HomeMy WebLinkAbout2012-05-29 Retirement Board Minutes12 58
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, May 29, 2012
The Reading Retirement Board held a regular session meeting on May 29, 2012, in The Lower Level Conference
Room, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:02 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
• RICHARD FOLEY moved to accept the March 27, 2012 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
• RICHARD FOLEY moved to accept the April 24, 2012 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• RICHARD FOLEY moved to approve the following transfer of funds to other systems:
Ann Visconti To State Retirement
(School)
James Sullivan To Marblehead Retirement
(Recreation)
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
$12,968.67 4 years and 7 months
$18,947.59 5 years and 0 months
• RICHARD FOLEY moved to approve the following retirement application:
Lynne Graham Paraprofessional 6/18/12 23 years, 8 mths Option A
(School)
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• RICHARD FOLEY moved to approve a 3% COLA increase for FY2013 which begins on July 1, 2012 and
ends June 30, 2013 on the first $12,000 of retirement benefit, which is reflected in the July 1, 2011 actuarial
valuation.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
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• RICHARD FOLEY moved to deny Section 48 of Chapter 176 of the Acts of 2011 for equity reasons. Section
48 adds a new section, G.L. c. 32, § 90131/2, that creates a local option that will establish a $15,000 minimum
retirement allowance for retirees who had been granted in excess of 25 years of creditable service.
SECONDED BY: THOMAS CLOUGH
VOTED: (4 -1 -0)
OPPOSED: FRANCIS DRISCOLL
• RICHARD FOLEY moved to approve to waive the overpayments for James Rich in the amount of $12.38 a
month from November 22, 2010 through June 30, 2012 in accordance with G.L. c. 32, § 20(5)(c)(3):
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
• RICHARD FOLEY moved to approve request from eligible member to purchase prior non - membership
service for creditable service:
George Zambouras • Reading 1/1/72- 12/31/74 1 year, 6 months
The total purchase amount is $2,286.73. George will begin payroll deductions with the June 8, 2012 pay
period.
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
RICHARD FOLEY moved to approve the following warrant #AP052012 totaling $737,97076
Commonwealth of Mass.
$ 628.89
RHA Health Ins. Deductions
Commonwealth of Mass.
$ 1,882.60
State Tax Deductions
Commonwealth of Mass.
$ 216.66
Child Support
Internal Revenue Service
$ 58,613.71
Federal Tax Deductions
Reading Credit Union
$ 31,708.00
Credit Union Deductions
April Retirement Allowances
$ 502,553.28
Net Retiree Payroll
Town of Reading Treasurer
$ 50,691.57
Hlth, Life, & Dental Ins. Deductions
Cape Codder Resort & Spa *
$ 201.98
Travel Expense — MACRS Conference
Essex Reg. Retirement Board
$ 55,568.26
Section 3(8)(c) Reimbursement for 2011
Marblehead Retirement Board
$ 18,947.59
Transfer to Other Systems — J. Sullivan
Maureen Hanifan
$ 63.72
Ref. to Member - overcharged buyback
Medical Record Associates, LLC
$ 61.38
Medical Records— W. Van Horn
State Retirement Board
$ 12,968.67
Transfer to Other Systems — A. Visconti
Town of Reading
$ 166.80
Postage due to Town of Reading
Town of Reading Treasurer
$ 3,697.65
May's Administrator's Salary
* Voided check #2523 dated 4/30/12 for $288.92 Cape Codder Resort & Spa
SECONDED BY: THOMAS CLOUGH
VOTED: (5 -0 -0) UNANIMOUS
INFORMATION/OUESTIONS /OTHER ITEMS
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• Discussed issue regarding a retiree that is not able to communicate with the Retirement Board and spouse has
questions regarding his benefit.
• Discussed reclassification of the Retirement Board Administrator's position. Letter was drafted to Peter
Hechenbleikner and signed by the board.
• There was a consensus from the board to include a form for the member to sign in the refund packet.
• Virginia McCormick, who worked for the School Department and retired on November 30, 1983, passed
away on 5/25/12. She chose Option A at her retirement.
• A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement.
- Essex Regional Retirement System
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending April 30, 2012.
General Ledger Trial Balance as of January 31, 2012, February 29, 2012, March 31, 2012, and April 30,
2012.
Bank Reconciliation for the month ending April 30, 2012.
The next board meeting is scheduled for June 26, 2012 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #34/2012 — Mandatory Retirement Board Member Training — NCPERS (PATS)
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 7:25 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (5 -0 -0) UNANIMOUS
Chairman, Joseph R. Veno, 2 "° elected
Gail LaPointe, Ex Officio
6)
I Richard P. Foley, I` app inted
Vice Chairman, Francis P. Driscoll, I" elected
Thomas A. Clough, 2 appointed