The URL can be used to link to this page

Home My WebLink About2004-10-27 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING WEDNESDAY, OCTOBER 27, 2004 The Reading Retirement Board held a regular session meeting on October 27, 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 August 18, 2004 meeting were signed by all board members except Henry Boissoneau, who was absent due to illness. - - Executive session minutes for the August 18, 2004 meeting were signed by all board members except Henry Boissoneau, who was absent due to illness. • ELIZABETH KLEPEIS moved to approve the September 23, 2004 regular session minutes as written. SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, AND REFUNDS • ELIZABETH KLEPEIS moved to approve the following new members: Kathleen Rolli Reading Housing Date of membership -9 /20/04 9%+2% Date of hire - 9/6/99 Position is now 35 hours /week Contributed to social security so cannot purchase prior service Donald Johnson School -Asst Facilities Date of membership & hire - 9/20/04 9%+2% SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to approve the following PERAC approved retirement: Approve PERAC approved retirement: Andrea Fitzpatrick RMLD- lineman 4/9/04 Accidental Disability Annuity Pension Dependent Yearly Monthly SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS 21 years, 4 months Option A $ 3,485.16 $32,450.88 $ 593.52 $36,529.56 $ 3,044.13 N 1 6 APPROVAL OF VOUCHERS • ELIZABETH KLEPEIS moved to approve the following vouchers: 2004 Voucher # 61 Town of Reading Treasurer $465,763.42 October retiree payroll 62 Town of Reading Treasurer $ 2,980.80 October dministrator's salary 63 Corporate Express $ 27.72 Admin expenses — supplies 64 Karen DeAngelis $ 23.56 Travel to MACRS conference SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS • Check # 1130, dated September 30, 2004, was voided and check # 1132 was written as a replacement. The payee for this check was written as JNL/IMG Service Center FBO Peter Hodges but should have been JNLIIMG FBO Peter Hodges. APPROVAL OF MISCELLANEOUS ITEMS • ELIZABETH KLEPEIS moved to approve giving Michael Lee creditable service for the one year, 11 months he recently served in the military while an employee of the Town. SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS • After the Board reviewed the Reading Retirement Board's funding schedule and budget for FY2006 JOSEPH VENO moved to send the schedule and budget to the Town to be included in the Town's proposed FY2006 budget. SECONDED BY: ELIZABETH KLEPEIS VOTED: (4 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to elect Karen DeAngelis as Election Officer for the election of the first member. Chairman Henry Boissoneau's term as a board member expires on March 31, 2005 SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS • The following issues were tabled until a Personnel Action Form has been received for James Fusco, Sealer of Weights and Measures: - Approving James Fusco as a new member of the Reading Retirement System - Approving a refund to James Fusco for a deduction of $91.15 made before his membership began - Discussion of a letter sent to the Board from James Fusco requesting that the Board change his classification from Group 1 to Group 4. 1 1i, INFORMATION Michael Reardon from the PRIM Board will attend the November 17, 2004 meeting Accidental disability retirees Charles Johnson and Robert Buote had excess earnings for the year 2003. Notification letters were sent out on October 1 with a deadline of October 27 to either pay the amount due to the retirement board or to request a hearing. • A check for the full amount of $1,183.18 was received on 10/5/04 from Robert Buote. • Charles Johnson called on 10/14/04 and would like to do the same thing as last year when he had excess earnings — withhold his monthly retirement allowance with the exception of his health & life insurance deductions until the full amount of $1,341.64 owed to the retirement system has been paid. All medical records and paperwork have been received for Wayne Harding's accidental disability retirement application. The board wants to read the records before the next meeting and then vote on convening a medical panel. John Thiffault, Director of Facilities, has made a lump -sum payment of $9,982.95 to purchase 3 years of military service. His purchase was approved at the October 29, 2003 Board Meeting. The Board discussed having the board administrator send a notice to retirees suggesting that they might want to call social security with any COLA increases they receive. The Board decided that this would not be a good idea since the Board does not know how the Social Security Administration handles this issue. Affidavits were mailed to all retirees with the September checks. There are 40 affidavits still due. Second notices will be sent out with the November checks. On October 15, 2004 PERAC notified this Board that Bruce Donaghey 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. Copies of the following Reading Retirement Board reports were handed out for review: General Ledger Trial Balances as of August 31 and September 30, 2004. Bank Reconciliations for the months ending August 31 and September 30, 2004. The PRIT fund's monthly statements & fund performance for periods ending Aug. 31 and Sept. 30, 2004. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo # 36/2004, dated — September 30, 2004 — Appropriation data due to PERAC by October 31, 2004. PERAC — Memo # 37/2004 — dated September 30, 2004 — New Option C factors — The Fiscal Year 2005 State Budget provided that PERAC may establish new actuarial equivalent factors to be used in the calculation of retirement allowances. These new factors will become effective on December 27, 2004. Options A & B annuity factors will also change as a result of the new definition. PERAC — Memo # 38/2004 — dated September 30, 2004 — PERAC's schedule of fall classes. Presentations will include recent pension - related changes in the Massachusetts General Laws and federal statutes, common audit findings, their origins and ways to prevent them, how to prepare for a field audit, and proper record keeping practices. 941 PERAC — Memo # 39/2004 — dated October 14, 2004 — Tobacco Company List. PERAC — Memo # 40/2004 — dated October 14, 2004 — Investment Manager List PERAC — Memo # 41/2004 — dated October 19, 2004 — Costs of Buybacks — The cost to buyback certain creditable service will increase effective July 1, 2005. Members will be required to pay "buyback interest" rather than "regular interest." Buyback interest is defined as one -half of the actuarial assumed interest in the board's funding schedule on the date the buyback begins. Members will also be required to pay "accumulated buyback deductions" rather than "accumulated regular deductions." PERAC — Memo # 42/2004 — dated October 19, 2004 — PERAC's Web Site Postings — PERAC has removed the password protections from the Chapter 32 and PERAC regulations posted on PERAC `s Home Page. Now any portion of Chapter 32 or PERAC's regulations can be copied into a document using Adobe Acrobat 6.0. PRIM Board — dated September 21, 2004 — Retirement in October 2004 of Dr. Jerrold Mitchell, current Chief Investment Officer of the PRIM Board. Retired State County and Municipal Employees Association of Massachusetts —Notice dated October 19, 2004 — The consumer price index increased to 2.7% for the third quarter of this year and this is the figure that will be used for January 05 Social Security increases. It is also the figure for which local retirement boards can vote for the July 05 COLAs. Local boards, however have the option of voting for a 3% COLA. All boards voted for the 3% COLA this past July. The December 2004 board meeting was changed from 15d' to the 16d'. ADJOURNMENT ELIZABETH KLEPEIS moved to adjourn this open session at 7:00 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0) UNANIMOUS Henry J. Boissoneau, I" elected a �? �,4,z Richard P. Foley, Ex O tcio Eli eth W. Klepeis, 1" appdinted &c-pfi R. Veno, 2nd elected Daniel B. Seferian, 2 d appointed