The URL can be used to link to this page

Home My WebLink About2011-07-26 Retirement Board Minutes3217 MINUTES OF THE READING RETIREMENT BOOVL11I1 E5 G Tuesday, July 26, 2011 TDWN CLERK �EADING. MASS. The Reading Retirement Board held a regular session meeting on July 2 , 2011, in The Lower Level Conference Room Town Hall, Reading, Massachusetts. - Z011 SEP 213 P 4` 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 May 24, 2011 meeting were signed by all board members, except Gail LaPointe who was not present. • THOMAS CLOUGH moved to accept the May 24, 2011 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (4-0-1). ABSTAINED: FRANCIS DRISCOLL APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • THOMAS CLOUGH moved to approve the following new members: Amy Greco Secretary Date of hire — 8/28/08 9%+2% (School) Date of Membership -7/1/11 (Possibly Eligible for BB) Timothy Morelli Water - Laborer Date of hire & membership — 7/5/11 9%+2% (DPW) Kim Saunders Clerk Date of hire -5/3/04 9%+2% (Comm Serv) Date of Membership — 7/5/11 (Possibly Eligible for BB) Matthew Binda Customer Specialist Date of hire & membership — 7/6/11 9%+2% (RMLD) Jason Centric Highway - Laborer Date of hire & membership — 7/11/11 9%+2% (DPW) Susan Mitchell Customer Specialist Date of hire & membership — 7/14/11 9%+2% (RMLD) SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS I APPROVAL OF MISCELLANEOUS ITEMS • THOMAS CLOUGH moved to approve to request from Board Administrator to attend the PERAC Emerging Issues Forum being held September 14, 2011 at College of Holy Cross in Worcester, MA. 11 SECONDED BY: RICHARD FOLEY 2 8 VOTED: (5-0-0) UNANIMOUS • • THOMAS CLOUGH moved to approve to request from Board Administrator to attend the MACRS One Day Seminar for Board Administrators and Staff being held August 23, 2011 at Auburn Elks in Auburn, MA. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • THOMAS CLOUGH moved to approve request from eligible member to purchase military service for creditable service: John P. Cussen Air Force RESAF 11/10/64-6/16/69 4 years, 0 months The total purchase amount is $20,710.80. John will begin payroll deductions with the August 5, 2011 pay period. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • THOMAS CLOUGH moved to approve request from eligible member to purchase prior non -membership service for creditable service: John C. Goodwin Reading 9/24/07-12/31/07 2 months (pro -rated) The total purchase amount is $599.94. John will make a lump sum payment. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • THOMAS CLOUGH moved to approve request from eligible member to purchase prior non -membership service for creditable service: Lori Miller Reading 7/2/07-6/30/08 9 months (pro -rated) The total purchase amount is $2,898.70. Lori will begin payroll deductions with the August 5, 2011 pay period. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • THOMAS CLOUGH moved to approve regulation to submit to PERAC for approval regarding buyback of prior non -membership service from another Massachusetts Governmental Unit. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • The Board discussed the regulation to submit to PERAC for approval regarding buybacks of prior non- membership service from another Commonwealth. 1219 APPROVAL OF INVOICES TO BE PAID ® THOMAS CLOUGH moved to approve the following warrant #AP072011 totaling $652,264.52: Commonwealth of Mass. $ 674.69 RHA Health Ins. Deductions Commonwealth of Mass. $ 2,077.71 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 57,555.20 Federal Tax Deductions Reading Credit Union $ 31,798.00 Credit Union Deductions July Retirement Allowances $ 500,216.46 Net Retiree Payroll Town of Reading Treasurer $ 53,414.03 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 189.68 Postage due Town Town of Reading Treasurer $ 3,624.75 July's Administrator's Salary - Wellesley Retirement Board $ 2,497.34 Section 3(8xc) Reimbursement for 2010 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS INFORMATION/OUESTIONS/OTHER ITEMS • Discussed membership for an employee that was working for school dept with a contract for one year and was viewed as temporary. • Catherine Quimby, who worked as the Town Clerk and retired on April 1, 1996, passed away on 7/22/11. She chose Option B at her retirement but there are no funds remaining. • William Connors, who worked in the Technology Department and retired on July 1, 2011, passed away on 7/23/11. He chose Option C at retirement. His spouse, Paula Connors, will receive a monthly allowance of $2,214.26, which is 2/3rds of the amount William Connors was receiving when he died. • Received a Motion to Extend Time for Filing 12(c) Motion from Donald Stead's attorney, Robert Benoit. • A COLA reimbursement of $107,520.04 from the State for the period 1/1/11-6/30/11 was received on 6/27/11. • On June 27, 2011, PEP AC notified this Board that Michael Grunzweig 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 hisjob. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending lune 30, 2011. General Ledger Trial Balance as of June 30, 2011. Bank Reconciliation for the month ending June 30, 2011. • The next board meeting is scheduled for August 23, 2011 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED • PERAC Memo #22/2011 — Reinstatement to Service under G.L. c. 32 § 105 PERAC Memo #23/2011 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors. • Lil 1220 PERAC Pension News —PERAC Reschedules Regulatory Hearing for August 30, 2011 in Springfield, MA. This will be the fifth scheduled hearing in a series held by PERAC to receive comments on major revisions in the regulations that have governed investment and other activities for the last 13 years. OLD BUSINESS RICHARD FOLEY moved to make changes to amend the last sentence in the veteran buyback regulation. SECONDED BY: THOMAS CLOUGH VOTED: (5-0-0) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING • THOMAS CLOUGH moved to adjourn this open session at 6:35 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS Vice Chairman, Francis P. Dr' Coll, 1" elected Thomas A. Clough, 2"*pointed pointed