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Home My WebLink About2005-04-27 Retirement Board Minutes926 MINUTES OF THE READING RETIREMENT BOARD MEETING WEDNESDAY, APRIL 27, 2005 The Reading Retirement Board held a regular session meeting on April 27, 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, Francis Driscoll, and Daniel Seferian, board administrator Karen DeAngelis, and Michael Reardon, Senior Client Services Officer from the PRIM Board. Michael Reardon attended this meeting to discuss the performance of the funds in PRIT Let the records show that Daniel Seferian left the Board Meeting at 7:15. MINUTES • Regular session minutes for the February 23, 2005 meeting were signed by all board members except Francis Driscoll whose term as a Board Member had not yet commenced. ELIZABETH KLEPEIS moved to accept the March 23, 2005 regular session minutes as written. SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0 -1) ABSTAINED (Francis Driscoll - his term as a Board Member had not yet commenced) APPROVAL OF NEW MEMBERS, RET REMENTS, AND REFUNDS • ELIZABETH KLEPEIS moved to approve the following new members: Igor Shaulskiy DPW Date of hire - 3/28/05 Funds to be transferred from Marblehead 9%+2% Ryan Percival DPW Date of hire & membership - 3/28/05 9%+2% Dawn Folopoulos Elder Services Date of hire & membership — 4/4/05 9%+2% Ruth Urell Library- Director Date of hire - 4/4/05 Funds to be transferred from Southbridge 7%+2% SECONDED BY: DANIEL SEFERIAN VOTED: (5 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to approve the following retirement applications: Robert Silva Police -Chief 4/22/05 34 years, 9 months Option C (Superannuation) Lawrence Gilligan RMLD- Lineman 3/08/05 27 years, 8 months Option C (Applying for retirement under the provisions of G.L. c.32, § 10. He has submitted his application within 60 days of his termination of service, he voluntarily resigned, and he has over twenty years of creditable service.) SECONDED BY: RICHARD FOLEY VOTED: (4 -0) UNANIMOUS 927 ELIZABETH KLEPEIS moved to approve the following superannuation retirements that PERAC has approved: Francis Connolly School Dept 12/31/04 29 years, 1 month Annuity $ 5,738.04 Pension $15,137.64 Yearly $20,875.68 Monthly $ 1,739.64 Donna Blomley RMLD 2/10/05 20 years, 0 months Annuity $ 7,393.08 Pension $17,039.88 Yearly $24,432.96 Monthly $ 2,036.08 James Blomley RMLD 2/10/05 41 years, 2 months Annuity $15,447.48 Pension $69,328.44 Yearly $84,775.92 Monthly $ 7,064.66 Mary Comeau School Dept 1/28/05 26 years, 11 months Annuity $ 2,858.04 Pension $ 8,919.36 Yearly $11,777.40 Monthly $ 981.45 Peter O'Brien Police Dept 2/3/05 32 years, 0 months Annuity $ 8,589.72 Pension $37,760.16 Yearly $46,349.88 Monthly $ 3,862.49 Michael O'Donnell School Dept 3/24/05 19 years, 3 months Annuity $ 4,390.92 Pension $ 9,854.28 Yearly $14,245.20 Monthly $ 1,187.10 SECONDED BY: FRANCIS DRISCOLL VOTED: (4 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to approve the following transfers to other systems: Option C Option A Option A Option C Option A Option C Scott Wade To Lynn Retirement $21,052.01 4 years, 10 months (Firefighter) (Reading service -1 yr, 6 mths, Lynn service -3 yrs, 4 mths) Michael Scouten To Woburn Retirement $22,573.74 6 years, 9 months (DPW- Foremen) SECONDED BY: FRANCIS DRISCOLL VOTED: (4 -0) UNANIMOUS 928 • ELIZABETH KLEPEIS moved to approve the following refund to member: Frederick Jackson Resigned 8/26/04 7 years, 6 months (DPW) Total deductions & interest $26,616.95 Less 50% interest $ 557.55 Less 25% Fed tax on taxable amount $ 6,345.85 Net refund (cash withdrawal) $19,713.55 SECONDED BY: FRANCIS DRISCOLL VOTED: (4 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to approve a lump -sum payment to Francis Jazakawiz, beneficiary of Jeffrey Jazakawiz who was an inactive member and passed away on 2/25/05: Total deductions & interest $38,165.46 Less 0% interest $ 0.00 Less 20% Fed tax on taxable amount $ 6.655.23 Net refund (cash withdrawal) $31,510.23 SECONDED BY: FRANCIS DRISCOLL VOTED: (4 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to approve a 3% COLA increase on the first $12,000 for FY06: SECONDED BY: ELIZABETH KLEPEIS VOTED: (5 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to approve the request from eligible member Donald Johnson to purchase military service for creditable service: SECONDED BY: DANIEL SEFERIAN VOTED: (5 -0) UNANIMOUS • ELIZABETH KLEPEIS moved to approve the request from Kathleen Lentini for an Accidental Death benefit under the provisions of G.L. c.32, § 9 and under the Heart Law Presumption, G.L. c.32, § 94: SECONDED BY: DANIEL SEFERIAN