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Home My WebLink About2017-08-22 Retirement Board MinutesOWN OFR�O �c Town of Reading y Meeting Minutes 11 A Board - Committee - Commission - Council: Contributory Retirement Board _ 811 DEC I f P 1= 411 j Date: 2017-08-22 Time:. 4:00 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, Elaine Kelly, Linda Bournival (KMS Actuaries) Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1 1567 TO, Pj i. , ITESJOF THE READING RETIREMENT BOARD MEETING READING, MASS. Tuesday, August 22, 2017 1011 DEC -u P 3:i The Reading Retirement Ward held a regular session meeting on August 22, 2017 in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 4:00 P.M. by Chairman Joe Veno in the presence of members Thomas Clough, Sharon Angstrom, Carol Roberts, David Gentile, Board Administrators: Colleen Loughlin and Elaine Kelly. Linda Bournival from KMS Actuaries was also present. SPECIAL ITEM • Linda Bournival from KMS Actuaries, LLC attended this meeting to discuss various reports for the valuation. Based on the Board's request, Linda will make some adjustments and will send new funding schedules for the Board to review. MINUTES • THOMAS CLOUGH moved to accept the July 18, 2017 regular session minutes as ammended. SECONDED BY: SHARON ANGSTROM . VOTED: (470-1) ABSTAINED: JOSEPH VENO • Regular session minutes for the June 27, 2017 meeting were signed by all board members. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • THOMAS CLOUGH moved to approve the following new members: Jo -Ann Moriarty Secretary Date of hire — 8/7/17 .9%+2% Gr. 1 (School) Date of membership — 9/1/06 (Transfer from State) Elaine Kelly Asst Admin Date of hire & membership — 8/7/17 9%+2% Gr, 1 (Retirement) Jonathan Dyer Firefighter Date of hire & membership — 8/14/17 9% + 2% Gr. 4 (Fire) Kristen Grover Admin Specialist Date of hire & membership — 8/7/17 9%+2% Gr. 1 (Public Service) 1568 Jennifer Bove HR Admin Date of hire —10/21/13 9%+2% Gr. 1 (School) Date of membership — 7/1/17 SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • THOMAS CLOUGH moved to approve the following transfer of funds to other system: Elizabeth Conway To State Retirement Board $47,033.09 7 years, 9 mths (School) SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • THOMAS CLOUGH moved to approve final calculations for the following retirements approved by PERAC: Robert Keating, Jr. DPW 06/03/17 27 years..0 mths Option C (Superannuation) Annuity: $ 16,040.16 Pension: $ 40,735.80 Yearly: $ 56,775.96 Monthly: $ 4,731.33 Johanna Roman Technology 07/04/17 10 years, 6 mths Option A (Superannuation) Annuity: $ 3,894.60 Pension: $ 4,547.28 Yearly: $ 8,441.88 Monthly: $ 703.49 Paula Schena Operations 05/05/17 24 years, 4 mths Option B (Superannuation) Annuity: $ 8,994:48 Pension: $ 22,997.28 Yearly: $ 31,991.76 Monthly: $ 2,665.98 Philip Boisvert Fire 06/02/17 34 years, 4 mths Option C (Superannuation) Annuity: $ 14,830.20 Pension: $ 64,488.96 Yearly:. $ 79,319.16 Monthly: $ 6,609.93 SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS 1 15.6 9 a. APPROVAL OF INVOICES TO BE PAID • THOMAS CLOUGH moved to approve the following warrant #AP082017A totaling $798.32: NEOPOST $ 563.30 Amin Expense — Postage Neopost USA $ 134.90 Service Contracts - Postage National Grid $ 20.30 Admin Expense —Heat/Gas RMLD $ 79.82 Admin Expense - Electric' SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • THOMAS CLOUGH moved to approve the following warrant4AP082017 totaling $975,713.90: Commonwealth of Mass. $ 396.67 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,613.13 State Tax Deductions Commonwealth of Mass. $ 1,684.35 Child Support Internal Revenue Service $ 90,057.49 Federal Tax Deductions Reading Credit Union $ 48,761.00 Credit Union Deductions Aug Retirement Allowances $ 713,338.26 Net Retiree Payroll Town of Reading Treasurer $ 59,632.29 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 9,810.50 Aug Staff Salary & Benefits Law Offices of Michael Sacco $ 264.00 Legal Expense -Miscellaneous GWT Realty $ 2,870.00 Rent Cannon Financial Services $ 168.48 Service Contracts — Copier State Retirement Board $ 47,033.09 Transf to Other Syst — Elizabeth Conway W.B. Mason Co., Inc. $ 84.64. Admin Expense — office supplies SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • A transfer amount of $38,661.27 dated 7/27/17 was received from the Malden Retirement Board for Laura Vlasuk. The Malden Retirement System will accept liability for 1 year and 9 months of creditable service. Laura Vlasuk had prior service with Everett — 6 years and 8 months (Total creditable service = 8 years and 5 months). • Received memo from PERAC regarding G.L. c. 32, § 91A. PERAC enclosed a Verification of Information Report that lists disability retirees who have reported earnings in an amount that may result in an adjustment to their disability retirement allowance. The board administrator will review the report and update