HomeMy WebLinkAbout2004-11-17 Retirement Board MinutesC '
MINUTES OF THE READING RETIREMENT BOARD MEETING
WEDNESDAY, NOVEMBER 17, 2004
The Reading Retirement Board held a regular session meeting on November 17, 2004, in the Accounting and
Finance DeRartment 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 Michael Reardon from
the PRIM Board. Chairman Henry Boissoneau was absent due to illness.
Michael Reardon attended this meeting to discuss the performance of the funds in PRff.
MINUTES
• Regular session minutes for the September 23, 2004 meeting were signed by all board members except Henry
Boissoneau, who was absent due to illness.
ELIZABETH KLEPEIS moved to approve the October 27, 2004 regular session minutes as written.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, AND REFUNDS
• DANIEL SEFERIAN moved to approve the following new members:
James Fusco Sealer of Weights Date of Reading membership — 8/30/04 8%+2%
and Measures Date of hire - 8/19/96
Position is now 32.5 hours /week
Transfer funds from Medford
Ruth Boyd Elder/Human Services Date of Reading membership — 1 1/22/04 9%+2%
Date of hire — 1/1/96
Position is now 32.5 hours /week
Contributed to ICMA so prior service can be purchased
SECONDED FOR DISCUSSION BY:
SECONDED FOR APPROVAL BY:
ELIZABETH KLEPEIS
RICHARD FOLEY
VOTED: (3 -0 -1) ELIZABETH KLEPEIS ABSTAINED
0(1
• ELIZABETH KLEPEIS moved to approve the following superannuation retirement applications:
Stephen Lewko
Firefighter
DOR 11/19/04
22 yrs, 10 mths
Francis Connolly
Custodian
DOR 12/31/04
29 yrs, 1 mth
Peter O'Brien
Police patrolman
DOR 02/03/05
32 yrs
SECONDED BY:. DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
• ELIZABETH KLEPEIS moved to approve the following transfer:
Michael Crowley To Middlesex Retirement Transferred $5,918.80
(Dispatcher— creditable service was pro -rated for part-time service)
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
Option A
Option C
Option A
2 yrs, 5 mths
• A motion to approve a refund to James Fusco for $91.15 for a deduction made before his membership date of
8/30/04 was tabled.
APPROVAL OF VOUCHERS
• ELIZABETH KLEPEIS moved to approve the following vouchers:
2004 Voucher # 65
Town of Reading Treasurer
66
Town of Reading Treasurer
67
The Segal Company
68
Karen DeAngelis
69
Town of Reading
70 Middlesex Retirement
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
$474,186.46
November retiree payroll
$ 2,980.80
November administrator's salary
$ 1,000.00
Admin expenses — actuarial report
$ 7.29
Travel expenses — to PERAC class
$ 15.28
Wire trsf from State to retirement
belongs to the Town
$ 5,918.80
Trsf to other system — M. Crowley
• ELIZABETH KLEPEIS moved to approve Michael Lee's request to purchase his military service in the
Army for creditable service for four years he served in the military for the period 10/4/88- 9/13/93. This
period is prior to his employment with the Town of Reading.
Michael will begin payroll deductions with the December 3, 2004 pay period.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
M
• DANIEL SEFERIAN moved to approve requesting PERAC to convene a medical panel for Wayne Harding.
SECONDED BY: RICHARD FOLEY
VOTED: (3 -0 -1) ELIZABETH KLEPEIS ABSTAINED
• ELIZABETH KLEPEIS moved to deny the request of James Fusco, Sealer of Weights & Measures, to change
his classification from Group 1 to Group 4 in accordance with M.G.L. ch 32, § 3(2)(g).
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
• ELIZABETH KLEPEIS moved to approve a pay date of December 17, 2004 for the December retiree checks.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
• Barbara Feener, who worked for the school cafeteria and retired on July 31, 1992, passed away on 11/13/04.
She chose Option B at her retirement and there are funds remaining of approximately $540.00.
Based on a review of the information presented by the board administrator, RICHARD FOLEY moved to
refund Barbara Feener's Option B remaining funds to her daughter Joan Millar, who is listed on her "change
of beneficiary" form.
SECONDED BY: BETH KLEPEIS
VOTED: (4 -0) UNANIMOUS
At PERAC's class, attended by the board administrator on 11/4/04, it was reported that effective 1/1/05 employers
will be required to provide a notice to all new employees explaining social security's Windfall Elimination
Provision (WEP) and the Government Pension Offset (GPO). Employees will need to sign a form confirming that
they have received the notice. The Social Security Administration will be required to change its annual benefit
statements to explain the potential impact of the WEP & GPO.
MEMORANDUMS & LETTERS RECEIVED
PERAC - Memo # 43/2004, dated October 26, 2004 — PERAC scheduled an additional fall class due to a high
demand to attend.
PERAC Pension Newsflash — October 27, 2004 — Timothy R. Murphy appointed as PERAC Commissioner.
ADJOURNMENT
J
ELIZABETH KLEPEIS moved to adjourn this open session at 8:00 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
Henry J. Boissoneau, V elected
au
Richard P. Foley, Ex Ofricio
Eli th W. Klepneis�, I" appointed
ose0 R. Veno, 2nd elected
Daniel B. Seferian, 2' appointed