HomeMy WebLinkAbout2012-02-21 Retirement Board Minutes1245
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, February 21, 2012
The Reading Retirement Board held a regular session meeting on February 21, 2012, 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, Thomas Clough, and Board Administrator, Colleen Loughlin. Gail LaPointe and Francis Driscoll were not
able to attend.
SPECIAL ITEM
Paul Todisco, Senior Client Services Officer from the PRIM Board, attended this meeting to discuss the
performance of the funds in PRIT.
MINUTES
• Regular session minutes for the December 13, 2011 meeting were signed by all board members.
• RICHARD FOLEY moved to accept the January 24, 2012 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• RIC14ARD FOLEY moved to approve the following new members:
Martha Sybert School Business Assist.
(School)
Michelle Lamson Customer Specialist
(RMLD)
Thomas MacRae, Jr. Apprentice Lineman
(RMLD)
Kevin Doherty
(School)
Daniel Pouliot
(Fire)
School Facilities
Firefighter
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
Date of hire & membership— 1/17/12 9%+2%
Date of hire & membership— 1/23/12 9 % +2%
Date of hire & membership— 1/26/12 9 % +2%
Date of hire & membership— 2/6/12 9%+2%
Date of hire — 12/23/11 9%+2%
Date of Membership — 12/23/11
• RICHARD FOLEY moved to approve the final calculations for the following retirements approved by
PERAC:
Loretta Beaird DPW 9/2/11 10 years, 10 mths Option B
(Superannuation) Annuity: $ 2,695.44
Pension: $ 5,657.88
Yearly: $ 8,353.32
Monthly: $ 696.11
Matthew McSheehy Fire
(Accidental Disability)
John Flaherty RMLD
(Superannuation)
Joan Lavoie School
(Superannuation)
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
APPROVAL OF INVOICES TO BE PAID
11/28/11
28 years, 10 mths
Dependents:
$ 751.80
Annuity:
$ 8,573.40
Pension:,
$40,605.84
Yearly:
$49,931.04
Monthly:
$ 4,160.92
1/6/12
33 years, 7 mths
Annuity:
$10,587.12
Pension:
$52,277.88
Yearly:
$62,865.00
Monthly:
$ 5,238.75
1/6/12
23 years, 3 mths
Annuity:
$ 2,968.80
Pension:
~ $ 8,837.52
Yearly:
$11,806.32
Monthly:
$ 983.86
RICHARD FOLEY moved to approve the following warrant #AP022012 totaling $768,136.91
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Option C
Option A
Option A
Commonwealth of Mass.
$
628.89
R14A Health Ins. Deductions
Commonwealth of Mass.
$
1,969.11
State Tax Deductions
Commonwealth of Mass.
$
216.66
Child Support
Internal Revenue Service
$
57,520.40
Federal Tax Deductions
Reading Credit Union $ 31,708.00 Credit Union Deductions
February Retirement Allowances $ 497,569.20 Net Retiree Payroll
Town of Reading Treasurer $ 51,267.18 Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
473.75
Postage due Town
Town of Reading Treasurer
$
3,697.66
February's Administrator's Salary
Belmont, MA Cont. Retirement.
$
1,890.39
Section 3(8)(c) Reimbursement for 2011
Saugus Retirement Board
$
4,664.40
Section 3(8Xc) Reimbursement for 2011
Winchester Retirement Board
$
23,229.13
Section 3(8)(c) Reimbursement for 2011
MA Teachers' Retirement Board
$
36,270.73
Section 3(8)(c) Reimbursement for 2011
Barnstable County Retirement
$
2,083.28
Section 3(8)(c) Reimbursement for 2011
State Retirement Board
$
"51,488.91
Section 3(8)(c) Reimbursement for 2011
Winthrop Retirement Board
$
3,355.53
Section 3(8)(c) Reimbursement for 2011
Brookline Retirement Board
$
103.69
Section 3(8)(c) Reimbursement for 2011
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS
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A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement.
- Salem Retirement Board
- Malden Retirement Board
- Lawrence Retirement Board
- Andover Retirement Board
- Fall River Retirement Board
- Medford Retirement Board
- Stoneham Retirement Board
- Somerville Retirement Board
- Cambridge Retirement Board
- Needham Retirement Board
- Taunton Retirement Board
- Boston Retirement Board
We
The Commission is in receipt of Attorney Sacco's recent letter dated February 8, 2012 objecting to certain
aspects of PERAC's Statement of Financial Interests for Calendar Year 2011. Since no specific client was
identified, PERAC sent a response to all retirement boards.
Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's calendar year to date statement & fund performance for period Jan. 1, 2011 to Dec. 31,
2011.
The PRIT fund's monthly statement & fund performance for period ending January 31, 2012.
Bank Reconciliation for the month ending January 31, 2012.
PRIT September 2011 Quarterly Profile.
The next board meeting is scheduled for March 27, 2012 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #17/2012 — Shift Substitution, Creditable Service and Regular Compensation (Follow up to
PERAC Memorandum #30/2011)
PERAC Memo #18/2012 — Special Counseling for Members Seeking to Withdraw Their Funds
PERAC Memo #19/2012-2011 Statement of Financial Interests
PERAC Memo #20/2012 — Data Verification for PERAC's 2011 Annual Report
PERAC Memo #21/2012 — Attorney General's Open Meeting Law Guide
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
1248
• RICHARD FOLEY moved to adjourn this open session at 7:15 P.M.
SECONDED BY: THOMAS CLOUGH
VOTED: (3 -0 -0) UNANIMOUS ill" 'mil'
airman, Joseph R. Veno, 2" d elected
Gail LaPointe, Ex Officio
Richard P. Foley, V app6lnted
bo
Vice Chairmann�, Francis P. riscoll, I" elected
lrrrt6p ( I
Thomas A. Clough, appointed