HomeMy WebLinkAbout2017-03-22 Retirement Board MinutesO� OFR OI
Town of Reading
Meeting Minutes
i
Board - Committee - Commission - Council:
Contributory Retirement Board "
Date: 2017-03-22 Time: 5:00 PM ZBII DEC 111 `. 491
Building: Reading Retirement Administration Location: Conference Room
Address: 2 Haven Street Unit 307 Session: Open Session
Purpose: Special Version: Final
Attendees: Members - Present:
Chairman Joseph Veno, Louis deBrigard Jr., Carol Roberts
Members - Not Present:
r
Sharon Angstrom, Thomas Clough
Others Present:
Colleen Loughlin
Minutes Respectfully Submitted By: Elaine Kelly
Topics of Discussion:
SEE ATTACHED
Page 1 ,1
1536
C 'E i C l_ `1V�IjI;NUTES OF THE READING RETIREMENT BOARD MEETING
RE- D6NIG, HASS. Wednesday, March 22, 2017
1011 .DEC --W P 3= [6,1
The Reading Retirement Board held a special session meeting on March 22, 2017, in The
Conference Room, at 2Haven Street, Unit 307, Reading, Massachusetts.
r
The meeting was called to order at 5:00 P.M. by Chairman Joseph Veno in the presence of
members Louis deBrigard, Jr., Carol Roberts; and Board Administrator, Colleen Loughlin. Sharon
Angstrom' and Thomas Clough were not able to attend.
SPECIAL ITEM
• Carol Roberts has been appointed by the Board of Selectmen as the appointed member of the
Reading Retirement Board effective 2/21/17 to 12/31/17. Carol withdrew her application for.
the First Elected position.
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• LOUIS DEBRIGARD, JR. approved the following refund of accumulated deductions:
Thomas Campbell
(DPW)
SECONDED BY:
VOTED:
Resigned 3/2/17
Total deductions & interest
Less 20% Federal Taxes
Net refund (Cash)
CAROL ROBERTS
(3-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
2 years, 8 mths
$ 9,509.25
$ 1,901.85
$ 7,607.40
• LOUIS DEBRIGARD, JR. moved to declare elected David Gentile, the First Elected Member
to the Reading Retirement Board and that no election shall be held. His term will commence
on April 1, 2017 and expire on March 31, 2020.
SECONDED BY: CAROL ROBERTS
VOTED: (3-0-0) UNANIMOUS
1537
• 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).
LOUIS DEBRIGARD, JR. moved to TABLE decision to extend the Actuarial Agreement.
SECONDED BY: CAROL ROBERTS
VOTED: (3-0-0) UNANIMOUS
• LOUIS DEBRIGARD, JR. moved to approve the Board Administrator's request to attend the
PERAC PROSPER training on March 30, 2017 from 9-12 pm at PERAC in Somerville.
SECONDED BY: CAROL ROBERTS
VOTED; (3-0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• LOUIS DEBRIGARD, JR. moved to approve the following warrant 4AP032017A totaling
$9,768.60:
Thomas Campbell
$
7,607.40
. Refund to Member
Internal Revenue Service
$
1,901.85
20.% Fed Taxes — Ref. to member
National Grid
$
28:52
Admin Expense — Heat/Gas
Reading Municipal Light Dept
$
62.35
Admin Expense - Electric
Canon Financial Services
$
168.48
Service Contract - Copier
SECONDED BY: CAROL ROBERTS
VOTED: (3.-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
• Paul Todisco, Senior Client Services Officer of the PRIM Board, PRIT, has been rescheduled
to attend the May 23, 2017 board meeting to discuss the performance of the funds in PRIT.
• Update on Margaret Plansky's overearnings review. Attorney Sacco received a letter dated
3/13/17 from Attorney Gerald McDonough, representing Margaret Plansky. Ms. Plansky is not
contesting that she had excess earnings but she is requesting that the Board consider waiving
the amount she owes to the Board pursuant to M.G.L. c. 32, § 20(5)(c)(3). It is Attorney
Sacco's opinion that the Board does not possess the authority to waive Ms. Plansky's excess
earnings pursuant to Section 20(5)(c)(3). If the Board does not waive the amount due, the
Board has the authority to withhold her entire monthly allowance until the excess earnings are
1,5-3 8
recovered, or the Board could extend the repayment period over a reasonable amount of time
so as not to create a financial hardship.
LOUIS, DEBRIGARD, JR. moved to TABLE decision to waive the excess amount due to the
Retirement Board.
SECONDED BY: CAROL ROBERTS
VOTED: (3-0-0) UNANIMOUS
• The Board needs to discuss whether the intention of increasing the COLA base effective 7/1/16
is still the objective. The COLA base increase was going to be presented at the 2016 Spring
Town Meeting but it did not make it on the agenda. When it was re -submitted for the 2016
Fall Town Meeting, the language included going retroactive to 7/1/16. The item was tabled.
Because the COLA base increase will be going to FINCOM for discussion, does the Board still
wish to have the COLA base increase go retroactive to 7/1/16?
LOUIS DEBRIGARD, JR. moved to TABLE decision until next meeting on 3/28/17..
SECONDED BY: CAROL ROBERTS
VOTED: (3-0-0) UNANIMOUS
• The next board meeting is scheduled for Tuesday, March 28, 2017 at 5:00 pm ' in the
Conference Room at 2 Haven Street, Unit 307, Reading.
OLD & NEW BUSINESS
• Discussion on salary for Assistant. Review Survey that was completed for Assistant
Administrator.
Agreed to discuss on meeting 3/28/17
• Discussion on 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.
Agreed to discuss on meeting 3/28/17
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED' 48 HRS . IN
ADVANCE OF MEETING
ADJOURNMENT
• LOUIS DEBRIGARD, JR. moved to adjourn this open session at 5:35 P.M.
SECONDED BY: CAROL ROBERTS
VOTED: .(3-0-0) UNANIMOUS
airman, Joseph R. Veno, 2"d elected
Sharon M. Angstrom, Ex Officio
Carol B. Roberts, 1 appointed
Vice Chairman, Thomas A. Clough, 2i' appointed
Louis E. deBrigard, Jr., I" elected