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Home My WebLink About2017-02-21 Retirement Board Minutes�° N OF ,. Town of Reacting "will, �' MeetingMinutes f w p } �.. 639' 7NC04Q�� Board - Committee - Commission - Council: Contributory Retirement Board ZOE� DEC t p Date: 2017-02-21 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: Sharon Angstrom, Nancy Heffernan, Louis deBrigard Jr., Members - Not Present: Thomas Clough, Joseph Veno Others Present: Colleen Loughlin Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page I 1 1530 T 0 W N C L ` R]1 NUTES OF THE READING RETIREMENT BOARD MEETING R E A D I N G- M A t; - Tuesday, February 21, 2017 1011 OEC - u P 3 The Reading Retirement Board held a regular session meeting on February 21, 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 Sharon Angstrom in the presence of members Nancy Heffernan, Louis deBrigard, Jr., and Board Administrator; Colleen Loughlin. Thomas Clough and Joseph Veno were not able to attend. MINUTES • NANCY HEFFERNAN moved to accept the January 24, 2017 regular session minutes, except Sharon Angstrom and Thomas Clough who were not present. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3-0-0) UNANIMOUS' • Minutes from the December 27, 2016 regular session to be signed by all board members, except Sharon Angstrom and Thomas Clough who were not present. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • NANCY HEFFERNAN moved to approve the following new members: Trevor Legere Staff Accountant Date of hire — 1/30/17 9% + 2% Gr. 1 (RMLD) Date of membership — 11/19/12 (Transfer from Lynn) Matthew Smith , Laborer Date of hire & membership — 2/21/17 Gr. 1 (DPW Water/Sewer) SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3-0-0) UNANIMOUS • NANCY HEFFERNAN moved to approve the following retirement application: Joseph Belmonte, Jr. Police Officer 2/28/17 19 years, 0 months Option C (Police) SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3-0-0) UNANIMOUS • NANCY HEFFERNAN moved.to approve the following transfer of funds to other systems: Martha Sybert To Mass Teachers' Retirement Board $32,720:84 4 years, 6 months (School) Sylvia Vaccaro (RMLD) SECONDED BY: . VOTED: To Wakefield Retirement Board LOUIS DEBRIGARD, JR. (3-0-0) UNANIMOUS $34,198.75 7 years, 7 months • NANCY HEFFERNAN moved to approve the following refund of accumulated deductions: Dorota Socha (Library) SECONDED BY VOTED: Resigned 9/24/12 Total deductions & interest Interest forfeited Less 20% Federal Taxes Net refund (Rollover) LOUIS DEBRIGARD, JR. (3-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 3 years, 8 mths $30,203.91 $ 2,150.50 $ 0.00 $28,053.41 • 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 dog a Request for Proposal (RFP). TABLED • NANCY HEFFERNAN moved to approve ' the Board Administrator's request to attend the PERAC Annual Statement training on March 9, 2017 at 10 am at the Middlesex Retirement Board. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3-0-0) UNANIMOUS • NANCY HEFFERNAN moved to allow employees who have a delayed response from the Board regarding their buyback to pay''/2 actuarial rate interest pending legal approval. The Administrator has not been able to `direct attention to make-ups/buybacks that if not completed Within a year window will accrue full actuarial interest. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3=0-0) UNANIMOUS 1532.. APPROVAL OF INVOICES TO BE PAID • NANCY HEFFERNAN moved to approve the following warrant #AP022017A totaling $777.33: NEOPOST by NEOPOST $ . 642.43 Admin Expense — Postage Neopost USA Inc. $ 134.90 Contract Services — Postage Machine SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3-0-0) UNANIMOUS • /NANCY HEFFERNAN moved to approve the following warrant #AP022017B totaling $269.59: National Grid $ 37.38 Admin Expense —Heat/Gas RMLD $ 63.73 Admin Expense —Electric Canon Financial Services $ 168.48 Contract Services - Copier SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3-0-0) UNANIMOUS _ • NANCY HEFFERNAN moved to approve the following warrant #AP022017 totaling $997,124.02: r Commonwealth of Mass. $ 399.93 Commonwealth of Mass. ' $ 1,683.13 Commonwealth of Mass. $ 1,684.35 Internal Revenue Service $ 83,467.61 Reading Credit Union $ 44,811.00 Feb Retirement Allowances $ 681,843.02 Town of Reading Treasurer $ 56,897.73 Town of Reading Treasurer. $ 6,461.59 Law Offices