VOTED: (5 -0) UNANIMOUS • RICHARD FOLEY moved to grant John Dawson a superannuation retirement and also to calculate his creditable service as if his time on worker's compensation was for total disability since the Town cannot produce his worker's compensation records: SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0) UNANIMOUS 929 APPROVAL OF VOUCHERS • ELIZABETH KLEPEIS moved to approve the following vouchers: 2005 Voucher # 40 Town of Reading Treasurer $482,566.82 April retiree payroll 41 Town of Reading Treasurer $ 2,980.80 April administrator's salary 42 Lynn Retirement System $ 21,052.01 Trsf to other system (S Wade) 43 Woburn Retirement System $ 22,573.74 Trsf to other system (M Scouten) 44 Quincy Retirement System $ 4,751.33 Section 3(8)(c) reimb for 2004 45 Wellesley Retirement System $ 2,497.34 Section 3(8)(c) reimb for 2004 46 Frederick Jackson $ 19,713.55 Refund to member (cash w /d) 47 Town of Reading Treasurer $ 6,345.85 25% Federal taxes (F Jackson) 48 Francis Jazakawiz $ 31,510.23 Beneficiary of Jeffrey Jazakawiz 49 Town of Reading Treasurer $ 6,655.23 20% Federal taxes (F Jazakawiz) 50 Lillian Hitchcock $ 8,122.90 Opt B beneficiary of W Hitchcock 51 Town of Reading Treasurer $ 576.10 20% Federal taxes (L Hitchcock) 52 West Payment Center $ 219.00 Adm Exp (MA G.L. -2005 updates & c.32 book for F Driscoll) 53 Town of Reading $ 276.48 Postage due to Town (12/04 -3/05) 54 Town of Reading Treasurer $ 28.80 IRS late payment penalty SECONDED BY: FRANCIS DRISCOLL VOTED: (4 -0) UNANIMOUS MORMATION/OUESTIONS The following transfers from other systems were received for: James Fusco, Sealer of Weights & Measures, from Medford Retirement Board dated 2/28/05 in the amount of $25,471.37. Medford will accept liability for 8 years, 7 months of creditable service for the period 5/9/94- 1/1/03. Igor Shaulskiy, DPW Laborer, from Marblehead Retirement Board dated 4/15/05 in the amount of $3,771.08. Marblehead will accept liability for 1 year, 5 months of creditable service for the period 10/20/03- 3/25/05. Copies of the following Reading Retirement Board reports will be handed out for review: General Ledger Trial Balances as of February 28, 2005 & March 31, 2005. Bank Reconciliations for the months ending February 28, 2005 & March 31, 2005. The PRIT fund's monthly statement & fund performance for period ending March 31, 2005. 930 MEMORANDUMS & LETTERS RECEIVED PERAC — Memo # 14/2005 — Investment Manager List PERAC — Memo # 15/2005 — Tobacco Company List PERAC — Memo # 16/2005 — Update on Private Letter Ruling Request on Pre -Tax Buybacks — In September 2001 PERAC asked the IRS to issue a ruling on allowing deductions from salary to purchase creditable service to be made on a pre -tax basis. Currently only the Teachers' Retirement System and the Boston Retirement System are allowed to take deductions on a pre -tax basis. This matter is still pending with the IRS but PERAC's tax counsel, Ice Miller, has spoken to an IRS agent this week and although a decision is not expected for at least another month Ice Miller is encouraged that this case is moving again. PERAC Press Release — April 4, 2005 — Pension Fraud Awareness Campaign Retired State County and Municipal Employees Association of Massachusetts — Notice dated March 23, 2005 — List of retirement boards that have voted for a FY06 3% COLA. Retired State County and Municipal Employees Association of Massachusetts — Notice dated April 11, 2005 — A hearing by the Public Service Committee is scheduled for April 14 regarding a bill which would allow members retired under ordinary or accidental disability to receive the same veterans allowance as superannuated veterans. Retired State County and Municipal Employees Association of Massachusetts — Notice dated April 15, 2005 - The Public Service Committee voted favorably on the bill which would allow disability veterans to receive retroactively the veterans allowance. The Committee however amended the bill removing ordinary disability veterans. Congress of the United States — A letter from Michael Capuano, Member of Congress, was sent asking Retirement Boards to review their investment portfolios and to divest from companies doing business in Sudan due to the Government of Sudan and its armed militia continuing their campaign against the people of Darfur. ADJOURNMENT • ELIZABETH KLEPEIS moved to adjourn this open session at 7:30 P.M. SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0) UNANIMOUS �irman�,JJoseph R. Vennoo, 2nd elected Richard P. Foley, Ex Officio ElizOeth W. Klepeis, I' Ippointed Francis P. Drispoll, I `elected ice Chairman, Daniel bVj_1Seferian, 2' appointed