2009-05-27 Retirement Board Minutes

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1122 APPROVAL OF VOUCHERS FRANCIS DRISCOLL moved to approve the following vouchers: 2009 Voucher # 43 May Retirement Allowances $447,981.35 Town of Reading Treasurer $ 43,649.32 Reading Credit Union $ 24,587.00 Commonwealth of Mass. $ 615.34 Internal Revenue Service $ 38,754.78 Commonwealth of Mass. $ 1,777.91 44 Town of Reading Treasurer $ 55226.58 45 Town of Reading $ 144.58 46 MACRS $ 250.00 47 Wellesley Retirement System $ 2,497.34 48 Pension Technology Group $ 15,000.00 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS Net Retiree Payroll Health Insurance Deductions Credit Union Deductions RHA Health Ins. Deductions Federal Tax Deductions State Tax Deductions May Administrator's Salary Postage due to Town Admin. Exp- MACRS Conference Section 3(8)(c) Reimbursement Admin. Exp-data conv./support & hosting fee/training • Discussed Motor Vehicle Usage - Some current employees are receiving a motor vehicle allowance and retirement deductions are being taken on this amount. The Board referred to PERAC Memo #22/2008, in which the board is required to refund contributions that were received on the monetary value of the personal use of an employer-supplied automobile. • Mark Spataro, a DPW employee, has filed an application for accidental disability retirement. Physician's statement & narrative have not been received yet. • A transfer amount of $85,713.11 dated April 29, 2009 was received from Gloucester Retirement Board for Jeffrey Zager, DPW Director. Gloucester will accept liability for 20 years and 11 months of creditable service. • A transfer amount of $18,628.27 dated April 28, 2009 was received from Arlington Retirement Board for Johanna Roman, IT. Arlington will accept liability for 5 years and 10 months of creditable service for the period of 2/17/04-4/3/09. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending April 30, 2009. The PRIT fund's monthly statement & fund performance for period ending March 31, 2009 (REVISED). General Ledger Trial Balance as of April 30, 2009. Bank Reconciliation for the month ending April 30, 2009. Reading's Profile in the PRIT Fund as of first quarter ending March 31, 2009. • Received notification from Town Manager that Daniel Seferian's term will expire and that the Board of Selectmen would like to be notified of his desire for reappointment. Joseph Veno addressed a letter to the Town Manager that the fifth member is reappointed by the Retirement Board and that at the February 25, 2009 meeting, Dan was unanimously reappointed as the fifth member for the three year period ending March 31, 2012. The next board meetings will be June 24, 2009 and July 29, 2009 at 6:00 pm in the Lower Level Conference Room.