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ME <br />MINUTES OF THE READING RETIREMENT BOARD MEETING <br />WEDNESDAY SEPTEMBER 28, 2005 <br />The Reading Retirement Board held a regular session meeting on September 28, 2005, in the Accounting and <br />Finance Department Office, Town Hall, Reading, Massachusetts. <br />The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Francis <br />Driscoll, Richard Foley, Elizabeth Klepeis, and Daniel Seferian. <br />SPECIAL ITEM <br />Kathy Riley and Bridget Orr from The Segal Company gave a report on the results of the July 1, 2005 actuarial <br />valuation. The following actuarial assumptions were changed with this valuation: <br />1. The investment return assumption was lowered from 8.00% to 7.75 %. <br />2. The salary increase assumption was lowered from 6.0 % to 5.0 %. <br />3. The assumed retirement age was changed from age 63 for Group 12 employees and age 62 for Group 4 <br />employees to retirement rates shown in Exhibit V of Section 4. <br />4. The administrative expense assumption was increased from $ 50,000 to $ 60,000. <br />The preliminary recommended contribution for FY 2006 is $ 3,600,720. Since the Town's FY 2006 budget has <br />been set at $ 3,488,686, the increase will be reflected in the FY 2007 requested budget of $ 3,696,695. The <br />unfunded pension liability with the new assumptions is $ 30,684,743 and the actuarial value of assets is <br />$71,468,124 or 98.9 % of the market value of assets. The smoothing technique continues to be used to the <br />advantage of the Reading Retirement System. <br />ELIZABETH KLEPEIS moved to accept the Segal actual report dated July 1, 2005. <br />SECONDED BY: DANIEL SEFERIAN <br />VOTED: (5 -0 -0) UNANIMOUS <br />MINUTES <br />• Regular session minutes for the June 23, 2005 meeting were signed by all board members. <br />• Regular session minutes for the July 21, 2005 meeting were signed by all board members except Elizabeth <br />Klepeis who was not able to attend. <br />• ELIZABETH KLEPEIS moved to accept the July 21, 2005 regular session minutes as written. <br />SECONDED BY: DANIEL SEFERIAN <br />VOTED: (5 -0 -0) UNANIMOUS <br />APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS <br />• ELIZABETH KLEPEIS moved to approve the following new members: <br />Adam Shibles <br />Parks & Forestry <br />Date of hire & membership - 8/29/05 <br />9%+2% <br />Robert LeLacheur <br />Finance <br />Date of hire & membership — 9/12/05 <br />9%+2% <br />David Ericson <br />RMLD <br />Date of hire & membership — 9/12/05 <br />9%+2% <br />Kenneth J. Hughes <br />School <br />Date of hire & membership — 9/12/05 <br />9%+2% <br />SECONDED BY: DANIEL SEFERIAN <br />VOTED: (5 -0) UNANIMOUS <br />