or make any necessary changes to the annuity, pension, 70 dependency, and/or worker compensation offset amounts, and will send a request to department heads for the annual current salary. Data must be returned to PERAC on or before August 31, 2017. • Received a response from the Medical Panel regarding Rachid Kourbali. The four questions that Attorney Sacco requests clarification responses to "in as much detail as possible" are clinically very complex and not easily summarized in a correspondence response. In addition, they are difficult to answer at this time point, which is 10 months following an evaluation of the patient for the purpose of answering the three questions that are listed in the PERAC Regional Medical Panel Certificate in a concise and succinct format. The Panel suggests that the patient be re- evaluated by a Medical Panel with detailed and specific questions highlighted by the Retirement Board for that Panel to address in the course of their record review and subsequent evaluation of the patient. Received a copy of Attorney Sacco's request for PERAC approval regarding a Supplemental Regulation for Credit Card Use. Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2017. General Ledger Trial Balance as of January 31 — July 31, 2017. Cash Receipts, Adjustments, and Disbursements 'as of January 31 — July 31, 2017. Bank Reconciliation for the month ending July 31, 2017. Reading Co-op Bank Statement for the month ending July 31, 2017. MMDT Bank Statement for the month ending July 31, 2017. • The next board meeting is scheduled for Tuesday, August 29, 2017 at 4:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. Attorney Sacco will conduct the evidentiary hearing for Laura Bullis. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #22/2017 — PROSPER and the Legal Review of Disabilities PERAC Memo #23/2017 — MTRS c. 32, section 3(8)(c) Reimbursements PERAC Memo #24/2017 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors PERAC Memo #25/2017 — The Repeal of G.L. c. 32, § 90G3/4 PERAC Pension Newsflash, July 19, 2017 PERAC Memo #26/2017 — Access to PROSPER PERAC Memo #27/2017 — Reinstatement to Service under G.L. c. 32 § 105 PERAC Memo — Forfeiture of Retirement Allowance for Dereliction of Duty by Members '570 dependency, and/or worker compensation offset amounts, and will send a request to department heads for the annual current salary. Data must be returned to PERAC on or before August 31, 2017. Received a response from the Medical Panel regarding Rachid Kourbali. The four questions that Attorney Sacco requests clarification responses to "in as much detail as possible" are clinically very complex and not easily summarized in a correspondence response. In addition, they are difficult to answer at this time point, which is 10 months following an evaluation of the patient for the purpose of answering the three questions that are listed in the PERAC Regional Medical Panel Certificate in a concise and succinct format. The Panel suggests that the patient be re- evaluated by a Medical Panel with detailed and specific questions highlighted by the Retirement Board for that Panel to address in the course of their record review and subsequent evaluation of the patient. Received a copy of Attorney Sacco's request for PERAC approval regarding a Supplemental Regulation for Credit Card Use. Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2017. General Ledger Trial Balance as of January 31 — July 31, 2017. Cash Receipts, Adjustments, and Disbursements as of January 31 — July 31, 2017. Bank Reconciliation for the month ending July 31, 2017. Reading Co-op Bank Statement for the month ending July 31, 2017. MMDT Bank Statement for the month ending July 31, 2017. • The next board meeting is scheduled for Tuesday, August 29, 2017 at 4:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. Attorney Sacco will conduct the evidentiary hearing for Laura Bullis. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #22/2017 — PROSPER and the Legal Review of Disabilities PERAC Memo #23/2017 — MTRS c. 32, section 3(8)(c) Reimbursements PERAC Memo #24/2017. — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors PERAC Memo #25/2017 — The Repeal of G.L. c. 32, § 90G3/4 PERAC Pension Newsflash, July 19, 2017 PERAC Memo #26/2017 — Access to PROSPER PERAC Memo #27/2017 — Reinstatement to Service under G.L. c. 32 § 105 . PERAC Memo — Forfeiture of Retirement Allowance for Dereliction of Duty by Members 1571 PERAC Reminder — Emerging Issues Forum at Hogan Conference Center College of the Holy Cross, Worcester, MA on September 14, 2017 from 9-3:00. PERAC 2016 Annual Report PERAC Pensions News No. 47 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 6:00 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS C airman, Joseph R.. Veno, 2ndelected 9/Ah 6 Sharon M. Angstrom, Ex Offici . L - Carol B. Roberts, I" appointed r Vice Chairman, Thoma ough, 2" appointed Davi/dA. Gentile; I" elected