HomeMy WebLinkAbout2011-09-27 Retirement Board Minutes1225
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, September 27, 2011
The Reading Retirement Board held a regular session meeting on September 27, 2011, in The Lower Level
Conference Room, Town Hall, Reading, Massachusetts.
N
The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of rr&berrCRichard
Foley, Gail LaPointe, Thomas Clough, and Board Administrator, Colleen Loughlin. Francis Drisol waT83le
to attend. ° *m
1V ZZn
r-M
MINUTES D X M M
DSO
• Regular session minutes for the June 21, 2011 meeting were signed by all board member &xcerFrancis
Driscoll who was not present. N
• RICHARD FOLEY moved to accept the August 23, 2011 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -1) ABSTAINED: GAIL LAPOINTE
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• RICHARD FOLEY moved to approve the following new members:
Heather Tate Clerk
(Finance)
Patrick McLaughlin Computer Technician
(Finance)
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
Date of hire & membership — 9/19/11
Date of hire & membership — 9/27/11
• RICHARD FOLEY moved to approve the following refund of accumulated deductions:
9%+2%
9%+2%
Kevin DeMoura Resigned 7/24/11 2 years, 10 months
(School) Total deductions & interest (3% rule applied) $9,531.55
Less 20% federal tax $1,906.31
Reimbursement to Town of Reading 2 0$ 90.21
Net refund distributed to member $5,535.03
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
• RICHARD FOLEY moved to approve the following retirement application:
Mary Ellen Begonis Secretary - School 10/29/11
(Superannuation)
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
10 years, 10 mths Option C
1226
APPROVAL OF MISCELLANEOUS ITEMS
• RICHARD FOLEY moved to approve Section 12(2)(d) member - survivor allowance for:
Thomas Schibilio, spouse of active member LeeAnn Fratom, who passed away on July 30, 2011. LeeAnn
was an Operational Assistant at the RMLD and was a member of the Reading Retirement System for 9 years
and 10 months.
Member - survivor allowance payable for Thomas' lifetime: $636.76 monthly, $7,641.09 /annually
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
RICHARD FOLEY moved to approve the following warrant 9AP092011 totaling $655,784.12:
Commonwealth of Mass. $ 674.69 RHA Health Ins. Deductions
Commonwealth of Mass.
$
1,969.11
State Tax Deductions
Commonwealth of Mass.
$
217.32
Child Support
Internal Revenue Service'
$
57,585.62
Federal Tax Deductions
Reading Credit Union
$
32,068.00
Credit Union Deductions
Sept. Retirement Allowances
$ 494,881.42
Net Retiree Payroll
Town of Reading Treasurer
$
53,079.88
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
169.88
Postage due Town
Town of Reading Treasurer
$
5,546.48
September's Administrator's Salary
Stoneham Retirement Board
$
60.17
Mileage Expense -MACRS Education
Class in Auburn & PERAC Emerging
Issues Forum at Holy Cross
Kevin DeMoura
$
5,535.03
Refund to Member
Internal Revenue Service
$
1,906.31
Refund to Member— 20% federal tax
Town of Reading Treasurer
$
2,090.21
Refund to Member —Reimb to Town of
Reading
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending August 31, 2011.
General Ledger Trial Balance as of July 3I;, 2011 & August 31, 2011.
Bank Reconciliation for the month ending July 31, 2011 & August 31, 2011.
PRIT June 2011 Quarterly Profile.
The next board meeting is scheduled for October 25, 2011 at 6:00 pm in the Lower Level Conference Room.
1227
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #25/2011 —Tobacco Company List
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• RICHARD FOLEY moved to adjourn this open session at 6:20 P.M.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -0 -0) UNANIMOUS
i n, Joseph Veno, 2"
a elected
GaTzLe Pointe, Ex Officio
61,
Richard P. Foley, I" appoint
Vice Chairman, Francis P. Driscoll, I" elected
Thomas A. Clough, 2" appointed