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Home My WebLink About2017-05-23 Retirement Board MinutesOWN OF R�Adi • c Town of Reading .U, Meeting Minutes Board - Committee - Commission - Council: 1IIll DEC t °1 Contributory Retirement Board 1 1 P- Date: 2017-05-23 Time: 5:02 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, Sharon Angstrom, Carol Roberts, Members - Not Present: Thomas Clough, David Gentile Others Present: Colleen Loughlin Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1. 1.5 5 3 I, INUTES OF THE READING RETIREMENT BOARD MEETING Ru' CI O. r 1 i 0 �'.4- }�CC Tuesday, May 23, 2017 D�NG, i 1r�JJ. �t ��rr �� p Reti3:`.t.l 'ri1�K Ai g rement Board held a regular session meeting on May 23, 2017, in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 5:02 P.M. by Chairman Joseph Veno in the presence. of members Sharon Angstrom, Carol Roberts, and. Board Administrator, Colleen Loughlin. David Gentile and Thomas Clough were not able to attend. MINUTES • SHARON ANGSTROM moved to accept the April 25, 2017 regular session minutes. SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS • Minutes from the March 28, 2017 regular session to be .signed by all board members, except David Gentile who was not a member. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Charles Desrosiers, Jr' Laborer Date of hire & membership— 5/1/17 9%+2%- Gr. 1 (DPW) b Renee Smith Librarian Date of hire — 6/6/13 9% + 2% Gr. 1 (Library) Date of membership —4/3/17 1 Nicholas Bonfanti Custodian Date of hire & membership — 5/1/17 9% + 2% Gr. 1 (School) Janet Hebert Admin Asst Date of hire — 5/8/17 9% + 2% Gr. 1 (Facilities) Date of membership — 7/7/03 (Transfer from Winchester) SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS 1-554- SHARON -554 SHARON ANGSTROM moved to approve the following retirement applications: Darlene Porter Admin Asst. 6/16/17 30 years, 10 months Option A (Facilities) 19 years, 1 mth Option C Philip Boisvert Captain 6/02/17 34 years, 0 months Option C (Fire) $ 20,338.92 Stephen DeFerrari General Line 7/08/17 39 years, 1 month Option C (RMLD) Foreman SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirements approved by PERAC: Joseph Belmonte, Jr. Police 03/28/17. 19 years, 1 mth Option C (Superannuation) Annuity: $ 8,516.16 Pension: $ 20,338.92 Yearly:: $ 28,855.08 Monthly: $ 2,404.59 Michael Holmes Fire 03/31/17 (Superannuation) Annuity: Pension: Yearly: Monthly: SECONDED BY: CAROL ROBERTS. VOTED: (3-0-0) UNANIMOUS 34 years, 2 mths Option C $ 12,404.88 $ 48,594.24 $ 60,999.12 $ 5,083.26 APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve request from eligible member to purchase military service for creditable service: Matthew Berger Navy -USN 05/24/99-09/01/06. 4, years, 0 months The total purchase amount is $16,644.90. Matthew will start payroll deductions of $128.04/pay period starting June 2, 2017. SECONDED BY: CAROL ROBERTS VOTED: (3-0=0) UNANIMOUS 1555 • SHARON ANGSTROM moved to approve a COLA increase for FY 2018, which begins on July 1, 2017 and ends June 30, 2018. It is limited to a maximum amount of 3% of $12,000, which is reflected in the July 2015 actuarial valuation. (the valuation reflects $14,000 base, but FINCOM objected the $14,006 base article). C SECONDED BY: CAROL ROBERTS VOTED: (3=0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant 4AP052017A totaling $328.38 as listed: National Grid $ 22.40 Admin Expense — Heat/Gas RMLD $ 63.96 Admin Expense — Electric NEOPOST $ 242.02 Amin Expense — Postage SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP052017 totaling $887,285.62: 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 $ 84,945.15 Federal Tax Deductions Reading Credit Union $ 45,911.00 Credit Union Deductions May Retirement Allowances $ 685,153.96 Net Retiree Payroll Town of Reading Treasurer $ 56,855.31 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 5,971.09 May Staff Salary & Benefits Law Offices of Michael Sacco $ 1,008.00 Legal Expense -Miscellaneous GWT Realty $ 2,870.00 Rent . W.B. Mason Co, Inc. $ 91.94 Administrative Expense - supplies FORMAX $ 625.00 _Service Contracts — Folder/Sealer Cannon Financial Services $ 168.48 Service Contracts — Copier Reduced Check 45244 dated 4/28/17 - Boston Retirement Board for Section. 3(8)(c) Reimbursement for 2016. Invoice was submitted for $8,697.44 and approved by the. Board at the April 25, 2017 board meeting. Payment was reduced to $8,679.94 as we have not received an amendment from PERAC to adjust the amount due. 1556 SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Received signed Promissory Note and Mutual Release that was created by Attorney Sacco. Margaret Plansky signed both copies requesting the Chairman to sign the 2 copies and return one fully executed copy. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement: - Essex Retirement Board - Everett Retirement Board • A transfer amount of $22,563.05 dated 4/28/17 was received from the Springfield Retirement Board for Joyce Mulvaney. The Springfield Retirement System will accept liability for 3 years and 2 months of creditable service. • A transfer amount of $244.95 dated 4/28/17 was received from the Essex Regional Retirement Board for Eric Beaulieu. There is no creditable service being transferred as it was additional contributions. • Received Notice of Appeal from Sean Wilson regarding his military -service buyback. • Finally received letter dated 5/12/17 from PERAC giving approval for a second clarification request for Rachid Kourbali: Attorney Sacco will be drafting and submitting to PERAC by next week. • Linda Bournival, Actuary from KMS, will be attending the June 27, 2017 board meeting to discuss the valuation as of January 1, 2017. • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly. statement & fund performance for period ending April 30, 2017. Bank Reconciliation for the month ending April 30, 2017. Reading Co-op Bank Statement for the month ending April 30, 2017. MMDT Bank Statement for the month ending April 30, 2017. • The next board meeting is scheduled for Tuesday, June 27, 2017 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. c MEMORANDUMS & LETTERS RECEIVED PERAC Pension News No. 46 OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 5:30 R.M. SECONDED BY: CAROL ROBERTS . VOTED: (3-0-0) UNANIMOUS airman, Joseph /R. Veno, 2" elected tir1"nn Sharon Angstrom, Ex Ofl io C�.,� Carol B. Roberts, 1" appointed Vice Chairman, Thomas A. Clough, 2 "d appointed David A. Gentile, 1" elected