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Home My WebLink About2009-05-27 Retirement Board Minutes11 .1 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, May 27, 2009 The Reading Retirement Board held a regular session meeting on May 27, 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, Francis Driscoll, Daniel Seferian and Board Administrator, Colleen Loughlin. MINUTES • Regular session minutes for the March 25, 2009 meeting were signed by all board members. • FRANCIS DRISCOLL moved to accept the April 22, 2009 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following retirement application: Edward McIntire, Jr. DPW 7/1/09 38 years, 9 mths Option C (Superannuation) SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS - • DANIEL SEFERIAN moved to accept Linda Polcari's application for Accidental Disability. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS Suzanne Haverty, a member of the retirement system, has been contributing to both social security and retirement since 2000 in error. The treasurer has worked with the social security and the member received a check for the Social Security overpayments for the years 2003 through 2006. The member was told to pursue other avenues to retrieve the money from July 2000 through December 2002 because there is a statute of limitations regarding refunds. The member would like a refund from the Reading Retirement System, since it was the Town's error. DANIEL SEFERIAN moved to inform member, Suzanne Haverty, that the board cannot refund her retirement contributions for the requested period of July 2000 through December 2002, since she is a full-time employee and required to be in the Reading Retirement System. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS 1122 APPROVAL OF VOUCHERS FRANCIS DRISCOLL moved to approve the following vouchers: 2009 Voucher # 43 May Retirement Allowances $447,981.35 Town of Reading Treasurer $ 43,649.32 Reading Credit Union $ 24,587.00 Commonwealth of Mass. $ 615.34 Internal Revenue Service $ 38,754.78 Commonwealth of Mass. $ 1,777.91 44 Town of Reading Treasurer $ 55226.58 45 Town of Reading $ 144.58 46 MACRS $ 250.00 47 Wellesley Retirement System $ 2,497.34 48 Pension Technology Group $ 15,000.00 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS Net Retiree Payroll Health Insurance Deductions Credit Union Deductions RHA Health Ins. Deductions Federal Tax Deductions State Tax Deductions May Administrator's Salary Postage due to Town Admin. Exp- MACRS Conference Section 3(8)(c) Reimbursement Admin. Exp-data conv./support & hosting fee/training • Discussed Motor Vehicle Usage - Some current employees are receiving a motor vehicle allowance and retirement deductions are being taken on this amount. The Board referred to PERAC Memo #22/2008, in which the board is required to refund contributions that were received on the monetary value of the personal use of an employer-supplied automobile. • Mark Spataro, a DPW employee, has filed an application for accidental disability retirement. Physician's statement & narrative have not been received yet. • A transfer amount of $85,713.11 dated April 29, 2009 was received from Gloucester Retirement Board for Jeffrey Zager, DPW Director. Gloucester will accept liability for 20 years and 11 months of creditable service. • A transfer amount of $18,628.27 dated April 28, 2009 was received from Arlington Retirement Board for Johanna Roman, IT. Arlington will accept liability for 5 years and 10 months of creditable service for the period of 2/17/04-4/3/09. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending April 30, 2009. The PRIT fund's monthly statement & fund performance for period ending March 31, 2009 (REVISED). General Ledger Trial Balance as of April 30, 2009. Bank Reconciliation for the month ending April 30, 2009. Reading's Profile in the PRIT Fund as of first quarter ending March 31, 2009. • Received notification from Town Manager that Daniel Seferian's term will expire and that the Board of Selectmen would like to be notified of his desire for reappointment. Joseph Veno addressed a letter to the Town Manager that the fifth member is reappointed by the Retirement Board and that at the February 25, 2009 meeting, Dan was unanimously reappointed as the fifth member for the three year period ending March 31, 2012. The next board meetings will be June 24, 2009 and July 29, 2009 at 6:00 pm in the Lower Level Conference Room. 11 MEMORANDUMS & LETTERS RECEIVED PERAC Memo #20/2009 - Revisions to PERAC's Accounting Manual for Massachusetts Pension Systems PERAC Memo #21/2009 - Disability Retirement Process and the New Treating Physician's Statement PERAC Memo #22/2009 - SJC decision in Foresta v. Contributory Retirement Appeal Board - Memo from Nicholas Poser - Re: Decision of Supreme Judicial Court in Foresta v. CRAB and Mass Turnpike - An injured employee of the. Turnpike was properly denied ADR benefits where his job was permanently modified to remove physically taxing tasks. The court noted that the job may be modified even after an application for Accidental Disability Retirement has been filed if the application was filed before the employer has had a "reasonable opportunity" to modify the job. Memo from Ralph White - Re - Special Commission to Study the Massachusetts Contributory Retirement System Pension Reform Update - The Commission Chair Alicia Munnell is determined to recommend that retirees' health insurance premiums under Ch. 32B be linked to years of service on a pro rate formula. While retirement boards do not administer health insurance programs (other than premium withholding), the direction that the chair is insisting the commission take on this issue would be a devastating impact on the members. PERAC - Save September 9`h for PERAC's 2009 Emerging Issues Forum - PERAC will host the fifth Emerging Issues Forum at the College of the Holy Cross in Worcester, MA. The subject will be public pension reform. OLD & NEW BUSINESS ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 6:50 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS elected Gail I aPointe, Ex Officio Z)J (~P, 7 Rchard P. Foley, 1" ap ointed k 016t7 Francis P. Driscoll, 15` elected i A A Vice Chairman, DanikYB. Seferian, 2nd appointed