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Home My WebLink About2009-09-23 Retirement Board Minutesll~ MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, September 23, 2009 The Reading Retirement Board held a regular session meeting on September 23, 2009, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno, in the presence of members Richard Foley, Gail LaPointe, Daniel Seferian, and Francis Driscoll, Board Administrator, Colleen Loughlin, and Attorney Nicholas Poser. MINUTES Regular session minutes for the July 29, 2009 meeting were signed by all board members. EXECUTIVE SESSION (6:05 P.M.) • DANIEL 'SEFERIAN moved to enter into executive session for the purpose of discussing the medical records of Robert Toussaint, to accept Attorney Nicholas Poser into the executive session, and to return to open session to continue the meeting. SECONDED BY: FRANCIS DRISCOLL = ROLL CALL VOTE: RICHARD FOLEY AYE GAIL LAPOINTE AYE C-, JOSEPH VENO AYE - DANIEL SEFERIAN AYE FRANCIS DRISCOLL AYE p o OPEN SESSION (6:45 P.M.) cr) N • DANIEL SEFERIAN moved to approve Attorney Poser to draft and submit request for clarification to the Medical Panel regarding Robert Toussaint. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • DANIEL SEFERIAN moved to accept the August 26, 2009 regular session minutes as written. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS • DANIEL SEFERIAN moved to approve. the following new members: Laura Gemme Town Clerk Date of hire & membership- 9/1/09 9%+2%, (Finance) Jean Delios Town Planner Date of hire - 9/1/09 8%+2% (Comm. Service) Funds to be transferred from Peabody Nicholas D'Alleva Station Manager Date of hire & membership- 9/10/09 9%0 +,2% (RMLD) SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • DANIEL SEFERIAN moved to approve the following retirement application: William Talbot, Jr. Custodian - School 12/28/09 25 years, 3 months Option A (Superannuation) SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • DANIEL SEFERIAN moved to approve the following refund of accumulated deductions: Daniel Pouliot Resigned 2/28/08 2 yrs, 11 mths (Fire) Total deductions & interest $ 18,302.21 Less 100% interest $ 209.86 Less 20% federal tax $ 3,618.47 Net refund (Cash) $ 14,473.88 Patrick Imperato (Police) Terminated 2/20/09 Total deductions & interest Less 20% federal tax Net refund (Cash) 5 mths $ 1,660.46 $ 333.03 $ 1,332.12 SECONDED BY VOTED: FRANCIS DRISCOLL (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to elect Colleen Loughlin as Election Officer for the election of the second elected member. Joe Veno's term as board member expires on March 31, 2010. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS • DANIEL SEFERIAN moved to approve the following vouchers: 2009 Voucher # 72 Sept Retirement Allowances $453,902.08 Net Retiree Payroll Town of Reading Treasurer $ 43,422.62 Health Insurance Deductions Reading Credit Union $ 28,974.00 Credit Union Deductions Commonwealth of Mass. $ 623.12 RHA Health Ins. Deductions Internal Revenue Service $ 40,756.77 Federal Tax Deductions Commonwealth of Mass. $ 1,752.33 State Tax Deductions 73 Town of Reading Treasurer $ 3,624.76 Sept Administrator's Salary 74 Town of Reading $ 292.47 Postage due to Town 1138 75 Daniel Pouliot $ 14,473.88 Refund to Member 76 Patrick Imperato $ 1,332.12 Refund to Member 77 Internal Revenue Service $ 3,951.50 Federal Taxes (EFT) 78 The Graphics Shop, Inc. $ 111.47 Administrative Exp. - Envelopes 79 Law Office of Nicholas Poser 612.00 Legal Expense - R. Toussaint SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS At the August 26, 2009 board meeting, the board approved new member, Elizabeth Conway, Human Resources Administrator for the School Department, with a date of hire 8/19/09. Her date of hire should be 8/17/09. Discussed Mark Spataro's application for Accidental Disability. The Board has received the Accidental Disability Application in April 2009. Received the physician's narrative in August 2009, but have not yet received the physician's statement (PERAC form). The cover letter on the physician's narrative references a statement that this form should be in conjunction with the physician's report already filed. The administrator has tried to reach the attorney to see if the board is missing information, but has not received a response. The board agreed to send a certified letter to Mr. Spataro's attorney requesting the Physician's Statement form. • Frederick Keefe, who worked for the Police Dept. and retired on September 15, 1973, passed away on 9/19/09. He chose Option B at his retirement but there are no annuity funds remaining. He retired on accidental disability retirement. His spouse, Eleanor, is eligible for a Section 101 allowance of $6,000.00 per year because Frederick retired prior to November 7, 1996. • A transfer amount of $12,589.71 dated August 31, 2009 was received from Middlesex County Retirement Board for Kenneth Finne, RMLD. Middlesex will accept liability for 3 years, 11 months, and 21 days of creditable service for the period of 7/18/05-7/9/09. • A transfer amount of $120,137.33 dated September 17, 2009 was received from Peabody Retirement Board for Jean Delios, Town Planner. Peabody will accept liability for 21 years of creditable service. • Received letter from Robert Toussaint's lawyer, Brian Sullivan. He is acknowledging the fact that Mr. Toussaint has completed attending all 3 medical panels and requested that copies of the medical panel reports be sent to him once they become available. He also sent paperwork (release forms) that was requested in 2008 when the judge decided that Mr. Toussaint was entitled to a medical panel. Included on the forms was a note that Mr. Toussaint has not been to any hospital or seen any physician in the past 5 years. • William Stamatis, who worked for the School Dept. and retired on March 1, 1997, passed away on 9/12/09. He chose Option B at his 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 August 31, 2009. General Ledger Trial Balance as ofJuly 31, 2009 & August 31, 2009. Bank Reconciliation for the month ending July 31, 2009 & August 31, 2009. • The next board meetings will be October 28, November 24(Tues), and December 16, 2009 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED Received the MACRS 2008 Annual Fall Conference Registration for October 18-21, 2009 in Springfield, MA. PERAC Memo #32/2009 -Adjusted Hedge Fund Limits PERAC Memo #33/2009 - COLA on Accidental Death Benefits PERAC Memo #34/2009 New Information Required for Accidental Disability Allowance Calculations PERAC Memo #35/2009 -Uncompensated Time as an Elected Official or Library Trustee OLD & NEW BUSINESS ADJOURNMENT • DANIEL SEFERIAN moved to adjourn this open session at 7:00 P.M. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS t ✓v" Jos h R. Veno, 2n elected Ga' aPointe, Ex Officio Richard P. Foley, 1" appointe Francis P. Driscoll, 1St elected Vice Chairman, Daniel B. Seferian, 2 appointed "