HomeMy WebLinkAbout2008-12-17 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING
Wednesday, December 17, 2008 H IL Cu ! V FD
The Reading Retirement Board held a regular session meeting on D&&Ai~ 41~►Q,n The Lower Level
Conference Room, Town Hall, Reading, Massachusetts.
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The meeting was called to order at 6:00 P.M. by Chairman Joseph V eno in the preseencee: o b
Foley, Gail LaPointe, Francis Driscoll, Dan Seferian, and Board Administrator, Colleen Loughlin.
MINUTES
• Regular session minutes for the October 29, 2008 meeting were signed by all board members.
• FRANCIS DRISCOLL moved to accept the November 25, 2008 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-1) ABSTAINED: GAIL LAPOINTE
APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS
• DAN SEFERIAN moved to approve the following transfer of funds to other system:
Dave Billard To Andover Retirement
(Appraiser)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
$91,415.33 12 years, 3 months, 11 days -Reading
15 years, 6 months, 11 days - Total
RICHARD FOLEY moved to approve that if Mr. Donald Stead requests a hearing, then the board should seek
to have counsel represent the Reading Retirement Board.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF VOUCHERS
• DANIEL SEFERIAN moved to approve the following vouchers:
2008 Voucher # 97 Dec. Retirement Allowances
$441,465.67
Town of Reading Treasurer
$ 48,859.03
Reading Credit Union
$ 24,247.00
Commonwealth of Mass.
$ 615.34
Internal Revenue Service
$ 45,398.09
Commonwealth of Mass.
$ 1,793.73
98 Town of Reading Treasurer
$ 3,424.97
99 Town of Reading
$ 146.25
Net Retiree Payroll
Health Insurance Deductions
Credit Union Deductions
RHA Health his. Deductions
Federal Tax Deductions
State Tax Deductions
December Administrator's Salary
Postage due to Town
100 Andover Retirement System $ 91,415.33 Transfer to Other System-D.Billard
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
INFORMATIONWESTIONS/OTHER ITEMS
• A transfer amount of $15,569.46 dated November 30, 2008 was received from Everett Retirement Board for
Dina McCarron, Public Health Nurse. Everett will accept liability for 4 years and 1 month of creditable
service for the period of 9/7/04-10/31/08.
Accidental Disability retiree Donald Stead had excess earnings for 2007. Notification letter was sent out on
December 8, 2008 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 terminated until the total amount has been collected. He must
fulfill his obligation from years 2001-2004. Mr. Stead's lawyer has contacted the office and would like to
attend the January 28, 2009 meeting for a hearing. PERAC did offer to attend the hearing for Mr. Stead
regarding his excess earnings for 2007. Mr. Stead's lawyer set up a hearing for January 28, 2009 board
meeting. Because it is a night meeting, PERAC cannot attend.
• Received a copy of a letter that was sent to Donald Stead from PERAC. PERAC is requesting copies of Mr.
Stead's 2005 &2006 Federal Income Tax Forms Schedule E from his form 1040 for each of those years. As
of December 10, 2008, Mr. Stead has not complied. Failure to submit the requested documents by December
31, 2008, will result in the termination of his retirement allowance.
• Received notification from PERAC that they are in receipt of the Reading Retirement Board's Form 5300,
Form 2848, Form 8821, Local Option Checklist and payment in connection with its request for an IRS
Determination Letter.
• The Board received a request from PERAC to update a list of disability retirees. Also, would like a "New
Member Data" form for all new retirees approved by the board for accidental or ordinary disability in 2008
Request for information should be returned to PERAC no later than January 16, 2009.
• The next board meetings will be January 28, 2009 at 6:00 pm in the Berger Conference Room, February 25,
2009, March 25, 2009, April 22, 2009, May 27, 2009, and June 24, 2009 in the Lower Level Conference
Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #39/2008 - Portfolio Rebalancing
OLD & NEW BUSINESS
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 6:40 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
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a' Jos ph Veno, 2nd elected
Gail Pointe, Ex Officio
Richard P. Foley, 1 Appointed
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Francis P. Drisc 1St elected
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Vice Chairman, Daniel B. S feri- 2 appointed