HomeMy WebLinkAbout2009-03-25 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING 11,14
Wednesday, March 25, 2009
The Reading Retirement Board held a regular session meeting on March 25, 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 January 28, 2009 meeting were signed by all board members, except Daniel
Seferian who was not present.
• FRANCIS DRISCOLL moved to accept the February 25, 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 new members:
Nicholas Metcalf Fire Date of hire - 3/9/09
(Firefighter) Funds to be transferred from Amesbury
Patrick Silva Police Date of hire - 3/23/09
(Patrolman) Funds to be transferred from State
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following transfer of funds to other system:
Adam Shibles To Middlesex County Retirement $7,320.15 2 years, 6 months, 11 days
(DPW)
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• FRANK DRISCOLL moved to approve a 3% COLA increase on the first $12,000 for FY10 which has been
included in the funding schedule.
9%+2%
9%+2%
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
1115
• FRANK DRISCOLL moved to review, approve, and sign the Annual Statement for PERAC for calendar year
ended December 31, 2008.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF VOUCHERS
/Z N,
DANIEL SEFERIAN moved to approve the following vouchers:
2009 Voucher # 29
March Retirement Allowances
$446,194.85
Town of Reading Treasurer
$
47,793.30
Reading Credit Union
$
24,517.00
Commonwealth of Mass.
$
615.34
Internal Revenue Service
$
37,522.32
Commonwealth of Mass.
$
1,700.64
30
Town of Reading Treasurer
$
3,514.06
31
Town of Reading
$
162.81
32
Middlesex County Ret. System
$
7,320.15
33
Stoneham Retirement System
$
9,271.92
34
Winthrop Retirement System
$
3,355.53
35
W.B. Mason Co., Inc.
$
17.20
36
Wakefield Retirement System
$
520.41
37
Essex Reg Retirement System
$
55,007.99
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
March Administrator's Salary
Postage due to Town
Transfer to Other System-A.Shibles
Section 3.(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Administrative Expense - supplies
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
INFORMATION/QUESTIONS/OTHER ITEMS
Discussed member's buyback/pro-ration (creditable service supplementary regulations). The board
administrator made an error calculating Sharon Thomas' buyback of prior non-membership service. The
member was contributing to social security, but it was not clear on the payroll records because the social
security deduction was included in the Medicare total. In accordance with G.L. c.32, § 20(5)(c)(3), the board
has agreed to waive the error and allow her to complete the buyback for the time that she was contributing to
social security.
• Discussed prior non-membership service for employees. The Board agreed that prior to the 80's, the first 6
months for some employees may have been considered a probationary period. Although, they were working
the required hours to be in the Reading Retirement System, they were not in the system. These members
should be eligible to buyback this prior non-membership service as creditable service.
Received letter from PERAC regarding Section 3(8)(c) reimbursement to Arlington Retirement Board for
Marianne Uttam. She was working for the library part time from 3/80 - 8/84 with no retirement deductions
taken. The Board agreed to accept liability for 2 years, and 2 months. The board administrator questioned the
board as to why they would accept liability if she didn't meet the requirements to be in the system. Without
documentation, the board can only assume that because her hours in 1984 met the minimum requirement to be
in the Reading Retirement System, she should have been in the system, therefore, gave her pro-rated
creditable service.
Checks were received from the following Retirement Boards for full payment of its Section 3(8)(c)
reimbursement:
- Natick Retirement Board
- Boston Retirement Board
1.1116
• Updated the board on Robert Toussaint's case. The board has not received updated medical release forms
from Mr. Toussaint since the judge's decision to allow Mr. Toussaint a medical panel. Mr. Toussaint's
lawyer has been contacted, but has not been able to obtain new release forms. Kate Hogan from PERAC has
recommended that the board send in a medical panel request along with the judge's decision. The board
suggested the board administrator get an opinion from Nicholas Poser, legal counsel.
• Received email from Attorney Nicholas Poser that was addressed to Chief Magistrate Taylor requesting to be
notified when the DALA hearing is scheduled in the matter of Reading Retirement Board v. Boston
Retirement. The board administrator relayed information to the board that according to Derek Moitoso,
General Counsel at PERAC, since Boston has been paying the Section 3(8)(c) Reimbursement, then it is no
longer an issue. The board requested that Nicholas Poser do nothing at this time.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending Jan. 31, 2009 & Feb 28, 2009.
• The next board meetings will be April 22, May 27, and June 24, 2009 at 6:00 pm in the Lower Level
Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC - Memo #15/2009 - Proposed Regulation on Member's Physician Statement, 840 CMR 10.06 - At the
Commission meeting held on December 4, 2008, the Commission considered the written and oral comments that
were received regarding the proposed amendment which would require applicants for disability retirement to file
2 Physician's Statements instead of one as now required. As a result of the testimony received throughout the
public hearing process the Commission decided not to go forward with the regulatory change. However, the staff
was directed to complete a revised Physician's Statement Pertaining to a Member's Application for Disability
y Retirement.
MACRS - Received request from Ralph White for a list of all retirees.
OLD & NEW BUSINESS
ADJOURNMENT
FRANCIS DRISCOLL moved to adjourn this open session at 7:55 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
Joseph R. yerw,2nd elected
Gail IoointeEx Officio
,E
-4/jj Richard P. Foley, 1" app nted
Francis P. Driscoll, I" elected
r
Vice Chairman, aniel eferian, 2nd appointed