HomeMy WebLinkAbout2004-02-25 Retirement Board Minutes875
The Reading Retirement Board held a meeting on February 25, 2004, in the Accounting and Finance Department Office,
Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M.
Minutes from the December 16, 2003 meeting were signed by all board members.
Minutes from the January 28, 2004 meeting were read and accepted by all board members.
Approved new members:
Fire Captain 1/23/04
32 years, 6 months Option A
. Superannuation
Joseph Donovan
School custodian 2/02/04
9%+2%
Pension
Richard Ward
Asst Facilities Dir 2/02/04
9%+2%
$54,391.92
Paul Dalton
Firefighter 2/17/04
9 %+
2% (Trsf from Winchester Retirement)
Approved PERAC approved retirement
Stephen Ballou
Fire Captain 1/23/04
32 years, 6 months Option A
. Superannuation
Annuity
$ 6,172.44
Pension
$48.219.48
Yearly
$54,391.92
Monthly
$ 4,532.66
Approved retirement application:
Michael McGuinness
Inactive (RMLD) 2/19/04
13 years 9 months Option A
Superannuation
Approved refund:
Joseph Lacerda
Resigned 12/24/03
6 months
(DPW -Civil Eng)
Total deductions and interest
$21523.24
Less 100% interest
$ 0.00
Less 20% Federal income taxes
$ 0.00
Net refund (rollover to IRA)
$2,523.24
Reviewed and approved the following vouchers:
2004 Voucher # 08 Town of Reading Treasurer $451,702.97 Feb retiree payroll
09 Town of Reading Treasurer $ 2,866.05 Feb admin. salary
10 Citizens Investment Services $ 2,523.24 Refund- Lacerda (rollover)
FBO Joseph A. Lacerda
11 Section 3(8)(c) Reimbursements $ 15,685.43 Rmb to other systems (various)
12 Corporate Express $ 59.66 Supplies for election
Michael Reardon, Senior Client Services Officer from the PRIM Board, could not attend the February board meeting as
planned. He will attend the March board meeting to discuss the performance of the funds in PRIT through the period
ending December 31, 2003 as well as the returns received by the Reading Retirement System since inception.
Approved request from eligible member to purchase military service for creditable service:
Joseph Donovan Army 10/14/66 - 10/13/69 3 years
The board administrator will send a letter to the Town Moderator on February 26 to notify him that the board will be voting
on granting a COLA increase at the April meeting.
On January 29, 2004 PERAC's Disability Unit sent a letter requesting current information on three disability retirees,
Domenic Ricci, Donald Stead, and Kevin Ryan. They will be scheduled for evaluations in the next three months to
determine if they are able to return to service.
On February 18, 2004 PERAC notified the board that Donald Stead was evaluated for possible return to service and
PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job. The board is
not required to take any action at this time.
The Town Counsel Review Committee. is reviewing the current model and provider of legal services to the Town. To
support this effort the members of this retirement board have been asked for their opinions and input relative to the legal
services under the next contract.
The board discussed Robert Toussaint's application for an accidental disability retirement now that all his medical records
requested to date have been received. The board_ voted to hire an attorney for this matter and their choices are one of the
two attorneys whom they had interviewed a few years ago, Nicholas Poser and Scott Merrill. The board voted to hire the
attorney with the most reasonable billing rate. The board also voted to have the attorney of choice begin work on this
matter before the medical records are submitted to a medical panel once we have retained the attorney.
Reading Retirement System - Items reviewed:
The PRIT fund's monthly account statement and fund performance for the period ending January 31, 2004.
Memos & miscellaneous letters received:
PERAC - Memo # 10/2004, dated January 28, 2004 — Instructions and worksheets to calculate buy -back and
make -up repayments.
PERAC - Memo # 11/2004, dated February 12, 2004 — 2004 limits under Chapter 46 of the Acts of 2002 —
Massachusetts limitations on the compensation used to calculate retirement allowances and the dollar amounts of
retirement allowances. This provision affects only the highest paid employees and will not apply to most
retirement systems and most retirement system members.
PERAC - Memo # 12/2004, dated February 13, 2004 — Investment manager reviews — this memorandum is
intended to remind boards of the importance of complying with the regulations that require boards to periodically
review their investment managers and to make an annual determination that their managers are satisfactorily
fulfilling their mandates.
Retired State County and Municipal Employees Association of Massachusetts — Summary of the Governor's
Budget Pension Highlights, January 28, 2004.
The next two board meetings will be held on March 24, 2004 and April 28, 2004.
Meeting adjourned at 7:20 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian, and DeAngelis
Henry J. Boissoneau, 1" elected
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Richard P. Foley, Ex Offrc o,
Pa
rseAR. Veno 2" elected
Daniel B. Seferian, 2ZAPPointed