HomeMy WebLinkAbout2011-08-23 Retirement Board Minutes12224
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, August 23, 2011
The Reading Retirement Board held a 'regular session meeting on August 23, 2011, in The Lower Level
Conference Room, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard
Foley, Francis Driscoll, Thomas Clough, and Board Administrator, Colleen Loughlin. Gail LaPointe was not able
to attend.
MINUTES
• Regular session minutes for the June 21, 2011 meeting were signed by all board members, except Francis
Driscoll who was not present.
• FRANCIS DRISCOLL moved to accept the July 26, 2011 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0)
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following new members:
Lizandro Mendoza Computer Technician Date of hire — 11/22/10 9%+2%
(School) Date of Membership — 7/1/11
(Possibly Eligible for BB)
Sandra Calandrella Director of Comm. Ed Date of hire & membership — 7/25/11 9%+2%
(School)
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following retirement application:
Loretta Beaird Clerk 9/2/11 10 years, 10 mths Option B
(Superannuation)
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the final calculations for the following retirements approved by
PERAC:
Deirdre Ahearn RMLD 4/30/11
32 years, 4 mths Option B
(Superannuation) Annuity:
$10,332.84
Pension:
$51,018.00
Yearly:
$61,350.84
Monthly:
$ 5,1 12.57
1223
Frances Fink
(Superannuation)
William Connors
(Superannuation)
Conservation
Technology
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
7/1/11
20 years, ,O mths
Annuity:
$ 5,502.00
Pension:
$16,386.24
Yearly:
$21,888.24
Monthly:
$ 1,824.02
7/1/11
25 years, 10 mths
Annuity:
$12,293.28
Pension:
$27,563.40
Yearly:
$39,856.68
Monthly:
$ 3,321.39
Option A
Option C
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.
APPROVAL OF INVOICES TO BE PAID
• FRANCIS DRISCOLL moved to approve the following warrant #AP082011 totaling $643,917.94:
Commonwealth of Mass.
$
674.69
RHA Health Ins. Deductions
Commonwealth of Mass.
$
1,969.11
State Tax Deductions
Commonwealth of Mass.
$
216.66
Child Support
Internal Revenue Service
$
57,585.62
Federal Tax Deductions
Reading Credit Union
$
32,018.00
Credit Union Deductions
August Retirement Allowances
$ 494,217.74
Net Retiree Payroll
Town of Reading Treasurer
$
53,240.65
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
168.56
Postage due Town
Town of Reading Treasurer
$
3,734.12
August's Administrator's Salary
Colleen Loughlin, Petty Cash
$
92.79
Admin Expense — Postage & Mailings
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
INFORMATION /QUESTIONS /OTHER ITEMS
1224 A
• Dorothy Hagen, Option D beneficiary of John Hagen, died August 1, 2011.
• Barbara Erikson, who worked as the Payroll clerk in Public Works and retired on January 6, 1982, passed
away on 8/2/11. She chose Option A at her retirement.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending July 31, 2011.
The next board meeting is scheduled for September 27, 2011 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo 424/2011 — Mandatory Ethics Training and Open Meeting Law Distributions Reminders
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 6:20 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0 -0) UNANIMOUS
A , Joseph R. Veno, 2nd elected
Gail LaPointe, Ex Officio
Richard P. Foley, ls` appoi teq
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Vice Chairman, Francis P. Driscoll, Ist elected
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Thomas A. Clough, 2nd pointed