HomeMy WebLinkAbout2010-05-26 Retirement Board Minutes1167
MINUTES OF THE READING RETIREMENT BOARD MEETINT,G
Wednesday, May 26, 2010 i_. L '
The Reading Retirement Board held a regular session meeting on May 26, 2010, in The Lower Level Conference
Room, Town Hall, Reading, Massachusetts. 2C1 1G JU 28 P 1: 11
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, and Board Administrator, Colleen Loughlin.
MINUTES
• Regular session minutes for the March 24, 2010 meeting were signed by all board members.
• FRANCIS DRISCOLL moved to accept the April 28, 2010 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (3-0-1) ABSTAINED: GAIL LAPOINTE
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following retirement application:
f
Dorothy Solomon School-Lunch 6/19/10 22 years, 9 mths Option A _
(Superannuation)
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
FRANCIS DRISCOLL moved to approve the following refunds of accumulated deductions:
Nicholas Metcalf Terminated 12/21/09
(Fire) Total deductions & interest $ 26.88
Less 20% federal tax 5.38
Net refund (Cash) $ 21.50
Original refund was approved at the January 27, 2010 board meeting. Member was terminated, therefore,
he is entitled to 100% of his interest.
Robert Toussaint
(School)
Terminated 7/22/04
Total deductions & interest
Less interest
Less 20% federal tax
Net refund (Cash)
4 years, 5 months
$ 6,306.72
$ 132.22
1,234.90
$ 4,939.60
SECONDED BY
VOTED:
RICHARD FOLEY
(4-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
1168
APPROVAL OF VOUCHERS
• FRANCIS DRISCOLL moved to approve the following vouchers:
2010 Voucher # 44
May Retirement Allowances
$459,414.58
Town of Reading Treasurer
$
43,824.57
Reading Credit Union
$
30,029.00
Commonwealth of Mass.
$
' 606.74
Internal Revenue Service
$
43,809.31
Commonwealth of Mass.
$
1,873.67
45
Town of Reading Treasurer
$
3,624.75
46
Town of Reading
$
157.29
47
MACRS
$
450.00
39
Nicholas Metcalf
$
26.88
40
Robert Toussaint
$
4,939.60
41
Internal Revenue Service
$
1,240.28
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
Net Retiree Payroll
Health Insurance Deductions
Credit Union Deductions
RHA Health Ins. Deductions
Federal Tax Deductions
State Tax Deductions
May's Administrator's Salary
Postage Due Town
Educ. & Training - MACRS
Workshop & Conference
Refund to Member
Refund to Member
Refund to Member 20% Fed Tax
Nicholas Metcalf & Robert Toussaint
INFORMATIONWESTIONS/OTHER ITEMS
• Discussed new Town Hall hours. The Board will consider moving board meetings to Tuesday evenings.
• The Board discussed the procedure for replacing Dan's position as the 5ffi member on the Board. The Board
reviewed one application that was submitted for the Finance Committee.
• Received a draft of the examiner's report on the condition of the Reading Retirement System for the period
January 1, 2007 to December 31, 2009. There were no findings in the report; however, the board will submit
a letter to PERAC to correct the two dates that were wrong on the supplemental regulations. Written
comments are due to PERAC no later than June 10, 2010.
• Received Order on Motion to Dismiss regarding Donald Stead. On April 28, 2010, PERAC moved to dismiss
this action on the grounds that it had been decided adverse to Donald Stead in March 12, 2010 decision in
matter CR-08-774. The magistrate is unable to determine from the current record when the Respondent
(PERAC/Reading Retirement Board) issued its determination for the years at issue in this matter, i.e. 2004,
2005 and 2006 so as to determine whether the appeal was timely pursuant to G.L. c. 32, § 16(4).
• William MacBrien, who worked for the DPW Dept. Administration and retired on August 1, 1987, passed
away on 5/4/10. He chose Option A at his retirement.
• 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, 2010.
General Ledger Trial Balance as of April 30, 2010.
Bank Reconciliation for the month ending March 31, 2010 and April 30, 2010.
Reading's Profile in the PRIT Fund as of first quarter ending March 31, 2010.
• The next board meeting will be June 22, 2010 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #23/2010 - O'Brien v. CRAB & another, 76 Mass. App. Ct. 901 (2010) - the Court of Appeals
decision dealing with regular compensation for purposes of calculating a retirement allowance is final. The
decision dealt specifically with clothing allowances, but actually has applicability to a wider range of payments
which may have been considered regular compensation in the past. Due to possible legislative action, PERAC
referred the matter to the Commission's Legislative Sub-Committee for further review and analysis.
Opal Financial Group - Email announcing the dates for its annual Real Asset Investing Forum on September 15-
16, 2010 at the JW Marriott Hotel at San Francisco's Union Square.
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 6:50 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNAN OUS
a' , Joseph R. V o nd elected
Gai aPointe, Ex Officio
i
Richard P. Foley, 1st appoi ed
Francis P. Driscoll, 1st elected