HomeMy WebLinkAbout2017-03-28 Retirement Board Minutesp�N OFR'
Town of Reading
Meeting Minutes
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Board - Committee - Commission - Council:
Contributory Retirement Board ZQII DEC ' I P i:; -4)
Date: 2017-03-28 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, Thomas Clough, Sharon Angstrom, Louis deBrigard
Jr., Carol Roberts
Members -. Not Present:
Others Present:
Colleen Loughlin
Minutes Respectfully Submitted By: Elaine Kelly
Topics of Discussion:
SEE ATTACHED
Page 1 1
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C t 1V MINUTES OF THE READING RETIREMENT BOARD MEETING
TOWN C L ` R K Tuesday, March 28, 2017
READING, M;;Ss.
ThJORMirrgyR2re fie6 Board held a regular session meeting on March 28, 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 Thomas Clough, Sharon Angstrom, Louis deBrigard, Jr., Carol Roberts, and Board
Administrator, Colleen Loughlin.
MINUTES
• LOUIS DEBRIGARD, JR. moved to accept the February 21, 2017 regular session minutes,
except Joseph Veno and Thomas Clough who were not present. Carol Roberts was not a board
member at the time.
SECONDED BY: SHARON ANGSTROM
VOTED: (2-0-3) ABSTAINED: JOE VENO, TOM CLOUGH,.&
CAROL ROBERTS
• LOUIS DEBRIGARD, JR. moved to accept the March 22, 2017 special session minutes,
except Thomas Clough and Sharon Angstrom who were not present.
SECONDED BY: CAROL ROBERTS
VOTED: (3-0-2) ABSTAINED: TOM CLOUGH & SHARON ANGSTROM
• Minutes from the January 24, 2017 regular session to be signed by all board members.
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• LOUIS DEBRIGARD, JR. approved the following new members:
Tyler Abegg Systems Admin Date of hire — 7/13/16 9% + 2% Gr. 1
(RMLD) Date of membership — 1/16%17
(Eligible to purchase temporary time)
Johnny Duong Electrical Engineer Date of hire & membership — 2/27/17 9% + 2% Gr. 4
(RMLD)
Joyce Mulvaney Communications Date of hire — 2/21/17 9% + 2% Gr. 1
(RMLD) Manager Date of membership — 11/25/13
(Transfer from Springfield Retirement)
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Christopher Marion Laborer
(DPW)
Ashley Waring Asst. Director
(Library)
Robert Snow Maint. Technician
(School)
Benjamin Woodward Policeman
(Police)
Zachary Fontes Policeman
(Police)
Eric Guazzaloca Laborer
(DPW - Highway)
Date of hire & membership — 3/6/17 9% + 2% Gr. 1
Date of hire — 6/15/06. 9% + 2% Gr. 1
Date of membership — 2/21/17
(Eligible to purchase part time service)
Date of hire & membership — 3/13/17 9% + 2% Gr. 1
Date of hire & membership — 3/13/17 9% + 2% Gr. 4
Date of hire & membership — 3/12/17 9% + 2% Gr. 4
Date of hire & membership — 3/20/17 9% + 2% Gr. 1
SECONDED BY: SHARON ANGSTROM
VOTED: (5-0-0) UNANIMOUS
• LOUIS DEBRIGARD, JR. moved to approve the following retirement applications:
Kevin Doherty
Custodian 4/22/17
10 years, 3 months
Option A
(School)
Anita Hogan
Paraprofessional 6/17/17
22 years, 2 months
Option A
(School)
Michael Holmes
Firefighter 3/31/17
34 years, 0 months
Option C
(Fire)
Paula Schena
Executive Asst 5/7/17
24 years, 4 months
Option B
(Admin Services)
SECONDED BY:
SHARON ANGSTROM
VOTED:
(5-0-0) UNANIMOUS
• LOUIS DEBRIGARD, JR. moved to approve the following REVISED retirement application:
Joseph Belmonte, Jr. Police Officer 3/28/17 19 years, 0 months Option C
(Police)
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Joseph's retirement application was approved at the February 21, 2017 board meeting with
a retirement date of 2/28/17. Mr. Belmonte's intention was to retire 3/28/17. The Board
has received his application with a revised date of retirement of 3/28/17.
SECONDED BY: SHARON ANGSTROM
VOTED: (5-0-0) UNANIMOUS
• LOUIS DEBRIGARD, JR. moved to approve the following transfer of funds to other system:
Nancy Heffernan To Watertown Retirement Board
(Finance)
SECONDED BY: SHARON ANGSTROM
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
$95,901.26 12 years, 10 mths
• SHARON ANGSTROM moved to extend out the Actuarial Agreement to 2020.
SECONDED BY: LOUIS DEBRIGARD, JR. ,
VOTED: (5-0-0) UNANIMOUS
• LOUIS DEBRIGARD, JR. moved to approve request from eligible member to purchase prior
non -membership service from the Town of Reading:
Michael Belmonte Reading
4/9/90-6/30/91 1 1 month
The total purchase amount is $213.95. Michael will make a lump sum payment.
SECONDED BY: SHARON ANGSTROM
VOTED: (5-0-0) UNANIMOUS
• LOUIS DEBRIGARD, JR. moved to approve request from eligible member to purchase prior
non -membership service from the Town of Reading:
Michael Belmonte Reading
7/l/93-10/21/93 3 months .
The total purchase amount is $500.27. Michael was. wrongfully omitted from membership
during this period. Michael will make a lump sum payment.
