HomeMy WebLinkAbout2004-06-29 Retirement Board MinutesThe Reading Retirement Board held a meeting on June 29, 2004, in the Accounting and Finance Department Office, Town 885
Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M.
Retiree Murray Airhart received a "Notification of Suspension" from PERAC for failure to file his Annual Statement of
Earned Income. He attended this meeting to explain to the board that he did file his statement, although it was after the due
date, but PERAC sent it back because he hadn't signed his tax return. He had a copy of his tax return, which he signed.
The board administrator will forward it on to PERAC.
Minutes from the April 29, 2004 meeting were signed by all board members, except Henry Boissoneau who was absent due
to illness.
Minutes from the May 5, 2004 meeting were signed by all board members, except Henry Boissoneau who was absent due
to illness.
Minutes from the May 26, 2004 meeting were read and accepted by all board members.
The board unanimously approved a PERAC approved retirement for the following member
Arthur Vats
Fire Department
5/14/04
33 years, 0 months
Option B
Superannuation
Annuity
$ 4,681.80
Pension
$34.579.08
Yearly
$39,260.88
Monthly
$ 3,271.74
The board unanimously approved superannuation retirement applications for the following members:
Janice MacDonald
Educ Assistant
6/17/04
17 years, 9 months
Option B
Judith Williams
Educ Assistant
6/17/04
16 years, 9 months
Option A
Catherine Cook
Food Service Director
6/30/04
26 years, 6 months
Option A
The board unanimously approved the following new members:
Christopher Cole
DPW- Engineer
6/07/04
9 % +2%
Carol Quinn
DPW- Recreation Clrk
6/21/04
9 % +2%
The board reviewed and unanimously approved the following vouchers:
2004 Voucher # 32 Town of Reading Treasurer $456,019.38 June retiree payroll
33 Town of Reading Treasurer $ 4,012.47 June admin. Salary
34 The Graphics Shop $ 63.08 1,000 letterhead envelopes
35 Richard Foley $ 38.13 Travel to Worcester
36 Town of Reading Treasurer $ 53.15 Reimb postage to Town
37 Town of Reading Treasurer $ 31.93 Reimb Town for notary supplies
At the November 19, 2003 meeting the board was informed that Lillian Hitchcock was eligible for a Section 101 allowance,
but a vote never took place. At today's meeting the board unanimously approved a Section 101 allowance of $6,000 per
year for Lillian Hitchcock, retroactive to November 3, 2003.
At the May 26, 2004 meeting the board was informed that Anne Feltch was eligible for a Section 101 allowance, but a vote
never took place. At today's meeting the board unanimously approved a Section 101 allowance for Anne Feltch,
retroactive to May 18, 2004.
Paul Danahy, attorney for Robert Toussaint, responded to the board's letter regarding a hearing for Mr. Toussaint's
accidental disability application. Attorney Danahy would prefer to have the hearing on July 7. He also requested copies of
documents and would like to know if the board will have any witnesses. The board administrator has confirmed the date of
July 7 for the hearing and has responded to Attorney Danahy's other requests.
Elizabeth Klepeis and Richard Foley discussed their attendance at PERAC's Corporate Governance and Public Investments
Forum on June 15, 2004. The main topic of this forum was board members' fiduciary responsibility regarding investments.
The board discussed Middlesex Retirement's delay in reimbursing Reading Retirement for Section 3(8)(c). Board member
Dan Seferian suggested that the board administrator check M.G.L. c.32, § 1 -28, to see if any section gives a time table for
payment of a Section 3(8)(c) reimbursement. The board discussed withholding payment for the Section 3(8)(c)
reimbursement Reading Retirement owes to Middlesex until Middlesex reimburses Reading.
The board discussed changing Reading's supplementary regulations regarding rules for membership, possibly requiring a
certain number of hours to be worked per year, rather than per week. The board will take this up at the next meeting.
.,
Albert Heselton, who worked for the DPW Department and retired on March 25, 1977, passed away on 6/1/04. He chose
Option C at his retirement but then popped -up to Option A upon the death of his spouse in 1990.
Richard Brown, who worked for the Fire Department and retired on December 31, 1974, passed away on 6/16/04. He
chose Option B at his retirement but there are no funds remaining.
A "Notification of Suspension" has been received from PERAC regarding Paul Sheridan and Murray Airhart for failure to
file their required Annual Statement of Earned Income. The Board Administrator notified them that they have an
opportunity to be heard by the Board and that they can attend the board meeting on June 29 or ask for another date more
convenient for them. However, they have until July 19 to come in for a hearing. As noted above, Murray Airhart attended
this meeting.
The board reviewed the following items relating to the Reading Retirement System:
Bank Reconciliation for the month ending May 31, 2004.
The PRIT fund's monthly account statement and fund performance for the period ending May 31, 2004.
Reading's Profile in the PRIT Fund as of first quarter ending March 31, 2004.
Memos & miscellaneous letters received:
PERAC - Memo # 21/2004, dated 6/4/04 — Change to the Definition of Veteran
Retired State County and Municipal Emolovees Association of Massachusetts — Notice dated June 15, 2004 —
Conference Comrnittee releases final FY05 Budget — Brief description of some of the key retirement related
changes that are contained within the conference report (H13 4850).
PRIM — Based upon PERAC's 2003 annual report Michael Reardon, senior client service officer at PRIM,
compiled rankings for retirement boards who are invested in PRIT by their 2003 returns, 5 year returns and 19
year returns (since inception).
MACRS — Notice dated June 25, 2004 — 2004 Fall Conference, October 3- October 6, 2004 in Danvers
The next board meeting will be held on July 21, 2004
Meeting adjourned at 7:30 P.M.
Present: Foley, Klepeis, Veno, Seferian, DeAngelis, and Murray Airhart
Henry J. Boissoneau, 1" elected
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Richard P. Foley, Ex Officio