HomeMy WebLinkAbout2010-06-22 Retirement Board Minutes1170
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, June 22, 2010
# V P
;The Reading Retirement Board held a regular session meeting on June 22, 20 110.11 in Tlle!L ow r Level Conference
-'i Room, Town Hall, Reading, Massachusetts. " ` .
The meeting was called to order at 6:00 P.M. by Chairman Joseph. Veno0jiig f e:,Ip~epen fibers Richard
Foley, Gail LaPointe, and Board Administrator, Colleen Loughlin. Francis Driscoll was not a e to'attend.
MINUTES
• Regular session minutes for the April 28, 2010 meeting were signed by all board members, except Gail
LaPointe who was not present. -
• RICHARD FOLEY moved to accept the May 26, 2010 regular session minutes as amended.
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS AND REFUNDS
• RICHARD FOLEY moved to approve the following new members:
Timothy Gillis Custodian Date of hire & membership - 6/7/10 9%+2%
(School)
Brian Bianchi Sewer Date of hire - 3/17/08 9%+2%
(DPW) . Date of Membership - 6/1/10
(Seasonal- Eligible for buyback)
Andrew MacKenzie Storm Water Date of hire - 4/7/08 9%+2%
(DPW) Date of Membership - 6/14/10
(Seasonal - Eligible for buyback)
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
• RICHARD FOLEY moved to approve the following retirement application:
Claire Shea School 7/3/10 34 years, 7 mths Option B
(Superannuation)
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
1171
APPROVAL OF INVOICES TO BE PAID
RICHARD FOLEY moved to approve the following warrant #AP10
06 totaling $678,165.39:
June Retirement Allowances
$468,024.30
Net Retiree Payroll
Town of Reading Treasurer
$
47,071.79
Hlth, Life & Dental Ins. Deductions
Reading Credit Union
$
30,509.00
, Credit Union Deductions
Commonwealth of Mass.
$
606.74
RHA Health Ins. Deductions
Internal Revenue Service
$
46,338.34
Federal Tax Deductions
Commonwealth of Mass.
$
2,085.85
State Tax Deductions
Town of Reading Treasurer
$
3,624.76
June's Administrator's Salary
Town of Reading
$
327.94
Postage Due Town
Essex Regional Retirement Board
$
55,568.26
Section 3(8)(c) Reimbursement
Middlesex County Retirement System
$
23,569.29
Section 3(8)(c) Reimbursement
Colleen Loughlin
$
383.87
Travel Reimbursement MACRS Conf.
Stoneham Retirement Board
$
55.25
Travel Reimbursement - MACRS Conf.
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
INFORMATION/OUESTIONS/OTHER ITEMS
• Retiree Paul Sheridan and Domenic Ricci received a "Notification of Termination" from PERAC for failure
to file their 2009 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan
and Mr. Ricci regarding this issue. Mr. Ricci notified the board that he submitted his paperwork late to
PERAC. Confirmed with Sandra King at PERAC that they have received Mr. Ricci's paperwork. Mr.
Sheridan notified the board that he will not be attending the meeting.
• Received notification from Attorney Robert Benoit that Donald Stead is appealing to CRAB with the position
that a timely appeal was filed.
• The Board Administrator attended the MACRS Training and Spring Conference in Hyannis, MA. Some
topics that were discussed: state ethics, fiduciary insurance, and open meeting law.
• A COLA reimbursement of $103,733.98 from the State for the period 1/1/10-6/30/10 was received on
6/17/10.
• A check was received from the following Retirement Board for full payment of its Section 3(8)(c)
reimbursement:
- Middlesex County Retirement Board
• Copies of the -following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending May 31, 2010.
General Ledger Trial Balance as of May 31, 2010.
Bank Reconciliation for the month ending May 31, 2010.
• The next board meeting is scheduled for July 27, 2010 at 6:00 pm in the Lower Level Conference Room.
EMORA.NDUMS & LETTERS RECEIVED
PERAC Memo #24/2010 - 840 CMR 15.03 Amendments to Regulations Regarding Regular Compensation
i 7 2
OLD AND NEW BUSINESS
• . Board discussed other avenues regarding filling the position of the 5t' board member. The Board has posted
on the town's website. The board agreed to post an ad in the Chronicle and RCTV.
ADJOURNMENT
• RICHARD FOLEY moved to adjourn this open session at 6:25 P.M.
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIM US
C 1 , Joseph R Veno, 2nd elected
C
Gail Pointe, x Officio
9t d
Richard P. Foley, 1 a pomte
Francis P. Driscoll, Is` elected