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Home My WebLink About2009-07-29 Retirement Board Minutes11 27 [1 P" CE I y7 D MINUTES OF THE READING RETIl2EMENT BOARD MEE~I T L E R, K Wednesday, July 29, 2009 it ; , D N G, M rA S S. The Reading Retirement Board held a regular session meeting on July 29, 2009, in Tha ] wex ev nference Room, Town Hall, Reading, Massachusetts. 4-1 /A IU; 43 The meeting was called to order at 6:00 P.M. by Board Administrator, Colleen Loughlin in the presence of Chairman Joseph Veno and members Richard Foley, Gail LaPointe, Daniel Seferian, and Francis Driscoll. RE-ORGANIZATION OF THE BOARD • DANIEL SEFERIAN moved to nominate Joseph Veno as Chairman of the Retirement Board: SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) • RICHARD FOLEY moved to nominate Daniel Seferian as Vice-Chairman of the Retirement Board: SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) MINUTES • Regular session minutes for the May 27, 2009 meeting were signed by all board members. • RICHARD FOLEY moved to accept the June 24, 2009 regular session minutes as written, except Daniel Seferian and Francis Driscoll who were not present. SECONDED BY: GAIL LAPOINTE VOTED: (3-0-2) ABSTAINED: DANIEL SEFERIAN & FRANCIS DRISCOLL APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new member: Kenneth Finne Station Operator Date of hire & membership- 6/16/09 (RMLD) Funds to be transferred from Middlesex SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following refunds of accumulated deductions: Maureen Burns Terminated 6/30/09 1 yr, 6 mths (School - Secretary) Total deductions & interest $ 4,995.92 Less 20%o federal tax $ 999.18 Net refund (Cash) $ 3,996.74 Ryan Porter Resigned 6/14/09 1 yr, 3 mths (Police - Officer) Total deductions & interest $ 5,385.09 Less 100% interest $ 9.64 Less 20% federal tax $ 1,075.09 Net refund (Cash) $ 4,300.36 9%+2% 1128 SECONDED BY VOTED: DANIEL SEFERIAN (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve final calculation for the following retirement approved by PERAC: Suzanne Reardon (Superannuation) SECONDED BY VOTED: Comm. Service DANIEL SEFERIAN (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 4/24/09 22 years, 7 mths Option C Annuity: $ 3,633.48 Pension: $10,551.96 Yearly: $14,185.44 Monthly: $ 1,182.12 • FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior service from Burlington (MTRS) that was previously refunded for creditable service: Madeleine Gillis Mass Teachers' 9/1/68-2/15/72 3 years, 5 months The total purchase amount is $5,796.94. Madeleine has made a lump-sum pre-tax rollover payment from her 457(b) account in the amount of $5,796.94. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCBERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2009 Voucher # 56 July Retirement Allowances $458,987.46 Town of Reading Treasurer $ 41,904.68 Reading Credit Union $ 24,702.00 Commonwealth of Mass. $ 623.12 Internal Revenue Service $ 40,889.15 Commonwealth of Mass. $ 2,012.99 57 Town of Reading Treasurer $ 3,575.61 58 Town of Reading $ 150.72 59 Ryan Porter $ 4,300.36 60 Maureen Burns $ 3,996.74 61 Internal Revenue Service $ 2,074.27 62 USI Insurance Services of MA $ 711.00 63 W.B. Mason Co., Inc. $ 26.37 Net Retiree Payroll Health Insurance Deductions Credit Union Deductions RHA Health Ins. Deductions Federal Tax Deductions State Tax Deductions July Administrator's Salary Postage due to Town Refund to Member Refund to Member Federal Taxes (EFT) Burns & Porter Admin. Expense - Bond Renewal Administrative Expense - Supplies SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Discussed payment options for a buyback of previous service that was refunded. A member has asked that if he starts a buyback by making payments through payroll deductions and if he is able to make a lump sum payment when he has extra money, would his biweekly payroll payments be reduced? The board has agreed that he can make additional payments at any time, but his bi-weekly payroll deductions would not be reduced. All medical records for Linda Polcari have been received and a Request for Appointment of a Regional Medical Panel has been sent to PERAC. A "Notification of Termination" has been received from PERAC regarding Paul Sheridan and Charles Johnson, Jr. for failure to file their required Annual Statement of Earned Income. The Board administrator notified both members that they have an opportunity to be heard by the Board and that they can attend the board meeting on July 29, 2009 or ask for another date more convenient for them. • Charles Johnson called on 6/29/09 stating that he filed the requested paperwork to PERAC months ago. Per Sandra King at PERAC, they do not have his W-2 for 2008. Mr. Johnson resent the information. Received notification from PERAC that they have received the completed 