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Home My WebLink About2005-06-23 Retirement Board Minutes9 3 5 MINUTES OF THE READING RETIREMENT BOARD MEETING THURSDAY, JUNE 23, 2005 The Reading Retirement Board held a regular session meeting on June 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, Francis Driscoll, and Daniel Seferian, and board administrator Karen DeAngelis. Others present at the meeting were retired member Donald Stead and his attorney Joseph Sandulli. At this meeting the Reading Retirement Board conducted a hearing with Donald Stead and his attorney, Joseph Sandulli. At the hearing, Mr. Stead's attorney submitted a Position Statement to the Board wherein he set out his arguments as to why Mr..Stead should not be required to refund his retirement allowance for the years 2001, 2002, and 2003 to the Board, as instructed to do by PERAC. These arguments, elaborated in his Position Statement, are as follows: 1. Income from real estate rental is not earned income 2. The request for the refund is untimely 3. The Board cannot apply a PERAC regulation retroactively Should PERAC reject these arguments, Mr. Stead alternatively requested that the Board waive the required refund pursuant to G.L. c.32, s.20(5)(c)(3). ELIZABETH KLEPEIS moved to request a determination from PERAC as to Mr. Stead's entitlement to retain his retirement allowance for the years at issue in light of the arguments presented and to include a copy of the Position Statement for PERAC: SECONDED BY: DANIEL SEFERIAN VOTED: (5-0) UNANIMOUS MINUTES Regular session minutes for the April 27, 2005 and May 10, 2005 meetings were signed by all board members. RICHARD FOLEY moved to accept the April 12, 2005 regular session minutes as written. Francis Driscoll and Daniel Seferian were not able to attend this meeting. SECONDED BY: ELIZABETH KLEPEIS VOTED: (3 -0 -2) ABSTAINED: FRANCIS DRISCOLL and DANIEL SEFERIAN RICHARD FOLEY moved to accept the May 25, 2005 regular session minutes as written. Elizabeth Klepeis was not able to attend this meeting. SECONDED BY: DANIEL SEFERIAN VOTED: (4 -0 -1) ABSTAINED: ELIZABETH KLEPEIS 936 APPROVAL OF NEW MEMBERS RETIREMENTS. TRANSFERS AND REFUNDS • DANIEL SEFERIAN moved to approve the following superannuation retirement application: Elizabeth Klepeis Finance Director Retiring 6/24/05 Creditable service of 29 years, 0 months SECONDED BY: FRANCIS DRISCOLL VOTED: (4 -0 -1) ABSTAINED: ELIZABETH KLEPEIS ELIZABETH KLEPEIS moved to approve the following new members: Permilyn Dudley Collector's Date of hire 5/31/05 Deduction rate 9% + 2% James D'Entremont DPW- Engineering Date of hire 6/13/05 Deduction rate 9 %+ 2% (took refund from Reading in Jan 2002) SECONDED BY: DANIEL SEFERIAN VOTED: (5 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS Barbara Hickey has requested to redeposit funds that were refunded to her by the Mass Teachers' Retirement Board in February 1969. Upon proper repayment to the Reading Retirement Board, the Mass Teachers' Retirement Board will accept liability for 7 years and 4 months of creditable service. The cost to redeposit is $11,974.71. Mrs. Hickey will make a lump -sum payment. The bulk of her payment will be a rollover from a retirement account and the remainder will be a personal check. Mrs. Hickey had applied for a retirement date of June 24, 2005 but she will delay her retirement date until the Retirement Board receives the checks. • RICHARD FOLEY moved to approve the redeposit of funds by Barbara Hickey that were refunded to her by Mass Teachers' Retirement Board in February 1969. SECONDED BY: ELIZABETH KLEPEIS VOTED: (5 -0) UNANIMOUS James D'Entremont, a rehired employee, has requested to redeposit funds that were refunded to him by the Reading Retirement Board on April 30, 2002. The cost to buyback 6 years and 1 month of creditable service is $13,423.30. Mr. D'Entremont will have deductions taken from his bi- weekly paycheck in the amount of $103.26, which will result in his balance being paid off