of Michael Sacco $ 456.00 GWT Realty $ 2,870.00 Amity Insurance Agency, Inc. $ 5,134.00 Barnstable Cty Retirement Syst $ 2,083.28 Worcester Retirement System $ 3,252.94 Malden Retirement System $ 3,140.34 Arlington Retirement System $ 2,582.29 Saugus Retirement System $ 4,664.40 TIAA-CREF Trust Co. $ 28,053.41 Wakefield Retirement Board $ 34,198.75 Mass Teacher's Retirement Bd $ 32,720.84 RHA Health Ins. Deductions State Tax Deductions Child Support Federal Tax Deductions Credit Union Deductions Net Retiree Payroll Hlth, Life, & Dental Ins. Deductions Feb Staff Salary & Benefits Legal Expense -Miscellaneous Rent Fiduciary Insurance Section 3(8)(c) Reimb for 2016 Section 3(8)(c) Reimb for 2016 Section 3(8)(c) Reimb for 2016 Section 3(8)(c) Reimb for 2016 Section 3(8)(c) Reimb for 2016 Refund to Member (rollover)- Trsfr to Other Syst — Sylvia Vaccaro Trsfr to Other Syst — Martha Sybert 1533 Carol Roberts $ 540.00 Admin Expense — Employee Handbook WB Mason Co. $ 1.79.41 Admin Expense - Supplies SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Discussed proposed Board of Selectmen appointee. Nancy Heffernan resigned from the Reading Contributory Retirement System Board effective after the. February 21, 2017 meeting due to her resignation from her position with the Town of Reading. The Town Manager is recommending to the Board of Selectmen to appoint Carol Roberts as the Reading Retirement Board appointed member. • Received insurance proposals from Cabot Risk Strategies, LLC.. Sharon Angstrom will review with Town Manager Administrator, Paula Schena, as she may 'be more familiar with the policies. • On January 25, 2017, PERAC notified this Board that Leone Sullivan was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that she is unable to perform the essential duties of her job. • Attorney Sacco submitted a copy of the letter sent to Margaret Plansky notifying her that the Reading Retirement Board is conducting a formal review of her post-retirement earnings. • Daniel Merritt, who worked at the RMLD and retired on March 1, 1996,.passed away on 1/16/17. His wife predeceased him. He chose Option C at his retirement. • Eva Meuse, Option C beneficiary of Kenneth Meuse, died January. 27, 2017. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Somerville Retirement Board. - Andover Retirement Board - Stoneham Retirement Board - Fall River Retirement Board - Lawrence Retirement. Board - Salem Retirement Board - Woburn Retirement Board - Natick Retirement Board - Danvers Retirement Board - Newton Retirement Board - Concord Retirement Board - Beverly Retirement Board - Massachusetts Teachers' Retirement Board 15 3 4- - Cambridge Retirement Board - Medford Retirement Board • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending January 31, 2017. Bank Reconciliation for the month ending January 31, 2017. Reading Co-op Bank Statement for the month ending January 31, 2017. MMDT Bank Statement for the month ending January 3.1, 2017. • The next. board meeting is scheduled for Tuesday, March 28, 2017 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 30,7, Reading. MEMORANDUMS & LETTERS RECEIVED r' PERAC Memo #10/2017 — Domestic Relations Orders PERAC Memo #11/2017 - 2017 Annuity Savings Account PERAC Memo # 12/2017 — 2017 Interest Rate set at 0.1 % PERAC Memo #13/2017 Administrators. are Encouraged to Attend PERAC Training OLD & NEW BUSINESS • Discussion on salary for retirement employees. Review Survey that was completed for Assistant Administrator. Provide salary survey for next meeting. • Discussionon Military Service regulation. Reminder letters on 10 year anniversary date are not required. There is no obligation to generate a reminder letter. The Board is .only required to respond to inquiries. Attorney Sacco does not see any legal recourse. The Board would like a legal opinion that if they allowed the 6 members to purchase their military service after their 10 year window, will it open a window for someone to claim inequitable treatment. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING d 0 n ADJOURNMENT • NANCY HEFFERNAN moved to adjourn this open session at 5:55 P.M. SECONDED BY: LOUIS DEBRIGARD, JR. VOTED: (3-0-0) UNANIMOUS Chairman, Joseph R. Veno, 2"° elected '-) u - Sharon . Angstrom, Ex Offici Nancy J. Heffernan, 1" appointed Vice Chairman, Thomas A. Clough, 2"° appointed Louis E. deBrigard, Jr., 1" elected