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Home My WebLink About2005-11-29 Retirement Board Minutes- 954 MINUTES OF THE READING RETIREMENT BOARD MEETING TUESDAY, November 29, 2005 The Reading Retirement Board held a regular session meeting on November 29, 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 Francis Driscoll, Gail LaPointe, Elizabeth Klepeis, Daniel Seferian, and Board Administrator, Colleen Loughlin. Leone Sullivan and her husband attended this meeting to discuss her accidental disability application. MINUTES • Regular session minutes for the September 28, 2005 meeting were signed by all board members who were present except Richard Foley who is no longer on the board. DAN SEFERIAN moved to accept the October 26, 2005 regular session minutes as amended. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • DAN SEFERIAN moved to approve the following transfer to Winchester Retirement: Karen DeAngelis To Winchester Retirement $15,254.88 3 years, 9 months (Retirement) SECONDED BY: GAIL LAPOINTE VOTED: (5 -0 -0) UNANIMOUS • DAN SEFERIAN moved to approve final calculations for the following superannuation retirement approved by PERAC: Richard Foley Accounting 9/30/05 36 years, 7 months Option A Annuity $ 9,917.04 Pension $47,167.92 Yearly $57,084.96 Monthly $ 4,757.08 SECONDED BY: FRANCIS DRISCOLL VOTED: (4 -0 -1) ABSTAINED: ELIZABETH KLEPEIS • DAN SEFERIAN moved to approve retirement application for the following members: John Thiffault School 11/4/05 ( Superannaution) James Fusco Health 1/14/06 (Superannuation) Sealer of Weights William High Public Works 1/31/06 (Superannuation) 11 years, 0 months Option C 10 years, 0 months Option A 44 years, 1 month Option A SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • Leone Sullivan attended the meeting to request that we follow up with her primary physician, Dr. Roth, to obtain the physician's statement to process her Accidental Disability application. She has completed her application and the employer has submitted his paperwork. The Board agreed that the Board administrator could follow up with Leone Sullivan's doctor to request the physician's statement in order to process the application in a timely manner. • Consistent with the letter dated November 1, 2005, the Board agreed to waive a hearing for Donald Stead with connection to his suspension of retirement allowance. DAN SEFERIAN moved to waive a hearing for Donald Stead with regards to his retirement suspension. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF VOUCHERS DAN SEFERIAN moved to approve the following vouchers: 2005 Voucher # 85 Town of Reading Treasurer $ 507,627.52 86 Town of Reading Treasurer $ 5,107.54 87 Paul Roy 88 Town of Reading Treasurer 89 New England Office Supply 90 The Segal Company 91 Law Office of Nicholas Poser 92 Winchester Retirement Board 93 Massachusetts Public Employee Retirement Law Treatise 94 Colleen Loughlin, Petty Cash SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS INFORMATION/OUESTIONS /OTHER ITEMS $ 2.41 $ 279.10 $ 9.68 $ 14,000.00 $ 1,489.33 $ 15,254.88 $ 5.00 51.21 955 November retiree payroll Oct&Nov administrator's salary Refund to member (cash w /d) Wire transfer from State to retirement belongs to the Town Administrative Exp — supplies Admin. Exp — actuarial report Legal Serv.(Robert Toussaint) Transfer to Other System (Karen DeAngelis) Admin. Exp — Law Book (shipping & handling) Postage & Mailings • Matthew Wilson was deleted from the October 26, 2005 minutes. He was already approved as a new member in the August 25, 2005 minutes. • A transfer amount of $8,140.14 dated 10/28/05, was received from the State Board for Sean Wilson, police officer. The State will accept liability for 1 year, 11 months, 20 days of creditable service for the period of 8/11/03 — 12/31/03 and 1/1/04 — 7/30/05. • Received a check from Arlington Contributory Retirement for $4.08 (Overpayment of interest for Sharon Srabian) • Letter was presented to Board of Selectman recommending Richard Foley for the appointment of Retirement Board member for term January 1, 2006 to December 31, 2008. • Jacqueline Jobe, survivor of retiree Bemard Jobe, was approved for accidental death benefits by PERAC. She will receive a monthly pension of $1,774.94. • PERAC has completed its review of the Medical Panel Clarifications and found the clarifications to be in order for John O'Keefe. • The Board has received a letter from Attorney Joseph Sandulli at Sandulli Grace, PC, the law firm representing Donald Stead, requesting that the board waive a hearing on the suspension of his retirement allowance. Since he is expecting the same ruling for 2004 as was done on his hearing for 2001, 2002, and 2003, he will appeal this ruling and consolidate with the appeal on the prior years. • Margaret Whalen, who retired from her position as payroll Administrator in the Department of Public Works on March 10, 1985, passed away on October 4, 2005. Her husband predeceased her. She chose Option A at her retirement. • Donald Onusseit, who worked for the Town of Reading from 5/77 — 7/78 but did not contribute to the Reading Retirement System, would like to purchase this time as creditable service. He is now a member of the Middlesex Retirement System (Town of Wilmington) and the Middlesex Retirement would like to know if the Reading Retirement Board will accept liability for this service. Reading will not accept liability. • Copies of the following Reading Retirement Board reports were handed out for review: General Ledger Trial Balance as of October 31, 2005. Bank Reconciliation for the month ending October 31, 2005. The PRIT fund's monthly statement & fund performance for period ending October 31, 2005. • Budget Revisions — discussed changes that were made. • Discussed issue with employees in the school system that combine their vacation hours with regular hours allowing them to meet the minimum required hours of 1,690 to join the Reading Retirement System. The Board would like to review the rules and regulations to discuss at next meeting. • The next board meeting will be held on December 14, 2005. MEMORANDUMS & LETTERS RECEIVED PERAC's Memo #34/2005 — Proposed Regulations Clarifying the Definition of Regular Compensation PERAC's Memo #35/2005 — Follow Up Memorandum Relative to Public Hearings re. Regular Compensation MACRS — Letter inquiring if the board would like to include the system in the MACRS Fiduciary & Fidelity Insurance Program SEGAL — Bulletin October 2005 Retired State County and Municipal Employees Association of Massachusetts - Memo received from Ralph White stating that the House and Senate enacted S2035, our Associated Legislation which would provide accidental disability retirees who are veterans with the same pension stipend of up to $300 each year that superannuated veterans receive. It is also retroactive to the date of retirement. Retired State County and Municipal Employees Association of Massachusetts — Memo received from Ralph White stating that on Wednesday, November 23, 2005, Governor Romney signed our Association's bill, S2035, into law as Chapter 157, of the Acts of 2005. Chapter 157, grants the veterans bonus to those eligible veterans who retired under section 7 on accidental disability. 95; 957 ADJOURNMENT • DAN SEFERIAN moved to adjourn this open session at 7:05 P.M. SECONDED BY: FRANCIS DRISCOLL VOTED: (5- 0- 0)UNANIMOUS Joseph R. Veno, 2 "° elected Ex Officio Elizabeth W. Klepeis, 1" appointed Francis P. Driscoll, 1" elected � M ', 2 Vice Chairman,, nie Sefenan 2 app pointed