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Home My WebLink About2017-09-26 Retirement Board Minuteso N oFI? CPATown of Reading "' `y b Meeting Minutes ,sS9tlNCOR4�� 10 lt't i V v jj ;1 Board - Committee Commission - Council: Contributory Retirement Board -2011 'DEC I I' P 2: 5!� I Date: 2017-09-26 Time: 500 Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: Generall 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 Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: SEE ATTACHED Page 1 1 J 1574 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, September 26, 2017 The Reading Retirement Board held a regular session meeting on September 26, 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 Joe Veno in the presence of members Thomas Clough, Sharon Angstrom, Carol Roberts, David Gentile, and Board Administrators Colleen Loughlin and Elaine Kelly. . MINUTES • SHARON ANGSTROM moved to accept the August 22, 2017 regular session minutes. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS • DAVID GENTILE moved to accept the August 29, 2017 special session minutes, except Sharon Angstrom who was not present. SECONDED BY: THOMAS CLOUGH VOTED: (4-0-1) ABSTAINED: SHARON ANGSTROM • DAVID GENTILE moved to accept the August 29, 2017 executive session minutes, except Sharon Angstrom who was not present. SECONDED BY: THOMAS CLOUGH VOTED: (4-0-1) ABSTAINED: SHARON ANGSTROM • Regular session minutes for the July 18, 2017 meeting were signed by all board members, except Joseph Veno who was not present. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Courtney Fogarty Data Coach Date of hire — 2/1/16 9%+2% Gr. 1 (School) Date of membership — 7/1/17 Elaine Kelly * Asst Admin Date of hire & membership — 7/24/17 9%+2% Gr. 1 (Retirement) ki 1575 � *Revised - originally approved at August 22, 2017 meeting with a date of membership of 8/7/17. The correct date of membership is 7/24/17. John McDonagh Line Foreman Date of hire & membership - 9/18/17 9% + 2% . Gr. 4 (RMLD) Hong Long Systems Analyst Date of hire & membership - 9/18/17 9% + 2% Gr. 1 (RMLD) SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Tirzah Shakespeare Resigned 8/16/1.7 4 years, 7 mths (RMLD) Total deductions & interest $34,198.35 Interest forfeited $ 0.00 Less 20% Federal Taxes $ 6,839.67 Net refund (Rollover) $27,358.68 SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS r • SHARON ANGSTROM moved to approve the following retirement applications: David Roy Firefighter 11/15/17 32 years, 0 months Option A (Fire) Frank Veglia Maint. Supervisor 12/05/17 16 years, 8 months Option A (RHA) Linda Whyte Director 09/30/17 20 years, 1 month Option A (RHA) SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS , SHARON ANGSTROM moved to approve final calculations' for the following retirements approved by -PERAC: 1576=a SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve request from eligible member to purchase prior non- membership service for creditable service: Renee Smith Reading 6/6/13-4/2/17 2 years and 8 months (pro -rated) The principal purchase cost is $11,098.92. Renee will begin payroll deductions of $150.00 with the October 6, 2017 pay period. Anita Hogan School 06/16/17 22 years, 2 mths Option A (Superannuation) Annuity: $ 3,893.28 Pension: $ 7,914.24 Yearly: $ 11,807.52 Monthly: $ 983.96 Darlene Porter Facilities 06/17/17 30 years, 9 mths Option A (Superannuation) Annuity: $ 7578.36 Pension: $ 26,259.24 Yearly: $ 33,837.60 Monthly: $ 2,819.80 Robert Keating, Jr. DPW 06/03/17 27 years, 0 mths Option C (Superannuation) Annuity: $ 16,041.24 Pension: $ 40,734.72 Yearly: $ 56,775.96 Monthly: $ 4,731.33 Stephen DeFerrari RMLD 07/08/17 38 years, 10 mths Option C (Superannuation) Annuity: $ 15,658.92 Pension: $ 79,325.64 Yearly: $ 94,984.56 Monthly: $ 7,915.38 Robert Ripley, Sr. DPW 07/29/17 22 years, 3 mths Option A (Superannation) Annuity: $ 5,855.40 (Pop -Up) Pension: $ 37,713.60 Yearly: $ 43,569.00 Monthly: $ 3,630.75 SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve request from eligible member to purchase prior non- membership service for creditable service: Renee Smith Reading 6/6/13-4/2/17 2 years and 8 months (pro -rated) The principal purchase cost is $11,098.92. Renee will begin payroll deductions of $150.00 with the October 6, 2017 pay period. 1579-a SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to accept Schedule Cl for`the funding schedule. This schedule will allow the Board to stay on track and not incur additional costs. