HomeMy WebLinkAbout2004-12-16 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING
THURSDAY, DECEMBER 16, 2004
The Reading Retirement Board held a regular session meeting on December 16, 2004, in the Accounting and
Finance Department Office. Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:10 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.
The Retirement Board was notified that its chairman, Henry Boissoneau passed away this morning after a long
illness. He served on the Reading Retirement Board as first elected member and chairman for 17 years, having
first been elected 4/1/87.
MINUTES
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•. Regular session minutes for the October 27, 2004 meeting were signed by all board members except Henry
Boissoneau, who was absent due to illness.
ELIZABETH KLEPEIS moved to accept the November 17, 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 member:
Michele Aldrich Police - Dispatcher Date of hire & membership — 12/14/04
Contribution rate - 9% + 2%
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
ELIZABETH KLEPEIS moved to approve the following termination retirement application:
Bernard O'Brien School Dept. DOR 10/22/04 with 21 yrs, 3 mths creditable service
Option A — Estimated $10,150 /annual
Seconded by: DANIEL SEFERIAN
Voted: (4 -0) UNANIMOUS
APPROVAL OF VOUCHERS
• ELIZABETH KLEPEIS moved to approve the following vouchers:
2004 Voucher # 71
Town of Reading Treasurer
$465,297.97
December retiree payroll
72
Town of Reading Treasurer
$
4,471.20
December administrator's salary
73
Stephen Lewko
$
368.65 (1)
Refund - excess military purchase
74
Wellesley Retirement System
$
3,356.64 (2) Section3(8)(c) for 2002 & 2003
75
MACRS
$
400.00
Adm exp —Dues for 2005
76
Town of Reading
$
27.28
Adm exp— Postage due to Town
77
Town of Reading
$
11.59
Wire trsf from the State to
retirement belongs to the Town
78
Law Office of Nicholas Poser
$
572.25
Legal expenses -ADR
(1) Stephen Lewko purchased three years, two months of military service but his DD214 reflects only three years
of service. This is a refund for the two months he should not have been allowed to purchase.
(2) William Gaw worked for the Town of Reading DPW in the early 1960's. He retired in August 2002 from the
Town of Wellesley and Wellesley is now billing Reading for a Section 3(8)(c) reimbursement.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• ELIZABETH KLEPEIS moved to approve Michael Holmes's request to purchase his military service for
creditable service for the 2 years, 11 months he served in the Army during the period 10/4/78- 10/2/81.
Payroll deductions will begin with the January 14, 2005 pay period.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
ELIZABETH KLEPEIS moved to approve James Fusco's request to buy back two weeks of creditable
service for the period 8/16/04 - 8/27/04 when deductions were taken from his salary but he was not yet a
member of the Reading Retirement System. He wants to have the two weeks added on to his creditable
service rather than take a refund. His membership date in the Reading Retirement System will be 8/16/04.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
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ELIZABETH KLEPEIS moved to approve Ruth Boyd's request to purchase 4 years, 3 months of pro -rated
creditable service for the period 1 /l /00- 11/19/04 when she worked for the Town of Reading and contributed
to ICMA. The cost is $7,161.28. She would like to make a lump -sum payment of $551.60 and the remainder
of $6,609.68 through payroll deductions of $100 per pay period.
Payroll deductions will begin with the January 14, 2005 pay period.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
ELIZABETH KLEPEIS moved to approve the request of the Board Administrator to attend a Microsoft
Office class through CareerTrack on February 4, 2005 at a cost of $49.00.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
• ELIZABETH KLEPEIS moved to approve requesting PERAC to convene a medical panel for John O'Keefe.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
INFORMATION /QUESTIONS
Copies of the following Reading Retirement Board reports were handed out for review:
General Ledger Trial Balance as of October 31, 2004.
Bank Reconciliation for the month ending October 31, 2004.
The PRIT fund's monthly statement & fund performance for period ending October 31, 2004.
Reading's Profile in the PRIT Fund as of third quarter ending September 30, 2004.
The board received notice from PERAC that the amount to be appropriated for the Reading Retirement System
for FY06 is $3,488,686. The current schedule is due to be updated by FY 2007.
PERAC has set up a medical panel on January 20, 2005 for Wayne Harding, who has applied for an accidental
disability retirement.
Jane Ahearn, who worked for the RMLD and retired on January 30, 1990, passed away on 12/8/04. She chose
Option A at her retirement.
Charles Taylor, who worked for the School Department and retired on April 26, 1997, passed away on 12/7/04.
He chose Option A at his retirement.
Due to the passing of Chairman Boissoneau the board will reorganize at the January meeting
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MEMORANDUMS & LETTERS RECEIVED
PERAC - Memo # 44/2004, dated November 30, 2004 — PERAC has established new Option A & B annuity
factors.
PERAC - Memo # 45/2004, dated December 1, 2004 — PERAC is distributing to all boards the form developed by
the Social Security Administration to be completed by all new employees who begin work on or after January 1,
2005.
PERAC - Memo # 46/2004, dated December 7, 2004 — Follow up to PERAC's Memo # 44/2004 — The
methodology used to determine the new Option B factors is being reviewed.
The next two board meetings will be held on January 26, 2005 and February 23, 2005.
ADJOURNMENT
ELIZABETH KLEPEIS moved to adjourn this open session at 7:30 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
Henry J. Boissoneau, 1 '` elected
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Richard P. Foley, Ex Offic9b,
Elizabkth W. Klepeis, 1" appointed
oseph . Veno, 2" elected ,
Daniel B. Seferian, 2" appo ed