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Home My WebLink About2011-11-22 Retirement Board Minutesi23� NUNUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, November 22, 2011 The Reading Retirement Board held a regular session meeting on November 22, 2011, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. 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. MINUTES • Regular session minutes for the September 27, 2011 meeting were signed by all board members, except Francis Driscoll who was not present. • FRANCIS DRISCOLL moved to accept the October 25, 2011 regular session minutes as written. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new members: Jessie Wilson Staff Planner Date of hire — 10/31/11 9%+2% (Community Services) Date of membership - Wendy Markiewicz Oper. Assist/ Date of hire & membership — 10/27/11 9%+2% (RMLD) Accounting Paula Santarpio Admin. Assist Date of hire — 10/18/99 9%+2% (School) Date of membership — 10/24/11 (Possibly eligible for buyback) Evanildo Fernandes Computer Tech. Date of hire & membership — 11/7/11 9%+2% - (School) SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following retirement application: John Flaherty RMLD 1/6/12 33 years, 7 months Option A (Superannuation) SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the final calculation for the following retirement approved by PERAC: Mary Ellen Begonis School 10/29/11 (Superannuation) Annuity: Pension: Yearly: Monthly SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 1132 26 years, 0 mths Option C $ 5,860.80 $17,829.72 $23,690.52 $ 1,974.21 • FRANCIS DRISCOLL moved to approve a pay date of December 16, 2011 for the December retiree checks. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve accidental death benefits to Betsey Hoyt. Gerald Hoyt, who worked for the Police Dept. and retired on June 15, 1984, passed away on 10/9/11. He chose Option B at his retirement. He retired on an accidental disability retirement. He retired from coronary atherosclerotic heart disease, angina pectoris, and hypertension, and he died of atherosclerotic cardiovascular disease and chronic lymphoid leukemia. His spouse, Betsey has applied for accidental death benefits. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the Segal actuarial report dated July 1, 2011. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID FRANCIS DRISCOLL moved to approve the following warrant #AP11201 1 totaling, $645,52130 Commonwealth of Mass. $ 583.72 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,969.11 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 57,699.46 Federal Tax Deductions Reading Credit Union $ 32,423.00 Credit Union Deductions Nov. Retirement Allowances $ 495,685.90 Net Retiree Payroll Town of Reading Treasurer $ 52,934.71 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 311.09 Postage due Town Town of Reading Treasurer $ 3,697.65 November's Administrator's Salary SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTHER ITEMS 1233 • Updated Board on status of vendor checks. • Received application from member, John Cussen, who has elected to have retirement deductions withheld beyond the age of 70. • Received a draft copy of the Lump Sum settlement agreement from Attorney Alan Pierce for Accidental Disability, retiree Mark Spataro. The attorney is inquiring if the allocations are acceptable to the Board as to allow Mr. Spataro to receive his full 72% ADR benefit following approval of this settlement. • Affidavits were mailed to all retirees on October 20, 2011. There are 28 affidavits still due. Second notices will be sent out November 23, 2011. • Received a letter from PERAC regarding James Rich' Superannuation retirement allowance. Wakefield sent a letter to PERAC disputing the amount of service shown in their section 3(8)(c) letter. When Mr. Rich became a member of the Reading Retirement System; he stated on his application that he took a refund from Wakefield Retirement System. We received a letter from Wakefield on April 14, 1998 stating that James Rich was employed from 3/2/76- 11/30/85 and that he took a refund on 12/4/85 in the amount of $9,554.93 with 9 years, 8 months of creditable service. James Rich bought back this previous service with Wakefield in February 1999 and retired as of November 22, 2010. We are now notified that the letter sent to this office on April 14, 1998 erroneously stated that he was employed from 3/2/76 - 11/30/85. His creditable service is actually 9 years and 7 months, not the 9 years and 8 months that was stated in the April letter. The Board agreed to send Wakefield Retirement Board a letter asking them to waive the error that they made in 1998. • James Muise, who worked for the Reading Housing Authority and retired on November 16, 1990, passed away on 10/23/11. He chose Option C at retirement. His spouse, Mary Lorraine Muise, will receive a monthly allowance of $551.51, which is 2 /3rds of the amount James Muise was receiving when he died. • Ruth Shaw, who worked in the cafeteria for the School Dept. and retired on December 31, 1986, passed away on 11/4/11. She chose Option A at her retirement. • Florence Kelly, Option C beneficiary of Edward Kelly died October 23, 2011. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending October 31, 2011. • The next board meeting is scheduled for December 13, 2011 at 6:00 pm in the Lower Level Conference Room. PERAC Memo 430/2011 — Shift Substitution, Creditable Service and Regular Compensation — When a member applies to retire and the retirement board is aware that the member's employer permits shift substitution, the retirement board must request and receive documentation that the member has actually worked the requisite number of shifts in a calendar year to qualify for all regular compensation and creditable service claimed. PERAC Memo 431/2011 —Attorney General's Regulations on Remote Participation, 940 CMR 29.10 — A Retirement Board can vote to allow remote participation by a simple majority. A quorum of the Board, including the Chairman of the Board, must be physically present at any meeting during which a Board Member participates remotely. e PERAC Pension News (Barbara Phillips, who has served as General Counsel for PERAC for over 25 years has retired as of October 2011) PERAC Pension Newsflash — Governor Patrick signs pension reform bill 1234 OLD BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 FIRS IN ADVANCE OF MEETING ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:05 P.M. SECONDED BY: THOMAS CLOUGH VOTED: (5 -0 -0) UNANIMOUS 4�� j9gairmim, Joseph R. Veno, 2" elected 0 � 5 2s� Gail IF¢Pointe, Ex Officio (/ N Richard P. Foley, 1'` appointed Vice Chairman, Francis P. Driscoll, I" elected Thomas A. Clough, 2P appointed