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Home My WebLink About2011-10-25 Retirement Board Minutes1 22 8 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, October 25, 2011 RECEIVED TOWN CLERK The Reading Retirement Board held a regular session meeting on October 25, Level Conference Room, Town Hall, Reading, Massachusetts. 2011 DEC I4 P 3, 48 The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the-presence of members Richard Foley, Gail LaPointe, Francis Driscoll, Thomas Clough, and Board Administrator, Colleen Loughlin. SPECIAL ITEM Kathy Riley, Senior Vice President and Actuary from Segal Company, attended the board meeting at 6:15 p.m. through 7:10 p.m. The Board discussed various assumption changes and agreed to have her attend the next board meeting for review. MINUTES • Regular session minutes for the August 2, 2011 meeting were signed by all board members, except Thomas Clough and Richard Foley who were not present. • Regular session minutes for the August 23, 2011 meeting were signed by all board members, except Gail LaPointe who was not present. • RICHARD FOLEY moved to accept the September 27, 2011 regular session minutes as written. SECONDED BY: THOMAS CLOUGH VOTED: • (4 -0 -1) ABSTAINED: FRANCIS DRISCOLL APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following transfer of funds to other system: Abigail McCabe To Worcester Retirement Board $17,545.06 (Community Services) SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 3 years, 6 months • RICHARD FOLEY moved to approve Matthew McSheehy's application for Accidental Disability Retirement. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS • RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership service for creditable service: David Roy Burlington Schools 10/1/78- 6/30/79 5 months (pro- rated) The total purchase amount is $642.80. David will begin payroll deductions with the November 11, 2011 pay period. The non - membership service was with Burlington High School as a substitute teacher. Mass 1229 Teachers' Retirement Board and Middlesex Retirement Board will not accept liability, so Reading Retirement Board will have to accept liability. David is already in the process of completing a buyback through payroll deductions. The Board agreed to add $5.85 to his current deduction of $41.73 so that both buybacks would be completed at the same time as well as the required 5 year timeframe. SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID RICHARD FOLEY moved to approve the following warrant #AP102011 totaling $685,518.15: Commonwealth of Mass. $ 674.69 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,969.11 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 57,585.62 Federal Tax Deductions Reading Credit Union $ 32,023.00 Credit Union Deductions Oct. Retirement Allowances $ 495,372.32 Net Retiree Payroll Town of Reading Treasurer $ 52,685.25 Hlth, Life, & Dental Ins. Deductions Middlesex County Retirement $ 23,569.29 Section 3(8)(c) Reimb. for 2010 Town of Reading $ 154.36 Postage due Town Town of Reading Treasurer $ 3,697.66 October's Administrator's Salary W.B. Mason Co., Inc. $ 60.17 Administrative Expense - supplies Worcester Retirement Board $ 5,535.03 Transfer to Other System (A. McCabe) SECONDED BY: FRANCIS DRISCOLL VOTED: (5 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTUER ITEMS • Discussed the cost of PTG to set up the check design for the vendor checks. The Board would like to see if electronic fund transfers (EFT) are available. • On October 24, 2011, PERAC notified this Board that Mark Spataro was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job. • Gerald Hoyt, who worked for the Police Dept. and retired on June 15, 1984, passed away on October 8, 2011. He chose Option B at his retirement. He retired on accidental disability retirement. He retired from coronary atherosclerotic heart disease, angina pectoris, and hypertension, and he died of cancer. His spouse, Betsy, is eligible for a Section 101 allowance of $9,000.00 per year because Gerald retired prior to November 7, 1996. Sent application to spouse to petition for an accidental death benefit. • 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, 2011. General Ledger Trial Balance as of September 30, 2011. Bank Reconciliation for the month ending September 30; 2011. • The next board meeting is scheduled for November 22, 2011 at 6:00 pm in the Lower Level Conference Room. 123p MEMORANDUMS & LETTERS RECEIVED PERAC Memo #26/2011 — Appropriation Data Due October 31, 2011 PERAC Memo #27/2011 — New Pension Fraud Prevention Poster PERAC Memo #28/2011 — Post Retirement Limits on Public Employment in Massachusetts for Retirees of a Public Retirement System PERAC Memo #29/2011 — Tobacco Company List OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF MEETING "11 Lei 6jWh51plaY FRANCIS DRISCOLL moved to adjourn this open session at 7:25 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS airman, Joseph R. Veno, 2 nd elected Richard P. Foley, 1 Vice Chairman, Francis P Thomas A.