HomeMy WebLinkAbout2002-10-23 Retirement Board Minutes831
The Reading Retirement Board held a meeting on OCTOBER 23, 2002, in the Accounting and Finance Department
Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M.
Robert Ripley attended this meeting. PERAC had sent the Reading Retirement Board the Medical Panel Certificates
completed by the regional medical panel and Robert Ripley wanted to be present to hear the Board's vote on his application
for accidental disability. The Board voted to approve Robert's application for accidental disability based upon the Medical
Panel's report.
Minutes from the August 28, 2002 meeting were signed by all board members.
Minutes from the September 25, 2002 meeting were read and accepted by all board members.
Approved PERAC approved retirements:
Town of Reading Treasurer
$422,812.28
Daniel Brennan RMLD 9/07/02
23 years 1 month
Option A
Robert Kurchian School 9/21/02
24 years 0 months
Option C
Phyllis Maloney School 9/28/02
24 years 6 months
Option B
Approved refund for Election of Benefits under G.L. c.32, § 12(2)(d):
Town of Reading Treasurer
$ 6,886.49
Jean E. Talbot Spouse of John Talbot who died -
8/16/02 13 years 11 months
Total deductions and interest
$34,432.45
Actuarial study as of 7 /1/02
Less 0% interest
$ 0.00
Less 20% federal income taxes
$ 6.886.49
Net refund (cash withdrawal)
$27,545.96
The Board reviewed Segal Company's actuarial update as of July 1, 2002.
Reviewed and approved the following vouchers
2002 Voucher # 59
Town of Reading Treasurer
$422,812.28
Oct. retiree payroll
60
Town of Reading Treasurer
$ 2,588.25
Oct. admin. Salary
61
Jean E. Talbot
$ 27,545.96
Refund to beneficiary of record
62
Town of Reading Treasurer
$ 6,886.49
20% Fed taxes -Jean Talbot
63
The Segal Company
$ 1,000.00
Actuarial study as of 7 /1/02
A transfer of $8,835.59, dated 9/30/02, was received from the Saugus Retirement System for Reading Housing Authority
executive director Linda Whyte. Saugus will accept liability for three years of service for the period 11/27/95- 12/4/98..
A "Notice of Hearing" was scheduled for Tuesday, October 22, 2002. On October 21, Joan Langsam heard from the
magistrate at DALA that no one needs to attend this hearing. The magistrate will review the Reading Retirement Board's
pre -trial motion (as the petitioner) and the Middlesex Retirement Board's Memorandum (as the respondent) sent to her by
each party and give her opinion based upon that.
Town Counsel, Joan Langsam, has notified the Board that she received a "Notice of Scheduled Appearance" from the
Massachusetts Superior Court regarding "Tine v Contributory Retirement Appeal et al ". The Board will write a letter to
Attorney Langsam giving her an overview of the case so far and give her guidance as to the direction the Board wants her
to take. The Board's position is that this case is one of a jurisdictional matter. Joseph Tine's employment was terminated
by the Reading Municipal Light Department as of November 8, 1996. On October 24, 1996 he requested a hearing under
M.G.L. c.32, § 16(2). However, M.G.L. c.32, § 16(2) was scheduled to expire on November 7, 1996. The Board denied
Joseph Tine a hearing because his termination date was after the date Section 16(2) expired.
The Retirement Board received a "Notice of Deposition" and a "Deposition Subpoena" from Attorney Michael J. Princi
regarding plaintiff Steven Granelli, one of our retirees. Attorney Princi wanted the complete retirement file on Steven
Granelli including all documents pertaining to his retirement/disability claim. The Board Administrator responded to both
Attorney Princi and Steven Granelli in accordance with PERAC's regulations CMR 840 6.09. No records will be sent by
the Board Administrator until Steven Granelli has had a reasonable amount of time to seek to have the process quashed. If
the process is not quashed the Board Administrator will produce a copy of the requested records as ordered by the Court
and will advise the Court of the requirements of 840 CMR 6.00.
The Board voted that two weeks from when the retiree received notification is a reasonable time period. They will also
have the Board Administrator write a letter to Steven Granelli with a copy to Attorney Michael Princi stating that unless we
receive official notification to quash this process we will release the records on November 4, 2002, pursuant to PERAC
regulations 6.09.
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The "Procedures for releasing information about town employees" was adopted by the Town Manager on 4/16/93. At the
April 28, 1993 Retirement Board meeting, the Board voted to adopt the Town's policy. On February 12, 2001 the
procedures were amended by the Town Manager. The Board asked that a draft of new procedures be written, consistent
with the Public Records Law and PERAC's Regulations 6.00, and brought to the next Board meeting.
The Board discussed the issue of when to send out the December checks to the retirees so they have it before the holidays.
The checks will be sent out on December 16 with a check date of December 17.
General Ledger Trial Balance as of September 30, 2002
Bank Reconciliation for month ended September 30, 2002
Memos received:
PERAC - Memo #36/2002, dated October 10, 2002 - Investment Manager List.
PERAC - Memo #37/2002, dated October 10, 2002 - Tobacco Company List.
PERAC - Memo #38/2002, dated October 18, 2002 - Retiree Contribution Limitations - Retirement Boards may
not - accept any retirement contributions from retirees for any purpose, but most notably for those contributions
accepted as a result of a change in the regular compensation status of the personal use of an employer- supplied
vehicle.
The consensus of the Board is to hold off on any action with regards to this memo for the present time. The Board
is concerned that the first directive, which has been acted upon by the Reading Retirement Board, was issued
before all the facts were considered and the Board does not want to take any action on this latest directive unless
they are confident that there will be no more changes.
PERAC - Memo # 39/2002, dated October 21, 2002 - PERAC's Retirement Guides - price increase.
PERAC Memorandum dated October 9, 2002 - Public Pension Administration Institute Survey.
PRIM - Monthly Account Statement and PRIT Fund Performance for Period Ending September 30,2002.
Refired State County and Municipal Employees Association - No memos this month.
Meeting adjourned at 7:45 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian and DeAngelis
Henry J/ Xiis ornn! eau, I' elected
Richard P. Foley, Ex Officio
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Elizaffth W. Klepeis, is` appoin d
Joseph R. Veno, 2°° elected
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Daniel B. Seferian 2° appo ed
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