The URL can be used to link to this page

Home My WebLink About2018-08-21 Retirement Board Minutes � rR Town of Reading r' Meeting Minutes Board - Committee - Commission - Council: 291 NOY 29 PM 12; 34 Contributory Retirement Board Date: 2018-08-21 Time: 5:00 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-Thomas Clough Joseph Veno Sharon Angstrom David Gentile Members - Not Present: Carol Roberts Others Present: Colleen Loughlin-Board Administrator Elaine Kelly - Board Assistant Administrator Atty. Michael Sacco Atty. Christopher Collins Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1644 - 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday,August 21, 2018 The Reading Retirement Board held a regular session meeting on August 21, 2018 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 Thomas Clough in the presence of members Joseph Veno, Sharon Angstrom, David Gentile, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Atty. Michael Sacco and Arty. Christopher Collins were also present. Carol Roberts was not present. SPECIAL ITEM Atty. Michael Sacco and Arty. Christopher Collins attended as part of the interview process with regard to the recent Legal RFP. The interview concluded at 5:00 pm and Atty. Sacco and Any. Collins left the meeting. The cost proposal for both legal firms; Murphy, Hesse, Toomey & Lehane, LLP and The Law Offices of Arty. Michael Sacco, were opened and distributed to the Board. A determination on the Legal RFP will be made at the October 9,2018 special session meeting. MINUTES • Minutes from the May 22, 2018 regular session were signed by all board members, except for Sharon Angstrom,who was not present. • Minutes from the June 26,2018 regular session were signed by all board members,except for Joseph Veno and Carol Roberts,who were not present. • Minutes from the July 18,2018 special session were signed by all board members. • SHARON ANGSTROM moved to accept the July 24, 2018 regular session minutes SECONDED BY: DAVID GENTILE VOTED: (3-0-1) ABSTAINED: JOSEPH VENO • SHARON ANGSTROM moved to accept the August 14,2018 special session minutes SECONDED BY: DAVID GENTILE VOTED: (3-0-1) ABSTAINED: JOSEPH VENO i 1645 ' 3 APPROVAL OF NEW MEMBERS,RETIREMENTS,TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Robert Toussaint Police Officer Date of hire—9/9/18 9%+2% Or. 4 (Police) Date of membership—9/9/18 Christopher Briere Police Officer Date of hire—9/10/18 9%+2% Gr. 4 (Police) Date of membership—9/10/18 SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS • DAVID GENTILE moved to approve the following retirement applications: Joanne Power Admin Secretary 8/31/18 21 yrs, 3 mths Option A (Police) Jeffrey Zager Director 10/1/18 30 yrs, 3 mths Option C (Public Works) SECONDED BY: SHARON ANGSTROM VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Gregory Barstow Resigned 6/3/16 3 years, 8 mths (RMLD) Total deductions&interest $ 28,042.53 Less 20%Federal Taxes $ 5.608.51 Net refund(Cash) $ 22,434.02 SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the request for the administrators to attend the PERAC Board Administrator Educational Seminar being held November 8, 2018 at the Four Points by Sheraton in Norwood, MA. SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS _ J 1646 APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP082018A totaling$316.41 NEOPOST $ 200.00 AdminExpense—Postage Reading Municipal Light Dept $ 116.41 Admin Expense—Electric SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP082018 totaling $1,023,449.39: Commonwealth of Mass. $ 562.95 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,808.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Intemal Revenue Service $ 83,204.10 Federal Tax Deductions Reading Credit Union $ 47,901.00 Credit Union Deductions Aug Retirement Allowances $ 801,669.62 Net Retiree Payroll Town of Reading Treasurer $ 44,620.56 Hlth,Life, &Dental Ins. Deductions Town of Reading Treasurer $ 10,873.59 Aug Staff Salary& Benefits Law Offices of Michael Sacco $ 50.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier National Grid $ 16.68 Administrative Expense—Heat/Gas Gregory Barstow $ 22,434.02 Refund to Member Internal Revenue Service $ 5,608.51 Refund to Member 20% Fed Tax—G. Barstow Sharecare Health Data Service $ 136.66 Medical Expense—J. Roman SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS INFORMATION/OUESTIONS • A transfer amount of$16,151.23 dated 4/30/18 was received from the Essex Regional Retirement Board for Paul Peoples. The Essex Regional Retirement System will accept liability for 3 years and 10 months of creditable service. • A transfer amount of$126.11 dated 7/16/18 was received from the Andover Retirement Board for Jamie Eulie. The Andover Retirement System will accept liability for 9 days of creditable service. 16'4 7 • On June 25, 2018, PERAC notified this board that Lisa Palermo was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that she is unable to perform the essential duties of her job. • Accidental disability retiree Paul Sheridan received a "Notification of Termination" from PERAC for failure to file his 2017 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan regarding this issue to allow him to schedule a hearing to review why he failed to meet the proper requirements. No response from Mr. Sheridan. Absent a response, his entire disability retirement shall continue to be terminated. • Received the Summary of the Conflict of Interest Law for Municipal Employees from the Law Offices of Michael Sacco. • DALA issued First Pre-Hearing on Mr. Sean Wilson. • PERAC approval of the Reading Retirement Board Supplemental Regulation regarding credit card use and meal allotment. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement&fund performance for period ending July 31,2018. General Ledger Trial Balance as of July 31, 2018 Cash Receipts,Adjustments,and Disbursements as of July 31, 2018. Bank Reconciliation for the month ending July 31,2018. Reading Co-op Bank Statement for the month ending July 31,2018. MMDT Bank Statement for the month ending July 31, 2018 • The next regular board meeting is scheduled for Tuesday, September 25, 2018 at 5:00 pm in the Conference Room at 2 Haven Street,Unit 307,Reading, MA • Paul Todisco will be available for a special meeting scheduled for Tuesday, October 9, 2018 at 3:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA to discuss long term strategy of PRIT. He would like the opportunity to review the questions in advance to the meeting. MEMORANDUMS & LETTERS RECEIVED PERAC Memo#22/2018—Public Records Law Letter Provisions PERAC Memo#23/2018—Reinstatement to Service under G.L. c. 32 105 PERAC Memo#24/2018—Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors PERAC PRESS RELEASE—Search and selection for a new Executive Director of PERAC _1 1648 PERAC PRESS RELEASE —Notice Amended of PERAC Administrative sub-committee meeting and agenda Wednesday,August 8, 2018 @ 11:30 AM Memo to Boards from Atty, Sacco on Recent CRAB decisions— Ackerman v. Worcester RB, O'Leary v. Lexington RB and PERAC, Holland v. Malden RB.,Mello v. Fall River RB. Financial Reporting and Disclosures Under GASB 67 and GASB 68 as of 12/31/17 prepared by KMS Actuaries, LLC. OLD & NEW BUSINESS • Discussed MIIA Cyber Liability. The Board will research if this type of insurance is necessary for the Retirement Board. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 5:45 pm. SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS %�z �a Chai an,Tho as A. ,ugh, 2" appointed ce Chairman,Joseph R. Veno,2" elected Sharon M. Angstrom, Ex O W cio CC41� B 1 Roberts, 0 appointed avid A. Lentil , Ig elected i J