HomeMy WebLinkAbout2010-03-24 Retirement Board MinutesL
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MINUTES OF THE READING RETIREMENT BOARD E R K
Wednesday, March 24, 2010 = n ~
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The Reading Retirement Board held a regular session meeting on March 24, 2010, in Th' Lower Level
Conference Room, Town Hall, Reading, Massachusetts. 2010 VIM 21 A "14
The meeting was called to order at 6:02 P.M. by Chairman Joseph Veno in the presence of members Richard
Foley, Gail LaPointe, Daniel Seferian, Francis Driscoll, 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 27, 2010 meeting were signed by all board members.
• Executive session minutes for the January 27, 2010 meeting were signed by all board members.
FRANCIS DRISCOLL moved to accept the February 12, 2010 regular session minutes as written.
SECONDED BY:
VOTED:
® DANIEL SEFERI
SECONDED BY:
VOTED:
RICHARD. FOLEY
(3-0-2) ABSTAINED: JOSEPH VENO & DANIEL SEFERIAN
AN moved to accept the February 24, 2010 regular session minutes as amended.
RICHARD FOLEY
(4-0-1) ABSTAINED: FRANCIS DRISCOLL
APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following new members:
William Boatwright Appraiser Date of hire & membership - 3/24/10
9%+2%
(Finance)
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following retirement applications:
Loretta Cavagnaro RMLD 6/1/10 32 years, 6 mths
Option C
(Superannuation)
Frank Hadley RMLD 6/1/10 55 years, 3 mths
Option C
(Superannuation)
Clare Hadley RMI-,D 6/1/10 24 years, 4 mths
Option A
(Superannuation) -
118®
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following final calct
Todd. Brissenden RMLD 2/16!10
(Superannuation) Annuity:
Pension:
Yearly:
Monthly:
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
elation approved by PERAC:
35 years, 1 mth Option C
$ 8,151.12
$53,916.84
$62,067.96
$ 5,172.33
APPROVAL OF MISCELLANEOUS ITEMS
• FRANK DRISCOLL moved to approve a 3% COLA increase on the first $12,000 of retirement as funded by
our actuarial study for FYI 1.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
• DANIEL SEFERIA.N moved to review, approve, and sign the Annual Statement for PERAC for calendar year
ended December 31, 2009.
SECONDED BY: FRANCIS DRISCOLL
VOTED: , (5-0-0) UNANIMOUS
APPROVAL OF VOUCHERS
• FRANCIS DRISCOLL moved to approve the following vouchers:
2010 Voucher # 29
Max Retirement Allowances
$462,878.16
Net Retiree Payroll
Town of Reading Treasurer
$
44,005.35
Health Insurance Deductions
Reading Credit Union
$
28,829.00
Credit Union Deductions
Commonwealth of Mass.
$
606.74
RHA Health Ins. Deductions
Internal Revenue Service
$
43,885.95
Federal Tax Deductions
Commonwealth of Mass.
$
1,892.47
State Tax Deductions
30
Town of Reading Treasurer
$
3,624.76
March's Administrator's Salary
31
Town of Reading
$
166.29
Postage Due Town
32
Boston Retirement Board
$
6,990.09
Section 3(8)(c) Reimbursement
33
Arlington Retirement Board
$
9,271.92
Section 3(8)(c) Reimbursement
SECONDED BY:
DANIEL SEFERIAN
VOTED:
(5-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
• Discussed FYI I budget.
11 6 1
• Checks were received from the following Retirement Boards for full payment of their Section 3(8)(c)
reimbursement:
- Andover Retirement Board
- Taunton Retirement Board
- Needham Retirement Board
- Stoneham Retirement Board
- Cambridge Retirement Board
- Somerville Retirement Board
- Natick Retirement Board
- Salem Retirement Board
- Malden Retirement Board
- Massachusetts Teachers' Retirement Board
- Medford Retirement Board
- Boston Retirement Board
• Received notification that the PERAC auditors will be conducting an audit of the Reading Retirement System
for the period beginning January 1, 2007 to December 31, 2009. The audit is scheduled to start March 29,
2010.
• Received decision regarding Donald Stead's excess earnings. Mr. Stead's income from rental property is not
earned income as that term is used in G.L. c. 32 § 91A. The decision of PERAC to direct the Reading
Retirement Board to recoup excess earnings from Donald Stead for calendar year 2007 is hereby reversed.
Mr. Stead is now barred from claiming that the determinations made by PERAC for 2001, 2002, and 2003
were improper. The board has received full payment January 2010 for years 2001-2004.
• Robert Toussaint did not appeal the decision to deny his disability retirement application. He has contacted
the board to take a refund of his accumulated deductions.
® William Woods chose Option C at his retirement and his spouse has passed away. PERAC has included in
their records the payment of an Option A retirement allowance to Mr. Woods (Option C "pop-up"), effective
as of February 3, 2010.
• Alice Madden, Option C beneficiary of deceased retiree Ross Madden, died February 1, 2010.
• Pauline McDonough, who worked for the School Dept. and retired on January 30, 1982, passed away on
3/13/10. She chose Option B at her retirement but there are no funds remaining.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending February 28, 2010.
• 'The next board meeting will be May 26, 2010 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #13/2010 -Ethics Training Reminder- Training must be Completed by April 2, 2010
PERAC Memo #14/2010 -IRS Voluntary Compliance Program Update. The Internal Revenue Service has
approved the adoption of compliance regulations by PERAC as an appropriate federal law compliance update to
the provisions governing the local retirement systems. The adoption of these regulations was completed on
December 11, 2009. These activities were a critical step in the new IRS qualification process ("Cycle C") for the
local retirement systems. The final step in the Cycle C process is for the IRS to review and approve the
determination letter applications for the local retirement systems.
PERAC Memo #15/2010 -Reimbursement pursuant to G.L. c. 32, § 3(8)(c) - A number of Boards have asked for
recalculation of the reimbursement provided for in G.L. c. 32, § 3(8)(c). PERAC will review and respond to these
requests in a timely manner.
PERAC Pension News #23
PERAC Pension Newsflash
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 8:00 P.M.
SECONDED BY: DANIEL SEFERIAN
US
VOTED: (5-0-0) UNAN
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GaiKaPointe, Ex Officio
tel. J/' t
Richard P. Foley, ls` appointe'
Francis P. Driscoll, I" elected
Vice Chairman, Daniel B. Seferian, 2°d appointed