in about five years. He will begin payroll deductions with the July 1, 2005 pay period. • ELIZABETH KLEPEIS moved to approve the redeposit of funds by James D'Entremont that were refunded to him by the Reading Retirement Board on April 30, 2002. SECONDED BY: DANIEL SEFERIAN VOTED: (5 -0) UNANIMOUS 937 Wayne Harding retired on 5/24/03 under a superannuation retirement but has now been approved for an accidental disability retirement with a date of 3/22/04. Due to worker's compensation and superannuation payments Mr. Harding has been overpaid by $19,975.06. Mr. Harding's ADR monthly allowance is $2,439.56 so it will take eight months to pay back what he owes if the Board doesn't pay him anything. Rather than not paying him anything for eight months the Board Administrator requests that the Board approve a payment plan for Mr. Harding, whereby he would pay back what he owes to the Board over a 14 -month period. • FRANCIS DRISCOLL moved to approve the payment plan for Mr. Harding that was presented by the Board Administrator, but adds that equal payments should be made over the payment period. SECONDED BY: ELIZABETH KLEPEIS VOTED: (5 -0) UNANIMOUS APPROVAL OF VOUCHERS • ELIZABETH KLEPEIS moved to approve the following vouchers: 2005 Voucher # 58 Town of Reading Treasurer 59 Town of Reading Treasurer 60 Town of Reading 61 Middlesex Retirement SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0) UNANIMOUS $489,935.41 June retiree payroll $ 4,322.16 June administrator's salary $ 236.79 Wire trf frm State belongs to Town $ 25,728.87 Section 3(8)(c) reimbursement INFORMATION/OUESTIONS The following transfers from other systems were received for: Ruth Urell, Library Director, from Southbridge Retirement Board dated 5/31/05 in the amount of $40,257.72. Southbridge will accept liability for 17 years, 3 months of creditable service during the periods 5/1/83. 4/12/05. Evelyn Holt, at RMLD, from Essex Regional Retirement Board dated 6/1/05 in the amount of $2,057.75. Essex will accept liability for 1 year, 7 months of creditable service for the period 8/31/00 - 7/3/02. Kathleen Lentini, survivor of active member Charles Lentini, was approved for accidental death benefits by PERAC. She will receive a monthly pension as well as a lump -sum distribution of the funds in his annuity savings Account. A "Notification of Termination" has been received from PERAC regarding Paul Sheridan for failure to complete his Annual Statement of Earned Income. The Board Administrator sent a letter to Paul Sheridan regarding this issue. A check was received on June 15, 2005 from the Middlesex Retirement System for full payment of its Section 3(8)(c) reimbursement. ME Copies of the-following Reading Retirement Board reports will be handed out for review: General Ledger Trial Balances as of April 30, 2005 and May 31, 2005. Bank Reconciliations for the months ending April 30, 2005 and May 31, 2005. The PRIT fund's monthly statement & fund performance for period ending May 31, 2005. Reading's Profile in the PRIT Fund as of first quarter ending March 31, 2005. Elizabeth Lucius, who worked at the RMLD and retired on January 31, 1986, passed away on 5/19/05. She chose Option A at her retirement. Anthony Fletcher, who worked as Director for the DPW and retired on September 2, 1992, passed away on 6/11/05. He chose Option A at his retirement. All Section 3(8)(c) payments to the Reading Retirement Board have now been received. All Section 3(8)(c) payments to other systems have been paid by the Reading Retirement Board, except to MWRA. MWRA has not yet billed Reading for William Hughes, who passed away on 4/5/04. MEMORANDUMS & LETTERS RECEIVED PERAC — Memo # 18/2005 — Report on SEC Investment Consultant Inquiry. The next two Board Meetings will be held on July 19, 2005 and August 24, 2005. ►:1171LQI1:7►1u I �1►Y Y • ELIZABETH KLEPEIS moved to adjourn this open session at 7:45 P.M. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0) UNANIMOUS R. Veno, 2' elected P. Foley, Ex A .,,