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Home My WebLink About2017-06-27 Retirement Board Minutes�N OFR O r. c Town of Reading Meeting Minutes `NI v r soNCo4 fZt�iiufif7e , r�lsso Bard - Committee - Commission - Council: Contributory Retirement Board 101 DEC I Date: 2017-06-27 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 Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1 1558 R' E C E i V E E) MINUTES OF THE READING RETIREMENT BOARD MEETING TOWN CLERK Tuesday, June 27, 2017 REAMING, MASS. 1We[Ga7d1AgVeAremerit Board held a regular session meeting on June 27, 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, and Board Administrator, Colleen Loughlin. Please let the record show that David Gentile arrived at 5:40 pm. MINUTES • SHARON ANGSTROM moved to accept the May 23, 2017 regular session minutes. SECONDED BY: CAROL ROBERTS VOTED: (3-0-1) ABSTAINED: THOMAS CLOUGH • Minutes from the April 25, 2017 regular session to be signed by all board members. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Laura Vlasuk Health Agent Date of hire — 5/30/17 9%+2% Gr. 1 (Health) Date of membership — 7/7/03 (Transfer from Malden) Antonio DeGerolamo Dispatcher Date of hire & membership — 6/12/17 9% + 2% Gr. 1 (Dispatch) Brendan Sweeney. Admin Asst. Date of hire & membership — 6/12/17 9% + 2% Gr. 1 (Operations) Janey Nicole Dispatcher Date of hire & membership - 6/19/17 9% + 2% Gr. 1 (Dispatch) SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS 9 155-9 � • SHARON ANGSTROM moved to approve the following retirement applications: Maureen Knight Office Manager 8/11/17 (Community Services) Priscilla Osterlind Secretary 8/12/17 (School) SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS 15 years, 0 months 'Option A 31 years, 7 months Option C • _ SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Joseph Sacco Resigned 4/1/16 (IT - School) Total deductions & interest Interest forfeited Less 20% Federal Taxes Net refund (Cash) Nancy Kerrigan Resigned 6/30/11 (Secretary - School) Total deductions & interest Interest forfeited Less 20% Federal Taxes Net refund (Rollover) SECONDED BY: CAROL ROBERTS VOTED: (4-0=0) UNANIMOUS 1 year, 6 mths $ 6,888.97 $ 0.00 $ 1,377.79 $ 5,511.18 6 years, 10 mths $25,111.32 .$ 2,800.24 $ 0.00 $22,311.08 APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the credit card supplemental regulation to submit to PERAC for approval. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0). UNANIMOUS • SHARON ANGSTROM moved to assign Colleen Loughlin as the Board's Records Access Officer (RAO). SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS 15-60 • SHARON ANGSTROM moved to approve request from eligible member to purchase prior non- membership service for creditable service: Priscilla Osterlind . Reading 12/1/82-9/7/86 8 months (pro -rated) The total purchase amount is $1,671.86. Priscilla will make a lump sum payment of $1,671.86. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) ' UNANIMOUS • SHARON ANGSTROM moved to approve involuntary disability retirement application filed by Police Chief Mark Segalla for Laura Bullis. Board agrees to move forward with an evidentiary hearing. SECONDED BY: CAROL ROBERTS VOTED: (4=0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP062017A totaling $336.34 as listed: National Grid $ 21.70 Admin Expense — Heat/Gas RMLD $ 68.92 Admin Expense — Electric NEOPOST $ 245.72 Amin Expense — Postage SECONDED BY: CAROL ROBERTS VOTED: (34=0) UNANIMOUS • SHARON ANGSTROM moved, to approve the following warrant #AP062017 totaling $932,632.35: 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 $ 86,631.34 Federal Tax Deductions Reading Credit Union $ 47;181.00 Credit Union Deductions June Retirement Allowances $. 693,640.69 Net Retiree Payroll Town of Reading Treasurer $ 59,483.46 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 9,027.64 June Staff Salary & Benefits Law Offices of Michael Sacco $ 744.00 Legal Expense -Miscellaneous GWT Realty $ 2,870.00 Rent Cannon Financial Services $ 168.48 Service Contracts -- Copier Joseph Sacco $ 5,511.18 Refund to Member 0 15,6 J. a Internal Revenue Service $ 1,377.79 Refund to Member — 20% Fed Tax . Fidelity Investments $ 22,311.08 Refund to.Member—N. Kerrigan(rollover) SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS David Gentile arrived at 5:40 pm. INFORMATION/QUESTIONS/OTHER ITEMS • Received a request from a retiree for the Board to pay a fee they incurred from their tax provider due to the issue with the filing of the 1099R for 2015. Confirmed with legal that the Reading Retirement is not obligated and cannot pay this fee that the retiree incurred. No one is required to retain a tax consultant to file their taxes. • Received application from member, Elsbeth Licari, who has elected to have retirement deductions withheld beyond the age of 70. • A transfer amount of $59,697.05 dated 5/31/17 was received from the Winchester Retirement Board for Janet Hebert. The Winchester Retirement System will accept liability for 1 year and 4 months of creditable service. Janet Hebert had prior service with Reading — 1 year and 3 months and Swampscott — 11 years and 1 month (Total creditable service = 13 years and .8 months). • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2017. Bank Reconciliation for the month ending May 31, 2017. Reading Co-op Bank Statement for the month ending May 31, 2017. MMDT Bank Statement for the month ending May -34, 2017. • The next board meeting is scheduled for Tuesday, July 18, 2017 at 4:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. MEMORANDUMS & LETTERS RECEIVED PERAC Memo # 18/2017 — Tobacco Company List PERAC Memo #19/2017 — PROSPER System Changes PERAC Memo #20a/2017 — Application of New Public Records Law on Local, County, and Regional Retirement Boards I 1bb.1 OLD & NEW BUSINESS • SHARON ANGSTROM moved to approve pay increase for FYI that coincides with the Town. DISCUSSION: Town is giving a.75% COLA and 2% STEP for July 1, 2017. Colleen Loughlin will receive .75% increase for COLA and 2% STEP. The new Assistant Administrator will -receive the .75% COLA but will wait for her 6 month review to get the STEP increase. SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve hiring Katie Mahan for temporary help for Colleen, Administrator for $25/hour for a maximum of 15 hours/week. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:35 P.M. SECONDED BY: CAROL ROBERTS VOTED: . (5-0-0) UNANIMOUS oseph R. Veno, 2° elected r U -4 I '* lL_ ✓71" &J Sharon M. Angstrom, Ex Offici �,1" Carol B. Roberts, 1St appointed` Vice A°Clough, 2°° appointed d A. Gentile, Is' elected