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Home My WebLink About2008-11-25 Retirement Board Minutes16G ~ MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, November 25, 2008 1 V E D to TO ~ a EiIK The Reading Retirement Board held a regular session meeting on v, ? i >26~;668, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. by Chairman Joseph- no m the presence of members Richard Foley, Francis Driscoll, Dan Seferian, and Board Administrator, Colleen Loughlin. Gail LaPointe was not able to attend. MINUTES Regular session minutes for the September 25, 2008 meeting were signed by all board members. • FRANCIS DRISCOLL moved to accept the October 29, 2008 regular session minutes as written. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new member: Dina McCarron Public Health Nurse (Comm. Services) Date of hire -11/3/08 9%+2% Funds to be transferred from Everett SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS FRANCIS DRISCOLL moved to approve the following refund of accumulated deductions: Paul Costello Resigned 9/18/08 5 months (DPW) Total deductions & interest $1,223.28 Less 100% interest $ 0.00 Less 20% federal tax 244.66 Net refund (Cash) $ 978.62 SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS FRANCIS DRISCOLL moved to approve a pay date of December 19, 2008 for the December retiree checks. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS FRANCIS DRISCOLL moved to approve and sign the letter to Board of Selectmen recommending re- appointment of Retirement Board member, Richard Foley, for term December 31, 2008 to December 31, 2011. SECONDED BY: DANIEL SEFERIAN VOTED: (3-0-1) ABSTAINED: RICHARD FOLEY APPROVAL OF VOUCHERS FRANCIS DRISCOLL moved to approve the following vouchers: 2008 Voucher # 91 Nov. Retirement Allowances $442,684.30 Town of Reading Treasurer $ 47,884.79 Reading Credit Union $ 24,247.00 Commonwealth of Mass. $ 615.34 Internal Revenue Service $ 45,462.09 Commonwealth of Mass. $ 1,793.73 92 Town of Reading Treasurer $ 5,137.44 93 Town of Reading $ 174.59 94 Paul Costello $ 978.62 95 Internal Revenue Service $ 244.66 96 Skillpath Seminars $ 149.00 SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS Net Retiree Payroll Health Insurance Deductions Credit Union Deductions RHA Health Ins. Deductions Federal Tax Deductions State Tax Deductions November Administrator's Salary Postage due to Town Refund to Member Refund to Memb.-Fed. Taxes (EFT) Admin. Exp.-Assert.Comm.Seminar INFORMATION/QUESTIONS/OTHER ITEMS • Accidental Disability Retiree, Donald Stead, received "Notification of Termination" from PERAC for failure to file his 2007 Annual Statement of Earned Income. He notified the office that he mailed his paperwork to PERAC on August 22, 2008 after receiving an extension. Received notification from PERAC that Donald Stead has completed his 2007 Annual Statement of Earnings. • A cafeteria employee has requested an estimate with a retirement date of August 2011. She is paid on a 22 pay period during the year. Consistent with past calculation, she would receive creditable service for the summer period that she is not working. • A transfer amount of $7,714.92 dated November 7, 2008 was received from the State Retirement Board for Justin Martel, Patrolman. The State will accept liability for 2 years, 6 months, and 10 days of creditable service for the period of 2/21/06-8/31/08. • Thomas Mullen, who worked as a custodian in the School Dept and retired on 7/31/87, passed away on 11/11/08. He chose Option A at retirement. • Paul Todisco from the PRIM Board will attend the February 25, 2009 meeting. • Affidavits were mailed to all retirees with the October checks. There are 5 affidavits still due. Final notices will be sent out with the November checks. • Paul Murphy chose Option C at his retirement and his spouse has passed away. PERAC has included in their records the payment of an Option A retirement allowance to Mr. Murphy (Option C "pop-up"), effective as of October 3, 2008. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending October M, 2008. General Ledger Trial Balance as of October 31, 2008. Bank Reconciliation for the month ending October 31, 2008. • The next board meetings will be December 17, 2008, January 28, and February 25, 2009 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #36/2008 - Submission of Medical Panel Requests for Clarification - Retirement Boards shall submit all Clarification Requests to PERAC rather than submitting them directly to the physician. PERAC will contact the physician or vendor to remind them to submit reports within 30 days. PERAC Memo #37/2008 - Revised Hedge Fund Guidelines - The Public Employee Retirement Administration Commission (PERAC) approved a revision of its Hedge Fund Guidelines governing and regulating investment in hedge fund strategies for Massachusetts local public retirement systems. PERAC Memo #3 8/2008 - SJC decision in Maher v. Retirement Board of Quincy - The Supreme Judicial Court issued its determination in the matter of Maher v. Retirement Board of Quincy on November 6, 2008. Maher addresses whether a member's pension forfeiture, mandated by the operation of G.L. c.32 § 15(4), violated his rights under the Eighth Amendment to the United States Constitution. The Court has held that his Constitutional rights were not violated and his pension was properly forfeited. PERAC - Memo - Appropriation for Fiscal Year 2010 OLD & NEW BUSINESS .,F ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 6:25 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS kd~~l hairman, Joseph R. Veno, 2nd elected Gail LaPointe,,EEx Officio Richard P. Foley, 1St ap inted Francis P. Driscoll, 1st elected Vice Chairman, Daniel B. Seferian, 2nd appointed