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Home My WebLink About2004-09-23 Retirement Board Minutes` 4 , MINUTES OF THE READING RETIREMENT BOARD MEETING THURSDAY, SEPTEMBER 23, 2004 The Reading Retirement Board held a regular session meeting on September 23, 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, and board administrator Karen DeAngelis. Chairman Henry Boissoneau was absent due to illness. MINUTES • Regular session minutes for the July 7, 2004 meeting were signed by all board members except Henry Boissoneau, who was absent due to illness, and Elizabeth Klepeis who was not present. • Executive session minutes for the July 7, 2004 meeting were signed by all board members except Henry Boissoneau, who was absent due to illness, and Elizabeth Klepeis who was not present. • Regular session minutes for the July 21, 2004 meeting were signed by all board members except Henry Boissoneau, who was absent due to illness. • ELIZABETH KLEPEIS moved to approve the August 18, 2004 regular and executive session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (4 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, AND REFUNDS • ELIZABETH KLEPEIS moved to approve the following new member but then withdrew her motion: James Fusco Sealer of Weights Date of Reading membership -8 /30/04 Date of hire - 8/19/96 SECONDED BY: DANIEL SEFERIAN but then withdrawn Tabled until next meeting • ELIZABETH KLEPEIS moved to approve the following refund: Peter Hodges Resigned 8/21/03 19 years, 5 months (Inactive -RMLD) Total deductions & interest $63,020.89 Less 0% interest $ 0.00 Less 20% federal income taxes $ 0.00 Net refund (rollover to IRA) .$63,020.89 SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS 8% + 2% (Medford) Tabled until next meeting — Refund to James Fusco of $91.15 for deduction made before membership date M M0 a 1 APPROVAL OF VOUCHERS • ELIZABETH KLEPEIS moved to approve the following vouchers: 2004 Vouchers # 55 56 57 59 .1 Town of Reading Treasurer Town of Reading Treasurer Corporate Express JNL /IMG Service Center FBO Peter Hodges Town of Reading Treasurer SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS $467,128.44 September retiree payroll $ 2,980.80 September administrator's salary $ 72.66 Administrative expenses - supplies $ 63,020.89 Refund — rollover to IRA 23.18 Wire transfer from the State to retirement belongs to the Town Tabled until next meeting — 2004 Voucher # 58 to James Fusco for $91.15 erroneous retirement deduction APPROVAL OF MISCELLANEOUS ITEMS • James Fusco, who works under a state grant, will be working full -time (32.5 hours /week) beginning August 30, 2004. He has submitted a letter requesting that the Board change his classification from Group 1 to Group 4. Tabled until next meeting • ELIZABETH KLEPEIS moved to allow Stephen O'Leary, who is now a member of the State Retirement System, to establish credit for his service as Reading's unpaid Town Moderator from 3/18/85- 3/22/87. The Reading Retirement Board will accept liability consistent with the provisions of the Massachusetts General Laws, Chapter 32 at the time of his retirement. SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to accept the "Procedures for Releasing Information about Members of the Town of Reading Retirement System" as amended by the Town on August 19, 2004. This is a result of the amendment of M.G.L. c. 4, § 7, cl. 26 to include two new subclauses to the list of exemptions from the definition of public records. Home addresses and home telephone numbers of public employees are no longer public records and subject to release. SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS Ism ELIZABETH KLEPEIS moved to amend Reading Retirement Board's Supplemental Regulation dated March 24, 2002 regarding membership to be consistent with the Board's new regulation approved by PERAC on August 16, 2004. The wording should be as follows: "Anyone employed by the Town of Reading or the Reading Housing Authority on or after August 16, 2004, as a part time, provisional, part-time temporary, temporary provisional, seasonal, intermittent employee or whose total combined service is less than 1,690 hours per year shall not be eligible to join the Reading Retirement System." SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS INFORMATION Sandra King at PERAC commented to the board administrator that many municipalities are beginning to terminate health insurance benefits for retirees' who have their retirement allowance suspended. The Board will pass this information along to the Town. • notice of appeal was received from Kimberly Fletcher at DALA regarding Robert Toussaint. • letter was received from Kimberly Fletcher at DALA allowing the Reading Retirement Board to be dismissed from the case of Christopher Reilly v. Quincy Retirement Board. PERAC has approved the board's supplemental regulation regarding requirements for membership. Copies of the following Reading Retirement Board reports were handed out for review: General Ledger Trial Balance as of July 31, 2004. Bank Reconciliation for the month ending July 31, 2004. The PRIT fund's monthly statements & fund performance for periods ending July 31 & August 31, 2004 MEMORANDUMS & LETTERS RECEIVED PERAC - Memo # 33/2004, dated — September 13, 2004 — Questionnaire from PERAC regarding purchasing creditable service. PERAC — Memo # 3412004 — dated September 13, 2004 — PERAC has a new form entitled "Application for Reinstatement to Service from Superannuation/Termination Retirement pursuant to G.L. c. 32, § 105" which allows members to apply for reinstatement under this section. PERAC — Memo # 35/2004 — dated September 15, 2004 — Press report relating to the indictment of Thomas Bennett, a member of the Ohio Police and Fire Pension Board for grand theft and ethics violations. MACRS — Notice dated August 23, 2004 — MACRS Constitutional Amendment proposal which would authorize the Association to be financed by payment of annual dues and fees collected and would change the fiscal year to January 1 through December 31. MACRS — Notice dated September 16, 2004 - A supplemental budget enacted by the Legislature and awaiting Governor Romney's signature would amend Section 91 to remove the earnings limit within the 960 hours yearly that a retiree is allowed to work in the public sector. The Governor has until September 19 to sign it. MACRS — Notice dated September 20, 2004 — On September 17 Governor Romney vetoed the supplemental budget described above. There will be no override of the veto therefore the earnings limit will not change. The next two board meetings will be held on November 17, 2004 and December 15, 2004. ADJOURNMENT ELIZABETH KLEPEIS moved to adjourn this open session at 7:05 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS Henry J. BBjoisssssooneau, I" elected �uJwnX V' t'� Richard P. Foley, Ex O ficio W. Klepeis, elected Daniel B. Ir . AArM