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Home My WebLink About2010-04-28 Retirement Board Minutes1 1 0 MINUTES OF THE READING RETIREMENT BOARD MEETING.;.. j , f. Wednesday, April 28, 2010 t~ s s The Reading Retirement Board held a regular session meeting on April 28, 2010, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. I GO 8 P The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard Foley, Francis Driscoll, and Board Administrator, Colleen Loughlin. Gail LaPointe was not able to attend. MINUTES • Regular session minutes for the February 12, 2010 meeting were signed by all board members, except Joseph Veno who was not present. • Regular session minutes for the February 24, 2010 meeting were signed by all board members, except Francis Driscoll who was not present. • FRANCIS DRISCOLL moved to accept the March 24, 2010 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (3-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS- AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new members: Mark Mullen Policeman Date of hire & membership - 3/24/10 9% + 2% (Police) Kimberly Wyman Customer Specialist Date of hire -12/20/07 9% + 2% (RMLD) Date of membership - 4/26/10, (prior non-membership service PT) SECONDED BY: RICHARD FOLEY VOTED: (3-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following retirement applications: Anna Ciarlone RMLD 6/1/10 32 years, 6 mths Option C (Superannuation) Sheryl Carpenella School 6/30/10 11 years, 1 mth Option C (Superannuation) SECONDED BY: RICHARD FOLEY VOTED: (3-0-0) UNANIMOUS 0 FRANCIS DRISCOLL moved to approve the following final calculations approved by PERAC: 1164 Charles Perry RMLD 2/13/10 30 years, 2 mths Option B (Superannuation) Annuity: $ 10,939.44 Pension: $37,016.76 Yearly: $ 47,956.20 Monthly: $ 3,996.35 Gary Boutin DPW 3/13/10 40 years, I mth Option C (Superannuation) Annuity: $ 5,937.12 Pension: $ 31,513.68 Yearly: $ 37,450.80 Monthly: $ 3,120.90 SECONDED BY: RICHARD FOLEY VOTED: (3-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • FRANK DRISCOLL moved to approve request for Board Administrator to attend the MACRS 2010 Spring Conference being held June 5 - June 9, 2010 in Hyannis, MA. SECONDED BY: RICHARD FOLEY VOTED: (3-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to the request from eligible member to purchase prior non-membership service from Reading-for creditable service. Sheryl Carpenella Reading 1/1/97-1/25/98 1 yr, 25 days The total purchase amount is $2,961.75. Sheryl would like to rollov er $662.93 and make a lump sum payment of $2,298.82. SECONDED BY: RICHARD FOLEY VOTED: (3-0-0) UNANIMOUS • FRANK DRISCOLL moved to accept Mark Spataro's application for Accidental Disability. SECONDED BY: RICHARD FOLEY VOTED: (3-0-0) UNANIMOUS • RICHARD FOLEY moved to nominate Francis Driscoll as Vice-Chairman. SECONDED BY: JOSEPH VENO VOTED: (3-0-0) UNANIMOUS f z APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 11 65 2010 Voucher # 34 35 Mar Retirement Allowances Apr Retirement Allowances Town of Reading Treasurer Reading Credit Union Commonwealth of Mass. Internal Revenue Service Commonwealth of Mass. Town of Reading Treasurer Town of Reading West Payment Center Quincy Retirement Board Brookline Retirement Board Central Reprographics Deluxe Financial Resort & Con£ Ctr at Hyannis $ 443.80 Net Retiree Payroll, $462,728.23 Net Retiree Payroll $ 43,865.66 Health Insurance Deductions $ 30,029.00 Credit Union Deductions $ 606.74 RHA Health Ins. Deductions $ 44,129.35 Federal Tax Deductions $ 1,873.67 State Tax Deductions $ 5,437.13 April's Administrator's Salary $ 152.55 Postage Due Town S 182.00 Admin Expense - Ch. 32 inserts $ 1,751.33 Section 3(8)(c) Reimbursement $ 103.69 Section 3(8)(c) Reimbursement $ 70.41 Admin Expense - Ret. Guides $ 18.00 Admin Expense - Checks (EFT) $ 164.55 Travel Expense - MACRS Conf. 36 37 38 39 40 41 42 43 SECONDED BY VOTED: RICHARD FOLEY (3-0-0) UNANIMOUS INFORMATION/OUESTIONS/OTHER ITEMS • Received a letter from Daniel Seferian dated 3/25/10 stating that he resigned from the Retirement Board. The Board will also need to vote for a Vice-Chairman. The Board agreed to review applications that were submitted for other Board positions, such as the Board of Selectman or Finance Committee. • PERAC completed the audit of the Reading Retirement System for the period beginning January 1 2007 to December 31, 2009. There were no findings. • Received notice of appeal regarding Donald Stead's excess earnings for the years 2004-2006. • James Mullen made his final payment reimbursing the Reading Retirement System the money owed after cashing his deceased mother's„checks in 2009. The total amount reimbursed was $3,039.40. • Checks were received from the following Retirement Boards for frill payment of their Section 3(8)(c) reimbursement: Norfolk County Retirement Board • Faye Ingraham, who worked for the Finance Department and retired on January 30,2007, passed away on 3/22/10. She chose Option C at retirement. Her spouse, Jeffrey Ingraham, will receive a monthly allowance of $481.20, which is 2/3rds of the amount Mrs. Ingraham was receiving when she died.. 1 • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement& fund performance for period ending March 31, 2010. General Ledger Trial Balance as of January 31, 2010, February 28, 2010, & March 31, 2010. Bank Reconciliation for the. month ending January 31, 2010 and February 28, 2010. • The next board meeting will be May 26, 2010 at 6:00 pm in the Lower Level Conference Room. F' MEMORANDUMS & LETTERS RECEIVED PERAC Memo '#16/2010 - Further Guidance in Regard to Reimbursements Pursuant to G.L. c. 32, § 3(8)(c) 1166 PERAC Memo # 17/2010 Limits on Massachusetts Public Employment for Massachusetts Public Retirees and a Post-Retirement Earnings Worksheet PERAC Memo # 18/2010 - Investment Manager List PERAC Memo # 19/2010 - Tobacco Company List PERAC Memo #20/2010 - PERAC E-Mail Addresses and the Secure Exchange of Sensitive Information The PERAC Financial Bulletin, Financial Market Review, First Quarter 2010 PERAC Memo #21/2010 - Modification of Disability Retirement Allowances [G.L. c. 32, § 8(3)] - Last year the Commission approved a policy for prospectively modifying the retirement allowances of disability retirees whose earnings have resulted in the recoupment of their full retirement allowance for three consecutive years. This procedure will be implemented with respect to annual statements of earnings filed for 2007, 2008 and 2009. If a disability retiree's earnings have resulted in the recoupment of.his or her entire allowance for those three calendar years or any subsequent three consecutive years, the member and the applicable Retirement Board will be notified. PERAC Memo #22/2010 - Creditable Service While Receiving Partial Workers' Compensation Benefits - Any member who is on workers' compensation for partial incapacity and at the same time employed on a part-time basis by the public employer where the injury occurred will be granted full creditable service. Richard Biagiotti - candidate running for the Executive Board of Massachusetts Association of Contributory Retirement Systems ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 6:45 P.M. SECONDED BY: RICHARD FOLEY VOTED: (3-0-0) UR. Veno, 2° elected Gail LaPointe, Ex Officio ti Richard P. Foley, I` appo' ted Francis P. Driscoll, I" elected Vice Chairman, Daniel B. Seferian, 2" appointed