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Home My WebLink About2017-07-18 Retirement Board Minutes,. Town of Reading y Meeting Minutes NCO 'j Board - Committee - Commission - Council: Contributory Retirement Board 1811 DEC .1:4W Date: 2017-07-18 Time: 5:00 PM c Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: General Version: Final Attendees: Members - Present: Vice Chairman Thomas Clough, Sharon Angstrom, Carol Roberts; David Gentile Members.- Not Present: Joseph Veno Others Present: Colleen Loughlin Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1 1563 CI`w�� { l w L E M;\T41NUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, July 18, 2017 loll DtC _la P 3= t 11 The Reading Retirement Board held a regular session meeting on July 18 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 Vice Chairman Thomas Clough in the presence of members Sharon Angstrom, Carol Roberts, David Gentile and Board Administrator; Colleen Loughlin. Joseph Veno was not able to attend. MINUTES • SHARON ANGSTROM moved to accept the June 27,-2017 regular session minutes as ammended. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) • Minutes from the May 23, 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: Jennifer Bove HR Admin Date of hire — 10/21/13 9%+2% Gr. 1 (School) Date of membership — 7/1/17 (Possible make-up from Reading) Endri Kume Treasurer Date of hire & membership — 7/17/17 9%+2% Gr. I (Finance) SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON .ANGSTROM moved to approve request from Admin and Assist Admin to attend an Educational Seminar for Board Administrators on November 14`h in Danvers, MA. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) . UNANIMOUS 'i56 a' APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP072017A totaling $403.70 as listed: NEOPOST $ 403.70 Amin Expense — Postage SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP072017 totaling $972,124.89 Commonwealth of Mass. Commonwealth of Mass. Commonwealth of Mass. Internal Revenue Service Reading Credit Union July Retirement Allowances Town of Reading Treasurer Town of Reading Treasurer Law Offices of Michael Sacco GWT Realty Cannon Financial Services 'National Grid RMLD Colleen Loughlin, Petty Cash MIIA $ 405.13 $ 1,613.13 $ 1,684.35 $ 87,891.98 $ 48,566.00 $ 703,416.49 $ 59,137.73 $ 6,570.71 $ . 1,800.00 $ 2,870.00 $ 168.48 $ 22.40 $ 96.47 $ 77.65 $ 1,141.00 Town of Reading $ 144.33 State Retirement Board $ 56,519.04 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS RHA Health Ins. Deductions State Tax Deductions Child Support Federal Tax Deductions Credit Union Deductions Net Retiree Payroll Hlth, Life, & Dental Ins. Deductions July Staff Salary & Benefits Legal Expense -Miscellaneous Rent Service. Contracts — Copier Admin Expense — Heat/Gas Admin Expense — Electric. Admin Expense — Postage Fiduciary Ins. — Property, Casualty, & Workers Comp Admin Expense — Minutes Book & Paper Section 3(8)(c) Reimbursement for 2016 • SHARON ANGSTROM moved to approve the following warrant #AP072017B totaling $635.41: Internal Revenue Service $ 69.37 Federal Tax Deductions Reading Credit Union $ 25.00 Credit Union Deductions July Retirement Allowances $ 541.04 Net Retiree Payroll 1565 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Discussion of old Admin System (VAX). The Town's old system, VAX, is on a server that won't be supported in the future. Since the Town is looking to extract this data and retirement mostly uses the old system, would it be beneficial for some of this data to be extracted for purposes of retirement. When Retirement switched to Pension Technology Group, the data was dumped up to 2008 and then broken out each following year. The Board would like to know from PTG if there is a way to correct the data dump year. If so, at what cost? • Received letter dated June 30, 2017 from PERAC accepting the Board's Supplemental Regulations regarding membership. • Retiree Paul Sheridan received a "Notification of Termination" from PERAC for failure to file his 2016 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan regarding this issue. No response from Mr. Sheridan. e On June 28, 2017, PERAC notified this board that Mark W. Spataro was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job. • A COLA reimbursement of $70,007.72 from the State for the period 1/1/17-6/30/17 was received on 7/5/17. • A check was received from the following Board for full payment of its Section 3(8)(c) reimbursement. - State Retirement Board • A transfer amount of $130,600.74 dated 6/28/17 was received from the Lawrence Retirement Board for Thomas Ferris, Jr. The Lawrence Retirement System will accept liability for 8 years and 3 months of creditable service. Thomas Ferris, Jr. had prior service with the State — 11 years and 9 months, Winchester — 3 years and 6 months, and Andover _ 4 months (Total creditable service = 23 years and 10 months). • Dorothy Morris, who worked for the School Department and retired on November 3, 1992, passed away on July 13, 2017. She chose Option A at her retirement. • The next board meeting is scheduled for Tuesday, August 22, 2017 at 4:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. Linda Bournival from KMS Actuaries will -,be attending to discuss the funding schedule. Attorney Sacco will attend the August 291h Special. meeting to conduct the evidentiary hearing for Laura Bullis. 1566 MEMORANDUMS & LETTERS RECEIVED PERAC Memo #21/2017 - Mandatory Retirement Board Member Training — 1 st Quarter 2017 Save the Date! PERAC Hits the Road with Educational Seminars for Board Administrators: August 10th =Northampton October 17th — Hyannis November 14th - Danvers OLD & NEW BUSINESS The new Assistant Administrator informed Colleen Loughlin that her vacation is running from 7/29/17 — 8/8/17. It was not conveyed that her vacation .extended more than a week when she informed us in the interview that she would be on vacation the week of 7/29/17. Her start date is scheduled for July 24th and the Board agreed to pay her a weeks' vacation at the June 27th Board meeting. The Board agreed to pay for the one week vacation time but not the 2 additional vacation days. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 5:43 P.M. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS Chairman, Joseph R. Veno, 2"0 elected 01 / L11 ()J Sharon M. Angstrom, Ex Otocio a_t Carol B. Roberts, 1St appointed i_ /J% ( _ S �Liee Chairman, Trliornps A/Clough, 2"° appointed id A G n ie lKl' elected