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Home My WebLink About2017-12-19 Retirement Board Minutes �O�N OFR�RO'y Town of Reading y b r Meeting MinutesIaE, X38+WC0READ ! ;E�? 3, VI A. Board - Committee - Commission - Council: Contributory Retirement Board 2010 AP —4 P 12: 31 Date: 2017-12-19 Time: 5:02 PM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Executive Session Purpose: General Business 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: Page 1 OF RSO, Town of Reading r � Meeting Minutes Js39.1NCORQO� Board - Committee - Commission - Council: Contributory Retirement Board Date: 2017-12-19• Time: 5:15 PM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: General Business 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: Page I 1 1591 . ? a' MINUTES OF THE READING RETIREMENT BOARD,MEETING Tuesday, December 19, 2017 The Reading Retirement Board held a regular session meeting on December 19, 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, David Gentile, Board Administrators Colleen Loughlin and Elaine Kelly. EXECUTIVE SESSION (5:02 P.M.) • SHARON ANGSTROM moved to enter into executive session for the purpose of litigation strategy regarding Lisa Palermo v. Andover Small Engine Service and to return to open session to continue the meeting. SECONDED BY: DAVID GENTILE ROLL CALL VOTE: JOSEPH VENO Aye THOMAS CLOUGH Aye SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS - OPEN SESSION (5:15 P.M.) MINUTES • SHARON ANGSTROM moved to accept the November 21, 2017 regular session minutes. SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS • Regular session minutes for the October 24, 2017 meeting were signed by all board members APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve final calculation for the following retirement approved by PERAC: i 1592a Linda Whyte RHA 09/30/17 20 years, 1 mth Option A (Superannuation) Annuity: $ 11,722.56 Pension: $ 27,774.48 Yearly: $ 39,497.04 Monthly: $ 3,291.42 SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: John Edson Police Officer 01/06/18 10 years, 1 month Option A (Police) Ann Gentile Clerk 01/05/18 11 years, 2 months Option B (Public Services) William Marks Meter Reader 02/02/18 18 years, 0 months Option C (RMLD) Technician Thomas Ward Foreman 01/02/18 46 years, 2 months Option A (DPW) Joel Thornton * Senior Meter 01/05/18 41 years, 4 months Option C (RMLD) Technician *Joel Thornton was original approved at the November 21, 2017 board meeting with a retirement date of 1/4/18. Please note his date of retirement is 1/5/18. SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the Budget totaling $303,000.00 for calendar year 2018. SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve Laura Bullis' "Involuntary Accidental Disability Retirement." The Board has received Attorney Sacco's recommendation that there is sufficient evidence to grant Chief Segalla's Application and to involuntarily retire Officer Bullis for accidental disability. Attorney Sacco will draft the Statement of Facts to submit to PERAC. 1 1 r 9 3 , SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve salary increases for the Administrator and Assistant Administrator moving from fiscal year to calendar year beginning January 2018, retro to January 1St SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP122017A totaling$503.08: . RMLD $ 63.04 Admin Expense—Electric NEOPOST $ 440.04 Admin Expense—Postage SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant#AP122017 totaling $948,567.38: Commonwealth of Mass. $ 581.71 RHA Health Ins. Deductions Commonwealth of Mass: $ 1,613.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 92,496.64 Federal Tax Deductions Reading Credit Union $ 49,623.00 Credit Union Deductions Dec Retirement Allowances $ 723,001.73 Net Retiree Payroll Town of Reading Treasurer $ 60,276.47 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 14,796.09 Dec Staff Salary & Benefits Law Offices of Michael Sacco $ 408.00 Legal Expense-Miscellaneous GWT Realty $ 2,870.00 Rent Cannon Financial Services $ 168.48 `Service Contracts=Copier National Grid. $ 32.96 Admin Expense—Heat/Gas Francis Veglia $ 69.66 Refund- Erroneous Deductions Darlene Foley $ 72.26 Refund- Erroneous Deductions Internal Revenue Service $ 15.77 Refund 10% Fed Tax—F. Veglia($7.74) & D. Foley ($8.03) W.B. Mason Co. $ 116.19 Admin Expense—Supplies Daily Times Chronicle $ 957.60 Admin Expense—Advertising Investment . Consultant RFP SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS 1594 INFORMATION/QUESTIONS • Discussion of Administrator's Salary Compensation - Board Administrator will conduct a survey of comparable Retirement Boards' salary compensation table for the Board Administrator and Assistant Board Administrator positions. Upon completion, the Board will review the data. and make a determination based on the information provided. Any salary increases will be retro to January 2018. • All affidavits have been received for calendar year 2017. • . A transfer amount of$82,534.38 dated 11/30/17 was received from the Middlesex County Retirement Board for Julie Johnston. The Middlesex County Retirement System will accept liability for 20 years 6 months of creditable service (combined service with other Boards). • A transfer amount of$83,815.32 dated 12/7/17 was received from the Peabody Retirement Board for Emmanuel Agouridis. The Peabody Retirement System will accept liability for 9 years and 7 months of creditable service. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending Nov 30, 2017. General Ledger Trial Balance as of Nov 30, 2017. Cash Receipts, Adjustments, and Disbursements as of Nov 30, 2017. Bank Reconciliation for the month ending Nov 30, 2017. Reading Co-op Bank Statement for the month ending Nov 30, 2017. MMDT Bank Statement for the month ending Nov 30, 2017. • The next board meeting is scheduled for Tuesday, January 23, 2018 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. • The Board will hold a special meeting on Wednesday February 7, 2018 @ 4:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading MEMORANDUMS & LETTERS RECEIVED PERAC—Pension News No. 48 PERAC Memo #35/2017—Forfeiture of Retirement Allowance for Dereliction of Duty by Members PERAC Memo#36/2017—Information Needed for Calculation Approvals PERAC Memo #37/2017—*3(8) (c) Reimbursements and PERAC Calculation Policy 15-001 PERAC Memo#38/2017-2017 Disability Data OLD & NEW BUSINESS • SHARON ANGSTROM moved to approve the payout of the Administrator's vacation time. SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:45 PM SECONDED BY: DAVID GENTILE VOTED: (5-0-0) UNANIMOUS Chairman, Joseph R. Veno, 2ndelected Sharon M. Angstrom, Ex Officio Carol B. Roberts, 1St appointed Vice Chairman, Thomas.. Clough, 2" appointed David A. Gentile, 1St elected 4