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Home My WebLink About2009-10-28 Retirement Board MinutesW 114 0 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, October 28, 2009 The Reading Retirement Board held a regular session meeting on October 28, 2009, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. 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, and Francis Driscoll, and Board Administrator, Colleen Loughlin. MINUTES • Regular session minutes for the August 26, 2009 meeting were signed by all board members. • FRANCIS DRISCOLL moved to accept the September 23, 2009 regular session minutes as amended. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS. APPROVAL OF NEW MEMBERS; RETIREMENTS TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new member: Kathy Miksis Librarian Date of hire - 8/3/94 'o (Library) Date of hire at Salem -1/5/78 ° rn--4 Funds to be transferred from Essex SECONDED BY: RICHARD FOLEY m M VOTED: (5-0-0) UNANIMOUS Cn c'a w APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve Linda Polcari's application for Accidental Disability Retirement. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • DANIEL SEFERL N moved to accept liability of service for former member, Patricia Trombly, based on payroll records and eligibility for membership for the period of December 30, 1976 through August 1, 1980: SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS " ~APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2009 Voucher # 80 Oct Retirement Allowances $451,962.85 Net Retiree Payroll Town of Reading Treasurer $ 42,780.56 Health Insurance Deductions 1141 Reading Credit Union $ 28,974.00 Commonwealth of Mass. $ 623.12 Internal Revenue Service $ 40,703.01 ' Commonwealth of Mass. $ 1,752.33 81 Town of Reading Treasurer $ 3,624.76 82 Town of Reading $ 300.99 83 W.B. Mason Co., Inc. $ 53.93 84 Law Office of Nicholas Poser $ 621.00 85 Colleen Loughlin $ 43.28 86 Colleen Loughlin $ 250.00 87 Colleen Loughlin $ 137.69 88 Colleen Loughlin, Petty Cash $ 81.54 89 Internal Revenue Service $ -215.26 90 Stoneham Retirement Board $ 78.52 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS Credit Union Deductions RHA Health Ins. Deductions Federal Tax Deductions State Tax Deductions Oct Administrator's Salary Postage due to Town Administrative Expense - Supplies Legal Expense - R, Toussaint Admin Exp - NE Secretary's Meeting - refreshments Reimb for MACRS Conference Travel Expense-MACRS Conference Admin. Exp - Postage & Mailings Federal Taxes (correction to refund D. Pouliot) * Travel Expense - MACRS Conference *Voucher #75 Refund to Member (Daniel Pouliot) was reduced by $861.03 and Voucher 477 - Internal Revenue Service (federal taxes - D. Pouliot) was corrected. The October's federal taxes (EFT) was reduced by $215.26. INFORMATION/QUESTIONS/OTHER ITEMS t • Discussed eligibility for the Reading Retirement System (3 employees). • Discussed former employee's creditable service (P. Trombly). • Discussed changes with new software system - ex - actuarial data. New software system, PTG, completes the actuarial data on a calendar year, but the retirement board has always completed the actuarial data on a fiscal year. The Board would like to remain on a fiscal year when reviewing actuarial data. Received letter from Administrative Magistrate Joan Freiman Fink re: Donald Stead v. Reading Retirement Board and PERAC, CR-08-774 (excess earnings case). The Petitioner has elected to submit the case as a submission without a hearing pursuant to 801 CMR 1.01 (10)(c) and has submitted a statement on his own behalf. The Respondents shall file with the Division of Administrative Law Appeals a copy of its proposed exhibits and any written argument by October 30, 2009. The Reading Retirement Board sent a letter to DALA stating that they will not be submitting exhibits or written arguments, but will be relying on the submission of documents by the Commission. • Affidavits were mailed to all retirees on September 29, 2009. There are 34 affidavits still due. Second notices will be sent out October 30, 2009. • Frederick Keefe, Policeman retired under ADR on 9/15/73, and died on 9/19/09. He chose Option B at his retirement, but there are no funds remaining. Sent application to spouse to petition for an accidental death benefit. Received death certificate. Frederick died of chronic obstructive pulmonary disease, hypertension, and coronary artery disease and retired from back-ruptured lumbar intervertebral disc of LIV, residual - radiculitis following the ruptured disc and the surgical laminectomy. • Robert Allen, who worked for the School Dept as a Custodian and retired on August 27, 1993, passed away on 10/20/09. He chose Option A at his retirement. • A transfer amount of $13,149.44 dated September 30, 2009 was received from Winchester Retirement Board for Elizabeth Conway, School Human Resources Administrator. Winchester will accept liability for 2 years, and 10 months of creditable service for the period of 9/25/06-8/14/09. • A transfer amount of $21,097.00 dated October 26, 2009 was received from Essex Regional Retirement Board for Kathleen Miksis, Librarian. Essex will accept liability for 21 years, and 4 months of creditable service. • The Reading Retirement Board was copied on a letter that was sent to Robert Toussaint's Medical Panel. The letter was advising the medical panel to review the correspondence and the information provided by the retirement board and to submit their addendum, which addressed the specific questions posed by the retirement board, to PERAC so that the application may be processed. • Received PERAC's approval, of the Reading Retirement Board's supplementary regulation regarding the recovery of amounts in excess of the limitations set forth in G.L. c. 32, § 91A. • Received notification from the Commonwealth of Massachusetts Executive Office of Transportation. This summer, the Commonwealth enacted a landmark transportation reform bill that will integrate existing transportation agencies into the Massachusetts Department of Transportation (MassDOT). • Received a letter from Alliant Driver Specialty Group regarding National Fiduciary Liability Insurance Program. They would like.the opportunity to provide the retirement board with a Fiduciary Liability proposal under their program. • The Board Administrator attended the Fall MACRS Conference in Springfield, MA. Some of the topics - ; included Health Care Reform Update, Social Security Update, and Chapter 21 of the Acts of 2009. MACRS will be having a Comprehensive Training Program for Board Members and Staff at the Spring Conference in Hyannis, MA held in June 2010. • Copies of the following Reading Retirement Board reports were handed out for review:. The PRIT fund's monthly statement & fund performance for period ending September 30, 2009. General Ledger Trial Balance as of September 30, 2009. Bank Reconciliation for the month ending September 30, 2009. The PERAC Financial Bulletin, Financial Market Review, Third Quarter 2009. • The next board meetings will be November 24(Tues), and December 16, 2009 at 6:00 pm in the Lower Level Conference Room. M EMORANDU-MS & LETTERS RECEIVED PERAC - Memo #36/2009 - New Disability Pension Fraud Poster PERAC - Memo #37/2009 - Withdrawal of Accumulated Total Deductions PERAC - Memo #3 8/2009 - Appropriation Data Due October 31, 2009 (Sent to PERAC 10/16/09) PERAC - Memo #39/2009 -Investment Manager List PERAC - Memo #40/2009 - Tobacco Company List PERAC - Memo 441/2009 - Updated CD of PDF Fill-in Forms: Disability & General Membership 4 :~1 14:3 ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:05 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS /4~ Joseph Veno, 2nd elected Ak~mlan A-i G ' LaPointe, Ex Officio Richard P. Foley, Ist appoint Francis P. Ddscoll, elected Vice Chairman, Dars'iel B.}Seferian, 2° appointed