HomeMy WebLinkAbout2005-03-23 Retirement Board Minutes'MINUTES OF THE READING RETIREMENT BOARD MEETING
WEDNESDAY, MARCH 23, 2005
The Reading Retirement Board held a regular session meeting on March 23, 2005, in the Accounting, and Finance
Department Office, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard
Foley, Elizabeth Klepeis, and Daniel Seferian, and board administrator Karen DeAngelis. Newly elected
member, Francis Driscoll, was in attend2nce but did not vote since his term won't begin until April 1, 2005.
An election was held on March 22, 2005 for the first member of the Reading Retirement Board. The official
results are as follows:
Peter Price 92 votes
Francis Driscoll 150 votes
Loretta Cavagnaro 61 votes
Francis Driscoll is the new member whose term will run from April 1, 2005 to March 31, 2008.
MINUTES
Regular session minutes for the January 26, 2005 meeting were signed by all board members except Daniel
Seferian who was absent for the January meeting..
ELIZABETH KLEPEIS moved to accept the February 23, 2005 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:
Ryan Buckley
Firefighter
Joseph Lapolla
Firefighter
Daniel Pouliot
Firefighter
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
Date of membership & Reading hire-3/19/05 9%+2%
Date of membership & Reading hire- 3/20/05 9%+2%
Date of membership & Reading hire -3/21 /05 9%+2%
4 t
92?
• ELIZABETH KLEPEIS moved to approve the following transfers to other systems:
Esme Green To Westfield Retirement $18,814.86 4 years, 4 months
(Library)
Paul Farrell To Middlesex Retirement $13,580.95 16 years, 1 month
(Veteran's agent — dual member — retiring from the Middlesex Retirement System on 2/25/05)
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
ELIZABETH KLEPEIS moved to approve the request of the Board Administrator and newly elected first
member to attend the Spring Seminar hosted by the Middlesex Retirement System on April 4 -6, 2005. The
total cost is $100.00.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
APPROVAL OF VOUCHERS
• ELIZABETH KLEPEIS moved to approve the following vouchers:
2005 Voucher # 30
Town of Reading Treasurer
$483,682.01
March retiree payroll
31
Town of Reading Treasurer
$
2,980.80
March administrator's salary
32
Westfield Contrib Retirement
$
18,814.86
Trsf to other system (E Green)
33
Middlesex Retirement System
$
13,580.95
Trsf to other system (P Farrell)
34
Boston Retirement Board
$
6,990.09
Section 3(8)(c) reimb for 2004
35
Brookline Retirement System
$
155.53
Section 3(8)(c) reimb for 2004
36
MA Teachers' Retirement Bd
$
16,455.37
Section 3(8)(c) reimb for 2004
37
The Graphics Shop
$
19.50
Election - candidates statements
38
Town of Reading
$
3.69
Wire trf firm State belongs to Town
39
Middlesex Retirement System
$
100.00
Spring Seminar hosted by Middlesex
SECONDED BY:
DANIEL SEFERIAN
VOTED:
(4 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• ELIZABETH KLEPEIS moved to accept PERAC's offer to participate in a benefit calculation waiver process
for superannuation retirements.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
912w2
• ELIZABETH KLEPEIS moved to review, approve, and sign the Annual Statement for PERAC for calendar
year ended December 31, 2004.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
ELIZABETH KLEPEIS moved to approve the form "Choice of Method of Payment as an Option B
Beneficiary" created by the Board Administrator.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
This form was originally created to send to Lillian Hitchcock to determine how she would like the board to
handle the Option B funds that are due to her as a result of her spouse's death. (Her spouse is William
Hitchcock, retired member who passed away in November 2003).
Despite numerous attempts by the Board Administrator to determine how Mrs. Hitchcock would like the
payment handled she still has not reached a decision. The Board instructed the administrator to try to get in
touch with her family and if this is not possible then issue a check with federal taxes deducted.
INFORMATION /QUESTIONS
Copies of the following Reading Retirement Board reports will be handed out for review:
General Ledger Trial Balance as of January 31, 2005.
Bank Reconciliation for the month ending January 31, 2005.
The PRIT fund's monthly. statement & fund performance for the period ending February 28, 2005.
Reading's Profile in the PRIT Fund as of fourth quarter ending December 31, 2004.
A transfer of $25,471.37, dated 2/28/05, was received from the Medford Retirement Board for James Fusco,
Sealer of Weights & Measures. Medford will accept liability for 8 years, 7 months of creditable service for the
period 5/9/94- 1/1/03.
Michael Reardon, Senior Client Services Officer from the PRIM Board, will attend the April Board meeting to
discuss the performance of the funds in PRIT.
Active member and police officer Charles Lentini passed away on 3/11/05. He was not on duty at the time of
death but he possibly died from heart related issues. His spouse may be eligible to receive an accidental death
benefit retirement under the Heart Law but she would be eligible for a member - survivor benefit. The board
administrator will contact his spouse, determine the best option for her and submit the appropriate paperwork.
Inactive member, Jeffrey Jazakowicz, who worked for the DPW but terminated employment in October 1998
passed away on 2/25/05. His beneficiary is his father. He will receive a lump -sum payment of approximately
$38,000.
Jean Wicks, who worked as a Secretary in the School Department and retired on January 31, 1985, passed away
on 3/10/05. She chose Option B at her retirement but there are no funds remaining.
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MEMORANDUMS & LETTERS RECEIVED
PERAC — Memo # 12/2005 — Overview of Investment Regulation Issues.
PERAC — Memo # 13/2005 — Buybacks subject to Buyback Interest. Also includes worksheets for repayments &
buybacks.
The next two board meetings will be held on May 25, 2005 and June 22, 2005.
ADJOURNMENT
ELIZABETH KLEPEIS moved to adjourn this open session at 7:00 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
Aairman, Joseph R. Veno, 2n0 elected
0 &4
Richard P. Foley, Ex Officio
Elizabeth W. Klepeis, 1" appointed
" elected
Vice Chairman, Dani I . Seferian, 2" appointed