HomeMy WebLinkAbout2005-12-14 Retirement Board Minutes958
MINUTES OF THE READING RETIREMENT BOARD MEETING
WEDNESDAY, December 14, 2005
The Reading Retirement Board held a regular session meeting on December 14, 2005, in the Accounting and
Finance Department Office, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:05 P.M. by Chairman Joseph Veno in the presence of members Francis
Driscoll, Gail LaPointe, Elizabeth Klepeis, Daniel Seferian, and Board Administrator, Colleen Loughlin. Others
present were Richard Foley.
MINUTES
• Regular session minutes for the October 26, 2005 meeting were signed by all board members.
• ELIZABETH KLEPEIS moved to accept the November 29, 2005 regular session minutes as amended.
SECONDED BY: GAIL LAPOINTE
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS AND REFUNDS
• ELIZABETH KLEPEIS moved to approve the following superannuation retirement approved by PERAC:
John Thiffaulf School
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5 -0 -0) UNANIMOUS
11/4/05 1 1 years, 0 months Option C
Annuity S 4,011.48
Pension $ 7,574.04
Yearly 511.585.52
Monthly $ 965.46
• ELIZABETH KLEPEIS moved to approve the following superannuation retirement applications:
Gordon Sargent Firefighter 1/14/06 32 years, 0 months Option B
(Superannuation)
Paul Carson RMLD 1/5/06 34 years, 1 month Option C
(Superannuation)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• FRANCIS DRISCOLL moved to accept Section I of Chapter 157 of the Acts of 2005
SECONDED BY: ELIZABETH KLEPEIS
VOTED: (4 -I -0)
• FRANCIS DRISCOLL moved to accept Section 2 of Chapter 157 of the Acts of 2005
SECONDED BY: JOSEPH VEND
DEFEATED: (2 -3 -0)
959
Received updates from Nicholas Poser regarding the case of Toussaint v. Reading Retirement Board. Nick is
looking for guidance from the Board to move forward and file a response to Mr. Toussaint's closing argument and
Mr. Cacciapuoti's affidavit. He would like the opportunity to cross - examine Mr. Cacciapuoti, former Super of
Custodians.
• ELIABETH KLEPEIS moved to authorize Nicholas Poser to depose Mr. Dom Cacciapuoti
SECONDED BY: GAIL LAPOINTE
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF VOUCHERS
ELIZABETH KLEPEIS moved to approve the following vouchers:
2005 Voucher # 95 Town of Reading Treasurer $ 503,424.99 December retiree payroll
96 Town of Reading Treasurer $ 4,256.28 December administrator's salary
97 Law Office of Nicholas Poser $ 341.23 Legal Serv(Robert Toussaint)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5 -0 -0) UNANIMOUS
INFORMATION /QUESTIONS /OTHER ITEMS
The Board received notice from PERAC that the amount to he appropriated for the Reading Retirement
System for FY07 is $3,696,695. The current schedule is due to be updated by FY 2009.
The Board received notice from PERAC that the revised funding schedule recently adopted has been
approved. The schedule assumes payments are made July 1 and January 1 each fiscal year. However, it
appears that the Town & Housing Authority have been making payments in August, October, and December
the past several years. The Board should notify PERAC if the System is likely to continue to make payments
in these months so they could update their records. Since the Board agreed that there is no indication that the
payment schedule is going to change, the Board Administrator will notify PERAC.
• The Board received a request from PERAC to update a list of disability retirees. Also, would like a "New
Member Data" form for all new retirees approved by the board for accidental or ordinary disability in 2005.
Request for information should be returned to PERAC no later than January 13, 2006.
• Gail LaPointe presented information received from Paul Shanley regarding the Fiduciary & Fidelity Insurance
Program. Consensus of the Board was to remain with the existing coverage.
• Discussed issue regarding employees in the school system that combine their vacation hours with regular
hours which allows them to meet the minimum required hours of 1,690 to join the Reading Retirement
System. The Board confirmed that any member scheduled to work 1690 hours is required to join the Reading
Retirement System.
• On December 8, 2005 PERAC notified this Board that Andrea Fitzpatrick was evaluated for possible return to
service and PERAC's internal Nurse Case Manager determined that she is unable to perform the essential
duties of her job.
• Received a letter from John O'Keefe's lawyer, Augustus Camelio. He is asking if PERAC has responded to
the revised letter of questions sent to the medical panel. Has PERAC responded to the Board's request for the
appointment of a new Regional Medical Panel? Spoke with Kate Hogan at PERAC and at this time there has
not been an appointment scheduled for a new Regional Medical Panel. Clarification from the Medical Panel
was requested and completed. The Board agreed to submit a request to PERAC to convene another medical
panel.
RM
• Requested reimbursement of $101.06 from Winchester Retirement Board for the transfer of Karen DeAngelis.
The deductions from January 12, 1988 to termination were miscalculated. The total amount transferred
should have been $15,153.82, not $15,254.88.
• A transfer amount of $85,101.22 dated November 30, 2005 was received from Middlesex Retirement System
for Gail LaPointe, Accountant. Middlesex will accept liability for 15 years, 2 months, 12 days of creditable
service for the period of June 26, 1989 — February 1, 2001 and February 3, 2003 — October 15, 2005.
Communicating with Middlesex Retirement regarding the creditable service.
Accidental disability retiree Charles Johnson had excess earnings for the year 2004. Notification letter was
sent out on October 6, 2005 with a deadline of October 26, 2005 to either pay the amount due to the
retirement board or to request a hearing. Charles Johnson did not reply so we will withhold his monthly
retirement allowance with the exception of his health & life insurance deductions until the full amount of
$9,412.39 owed to the
retirement system has been paid. The Board has notified Kathryn Johnson that Charles' retirement allowance
has been suspended.
Spoke to Laura Barbosa regarding the new Law Book and supplements. We will receive a notice and the cost
of the supplements, as they become available.
MEMORANDUMS & LETTERS RECEIVED
PERAC — Memo — Appropriation for Fiscal Year 2007
PERAC — Memo — Approval of Funding Schedule
PERAC — Memo #36/2005 — Disability Retirement Benefits for Veterans, Chapter 157 of the Acts of 2005
PERAC — Memo #37/2005 — 2005 Disability Data
State Ethics Commission Bulletin — Fall 2005
Joseph Veno, on behalf of the Retirement Board, thanked Elizabeth Klepeis for 14 years on the Retirement Board
and welcomed Richard Foley as the newest member.
The next two Board Meetings will be held on January 25. 2006 and February 22, 2006.
ADJOURNMENT
• GAIL LAPOINTE moved to adjourn this open session at 8:10 P.M.
SECONDED BY: ELIZABETH KLEPEIS
VOTED: (5- 0- 0)UNANIMOUS
"I
Elizabeth W. Klepeis, I" appointed
Francis P. Driscoll, I ' elected
Vice Chairman, Daniel B. Seferian, 2'" appointed