The URL can be used to link to this page

Home My WebLink About2017-04-25 Retirement Board MinutesTown of Reading r Meeting Minutes .f o - ( 6397lNCOR4�� iJ j..., " J 4 Board - Committee - Commission - Council: DEC ] �, P- Contributory Retirement Board �� # Date: 2017-04-25 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, Carol Roberts, David Gentile Members - Not Present: Others Present: Colleen Loughlin, Paul Todisco, Francesco Daniele, (PRIM), Peter'Lydecker. (FINCOM) Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1 1547 F,E ",,i N CI ��`Et11�INUTES OF THE READING RETIREMENT BOARD MEETING 1Et,Di',dr,, .tj A, 5S. Tuesday, April 25, 2017 ThIl DEC:: ti P 3- e Reading Retirement Board held a regular session meeting on April 25, 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, Carol Roberts, David Gentile and Board Administrator, Colleen Loughlin. Paul Todisco and Francesco Daniele from PRIT attended this meeting. FINCOM member, Peter Lydecker also attended this meeting. SPECIAL ITEM Paul Todisco and Francesco Daniele, Senior Client Service Officers from the PRIM Board, attended this meeting to discuss the performance of the funds in PRIT. APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to nominate Joseph Veno as Chairman. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS • SHARON moved to nominate Thomas Clough as Vice -Chairman. SECONDED BY: VOTED: MINUTES DAVID GENTILE (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to accept the March 28, 2017 regular session minutes. David Gentile was not a board member at the time. SECONDED BY: THOMAS CLOUGH VOTED: (4-0-1) ABSTAINED: DAVID GENTILE • Minutes from the February 21, 2017 regular session to be signed by all board members, except Joseph Veno and Thomas Clough who were not present. • Minutes from the March 22, 2017 special session to be signed by all board members, except Sharon Angstrom and Thomas Clough who were not present. 1548 APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new member: Thomas Ferris, Jr. Supervisor Date of hire — 4/10/17 9%+2% Gr. 1 (DPW) Date of membership — 5/1/84 (Transfer from Lawrence) SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Robert Keating, Jr. Supervisor 6/3/17 26 years, 7 months Option C (DPW) Johanna Roman (Technology) SECONDED BY VOTED: Technician 7/4/17 THOMAS CLOUGH (5-0-0) UNANIMOUS 10 years, 6 months Option A • SHARON ANGSTROM moved to approve the following retirements approved by PERAC: Kenneth Campbell, Jr. Fire 12/31/16 43 years, 3 mths Option C (Superannuation) Annuity: $ 13,381.92 Pension: $ 62,132.04 Yearly: $ 75,513.96 Monthly: $ 6,292.83 David Stamatis (Superannuation) . Philip Perry (Superannuation) Police DPW 1/7/17 Annuity: Pension: Yearly: Monthly: 12/28/16 Annuity: Pension: Yearly: Monthly: 32 years, 0 mths $ 17,578.08 $ 68,238.36 . $ 85,816.44 $ 7,151.37 28 years, 0 mths $ 8,524.44 $ 22,605.12 $ 31,129.56 $ 2,594.13 Option C Option C 1549 - Michael Saunders (Superannuation) SECONDED BY VOTED: Police 1/8/17 Annuity: Pension: Yearly: Monthly THOMAS CLOUGH (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 32 years, 0 mths Option C $ 15,196.32 $ 58,9.92.84 $ 74,189.16 $ 6,182.43 • SHARON ANGSTROM moved to approve and sign the Annual Statement for PERAC for calendar year ended December 31, 2016. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS • SHARONG ANSGSTROM moved to accept the insurance proposal from Allied World for $8,256.20. ; SECONDED BY: THOMAS CLOUGH VOTED: . (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the request from the Board Administrator to attend the PERAC Domestic Relations Orders training on May 17, 2017 at PERAC's Somerville Office. SECONDED BY: THOMAS CLOUGH VOTED: (5-0=0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP042017A totaling $462.57 as listed: National Grid $ 33.28 Admin Expense —Heat/Gas RMLD $ 60.81 Admin Expense — Electric Cannon Financial Services $- 168.48 Contract Services — Copier NEOPOST $ 200.00 Amin Expense - Postage SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS 1550 • SHARON ANGSTROM moved to approve the following warrant #AP042017 totaling $1,134,078.46: Commonwealth of Mass. $ 388.21 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,613.13 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support Internal Revenue Service $ 84,801.63 Federal Tax Deductions Reading.Credit Union $ 46,011.00 Credit Union Deductions April Retirement Allowances $ 684,381.35 Net Retiree Payroll Town of Reading Treasurer $ 56,993.47 Hlth; Life, & Dental Ins. Deductions Town of Reading Treasurer $ 6,376.40 April Staff Salary & Benefits Law Offices of Michael Sacco, $ 768.00 Legal Expense -Miscellaneous GWT Realty $ 2,870.00 Rent Town of Reading $ 79.50 Service Contract - Metrofax Boston Retirement Board $ 8,697.44 Section 3(8)(c) Reimb for 2016 Essex Regional Retirement Bd $ 66,586.82 Section 3(8)(c) Reimb for 2016 Mass Teachers' Retirement Bd $ 172,215.16 Section 3(8)(c) Reimb for 2016 Thomson Reuters — West $ 108.00 Admin Expense - Chapter 32 Inserts MIIA Property & Casualty Ins $ 504.00 Admin Expense - Insurance SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Treasurer needs updated signatures from the Board. • Linda Bournival, Actuary from KMS, would like to attend the June 27, 2017 board meeting to discuss the valuation as of January 1, 2017. • Received -application from member, Maureen Knight, who has elected to have retirement deductions withheld beyond the age of 70. • Received copy of letter from Attorney Sacco that was addressed to Attorney Gerald McDonough regarding Margaret Plansky's Excess Earnings Pursuant to M.G.L. c. 32, § 91. The letter outlines the Board's request to allow Ms. Plansky to repay the Reading Retirement System her excess earnings over a period not to exceed twelve (12) months. Attorney Sacco also noted that the Board will ask that Ms. Plansky execute a promissory note, 'which Attorney Sacco's office will draft, to obligate her estate to pay the remainder of any debt in the event of her death prior to the completion of the repayment period. Update: received an email from Attorney Sacco that there is an agreement, which is $1.000 per month starting this May with the balance due on or before April 30, 2018. Attorney Sacco will draft a Promissory Note and Ms. Plansky's approval ready for the May board meeting. 1551 a • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending March 31, 2017. Bank Reconciliation for the month ending March 31, 2017. Reading Co-op Bank Statement for the month ending March 31, 2017. MMDT Bank Statement for the month ending March 31, 2017. • The next board meeting is scheduled for Tuesday, May 23, 2017 at 5:00 pm in the Conference Room at2 Haven Street, Unit 307, Reading. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #17/2017 —Mandatory Retirement Board Member Training — 2"d Quarter 2017 OLD & NEW BUSINESS • Active member is retiring this year and had previous non -membership service before becoming a member of -the Reading Retirement System. We were able to find payroll records that indicate her annual salary but not her hours worked in order to determine creditable service. If there are no hours affiliated with the salary, then ok to use the minimum wage at that period to determine hourly rate and hours. Check with School Department first for records. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 7:15 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS airman, Joseph R. Veno, 2" elected Ova, Sharon M. Angstrom, Ex Officio Carol B. Roberts, 1St appointe J Vice Chairman, T oma A. Clough, 2n appointed David A. Gentile, 1" elected r 1552