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Home My WebLink About2005-01-26 Retirement Board Minutes911 MINUTES OF THE READING RETIREMENT BOARD MEETING WEDNESDAY, JANUARY 26, 2005 The Reading Retirement Board held a regular session meeting on January 26, 2005, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M by Acting Chairman Joseph Veno in the presence of members Richard Foley, and Elizabeth Klepeis, and board administrator Karen DeAngelis. Board Member Dan Seferian was absent. TRIBUTE TO CHAIRMAN, HENRY BOISSONEAU • ELIZABETH KLEPEIS moved to let the Minutes show the Board's tribute to Chairman Boissoneau: On December 16, 2004, the Chairman of the Reading Retirement Board, Henry (Buzz) Boissoneau, passed away after a long illness. Buzz was elected to the Retirement Board on April 1, 1987 and served as its chairman for over seventeen years. Buzz, who worked at Reading Municipal Light Department for nearly thirty-two years, will be remembered for his integrity and his sense of humor. To honor Buzz and in appreciation of his long and dedicated service to the Town, the flag on the Town Common was flown at half staff on December 20, 2004, the day of his internment. The eulogies from fellow worker Bill Seldon, from his stepdaughter, and from the Retirement Board had a common theme. Buzz was a good guy all the way around and he will be missed. Reading Retirement Board SECONDED BY: RICHARD FOLEY VOTED: (3 -0) UNANIMOUS MINUTES • Regular session minutes for the November 17, 2004 meeting were signed by all board members who were present. • ELIZABETH KLEPEIS moved to accept the December 16, 2004 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (3 -0) UNANIMOUS 912 APPROVAL OF NEW MEMBERS, RETIREMENTS, AND REFUNDS • ELIZABETH KLEPEIS moved to approve the following new members: Carl M. Schloth Comm Svc -Clerk Date of hire - 10/06/04 Date of membership- 12/20/04 9%+2% Vanessa Stolar School - Central Off Date of hire & membership- 1/03/05 9%+2% Kevin Cabuzzi School - Plumber Date of hire & membership - 1/10/05 9%+2% SECONDED BY: RICHARD FOLEY VOTED: (3 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to approve the following termination retirement which has been approved by r757:Ci Bernard O'Brien School Dept. DOR 10/22/04, Option A 21 yrs, 3 mths creditable service Annuity $ 3,058.80 Pension $ 9,776.52 Annually $12,835.32 Monthly $ 1,069.61 SECONDED BY: RICHARD FOLEY VOTED: (3 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to approve the following superannuation retirement applications: Mary Comeau School- Cafeteria 01/28/05 26 years, 11 months James Blomley RMLD -Mgr of projects 02/10/05 41 years, 2 months Donna Blomley RMLD -IS technician 02/10/05 20 years, 0 months Michael O'Donnell School- Custodian 03/24/05 19 years, 3 months SECONDED BY: RICHARD FOLEY VOTED: (3 -0) UNANIMOUS ELIZABETH KLEPEIS moved to approve the following refi John Dempsey Resigned 10/8/04 (School) Total deductions & interest Less 100% interest Less 20% federal income taxes Net refund (cash withdrawal) SECONDED BY: RICHARD FOLEY VOTED: . (3 -0) UNANIMOUS and to member: 2 years, 8 months $6,847.67 $ 54.83 $1.358.57 $5,434.27 ftArAm APPROVAL OF VOUCHERS • ELIZABETH KLEPEIS moved to approve the following vouchers: 2005 Voucher # 1 Town of Reading Treasurer $467,534.40 January retiree payroll 2 Town of Reading Treasurer $ 2,980.80 January administrator's salary 3 Belmont Retirement System $ 1,890.39 Section3(8)(c) reimb for 2004 4 Malden Retirement System $ 2,431.64 Section3(8)(c) reimb for 2004 5 Peabody Retirement Board $ 1,070.40 Section 3(8)(c) reimb for 2004 6 Wakefield Retirement System $ 10,100.34 Section 3(8)(c) reimb for 2004 7 Winchester Retirement System $ 23,229.13 Section 3(8)(c) reimb for 2004 8 Winthrop Retirement System $ 3,355.53 Section 3(8)(c) reimb for 2004 9 Woburn Retirement Board $ 4,485.20 Section 3(8)(c) reimb for 2004 10 Worcester Retirement System $ 3,270.73 Section 3(8)(c) reimb for 2004 11 John M. Dempsey $ 5,434.27 Refund to member (cash withdraw) 12 Town of Reading Treasurer ' $ 1,358.57 20% Fed tax (Dempsey) 13 Town of Reading Treasurer $ 2,139.00 Rmb Town for bank chgs, postage 14 Town of Reading $ 1,290.77 3 wire trsfs frm State to retirement belongs to the Town 15 Karen DeAngelis $ 86.32 Petty cash 16 CareerTrack $ 49.00 Microsoft Office class -board adm SECONDED BY: RICHARD FOLEY VOTED: (3 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • ELIZABETH KLEPEIS moved to approve the reorganization of the Retirement Board due to the passing of Chairman Boissoneau: Chairman — Joseph V eno Vice Chairman — Daniel Seferian SECONDED BY: RICHARD FOLEY VOTED: (3 -0) UNANIMOUS Copies of the following Reading Retirement Board reports will be handed out for review: General Ledger Trial Balance as of November 30, 2004. Bank Reconciliation for the month ending November 30, 2004. The PRIT fund's monthly statement & fund performance for period ending November 30, 2004. PERAC has scheduled a medical panel on February 18, 2005 for John O'Keefe, who has applied for an accidental disability retirement. 