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Home My WebLink About2008-09-25 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING Thursday, September 25, 2008 The Reading-Retirement Board held a regular session meeting on September 25, 2008, in The Lower Level Conference (Xbom Town Hall, Reading, Massachusetts. etin~was called to order at 6:05 P.M. by Chairman Joseph Veno in the presence of members Gail ~aNi e, Richard Foley, Francis Driscoll, Dan Seferian, and Board Administrator, Colleen Loughlin. C. 00 W CD INIIN 'ES c..d • Regular session minutes for the June 24, 2008 meeting were signed by all board members who were present, except for Richard Foley & Francis Driscoll. FRANCIS DRISCOLL moved to accept the July 23, 2008 regular session minutes as amended, except Richard Foley and Daniel Seferian who were not present. SECONDED BY: GAIL LAPOINTE VOTED: (3-0-2) UNANIMOUS ABSTAINED: RICHARD FOLEY & DANIEL SEFERIAN • RICHARD FOLEY moved to accept the August 27, 2008 regular session minutes as amended, except Francis Driscoll who was not present. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-1) UNANIMOUS ABSTAINED: FRANCIS DRISCOLL APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new members: John Edson Patrolman Date of hire & membership - 9/8/08 9%+2% (Police) Patrick Imperato Patrolman Date of hire & membership - 9/8/08 9%+2% (Police) Justin Martel Patrolman Date of hire - 9/8/08 9%+2% (Police) Funds to be transferred from State SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to give Loretta. Beaird 9 months of creditable service for her buyback for the period of 10/16/00-7/16/01. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS Loretta Beaird, DPW clerk, had requested the Board to review her buyback of prior non-membership service for creditable service. Despite the fact that the supplementary regulations require proration for members who work part-time to full-time, the Board voted to give her 9 months of creditable service because it was determined that the documentation was not clear on the creditable service that was being purchased. • FRANCIS DRISCOLL moved to allow Colleen Loughlin to attend the MACRS 2008 Annual Fall Conference held October 19-October 22, 2008 at Sheraton Springfield. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2008 Voucher # 74 Sept Retirement Allowances $441,701.06 Town of Reading Treasurer $ 48,865.46 Reading Credit Union $ 24,237.00 Commonwealth of Mass. $ 615.34 Internal Revenue Service $ 45,326.34 Commonwealth of Mass. $ 2,045.12 75 Town of Reading Treasurer $ 3,424.95 76 Town of Reading $ 160.68 77 W.B. Mason Co., Inc. $ 8.70 78 Colleen Loughlin, Petty Cash $ 54.06 79 Louis DeBrigard, Jr. $ 3.39 - 80 Paul Janes $ 64.44 81 Robert Silva $ 7.53 SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS Net Retiree Payroll Health Insurance Deductions Credit Union Deductions RHA Health his. Deductions Federal Tax Deductions State Tax Deductions September Administrator's Salary Postage due to Town Administrative Expense - supplies Admin. Exp - Postage & Mailings Refund(w/hld too much on make-up) Refund - excess deductions(overpd) Refund - excess deductions INFORMATION/QUESTIONS/OTHER ITEMS All boards will receive the IRS determination letter at the beginning of October. Along with the letter will be 3 forms: 1. Form 5300 (application) - will be completed 2. Form 2848 (POA)Barbara Phillips is giving Ice Miller the right to act on the board's behalf 3. Form 8821 These forms as well as a check for $1,000 will be due by 12/2/08. Each board can file individually, but it would be very costly. • At the July 23, 2008 meeting, the board agreed to return the contributions to 2 members/retirees (Gregory Burns - $195.50 and Robert Silva - $511.76) who have paid contributions on the monetary value of the personal use of an employer-supplied automobile. The correct amount owed to Robert Silva is $519.29, so he is being reimbursed an additional $7.53 since last meeting. • Received notification from Nicholas Poser that Judge Connolly has ordered that Mr. Toussaint is entitled to - have a medical panel examine him on his application for Accidental Disability Retirement. A regional medical panel selection form and authorization release forms were sent to Mr. Toussaint's lawyer, Brian Sullivan at Keches & Mallen, P.C. to obtain any additional information or medical records. 'i • Accidental Disability retiree Robert Buote and Charles Johnson had excess earnings for 2007. Notification letters were sent out on August 26, 2008 with a deadline of September 12, 2007 to either pay the amount due to the retirement board or to request a hearing. If neither has happened then their retirement allowances will be terminated beginning with the September check until the total amount has been collected. • A check for the full amount of $4,738.38 was received on 9/2/08 from Robert Buote. • Charles Johnson called on 9/3/08 and would like to do the same as last year when he had excess earnings - withhold his monthly retirement allowance with the exception of his health & life insurance deductions until the amount of $10,546.76 owed to the retirement system has been paid. Charles is still having his monthly retirement allowance, except for health & life insurance, withheld for his excess earnings from 2006, which will not be paid off until approximately February 2009. • Hobart Nelson, who worked for the Police Department and retired on 11/1/97, passed away on 8/30/08. He chose Option C at retirement. His spouse, Rita Nelson, will receive a monthly allowance of $1,572.28, which is 2/3rds of the amount Mr. Nelson was receiving when he died. • M. Joan Kuhne, who worked as an assistant to the Town Accountant and retired on 1/5/96, passed away on 9/20/08. She chose Option A at retirement. • On September 17, 2008 PERAC notified this Board that Steven Granelli was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending August 31, 2008. General Ledger Trial Balance as of July 31, 2008 & August 31, 2008. Bank Reconciliation for the month ending July 31, 2008 & August 31, 2008. i • The next board meetings will be October 29, November 25, and December 17, 2008 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED Paul Todisco is returning to PRIM as Senior Client Service Officer. Paul was PRIM's client service officer for many years prior to Mike Reardon. Received the MACRS 2008 Annual Fall Conference Agenda for October 19-22, 2008 in Springfield, MA. PERAC Memo #28/2008 - Chapter 302 of the Acts of 2008, Amending Interest on Certain Buybacks. All buybacks/make-ups shall be calculated with buyback interest instead of regular interest effective July 1, 2008. PERAC Memo #29/2008 - Changes to 840 CMR 10. 12, 10.14, Hearing by Retirement Board concerning M.G.L. c. 32, § 91, 91A, or 91B. PERAC Memo #30/2008 - Clarification on Physician Statement and Related Medical Record Costs. MACRS - Letter to notify boards of a change in the MACRS Fidelity Bond program. Travelers Insurance has revised their guidelines to now allow those retirement systems not currently covered by the MACRS Policy to be added to the policy regardless of their funding level of participation in the MACRS Fiduciary policy. The premium cost for each system is only $70.00 per year for the $1,000,000 policy. The Reading Retirement Board received an exemplary operations award for no audit findings in audits issued by PERAC between January 1, 2005 and December 31, 2006. OLD & NEW BUSINESS h ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:05 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS - IZ41~~ airman, Joseph R. Veno, 2nd elected Gail LaPointe, Ex Officio t Richard P. Foley, 1St app inted l 7, ~ Francis P. Driscoll, I St elected Vice Chairman, Da 'el B. Seferian, nd appointed