HomeMy WebLinkAbout2010-02-24 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING
Wednesday, February 24, 2010
OW CLERK
The Reading Retirement Board held a regular session meeting on February alVle i,ower Level
Conference Room Town Hall, Reading, Massachusetts.
20I PAY 18 A q: 20
The meeting was called to order at 6:03 P.M. by Chairman Joseph Veno in, the presence of members Richard
Foley, Gail LaPointe, Daniel Seferian, and Board Administrator, Colleen Loughlin. Francis Driscoll was not able
to attend.
MINUTES
• Regular session minutes for the December 16, 2009 meeting were signed by all board members.
• DANIEL SEFERIAN moved to accept the January 27, regular session minutes as amended.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• DANIEL SEFERIAN moved to accept the January 27, 2010 executive session minutes as amended.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• Minutes from the February 12, 2010.regular session to be read and approved by all board members, except
Joseph Veno and Daniel Seferian who were not present.
Tabled until next meeting.
APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS
• DANIEL SEFERIAN moved to approve the following new members:
Raymond Melvin Apprentice Lineman Date of hire & membership - 2/9/10 9%+2%
(RMLD)
Daniel Follis
(RMLD)
SECONDED BY:
VOTED:
Apprentice Lineman
RICHARD FOLEY
(4-0-0) UNANIMOUS
Date of hire & membership - 2/23/10 9% + 2%
• DANIEL SEFERIAN moved to approve the following final calcut,
William Talbot Jr. Custodian - School 12/26/09
(Superannuation) Annuity:
Pension:
Yearly:
Monthly:
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
ition approved by PERAC:
25 years, 3 mths Option A
$ 9,348.60
$16,082.76
$25,341.36
$ 2,119.28
1157
APPROVAL OF VOUCHERS
• DANIEL SEFERIAN moved to approve the following vouchers:
2010 Voucher # 19
Feb Retirement Allowances
$460,758.10
Town of Reading Treasurer
$
43,713.21
Reading Credit Union
$
28,829.00
Commonwealth of Mass.
$
606.74
Internal Revenue Service
$
43,582.38
Commonwealth of Mass.
$
1,867.47
20
Town of Reading Treasurer
$
3,624.75
21
Town of Reading
$
300.66
22
Law Office of Nicholas Poser
$
967.50
23
Stoneham Retirement Board
$
9,271.92
24
Wakefield Retirement Board
$
4,812.86
25
Barnstable Retirement Board
$
4,911.76
26
Woburn Retirement Board
$
4,485.20
27
Winthrop Retirement Board
$
3,355.53
28
MTRS
$
37,585.84
SECONDED BY:
RICHARD FOLEY
VOTED:
(4-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
Net Retiree Payroll
Health Insurance Deductions
Credit Union Deductions
RHA Health Ins. Deductions
Federal Tax Deductions
State Tax Deductions .
February's Administrator's Salary
Postage Due Town
Legal Expense - R. Toussaint
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
• The Board decided that they will vote on the COLA increase at the March 24, 2010 meeting. The
Administrator will notify the Town Moderator.
• DPW employee, William Fuller, would like to buyback prior non-membership service. He was employed as
a seasonal employee for the pay period 6/30/89-9/8/89. He returned the following year in May 1990 and
worked until he came into the retirement system on 12/9/91. Based on the regulations, he will :be eligible to
buyback his prior non-membership service immediately preceding his membership service, but he will not be
eligible to buyback the service from 6/30/89-9/8/89.
• Paul Todisco, Senior Client Services Officer from the PRIM Board, PRIT, would like to attend the March 24,.
2010 board meeting to discuss the performance of the funds in PRIT.
• Checks were received from the following Retirement Boards for full payment of their Section 3(8)(c)
reimbursement:
Fall River Retirement Board
Lawrence Retirement Board
• At the November 24, 2009 board meeting, the Board approved retirement application for Gary Boutin with a
retirement date of 2/21/10. Correct date of retirement should be 3/13/10.
• On January 28, 2010 PERAC notified this Board that Thomas Morgan, Jr. was evaluated for possible return to
service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential
duties of his job.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending January 31, 2010.
The PRIT fund's calendar year to date statement & fund performance for period Jan. 1, 2009 to Dec. 31,
2009.
Bank Reconciliation for the month ending December 31, 2009.
• The next board meeting will be March 24, 2010 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #11/2010 - IRS Checksheet - Board's have received a communication from the IRS in regard to
the pending Determination Letter request. PERAC's tax counsel will respond to this request on our behalf and
answer the questions on the checksheet within the time allowed. Retirement Boards should NOT attempt to
answer this inquiry:
PERAC Memo # 12/2010 - Data Verification for PERAC's 2009 Annual Report
ADJOURNMENT
• DANIEL SEFERIAN moved to adjourn this open session at 6:25 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
C irp , Joseph R-Vem 2nd elected
Gail Pointe, Ex Officio
61
Richard P. Foley, 1st appointed
Francis P. Driscoll, 1" elected
Vice Chairman, Daniel B. Seferian, 2nd appointed