HomeMy WebLinkAbout2005-10-26 Retirement Board Minutes951 9 5 i
MINUTES OF THE READING RETIREMENT BOARD MEETING
WEDNESDAY October 26, 2005
The Reading Retirement Board held a regular session meeting on October 26, 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 Francis
Driscoll, Gail LaPointe, Elizabeth Klepeis, Daniel Seferian, and Board Administrator, Colleen Loughlin.
MINUTES
• Regular session minutes for the August 25, 2005 meeting were signed by all board members.
DAN SEFERIAN moved to accept the September 28, 2005 regular session minutes as written.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4 -0 -1) ABSTAINED: GAIL LAPOINTE
APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS AND REFUNDS
• ELIZABETH KLEPEIS moved to approve the following new members:
Gail LaPointe
Accounting
Date of hire — 10/3/05
Funds to be transferred from Middlesex
8%+2%
Colleen Loughlin
Retirement
Date of hire & membership — 9/29/05
9%+2%
Nathan Gardiner
DPW - Cemetary
Date of hire & membership — 10/17/05
9%+2%
Bonnie Lane
School
Date of membership — 9/19/05
9%+2%
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• There was a unanimous consensus of the Board that Joe and Beth will create a letter to Board of Selectman
recommending appointment of Retirement Board member, Richard Foley, for term December 31, 2005 to
December 31, 2008.
APPROVAL OF VOUCHERS
• GAIL LAPOINTE moved to approve the following vouchers:
2005 Voucher # 81 Town of Reading Treasurer $ 503,999.51 October retiree payroll
82 New England Office Supply $ 14.07 Adm Exp (supplies)
83 Central Reprographics $ 25.50 Guide Books
84 Massachusetts Public Employee $ 70.00 Law Book
Retirement Law
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5- 0- 0)UNANIMOUS
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INFORMATION /OUESTIONS /OTHER ITEMS
John Tormey, who retired from the Water Dept. on January 17, 1976, passed away on October 6, 2005. His wife
predeceased him. He chose Option C at his retirement, but his wife was the beneficiary.
Carmella Iannelli, who retired as a Cafeteria worker in the School Dept. on December 31, 1979, passed away on
September 8, 2005. Her husband predeceased her. She chose Option A at her retirement.
The Board Administrator received a letter from PERAC regarding excess earnings by Robert Buote, Charles
Johnson, Paul Sheridan, and Donald Stead for the calendar year 2004. All members will be contacted and given a
chance to be heard by the Board before any further action is taken.
The Board received a letter from Attorney Joseph Sandulli at Sandulli Grace, PC, the law firm representing
Donald Stead, requesting a hearing on the suspension of his retirement allowance. Mr. Sandulli was contacted
and would like to waive a hearing and have the board deny his claim on the same basis for his appeal for calendar
years 2001, 2002, 2003. The Board has requested that Attorney Joseph Sandulli put his request in writing to
waive a hearing.
The Board Administrator received a call from John O'Keefe's attorney, Augustus Camelio, requesting status of
his case with PERAC. He has suggested that the board consider the option of involuntary retirement for John
O'Keefe. PERAC has been contacted, waiting for reply.
• Consensus of the Board that further clarification is needed from John O'Keefe's attorney, Augustus Camelio.
The Board is not able to consider involuntary retirement. Only the Department Head may file an application
for involuntary retirement. If John O'Keefe wants a superannuation retirement, the Board will accept his
application.
The Board received a letter from PERAC that was submitted to Steven Sewall, M.D. requesting him to review
correspondence and submit an addendum to PERAC in order for John O'Keefe's application for Accidental
Disability Retirement to be processed.
Mr. John O'Keefe requested copies of his file to be sent to him. The Board suggested that Mr. O'Keefe come into
the office and tab all pages necessary. Should also give him the option of picking up paperwork, rather than
mailing (would expedite process and save him fees).
Received a check from Robert Buote in the amount of $4,268.83 (excess earnings for 2004).
Disputing the refund due amount with PERAC regarding Charles Johnson. The Board has suggested that if
money is going to be withheld, the previous wife should be notified.
The board was notified that Doreen Bolnick to would like to close out her retirement account. She would have to
fill out all the necessary paperwork. All forms should be signed by member before any request can be completed.
Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending September 30, 2005.
Budget Discussion. The Bond Premium (Insurance) was missing from the budget. Gail will investigate the bond
situation and return with a revised budget for next meeting.
Received pre- hearing statement from Nicholas Poser regarding Robert Toussaint v. Reading Retirement Board
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MEMORANDUMS & LETTERS RECEIVED
PERAC's Financial Bulletin, Third Quarter 2005
PERAC'S Pension Newsflash
PERAC — Memo #29/2005 — Impact of COLA Base Increase
PERAC — Memo #30/2005 — PERAC's Retirement Guides
PERAC — Memo #31/2005 — Interim Investigative Report — The Middlesex Retirement System and Cambridge
Financial Management
Middlesex Retirement System Letter pertaining to Memo #31 — Interim Investigative Report
PERAC — Memo #32/2005 — Investment Manager List
PERAC — Memo #33/2005 — Tobacco Company List
MACRS - Memo concerning survivor and veteran's bills move from committee
MACRS — Memo to retirement board directors for feedback regarding the PERAC Advisory Committee report
and subsequent legislation,
PRIM Board Update — September 2005 — Quarter End Report
Essex Regional Retirement Board Newsletter
The next two Board Meetings will be held on November 29, 2005 and December 14, 2005.
ADJOURNMENT
• GAIL LAPOINTE moved to adjourn this open session at 7:45 P.M.
SECONDED BY: ELIZABETH KLEPEIS
VOTED: (5- 0- 0)UNANIMOUS
Joseph R. Veno, 2"° elected
GaiyL.aPointe, Ex Officio
Eliz4beth W. Klepeis, I' app inted �
Francis P. Drissccoll, I" elected'
lrn> 01(
Vice Chairman, DDamel Seferian, 2" appointed
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