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HomeMy WebLinkAbout2011-06-21 Retirement Board Minutes12 .14 MINUTES OF THE READING RETIREMENT BOARD MEETI CLERK Tuesday, June 21, 2011 READING. M A S S The Reading Retirement Board held a regular session meeting on June 21, 2011, in T4%1 b,�.yel,Qoraffer ace Room, Town Hall, Reading, Massachusetts. LT 11 3Lr 4 i—P�* �0 The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard Foley, Gail LaPointe, Thomas Clough, and Board Administrator, Colleen Loughlin. Francis Driscoll was not able to attend. Let the records show that Thomas Clough left the board meeting at 6:30 pm. INFORMATION /QUESTIONS /OTHER ITEMS The Board discussed the regulation to submit to PERAC for approval regarding buybacks of prior non- membership service from another Commonwealth. • The Board discussed an RMLD employee's group status. Joseph Donahue is the Facility Manager at RMLD and received is annual statement from the Reading Retirement Board. He was concerned that he was coded as a group 1 employee. After reviewing the job description and title, the Board agreed that he should be listed as a group 4 member, but somehow was never changed when he was first employed as a custodian. • Regular session minutes for the April 19, 2011 meeting were signed by all board members. • RICHARD FOLEY moved to accept the May 24, 2011 regular session minutes as written. SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -1) ABSTAINED: GAIL LAPOINTE APPROVAL OF INVOICES TO BE PAID RICHARD FOLEY moved to approve the following warrant #AP062011 totaling $697,831.96: Commonwealth of Mass. $ 649.34 RHA Health Ins. Deductions Commonwealth of Mass. $ 2,077.71 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 56,823.26 Federal Tax Deductions Reading Credit Union $ 31,698.00 Credit Union Deductions June Retirement Allowances $ 485,644.94 Net Retiree Payroll Town of Reading Treasurer $ 52,878.13 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 163.76 Postage due Town Town of Reading Treasurer $ 3,624.75 June's Administrator's Salary Salem Retirement Board $ 63,668.21 Trsfer to Other System (Larry Ramdin) Stoneham Retirement Board $ 52.75 Travel Reimbursement MACRS Conf. Colleen Loughlin $ 140.04 Travel Reimbursement –MACRS Conf. West Payment Center $ 194.40 Admin Expense -MA G.L. Ch. 32 book SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS •. RICHARD FOLEY moved to approve the following new members: 1215 Joel Trimble Cemetery Date of hire — 6/13/10 9%+2% (DPW) Date of Membership — 5/30/11 (Seasonal — Eligible for BB) Ann Visconti Secretary Date of hire — 12/16/96 9%+2% (School) Date of Membership — 7/1/11 (Possibly eligible for BB) SECONDED BY: GAIL LAPOINTE VOTED: (3 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve the following retirement application: William Connors Finance - IT 7/1/11 25 years, 10 mths Option C (Superannuation) SECONDED BY: GAIL LAPOINTE VOTED: (3 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve the following transfer of funds to other system: Larry Ramdin To Salem Retirement Board (Community Service) SECONDED BY: GAIL LAPOINTE VOTED: (3 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS $63,668.21 11 years, 7 months • RICHARD FOLEY moved to approve to change the bank for retiree payroll & the fee of approximately $750 that PTG will charge to implement the change. SECONDED BY: GAIL LAPOINTE VOTED: (3 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTHER ITEMS • Retiree Paul Sheridan received a "Notification of Termination" from PERAC for failure to file his 2010 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan regarding this issue. • The Board Administrator attended the MACRS Training and Spring Conference in Hyannis, MA. Some topics that were discussed: RFP's, QDROS, board attendance, and the State Retirement System is developing anew system for other boards to use to transfer funds. • Rosemary Cross, who worked for Finance Dept. and retired on March 5, 1998, passed away on 6/9/11. She chose Option A at her retirement. • Received letter from Alliant Insurance Services inquiring if Reading Retirement Board would like to be included in the Fiduciary and Fidelity Insurance Program. Reading Retirement Board has a bond with Cabot Risk Strategies LLC with a $500,000 limit; $100,000 Blanket plus the Excess $400,000 for each board member which expires August 2012. 12 16 • On June 14, 2011, PERAC notified this Board that Linda Poicari 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 herjob. • On June 14, 2011, PERAC notified this Board that Andrea Fitzpatrick 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. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2011. General Ledger Trial Balance as of May 31, 2011. Bank Reconciliation for the month ending May 31, 2011. PRIT March 2011 Quarterly Profile. • The next board meeting is scheduled for July 26, 2011 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #21/2011— Notice of Potential Benefits Pursuant to G.L. c. 32, § 4(1)(h) - the form has been updated to reflect the most recent version of the "State Veteran Status Eligibility" provisions as adopted by the Department of Veteran's Services. OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIl'ATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 7:00 P.M. SECONDED BY: GAIL LAPOINTE VOTED: (3 -0 -0) UNANIMOUS airman, Joseph R. Veno, 2nd elected Gail LaPointe, Ex Officio Richard P. Foley, 1" app rated Vice Chairman, Francis P. Driscoll, 1St elected ( 2 (--: ZZ I L / Thomas A. Clough, 2 nd pointed