914 Nomination papers were submitted by Francis Driscoll (retired firefighter), Laurie Cavagnaro (RMLD employee), and Peter Price (RMLD employee). A COLA reimbursement of $136,521.06 from the State for the period 7/1/04- 12/31/04 was received on 1/19/05. Henry Boissoneau, the Reading Retirement Board's Chairman and a member of the Board for 17 years, passed away on December 16, 2004. When he retired from RMLD on April 8, 1997 the Option C beneficiary he was required to select was his ex- spouse, Mary Boissoneau. She will receive a monthly survivor benefit of $2,039.88 for her lifetime. Jean Underhill, who worked for the School Dept and retired on January 31, 1984, passed away'on 1/1/05. She chose Option A at her retirement. MEMORANDUMS & LETTERS RECEIVED PERAC — Memo # 47/2004, dated December 16, 2004 — Calendar Year 2004 Annual Statements are due by May 1, 2005 to PERAC. , PERAC will be making presentations at various times on how to complete the annual statement. PERAC — Memo # 48/2004, dated December 23, 2004 — PERAC released the Option A factors and the revised Option B factors. The effective date is July 1, 2004. PERAC — Memo # 49/2004 — 2004 Disability retiree data. Boards need to update their disability retiree information for PERAC. PERAC — Memo # 1/2005 — Data verification for PERAC's 2004 annual report. PERAC needs the boards to update their information for PERAC's 2004 annual report. PERAC — Memo # 2/2005 — PERAC voted to establish the effective date for the newly adopted Option A & B factors as July 1, 2004. PERAC also discussed the possibility of allowing retirees who began receiving allowances on or after July 1, 2004 to select a new option. PERAC decided that the sections that authorize the new factors did not give PERAC the authority to allow persons who are retired to change the option that had been selected at retirement. The allowances of members who retired with an effective date on or after July 1, 2004 will be recalculated but they will not be allowed to select a different option. PERAC — Memo # 3/2005 — COLA notice. The Social Security Administration has announced that the latest cost of living adjustment is 2.7% but upon proper notice to the legislative body a Retirement Board may elect to increase this percentage up to 3% at a duly called meeting. PERAC — Memo # 4/2005 — Investment Manager List. PERAC — Memo # 5/2005 — Tobacco Company List. PERAC — Memo # 6/2005 — PERAC 2004 Publications Library is on CD. This library contains educational manuals, regulations, form templates, annual reports, and memos issued by PERAC from January 1997 through November 2004. If this CD meets with a positive response, PERAC will issue an updated edition annually. The Reading Retirement Board received a letter dated January 6, 2005 from PERAC. The Reading Retirement System has been selected to participate in a benefit calculation waiver process. In accordance with Chapter 32 Section 21(a), the Reading Retirement System is granted a waiver on submitting superannuation retirement calculations to PERAC for approval. This approval is based on PERAC's review of the automated system used in calculating these benefits. All other types of calculations should still be submitted to PERAC. To continue receiving this waiver Reading will be subject to a biennial review of the calculations. The Middlesex Retirement System announced that their 12th annual educational conference will take place on April 4 -6, 2005 at the Burlington Marriott Hotel. MACRS letter dated January 14, 2005 — Appointment of Amity Insurance Agency — also other retirement boards are welcome to join the MACRS Fiduciary Insurance Program for fiduciary insurance. ADJOURNMENT ELIZABETH KLEPEIS moved to adjourn this open session at 7:00 P.M. SECONDED BY: RICHARD FOLEY VOTED: (3 -0) UNANIMOUS PhAirman, Joseph R. Veno, 2 "° elected Richard I Foley, Ex ffic,;ion� Elizah"h W. Klepeis, I" appImed I" elected Vice Chairman, Daniel B. Seferian, 2nd appointed