HomeMy WebLinkAbout2008-10-29 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING
Wednesday October 29 2008
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RECEIVED
The Reading Retirement Board held a regular session meeting on Octo&'~N, ~2W hThe Lower Level
Conference Room. Town Hall, Reading, Massachusetts. E " k X01 ~ 1 G, A
The meeting was called to order at 6:05 P.M. by Chairman Joseph Ve fflnogfq t4seRe atf 39mbers Richard
Foley, Francis Driscoll, Dan Seferian, and Board Administrator, Colleen Loughlin.
Let the records show that Gail LaPointe attended the meeting at 6:10.
MINUTES
• Regular session minutes for the July 23, 2008 meeting were signed by all board members, except for Richard
Foley & Daniel Seferian who were not present.
• Regular session minutes for the August 27, 2008 meeting were signed by all board members, except Francis
Driscoll who was not present.
• FRANCIS DRISCOLL moved to accept the September 25, 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 transfer of funds to other system:
Elizabeth Dickinson To Lexington Retirement
(Library)
$95,090.37 6 years, 0 month, 11 days
(22 years, 8 mths)
SECONDED BY: DANIEL SEFERIAN
VOTED: (4-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following refunds of accumulated deductions:
Richard Puliafico
Resigned 8/29/08
1 year
(RMLD)
Total deductions & interest
$5,676.92
Less 100% interest
$ 9.78
Less 20% federal tax
$1.133.43
Net refund (Cash)
$4,533.71
Leslie Carabello
Resigned 9/30/08
8 months
(Health)
Total deductions & interest
$3,321.79
Less 100% interest
$ 0.00
Less 20% federal tax
$ 664.36
Net refund (Cash)
$2,657.43
SECONDED BY:
DANIEL SEFERIAN
VOTED:
(4-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• FRANCIS DRISCOLL moved to approve supplementary regulations regarding 91A Accidental Disability
Retiree Excess Earnings and submit to PERAC for approval.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to join PERAC's template approach for the IRS Determination Letter and the
fee of $1,000.00.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve and sign the Hosting Service Agreement with Pension Technology
Group to provide software services in the amount of $15,000.00 for one year.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve that a letter be drafted to the Board of Selectmen for the re-
appointment of Richard Foley to the board. Richard's term will expire 12/31/08.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the request of board administrator to attend a one-day seminar
"Assertive Communication Skills for Women" on December 1, 2008 at a cost of $149,00.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF VOUCHERS
FRANCIS DRISCOLL moved to approve the following vouchers:
2008 Voucher # 82
Oct. Retirement Allowances
$443,388.38
Town of Reading Treasurer
$ 48,439.72
Reading Credit Union
$ 24,247.00
Commonwealth of Mass.
$ 615.34
Internal Revenue Service
$ 45,691.08
Commonwealth of Mass.
$ 1,877.06
83
Town of Reading Treasurer
$ 3,424.96
84
Town of Reading
$ 148.86
85
Law Office of Nicholas Poser
$ 399.00
86
Leslie Carabello
$ 2,657.43
87
Richard Puliafico
$ 4,533.71
88
Internal Revenue Service
$ 1,797.79
89
Lexington Retirement System
$ 95,090.37
90
United States Treasury
$ 1,000.00
Net Retiree Payroll
Health Insurance Deductions
Credit Union Deductions
RHA Health Ins. Deductions
Federal Tax Deductions
State Tax Deductions
October Administrator's Salary
Postage due to Town
Legal Expense - R.Toussaint
Refund to Member
Refund to Member
Federal Taxes (EFT)
Trsfr to Other Systems -E.Dickinson
Administrative Exp-IRS Det. Letter
SECONDED BY: DANIEL SEFERLAN
VOTED: (5-0-0) UNANIMOUS