HomeMy WebLinkAbout2011-03-22 Retirement Board Minutes1 1203
MINUTES OF THE READING RETIREMENT BOARD MEETING
® Tuesday, March 22, 2011 RECEIVED
TOWN CLERK
The Reading Retirement Board held a regular session meeting on March 22, 2011, KT.ISiI �Ow el
Conference Room Town Hall, Reading, Massachusetts.
�pWIme be Ri Ir 2�'
The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno N the presenc members Richard
Foley, Gail LaPointe, Francis Driscoll, Thomas Clough, and Board Administrator, Colleen Loughlin.
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 January 25, 2011 meeting were signed by all board members.
• Regular session minutes for the February 10, 2011 meeting were signed by all board members, except Francis
Driscoll who was not present.
• FRANCIS DRISCOLL moved to accept the February 22, 2011 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following retirement applications:
Joseph Gu=aloca DPW 2/28/11 36 years, 2 mths Option A
(Superamuation)
Herbert Marden School -Custodian 3/9/11 21 years, 2 mths Option C
(Termination)
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0)UNANIMOUS
• FRANCIS DRISCOLL moved to approve final calculations for the following retirements approved by
PERAC:
Edward Cirigliano Comm Serv. 2/11/11 25 years, 1 mth Option C
(Superannuation) Annuity: $ 2,739.24
Pension: $ 8,624.88
Yearly: $11,364.12
Monthly: $ 947.01
® Joseph Gu&maloca DPW 2/28/11 36 yews, 2 mths Option A
(Superannuation) Annuity: $ 6,089.04
Pension: $24,632.76
Yearly: $30,721.80
Monthly: $ 2,560.15
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Josephine Roffi RMLD 1/24/11 36 years, 9 mths Option D
(member -survivor benefit) Dependents: $ 2,520.00
Annuity: $ 6,612.60
Pension: $26,518.56
Yearly: $35,651.16
Monthly: $ 2,970.93
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• FRANCIS DRISCOLL move to approve the following
warrant #AP032011 totaling $694,947.04:
Commonwealth of Mass.
$
649.34
RHA Health Ins. Deductions
Commonwealth of Mass.
$
2,224.20
State Tax Deductions
Commonwealth of Mass.
$
216.66
Child Support
Internal Revenue Service
$
57,469.76
Federal Tax Deductions
Reading Credit Union
$
30,643.00
Credit Union Deductions
March Retirement Allowances
$
493,967.87
Net Retiree Payroll
Town of Reading Treasurer
$
51,511.28
Hlth, Life, & Dental Ins. Deductions
Winchester Retirement Board
$
23,229.13
Section 3(8xc) Reimb. for 2010
Town of Reading
$
163.49
Postage due Town
Town of Reading Treasurer
$
3,624.75
March's Administrator's Salary
Brookline Retirement Board
$
103.69
Section 3(8xc) Reimb. for 2010
Stoneham Retirement Board
$
9,271.92
Section 3(8xc) Reimb. for 2010
• Essex Regional Retirement Board
$
21,871.95
Trsfer to Other Syst.(G. Cavanaugh)
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0)UNANIMOUS
• At the December 14, 2010 board meeting, the Board approved retirement application for Pamela Corcoran
with a retirement date of 2/14/11. Correct date of retirement should be 2/15/1 L
• Received memo from PERAC requesting a list of all members who have retired under superannuation
between January 1, 2009 -December 31, 2010. Because the Board elected to take advantage of the benefit
calculation waiver process on submitting superannuation retirement calculations to PERAC for approval, then
the Board must participate in the process of a bi-annual review of such calculations. Information was sent to
PERAC on March 1. 2011.
• A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement.
- Malden Retirement Board
- Salem Retirement Board
- Stoneham Retirement Board
- Needham Retirement Board
® _ Natick Retirement Board
Andover Retirement Board
- Lawrence Retirement Board
- Fall River Retirement Board
- Somerville Retirement Board
- Norfolk County Retirement Board
- Taunton Retirement Board
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• • Florence Webster, who worked for the Finance Dept. and retired on April 30, 1999, passed away an 2/16/11.
She chose Option B at her retirement but there are no funds remaining.
• Daniel Brennan, who worked for the Light Dept. and retired on September 7, 2002; passed away on 2/14/11.
He chose Option A at his retirement.
• Received a letter from Alliant Driver Specialty Group regarding National Fiduciary Liability Insurance
Program. They would like the opportunity to provide the retirement board with a Fiduciary Liability proposal
under their program.
• 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 ending February 28,
2011,
Bank Reconciliation for the month ending January 31, 2011 and February 28, 2011.
PERAC Pension News No. 26
• The next board meeting is scheduled for April 19, 2011 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #13/2011 — Systems Increasing COLA Base Pursuant to G.L. c. 32, §1030)
PERAC Memo #14/2011 —Boston Hous. Auth. v. Nat'l Conference of Firemen and Oilers, Local 3, No. SJC-
10569 (Mass. October 22, 2010) & Chapter 21 of the Acts of 2009
® PERAC Memo #15/2011 —Draft Investment Regulations
OLD BUSINESS
• Discussed Chapter 131 of the Acts of 2010 — Sections 27 & 28 establish a local option to increase the benefit
paid under G.L. c.32, § 101. If the Board accepts this local option and the legislative body approves that
action, the increased allowance will go into effect on the date of approval, but not earlier than January 1,
2011. Upon acceptance, the allowances of all individuals receiving an allowance pursuant to G.L. c. 32, §
101 will be increased from $6,000 to $9,000.
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
• FRANCIS DRISCOLL moved to adjourn this open session at 7:50 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
® hairman, Joseph R. Veno, 2" elected
Gail LaPointe, Ex Officio
Richard P. Foley, 1" appollited
isice --Chairman, Francis P. Driscoll, 1" elected
Thomas A. Clough, 2" a pointed
C
101
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