SECONDED BY: SHARON ANGSTROM
VOTED: (5-0-0) UNANIMOUS
151-4.3
APPROVAL OF INVOICES TO BE PAID
LOUIS DEBRIGARD, JR. moved to approve the following warrant #AP032017 totaling
$1,021,416.01:
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
$'
84,416.69
Federal Tax Deductions
Reading Credit Union
$
44,811.00
Credit Union Deductions
it
March. Retirement Allowances
$ 678,399.06
Net Payroll
Town of Reading Treasurer
$
56,528.60
Hlth, Life, & Dental Ins. Deductions,
Town of Reading Treasurer
$
6,034.92
March Staff Salary & Benefits
Law Offices of Michael Sacco
$
768.00
Legal Expense -Miscellaneous
GWT Realty
$
2,870.00
Rent
Kingsbury Press (Coen Business)
$
147.50
Admin Expense — Election. Ballots
Town of Reading
$
129.00
Admin Expense — Checks/NOD's
Watertown Retirement Board
$
95,901.26
Trsf to Other System — N. Heffernan
Wakefield Retirement Board
$
1,479.88
Section 3(8)(c) Reimb for 2016
Woburn Retirement Board
$
4,485.20
Section 3(8)(c) Reimb for 2016
Norfolk County Retirement
$
5,722.61
Section 3(8)(c) Reimb for 2016
Quincy Retirement Board
$
4,751.33
Section 3(8)(c) Reimb for 2016
Brookline Retirement Board
$
103.69
Section 3(8)(c) Reimb for 2016
Middlesex County Retirement
$
31,111.58
Section 3(8)(c) Reimb for 2016
SECONDED BY: SHARON ANGSTROM
VOTED: (5-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
Update on Margaret Plansky's overearnings review. Attorney Sacco received an email from
Ms. Plansky's attorney, Attorney McDonough, stating he is now in agreement that the Section
20(5)(c)(3) waiver cannot apply to post-retirement earnings so the only issues are determining
the excess earnings amount and how the Board would like to recover the amount owed —
generally 3 methods of collection: (1) lump sum, (2). withhold the entire retirement allowance
or (3) withhold a portion of the allowance.
LOUIS DEBRIGARD, JR. moved to allow Ms. Plansky to repay the Reading Retirement
System her excess earnings over a period not to exceed twelve (12) months. Since her annual
retirement allowance exceeds the amount owed, she will be required to remit a lump -sum
payment either at the commencement or conclusion of the repayment period to achieve this
goal, and the Board will deduct 12 monthly equal installment payments from her retirement
allowance to recoup the balance owed. The Board will allow her health and life insurance to
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be deducted during the repayment period so that Ms. Plansky would not have to remit those
premium payments out-of-pocket.
SECONDED BY: SHARON -ANGSTROM
VOTED: (5-0-0) UNANIMOUS
• The Board discussed 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.
Update from Sharon Angstrom: FINCOM opposed the Retirement COLA article due to the
timing.
LOUIS DEBRIGARD, JR. moved to table increasing the COLA base. (Note: 'COLA base of
$14,000 was built in the actuarial valuation)
SECONDED BY: SHARON ANGSTROM
VOTED: (5-0-0) UNANIMOUS
• Dorothy Hoyt, Option D beneficiary of Carl H. Hoyt, Jr, died February 17, 2017.
• Brian Desmond, who worked for the Police. Dept. and retired on August 28, 1969, passed away
on 2/12/17. He chose Option B at his retirement, but there are no remaining funds in his
annuity. He retired on accidental disability retirement.. His wife, Natalie Desmond,
predeceased him.
• A transfer amount of $16,742.22 dated 3/7/17 was received from the Lynn Retirement Board
for Trevor Legere. The Lynn Retirement System will accept liability for 4 years and 2 months
of creditable service.
A check was received from the following Boards for full payment of its Section 3(8)(c)
reimbursement.
- Peabody Retirement System
- Winchester Retirement System
- Middlesex County Retirement System
- Wakefield Retirement System
- Boston Retirement System `
- Taunton Retirement System
• Copies of the following Reading Retirement Board reports were .emailed for review:
The PRIT fund's monthly statement & fund performance for period ending February 28,
2017.
Bank Reconciliation for the month ending February 28, 2017.
Reading Co-op Bank Statement for the month ending February 28, 2017.
MMDT Bank Statement for the month ending February 28, 2017.
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• The next board meeting is scheduled for Tuesday, April 25, 2017 at 5:00 pm in the Conference
Room at 2 Haven Street, Unit 307, Reading. .
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo 414/2017 — Compliance Training on PERAC's New System, PROSPER
PERAC Memo #15/2017 — STS/Star Event
PERAC Memo #16/2017 — Tobacco Company List
OLD & NEW BUSINESS
• The Board discussed the salary and responsibilities for the Assistant and agreed to move
forward with the process to review the current applicants that have applied.
• Discussion on Military Service regulation. The Board considered reducing the 10 year
timeframe that is allowed for members to purchase military service. After review and
discussion, the Board agreed to leave the current military regulation in place. The Board also
considered allowing the 6 members that did not receive a reminder letter that the 10 year
anniversary date was approaching to give them the opportunity to purchase military service.
Under the Board Attorney's guidance, the Board cannot violate its own regulation, which it
would be doing if it allowed the purchase under the circumstances. The Board is not obligated
to remind the members of the Reading Retirement Board supplemental regulations.
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN
ADVANCE OF MEETING
ADJOURNMENT
• LOUIS DEBRIGARD, JR. moved to adjourn this open session at 6:50 P.M.
SECONDED BY: CAROL ROBERTS
VOTED: (5-0-0) UNANIMOUS
154 6.
C irman, Joseph R..Veno, 2"d elected
viv-) P/I
Sharon M. Angstrom, Ex Offi64o
' ,L
Carol B. Roberts-, I" appointed
Vice Chairman, Thomas A. Clough, 2°° appointed
Louis E. deBrigard, Jr., I" elected