HomeMy WebLinkAbout2009-08-26 Retirement Board Minutes1132 Y
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MN UTES OF THE READING RETIREMENT BOARD MEETING
Wednesday, August 26, 2009
The Reading Retirement Board held a regular session meeting on August 26, 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, and Board Administrator, Colleen Loughlin
MINUTES
Regular session minutes for the June 24, 2009 meeting were signed by all board members, except Daniel
Seferian and Francis Driscoll who were not present.
RICHARD FOLEY moved to accept the July 29, 2009 regular session minutes as written.
SECONDED BY: GAIL LAPOINTE
VOTED: (5-0-0) UNANIMOUS
7.
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS o u
.c v r-s~
DANIEL SEFERIAN moved to approve the following new member:
Elizabeth Conway HR Administrator Date of hire - 8/19/09 9 + 2%. m=
(School) Funds to be transferred from Winchester
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
• DANIEL SEFERIAN moved to approve the following transfer of funds to other systems:
Carol Kowalski To Arlington Retirement $39,233.06 8 years, 3 months, 29 days
(Comm. Services)
Cheryl Mooney(formerly Johnson) To Norfolk County Retirement $63,701.16 13 years, 2 months, 20 days
(Finance)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
0 DANIEL SEFERIAN moved to approve the following refund of accumulated deductions:
Richard Del Rossi Resigned 8/17/09 5 yrs, 11 mths
(DPW) Total deductions & interest $ 17,858.69
Less 50% interest $ 119.9.1
Less 20% federal tax $ 3,547.76
Net refund (Cash) $ 14,191.02
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
DANIEL SEFERIAN moved to approve final calculation for the following retirements approved by PERAC:
113
Nancy Giannone
(Superannuation)
Edward McIntire, Jr.
(Superannuation)
Madeleine Gillis
(Superannuation)
SECONDED BY
VOTED:
School - SPED
DPW - Director
Library - Tech
FRANCIS DRISCOLL
(5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
6/24/09
13 years, 0 mths
Annuity:
$
2,338.44
Pension:
$
5,038.32
Yearly:
$
7,376.76
Monthly:
$
614.73
6/30/09
38 years, 9 mths
Annuity:
$11,475.00
Pension:
$58,772.88
Yearly:
$70,247.88
Monthly:
$ 5,853.99
7/30/09
19 years, 11 mths
Annuity:
$
2,604.48
Pension:
$
3,224.40
Yearly:
$
5,828.88
Monthly:
$
485.74
Option A
Option C
Option A
The Reading Retirement Board received from PERAC the Medical Panel Certificates & reports by the
regional medical panel for Robert Toussaint. The next step is for the Board to approve or deny Robert's
application, draft the statement of facts, and, if approved, send to PERAC for their approval.
Tabled until next meeting.
APPROVAL OF VOUCHERS
DANIEL SEFERIAN moved to approve the following vouchers:
2009 Voucher # 64
Aug Retirement Allowances
$456,038.49
Town of Reading Treasurer
$ 43,012.54
Reading Credit Union
$ 28,817.00
Commonwealth of Mass.
$ 623.12
Internal Revenue Service
$ 40,111.80
Commonwealth of Mass.
$ 2,012.99
65
Town of Reading Treasurer
$ 3,624.76
66
Town of Reading
$ 157.51
67
Norfolk County Retirement
$ 63,701.16
68
Arlington Retirement Board
$ 3,996.74
69
Middlesex County Retirement
$ 2,074.27
70
Richard Del Rossi
$ 711.00
71
Internal Revenue Service
$ 26.37
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
Net Retiree Payroll
Health Insurance Deductions
Credit Union Deductions
RHA Health Ins. Deductions
Federal Tax Deductions
State Tax Deductions
Aug Administrator's Salary
Postage due to Town
Trsfr to Other Systems-C. Mooney
Trsfr to Other Systems - C. Kowalski
Section 3(8)(c) Reimbursement
Refund to Member
Federal Taxes (EFT) R. Del Rossi
INFORMATION/QUESTIONS/OTHER ITEMS
00~~
1134
• Linda Polcari, who has applied for Accidental Disability retirement, has been scheduled for a joint medical
panel exam on Friday, September 25, 2009 at 9:30 am.
• Accidental Disability retiree Donald Stead had excess earnings for 2008. A notification letter was sent out on
August 26, 2009 with a deadline of September 17, 2009 to either pay the amount due to the retirement board
or to request a hearing. If neither has happened then his retirement allowance will be suspended beginning
with the September 2009 check until the total amount has been collected.
• Received notification that PERAC has completed its review of Robert Toussaint's Medical Panel Certificates
and found the Certificates to be in order: Michele L. Masi, M.D., Alice Truong, M.D., and George Hazel,
M.D.
• At the June 24, 2009 board meeting, the Board approved retirement application for Madeleine Gillis with a
retirement date of 7/31/09. Correct date of retirement should be 7/30/09.
• All Section 3(8)(c) payments to other systems have been paid by the Reading 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 July 31, 2009.
Reading's Profile in the PRIT Fund as of first quarter ending June 30, 2009.
• The next board meetings will be September 23, October 28, November 24(Tues), and December 16, 2009 at
6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #30/2009 - CD of PERAC's Publications Library
PERAC Memo #31/2009 - Proposed Internal Revenue Code Compliance Provisions - A draft of proposed
regulations intended to bring the Massachusetts Retirement Systems into compliance with relevant Internal Code
requirements (840 CMR 3.00) has been posted on the PERAC website, along with the Internal Revenue Service
Voluntary Correction Program Compliance Statement.
PERAC 2009 Emerging Issues Forum - Agenda and registration form for the 2009 Emerging Issues Forum at the
College of the Holy Cross in Worcester, MA.
The Segal Company - Jim Lamenzo, member of the PERAC Actuarial Advisory Committee, presented comments
and recommendations regarding the Massachusetts Contributory Retirement System (MCRS) to the PERAC
Commissioners.
Memo from Ralph White, MACRS regarding special commission to study the Massachusetts Contributory
Retirement System.
OLD & NEW BUSINESS
• Discussion on the Quinn Bill.
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 6:30 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
- C airman, Joseph R. Veno, 2nd elected 1~4 ~a'~
Ex Officio
Richard P. Foley, 1" appointed
Francis P. Driscoll, 1St elected
Vice Chairman; Dann-L4 B. Seferian, 2nd appointed