service. • Carol Roberts has submitted nomination papers. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending December 31, 2016. General Ledger Trial Balance as of December 31, 2016. Cash Receipts, Adjustments, and Disbursements as of December 31, 2016. Bank Reconciliation for the month ending December 31, 2016. Reading Co-op Bank Statement for the month ending December 31, 2016. MMDT Bank Statement for the month ending December 31, 2016. • The next board meeting is scheduled for Tuesday, February 21 2017 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #30/2016 — 840 CMR 10:10(3) & 10:15(4) — Annual Review of Medical Testing Fee PERAC Memo #1/2017 — Updated Public Records Law (Chapter 121 of the Acts of 2016) PERAC Memo #2/2017 — The Binding Effect of PERAC's Memoranda on All Retirement Boards PERAC Memo #3/2017 — 2017 Limits under Chapter 46 of the Acts of 2002 PERAC Memo #4/2017 — 2017 Limits under Section 23 of Chapter 131 of. the Acts of 2010 PERAC Memo #5/2017 — COLA Notice PERAC Memo 46/2017 — Mandatory Retirement Board Member Training — 1 S` Quarter 2017 PERAC Memo #7/2017 — Actuarial Data PERAC Memo 98/2017 — Continuing Membership of "Non -Full -Time Employees" PERAC Memo 49/2017 — Buyback and Make-up Repayment Worksheets 1528 Annual Comprehensive Annual Financial Report (CAFR), the fiscal year 2016 Annual Report of the PRIT Fund OLD & NEW BUSINESS • NANCY HEFFERNAN moved to give a 3% increase for the part time cleaning person effective 1/1/17. The Board requested that a survey be done on the administrator assistant in other retirement systems to help determine an appropriate salary range. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to update the supplementary regulations regarding membership and submit to PERAC for approval. Anyone employed by the Town of Reading or the Reading Housing Authority, whose total service for their primary position equals or exceeds the 1,690 scheduled hours per year shall be enrolled in the Reading Retirement System. The primary position is defined as the position with the highest number of hours. It may not be combined with any other position. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (5-0-0) UNANIMOUS • LOUIS DEBRIGARD, JR. moved to give the 5 individuals that did not receive a reminder letter and have passed the 10 year anniversary date to start the buyback within thirty days of notification. This additional timeframe is being granted due to lack of courtesy reminder of 10 year anniversary date. SECONDED BY: NANCY HEFFERNAN After further discussion Louis DeBrigard, .Jr. withdrew his motion and Nancy Heffernan withdrew her second. • NANCY HEFFERNAN moved to get a legal opinion from Attorney Sacco regarding military buybacks. The Board is curious if there is any legal recourse for not sending out reminder letters to members regarding the 10 year anniversary date for military purchase. Some members received a reminder and others did not receive a reminder. It's not a Reading Supplementary regulation but was being sent out as courtesy. 1519 SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (5-0-0) UNANIMOUS • Board would like to invite Paul Todisco from PRIT to attend the April meeting to, give a PRIM update. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED .48 HRS IN ADVANCE OF MEETING ADJOURNMENT • LOUIS DEBRIGARD, JR. moved to adjourn this open session at 6:54 P.M. SECONDED BY: NANCY HEFFERNAN VOTED: (5-0-0) UNANIMOUS C airman, Joseph R. Veno, 2"d elected , kagn " - Sharon M. Angstrom, Ex Ofrdio Nancy J. Heffernan, 1" appointed Vice Chairman, Louis E. deBrig'ard, Jrs; I" elected 2"° appointed 9