2008 Annual Statement of Earnings from Charles Johnson, Jr. • Received letter from DALA that they have received Suzanne Haverty's appeal letter and a docket number has been assigned to her appeal. • Update on Robert Toussaint's case. Received a call from Kate Hogan at PERAC's Disability Unit regarding Mr. Toussaint's medical panel for accidental disability. Based on PERAC's legal review, the deposition of the hearing that the board held to determine the approval/denial of accidental disability application was not submitted to the Medical Panel. PERAC did allow the videotape, which was a surveillance that was completed by Workers' Comp, to be submitted to the Medical Panel. • Received memo from PERAC regarding Accidental Disability retiree, Charles Johnson, Jr. Mr. Johnson has been examined by 3 restoration to service physicians on February 26, 2002. The physicians were unanimous in their decision, finding Charles Johnson able to return to service. Please advise Jane Carritte, PERAC Nurse Case Manager, as to the status of a same or similar position. If a same or similar position is likely to become available, PERAC will schedule a new physician medical evaluation to re-confirm fitness for duty. • Received memo from PERAC that they are in receipt of the information they requested as part of the review process for the waiver of submitting superannuation retirement calculations for approval. They have completed their analysis of the data and have determined that no further information is needed. The board will continue to be granted the waiver. • Received memo from PERAC regarding G.L. c. 32, § 91A. PERAC enclosed a Verification of Information Report that lists disability retirees who have reported earnings in an amount that may result in an adjustment to their disability retirement allowance. The board administrator will review the report and update or make any necessary changes to the annual current salary, annuity, pension, dependency, and/or worker compensation offset amounts. Data must be returned to PERAC on or before August 17, 2009. • A check was received on June 2, 2009 from Middlesex County Retirement Board for full payment of its Section 3(8)(c) reimbursement. • All Section 3(8)(c) payments to the Reading Retirement Board have been received. All Section 3(8)(c) payments to other systems have been paid by the Reading Retirement Board, except to Middlesex. Reading has not been billed from this board. • Received application from member, Dorothy Solomon, who has elected to have retirement deductions withheld beyond the age of 70. • Helen Downs, Option C beneficiary of deceased retiree Clayton Downs, died June 28, 2009. 1130 • Mary Hubbard, Option D beneficiary of Malcolm Hubbard, died February 9, 2009. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2009. General Ledger Trial Balance as of June 30, 2009. Bank Reconciliation for the month ending June 30, 2009. The PERAC Financial Bulletin, Financial Market Review, Second Quarter 2009. • The next board meetings will be August 26, 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 #25/2009 - Reinstatement to Service under G.L. c. 32 § 105 - PERAC has updated the form entitled Application for Reinstatement to Service from Superannuation/Termination Retirement Pursuant to G.L. c. 32 § 105 that allows members to apply for reinstatement under this section. The revised form is effective from July 1, 2009 through June 30, 2010. PERAC Memo #26/2009 - Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors. Any retirement system which has accepted the supplemental dependent allowance provided for in G.L. c. 32 § 7(2)(a)(iii), or which has accepted the provisions of G.L. c.32, § 22D (under which the supplemental dependent allowance is also deemed to have been accepted), shall pay an annual amount of $708.60 beginning July 1, 2009 for each eligible child as defined in G.L. c.32, § 7(2)(a)(iii). PERAC Memo #27/2009 - Investment Manager List - An updated list of investment managers who have been the subject of an exemption in the asset classes of international equity, international fixed income, real estate, and alternative investments. PERAC Memo #28/2009 - Tobacco Company List PERAC Memo #29/2009 - Reinstatement to Service under G.L. c. 32 § 105 (Revised) - The factors used in the attachment to that memo were developed using the full actuarial assumed interest rate instead of the buyback interest rate (half the actuarial assumed interest rate) as provided for by Chapter 302 of the Acts of 2008. OLD & NEW BUSINESS Pension Reform Bill ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:45 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS 11311 C an, Joseph R,ke n° elected J Richard P. Foley, 1" appointed Francis P. Driscoll, 1" elected t) 0 10 A ice Chairman, Dane B. Seferian, 2"d appointed