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Home My WebLink About2004-08-18 Retirement Board Minutes1 MINUTES OF THE READING RETIREMENT BOARD MEETING WEDNESDAY, AUGUST 18, 2004 The Reading Retirement Board held a regular session meeting on August 18, 2004, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M by Vice Chairman Joseph Veno in the presence of members Richard Foley, Elizabeth Klepeis, and Daniel Seferian, board administrator Karen DeAngelis, and Attorney Nicholas Poser. Chairman Henry Boissoneau was absent due to illness. EXECUTIVE SESSION (6:05 P.M.) DANIEL SEFERIAN moved to enter into executive session for the purpose of consideration of the reputation, character, and physical condition or mental health of Robert Toussaint, to accept Attorney Nicholas Poser into the executive session, and to return to open session to continue the meeting. SECONDED BY: RICHARD FOLEY ROLL CALL VOTE: RICHARD FOLEY AYE ELIZABETH KLEPEIS AYE JOSEPH VENO AYE DANIEL SEFERIAN AYE OPEN SESSION (6:56 P.M. DANIEL SEFERIAN moved to deny the accidental disability retirement application of Robert Toussaint. SECONDED BY: ELIZABETH KLEPEIS VOTED: UNANIMOUS (4 -0) MINUTES Regular session minutes for the June 29, 2004 meeting were signed by all board members except Henry Boissoneau, who was absent due to illness. DANIEL SEFERIAN moved to approve the July 7, 2004 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (3 -0 -1) (ELIZABETH KLEPEIS ABSTAINED) DANIEL SEFERIAN moved to approve the July 7, 2004 executive session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (3 -0 -1) (ELIZABETH KLEPEIS ABSTAINED) • DANIEL SEFERIAN moved to approve the July 21, 2004 regular session minutes as written. SECONDED BY: ELIZABETH KLEPEIS VOTED: UNANIMOUS (4 -0) 89? APPROVAL OF NEW MEMBERS, RETIREMENTS, AND REFUNDS • ELIZABETH KLEPEIS moved to approve the following new members: Kristin Morello — School Dept Membership date — 8/02/04 Hire date — 8/02/04 Rate - 9% + 2% Nancy Kerrigan — School Dept Membership date — 8/16/04 Hire date — 8/31/94 Rate - 9% + 2% Mary DeLai — School Dept Membership date — 8/16/04 Hire date — 8/16/04 Rate - 9% + 2% Janine Broussard - Collector's Membership date — 8/16/04 Hire date — 6/30/03 Rate - 9% + 2% SECONDED BY: DANIEL SEFERIAN VOTED: UNANIMOUS (4 -0) ELIZABETH KLEPEIS moved to approve the superannuation retirement allowance of Bridget Coulter, which has been approved by PERAC, as follows: Retired from RMLD on July 6, 2004, with 24 years, 3 months of creditable service, under Option B. Annual Annuity $ 4,546.32 Annual Pension $20.495.28 Annual Allowance $25,041.60 Monthly Allowance $ 2,086.80 SECONDED BY: DANIEL SEFERIAN VOTED: UNANIMOUS (4 -0) • ELIZABETH KLEPEIS moved to approve the refund of Anthony Butler. His refund check was approved at the July 21, 2004 meeting but the board did not vote to approve his refund. SECONDED BY: DANIEL SEFERIAN VOTED: UNANIMOUS (4 -0) APPROVAL OF VOUCHERS • ELIZABETH KLEPEIS moved to approve the following vouchers: 2004 Vouchers # 50 Town of Reading Treasurer 51 Town of Reading Treasurer 52 Law Office of Nicholas Poser 53 Dell Marketing L.P. 54 MACRS SECONDED BY: DANIEL SEFERIAN VOTED: UNANIMOUS (4 -0) $465,472.99 August retiree payroll $ 2,980.80 August admin. salary $ 1,861.50 Legal expenses -ADR $ 1,206.91 Admin exp— computer for admin $ 150.00 Admin exp -MACRS conference i� • A APPROVALS ELIZABETH KLEPEIS moved to send a regarding the case of Christopher Reilly v. the Quincy Retirement Board right now. Reading Retirement System. SECONDED BY: DANIEL SEFERIAN VOTED: UNANIMOUS (4 -0) "Motion to Dismiss" request to Kimberly Fletcher at DALA Quincy & Reading Retirement Boards. This case only involves Reading was listed because Mr. Reilly is a member of the James Fusco, who works under a state grant, will be working full -time beginning August 30, 2004. He believes his position should be classified under Group 4 rather than Group 1. The Board would like Mr. Fusco to put his request in writing. INFORMATION • John O'Keefe, former DPW employee, has filed an application for accidental disability retirement. PRIM's Client Conference will be held on Tuesday, September 14, 2004 from 10:00 A.M. to 3:00 P.M. at Bentley College in Waltham. An RSVP is requested by August 27, 2004. Board members Richard Foley and Elizabeth Klepeis, and board administrator Karen DeAngelis will attend. • Copies of the following were handed out for review: General Ledger Trial Balance as of June 30, 2004. Bank reconciliations for the months ending May 31, 2004 and June 30, 2004. PRIT fund's monthly statements and fund performance for periods ending May 31 & June 30, 2004. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo # 28/2004, dated 7/20/04 — New form — Notice of Potential Benefits Pursuant to G.L. c. 32, § 4(1)(h). This form includes the new definition of "veteran" to be used to determine if a member is able to purchase military service credit. • PERAC — Memo # 29/2004, dated 7/21/04 — Interest on buy -back repayments. Some retirement boards may be calculating buy -back repayment amounts using the total amount in the member's Annuity Savings Fund on the date of the refund as opposed to the actual amount withdrawn, as instructed in PERAC's Memo #10/2004. PERAC has reversed that decision. The buy -back repayment amount should be calculated only on the amount actually received by the member. PERAC — Memo # 30/2004, dated 8/10/04 — Notification of employee indictment and suspension. PERAC has sent a memorandum to all public employers in the Commonwealth advising them of a new requirement for notification to the retirement board when an employee is under indictment for misconduct in his or her elective or appointive office or employment, and has been suspended from his or her position. The employer is also required to notify the retirement board of the outcome of any charges that were brought against the individual. 89; • PERAC — Memo # 31/2004, dated 8/13/04 — Update on Fiscal Year 2005 budget items relating to public retirement. • PERAC — Memo # 32/2004, dated 8/13/04 — Governor Romney's veto of Senate Bill 1576 • MACRS — Notice dated July 27, 2004. Overrides of the Governor's vetoes. • Retired State County and Municipal Employees Association of Massachusetts — Memo dated 8/2/04 — Disability retirees vets allowance enacted. The House and Senate enacted S1576, which provides a retroactive veteran's benefit for Section 7 disability retirees. The governor has until August 9 to sign the bill. • Retired State County and Municipal Employees Association of Massachusetts — Memo dated 8/10/04 — Govemor's Veto of S1576. The next two board meetings will be held on Thursday, September 23, 2004 and Wednesday, October 27, 2004. ADJOURNMENT ELIZABETH KLEPEIS moved to adjourn this open session at 7:48 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: UNANIMOUS (4 -0) Henry J. Boissoneau, 1" elected Richard P. Foley, Ex Officio W. tL( W. Klegeis, 151 appointed R. Vend, 2' elected C