HomeMy WebLinkAbout2005-02-23 Retirement Board Minutes4 V
MINUTES OF THE READING RETIREMENT BOARD MEETING
WEDNESDAY, FEBRUARY 23, 2005
The Reading Retirement Board held a regular session meeting on February 23, 2005, in the Accounting and
Finance Department Office, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:10 P.M by Chairman Joseph Veno in the presence of members Richard
Foley, Elizabeth Klepeis, and Daniel Seferian, and board administrator Karen DeAngelis.
MINUTES
Regular session minutes for the December 16, 2004 meeting were signed by all board members.
ELIZABETH KLEPEIS moved to accept the January 26, 2005 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (3 -1) ABSTAINED -DANIEL SEFERIAN (was absent for January meeting)
APPROVAL OF NEW MEMBERS, RETIREMENTS, AND REFUNDS
• ELIZABETH KLEPEIS moved to approve the following new members:
Evelyn Holt RMLD -Cust Sery Date of membership -9/00 ( Lynnfield)
Date of Reading hire - 2/9/05
(Funds to be transferred from Lynnfield)
Lorraine Barry Library-Div Head Date of membership- 2/14/05
Date of Reading hire - 9/23/93
(Position is now full -time)
Brian MacDonald Asst. Assessor Date of hire & membership- 2/23/05
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0) UNANIMOUS
• ELIZABETH KLEPEIS moved to approve the following transfers to other systems:
9%+2%
9%+2%
9%+2%
Kimberly Lynn To Andover Retirement $52,131.47 13 years, 9 months
(Includes 4 yrs, 1 mth creditable service + annuity savings funds transferred from Boston to Reading in 1999)
(Library Director)
Francis Golden To Stoneham Retirement $18,310.57 4 years, 10 months
(Includes 9 mths creditable service + annuity savings funds transferred from Framingham to Reading in 2001)
(Assistant Assessor)
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
• ELIZABETH KLEPEIS moved to approve the following transfer to another system after the Board discussed
whether or not it could reject the request to transfer as a result of this employee withdrawing Town of
Reading funds that were inadvertently paid to her and unwilling to return the funds:
Aprile Boos To Somerville Retirement $2,308.12 10 months
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
APPROVAL OF VOUCHERS
• ELIZABETH KLEPEIS moved to approve the following vouchers:
2005 Voucher # 17
Town of Reading Treasurer
$468,588.62
February retiree payroll
18
Town of Reading Treasurer
$ 2,980.80
February administrator's salary
19
Town of Reading Treasurer
$ 144.03
20% Fed taxes (J Whalen benefs)
20
Andover Contrib Retirement
$ 52,131.47
Trsf to other system (K Lynn)
21
Stoneham Board of Retirement
$ 18,310.57
Trsf to other system (F Golden)
22
Barnstable County Retirement
$ 3,907.33
Section 3(8)(c) reimb for 2004
23
Essex Regional Retirement
$ 20,870.37
Section 3(8)(c) reimb for 2004
24
Medford Retirement Board
$ 1,381.66
Section 3(8)(c) reimb for 2004
25
State Board of Retirement
$ 14,486.89
Section 3(8)(c) reimb for 2004
26
Corporate Express
$ 53.94
Supplies for election & office
27
Postmaster Reading
$ 111.00
Stamps for election
28
Commonwealth of Mass
$ 38.00
MA Public Retirement guides (25)
29
Somerville Retirement Board
$ 2,308.12
Trsf to other system (A Boos)
SECONDED BY:
DANIEL SEFERIAN
VOTED:
(4 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
ELIZABETH KLEPEIS moved to approve Stephen Murphy's request to purchase his military service for
creditable service for 2 years, 9 months he served in the Army during the period 9/17/85 - 6/16/88. The total
purchase amount is $8,528.83 and Stephen will begin payroll deductions with the March 11, 2005 pay period.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
• ELIZABETH KLEPEIS moved to continue using Segal Company for actuarial services. The quote submitted
by Segal is $14,000 fee for the July 1, 2005 actuarial valuation and $1,500 fee for the July 1, 2006 update.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
9 i 8
ELIZABETH KLEPEIS moved that the Reading Retirement Board give to all candidates for election the
option to write a statement about themselves that the Board will distribute with all ballots mailed to retirees
and will include in the employees' monthly newsletter. The statement should not exceed 100 words and this
option will be offered to current candidates as well as all future candidates.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
INFORMATION/OUE STIONS
Copies of the following Reading Retirement Board reports will be handed out for review:
General Ledger Trial Balance as of December 31, 2004.
Bank Reconciliation for the month ending December 31, 2004.
The PRff fund's monthly statement & fund performance for periods ending Dec.31, 2004 & Jan.31, 2005.
The following issue was discussed by the Board
James Blomley, who retired on February 10, 2005 will not be receiving his first retirement check until
March because his final paycheck from RMLD will not clear the books until after the February
retirement checks have been processed. Mr. Blomley does not want to wait until March.
The concensus of the Board is that he will have to wait until March.
The board administrator will send a letter to the Town Moderator to notify him that the Board will be
voting on granting a COLA increase to retirees at the April meeting.
Annual statements for calendar year 2004 will be mailed to all members on Friday, February 25, 2005.
Dorothy Dodge, who worked as Assistant Town Clerk and retired on December 1, 1973, passed away on 1/31/05.
She chose Option B at her retirement but there are no funds remaining.
Elizabeth Griffin, who worked in the Assessors office and retired on January 17, 1976, passed away on 2/9/05.
She chose Option A at her reitrement.
MEMORANDUMS & LETTERS RECEIVED
PERAC — Memo # 7/2005 — Annual Review of Medical Tests.
PERAC — Memo # 8/2005 — New Disability Pension Fraud poster.
PERAC — Memo # 9/2005 — 2005 Interest Rate set at 0.6 %.
PERAC — Memo # 10/2005 — Buy -back and Make -up Repayment Worksheets for Calendar Year 2005.
PERAC — Memo # 11/2005 — 2005 Limits Under Chapter 46 of the Acts of 2002.
Letter from PERAC dated January 7, 2005 — The Retirement Board is required to submit data for active members
and retirees/survivors as of December 31, 2004. The data is due to PERAC by March 31, 2005.
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The Board would like to ask Michael Reardon, Senior Client Services Officer from PRIM to attend to the April
meeting to discuss the performance of the funds in PRIT.
The next two board meetings will be held on March 23, 2005 and April 27, 2005.
ADJOURNMENT
• RICHARD FOLEY moved to adjourn this open session at 7:00 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
,Chairman, Joseph R. Veno, 2 "" elected
dj6,V 61 2�
Richard P. Foley, Ex Officio
Eliza*h W. Klepeis, I" appointed
I" electe
Vice Chairman, Danto B. Seferian, 2" appointed