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) . UNANIMOUS • SHARON ANGSTROM moved to approve the request from Administrators to attend the MACRS Fall 2017 Conference being held October 1 — 4, 2017 (would only attend Oct 3 — Oct- 4) at Sheraton Springfield in Springfield, MA. C SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP092017A totaling $114.27: National Grid $ 23.80 Admin Expense — Heat/Gas RMLD $ 90.47 Admin Expense — Electric SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP092017 totaling $971,540.22: 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 $ 91,215.32 Federal Tax Deductions Reading Credit Union . $ 49,641.00 Credit Union -Deductions Sept Retirement Allowances $ 717,366.66. Net Retiree Payroll Town of Reading Treasurer $ 59,959.44 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 10,373.54 Sept Staff Salary & Benefits Law Offices of Michael Sacco $ 1,080.00 Legal Expense -Miscellaneous GWT Realty $ 2,870.00 Rent Cannon Financial Services $ 168.48 Service Contracts — Copier Tirzah Shakespeare . $ 27,358.68 Refund to Member Internal Revenue Service $ 6,839.67 Refund to Member — 20% Fed Taxes Town of Reading $ 41.00 Admin Expense —Notice of Deposits. MACRS $ 600.00 Sheraton Springfield $ 332.28 State Retirement Board $ 47,033.09 W.B. Mason Co., Inc. $ 84.64 SECONDED BY: THOMAS CLOUGH VOTED: (54=0) UNANIMOUS INFORMATION/QUESTIONS 1578 Education-MACRS Fall 2017Conference Travel — Room Reservation Transf to Other Syst — Elizabeth Conway Admin. Expense — office supplies 840 CMR Travel — Reminder travel and related expenses are to be approved by the Board in advance of travel. A statement describing the presentation, conference or seminar should be entered into the minutes of the meeting following the travel. • A transfer amount of $64,479.60 dated 9/15/17 was received from the State Retirement Board for Jo -Ann Moriarty. The State Retirement System will accept liability for 10 years 10 months and 23 days of creditable service. Received a letter from PERAC dated 9/12/17 regarding the review of the Board's proposed supplemental regulation which was submitted by letter dated July 17, 2017 which concerns credit card use. PERAC recognizes and appreciates the Board's intention to continue to utilize a competitive bidding process to procure supplies and equipment.' As written, the proposed supplemental regulation directly violates the provisions of 840 CMR 2.11 (2) so PERAC cannot approve the proposed supplemental regulation. PERAC recommends that the Board redraft and resubmit its proposed supplemental regulation in accordance with PERAC's comments and 840 CMR 2.11(2). Attorney Sacco would like to write to the Commission 'and ask that it consider amending its regulation to allow boards to use a credit card in the intended manner. • Attorney Sacco submitted an approved Lump Sum Agreement with respect to Mr. Helmka's September 20, 2012 industrial injury. The Reading Retirement Board will receive $3,000.00. • Received a copy of the letter addressed to Kenney & Conley, PC with regards to Lisa Palermo v. Andover Small Engine Service, Inc. Attorney Sacco has requested that they provide to this office a copy of Ms. Palermo's complaint and the answer filed. in response so that the Board can conduct a more meaningful review. • Robert Ripley, Sr. chose Option C at his retirement and his spouse has passed away. Calculation (Option C "pop-up") was sent to PERAC for approval. • Discussion on notarizing affidavits. The Board would like to review how the majority of other boards handle notarization of the affidavit. • Copies of the following Reading Retirement Board reports were emailed .for review: The PRIT fund's monthly statement & fund performance for period ending August 31, 2017. General Ledger Trial Balance as of August 31, 2017. 1579 Cash Receipts, Adjustments, and Disbursements as of August 31, 2017. Bank Reconciliation for the month ending August 31, 2017. Reading Co-op Bank Statement for the month ending August 31, 2017. MMDT Bank Statement for the month ending August 31, 2017. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #28/2017 — Selection of Fifth Member and Board Employees PERAC Memo #29/2017 — Vendor Disclosures PRIM Board-Invester Client Conference — Thursday, November 9, 2017 from 8:15 am to 1:30 pm at Holy Cross, Worcester, MA. OLD & NEW BUSINESS • SHARON ANGSTROM moved to approve to put out an RFP for an investment consultant. Attorney Michael Sacco has drafted an RFP for his clients. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve request from Chairman Joseph Veno to attend PERAC Domestic Relations Order Training on September 28, 2017 at PERAC in Somerville at 10:00 am. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to approve request from Board Members Sharon Angstrom, David. Gentile, and Carol Roberts to attend PERAC Educational Seminar for Administrators Training on November 14, 2017 at Danvers Retirement System in Danvers, MA at 8:00 am. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS OPEN SESSION' FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE The next board meeting is scheduled for Tuesday, October 24, 2017 at 4:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:30 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS Chair n, Joseph R. Veno, 2" elected Sharon M. Angstrom, Ex Offi io Carol B. Roberts, 1St appointed � Vice Chairman, Thoma A. Clough, 2" appointed ' GucP David A. Genti fe, 1St elected r