HomeMy WebLinkAbout2005-05-25 Retirement Board Minutes932
MINUTES OF THE READING RETIREMENT BOARD MEETING
WEDNESDAY, MAY 25, 2005
The Reading Retirement Board held a regular session meeting on May 25, 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, Francis Driscoll, and Daniel Seferian, and board administrator Karen DeAngelis. Elizabeth Klepeis was
not able to attend.
MINUTES
• Regular session minutes for the March 23, 2005 meeting were signed by all board members, except Francis
Driscoll whose term as a Board Member had not yet commenced.
• RICHARD FOLEY moved to accept the April 27, 2005 and May 10, 2005 regular sessions minutes as
written.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, AND REFUNDS
• RICHARD FOLEY moved to approve final calculations for the following retirements:
Robert Silva Police -Chief 4/22/05
(Superannuation) Annuity
Pension
Yearly
Monthly
Lawrence Gilligan RMLD 3/8/05
(under the provisions of G.L.32,§ 10) Annuity
Pension
Yearly
Monthly
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
34 years, 9 months
$10,007.28
$72,800.28
$82,807.56
$ 6,900.63
27 years, 8 months
$ 7,545.96
$22,282.92
$29,828.88
$ 2,485.74
Option C
Option C
• RICHARD FOLEY moved to approve the following superannuation retirement application:
Barbara Hickey Educ Assist.
(Superannuation)
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
6/24/05 18 years, 5 months Option A
9 33
APPROVAL OF MISCELLANEOUS ITEMS
• DANIEL SEFERIAN moved to ask PERAC for a new medical panel for John O'Keefe based on the Board's
hearing with Mr. O'Keefe and his attorney Augustus Camelio on May 10, 2005 and per Attorney Camelio's
letter to the Board dated May 18, 2005. If this is not granted the Board asks in the alternative for clarification
of the current medical panel report.
SECONDED BY: RICHARD FOLEY
VOTED: (4 -0) UNANIMOUS
APPROVAL OF VOUCHERS
• RICHARD FOLEY moved to approve the following vouchers:
2005 Voucher # 55 Town of Reading Treasurer
56 Town of Reading Treasurer
57 Corporate Express
SECONDED BY:' DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOUS
INFORMATION /OUESTIONS
$495,583.94 May retiree payroll
$ 2,980.80 May administrator's salary
$ 18.85 Admin exp (supplies)
Richard Schwartz, attorney for Wayne Harding, is in the process of determining a settlement amount for Mr.
Harding's worker's compensation case. He would like to know what percentage the Board will accept for their
portion of the settlement so that there will be no offset to Mr. Harding's accidental disability retirement. The
Board has no policy on this and would refer Attorney Schwartz to Section 14 of Chapter 32.
The Board Administrator contacted John O'Keefe's attorney, Augustus Camelio to see if Mr. O'Keefe would be
interested in applying for a superannuation retirement while awaiting determination of his accidental disability
retirement. A letter was received from Attorney Camelio on May 24, 2005 stating that Mr. O'Keefe declines the
Board's offer.
The Board Administrator has received a letter from PERAC regarding excess earnings by Donald Stead for the
calendar years 2001, 2002, 2003. Mr. Stead will be contacted and given a chance to be heard by the Board before
any further action is taken. The Board would like to ask PERAC for the purpose of this hearing.
A letter was received from Attorney Matthew King at Keches & Mallen, the law firm representing Robert
Toussaint in his application for accidental disability retirement. Paul Danahy was Mr. Toussaint's attorney but
has left the firm so Attorney King is taking over the case. He expects that Mr. Toussaint's claim will be assigned
for a hearing in the not too distant future so in order to avoid any potential further delay he would like to know if
there are any additional records that the Board is seeking and would want before the hearing. The Board's
response, to be sent in a letter to Attorney King, is that "At this point the Retirement Board is not looking for any
additional information or medical records."
934
The Board has received a form from USI New England, the agency we use for bond coverage, to take Henry
Boisonneau off the policy, add Francis Driscoll to it and amend the title for Joseph Veno to Chairman. Once
signed by the applicable members the form will be sent back for processing.
Copies of the following Reading Retirement Board report was handed out for review:
The PRIT fund's monthly statement & fund performance for period ending April 30, 2005.
Florence Sullivan, who worked at the RMLD and retired on April 16, 1993, passed away on 5/16/05. She chose
Option A at her retirement.
Mildred Dulong, who worked at the RMLD and retired on June 30, 1982, passed away on 5/18/05. She chose
Option A at her retirement.
MEMORANDUMS & LETTERS RECEIVED
PERAC — Memo # 17/2005 — PERAC's new e-mail addresses.
PERAC — PERAC Pension News, dated May 2005.
PRIT — Memo dated 5/3/05 — PRIT Fund TUCS Rankings as of March 31, 2005.
The next two Board Meetings will be held on July 20, 2005 and August 24, 2005.
ADJOURNMENT
• RICHARD FOLEY moved to adjourn this open session at 6:43 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4 -0) UNANIMOU
Chairmgan, Joseph R. Veno, 2 "" elected
4�cllt
�.�.� O X
Richard P. Foley, Ex Of cio
fElizabeth W. Klepeis, 1" appointedd�
Francis P. Driscoll, I" elected 4
AA 10 0/20 IV WN
Vice Chairman, el B. Seferian, 2' appointed