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Home My WebLink About2008-08-27 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, August 27, 2008 The Reading Retirement Board held a regular session meeting on A sit sin The Lower Level Conference Room, Town Hall, Reading, Massachusetts. t r .31 The meeting was called to order at 6:05 P.M. by Chairman Joseol.,W KIO%e rre n e of members Gail LaPointe, Richard Foley, Dan Seferian, and Board Administrator, Colleen Loughlin. Francis Driscoll was not able to attend. MINUTES • DANIEL SEFERIAN moved to accept the June 24, 2008 regular session minutes as written, except Richard Foley and Francis Driscoll who were not present. SECONDED BY: GAIL LAPOINTE VOTED: (3-0-1) UNANIMOUS ABSTAINED: RICHARD FOLEY • Minutes from the July 23, 2008 regular session to be read and approved by all board members, except Richard Foley and Francis Driscoll who were not present. Tabled until next meeting APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • DANIEL SEFERIAN moved to approve the following new members: Robert Ventura Computer Technician Date of hire - 8/4/08 9%+2% (School) Date of membership - 8/4/08 Kevin DeMoura School/Facilities Date of hire - 11/28/07 9%+2% Date of Membership - 8/25/08 (was previously a substitute custodian - only received pay 12/14/07 & 7/11/08 - Not eligible for Buyback) SECONDED BY: RICHARD FOLEY VOTED: (4-0-0) UNANIMOUS • DANIEL SEFERIAN moved to approve the following transfer of funds to other systems: Jeffrey Morris To Wakefield Retirement $36,348.28 7 years, 5 months, & 2 days (RMLD) Michael Nickerson To Cambridge Retirement $63.65 Retro payment (contract negotiations) (Police) (Original transfer of funds was forwarded on 3/31/08 - No additional liability for service) SECONDED BY: RICHARD FOLEY _ VOTED: (4-0-0) UNANIMOUS • DANIEL SEFERIAN moved to approve final calculations for the following retirements approved by PERAC: Judith Colella School-SPED 6/19/08 18 years, 8 mths Option A (Superannuation) Annuity: $ 1,986.60 Pension: $ 5,011.68 Yearly: $ 6,998.28 Monthly: $ 583.19 Margaret Gaskill School-Cafeteria 6/19/08 28 years, 10 mths Option B (Superannuation) Annuity: $ 2,774.40 Pension: $ 7,300.20 Yearly: $10,074.60 Monthly: $ 839.55 Jane Cann School-SPED 6/22/08 21 years, 9 mths Option C (Superannuation) Annuity: $ 2,095.20 Pension: $ 4,514.72 Yearly: $ 6;61192 Monthly: $ 551.16 Michael Cloonan Police 6/30/08 33 years, 6 mths Option C (Superannuation) Annuity: $ 9,386.28 Pension: $62,459.28 Yearly: $71,845.56 Monthly: $ 5,987.13 James Collins RMLD 8/1/08 (Superannuation) Annuity: Pension: Yearly: Monthly: SECONDED BY: RICHARD FOLEY VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 16 years, 1 mth Option C $ 6,174.36 $19,306.44 $25,480.80 $ 2,123.40 • DANIEL SEFERIAN moved to approve request from eligible member to purchase military service for creditable service: William Hill Air Force/Reg AF 11/10/66-11/9/70 4 years, 0 months The total purchase amount is $11,289.64. William will begin payroll deductions with the September 5, 2008 pay period. SECONDED BY: RICHARD FOLEY VOTED: (4-0-0) UNANIMOUS • DANIEL SEFERIAN moved to require members to repay the system for the amount previously included in their retirement allowance for the monetary value of the personal use of an employer-supplied motor vehicle. Such payments are to be obtained over a period not to exceed 6 years from October 31, 2008 in 72 equal monthly installments. SECONDED BY: RICHARD FOLEY VOTED: (4-0-0) UNANIMOUS APPROVAL OF VOUCHERS DANIEL SEFERIAN moved to approve the following vouchers: 2008 Voucher # 62 August Retirement Allowances $447,736.15 Town of Reading Treasurer $ 45,516.52 Reading Credit Union $ 24,742.00 Commonwealth of Mass. $ 615.34 Internal Revenue Service $ 45,437.68 Commonwealth of Mass. $ 1,982.78 63 Town of Reading Treasurer $ 3,431.64 64 Town of Reading $ 152.97 65 Cambridge Retirement System $ 63.65 66 Wakefield Retirement System $ 36,348.28 67 Gregory Burns $ 195.50 68 Robert Silva $ 511.76 69 Colleen Loughlin $ 82.00 70 W. B. Mason Co., Inc. $ 900.00 71 Law Office of Nicholas Poser $ 795.25 72 The Graphics Shop, Inc. $ 112.07 73 Karen DeAngelis 53.78 SECONDED BY: RICHARD FOLEY VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS Net Retiree Payroll Health Insurance Deductions Credit Union Deductions RHA Health Ins. Deductions Federal Tax Deductions State Tax Deductions August Administrator's Salary Postage due to Town Trsfr to Other Syst.(M. Nickerson) Transfer to Other Syst.(J. Morris) Refund - excess earnings Refund - excess earnings -Travel Exp-PERAC Training UMass Administrative Exp-shredder Legal Expense - R.Toussaint Administrative Exp.-Envelopes Travel Exp-PERAC UMass mileage • The board discussed software and reviewed the agreement sent by Pension Technology Group. The Board agreed to send it off to the town's council for review. • The Board approved member, Lori Miller, to make 3 equal payments for retirement deductions for period 7/1/08-7/11/08 in the amount of $140.89. The correct amount owed to the board is $141.98. The board administrator was notified not to use the salary earned for payroll ending 7/11/08 in the vaux. The correct salary for payroll 7/11/08 should be pulled from Munis. • Michael Sarno 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. Sarno (Option C "pop-up"), effective as of July 24, 2008. • Accidental Disability retirees Charles Johnson and Robert Buote had excess earnings for 2007. Notification letters were sent out on August 26, 2008 with a deadline of September 12, 2008 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 2008 check until the total amount has been collected. • John Doucette, who worked for the Water Department and retired on September 16, 1985, passed away on 7/29/08. He chose Option B at his retirement but there are no funds remaining. • Received a copy of the Board's supplemental regulations from PERAC as a final draft showing how they will be displayed on the PERAC website. • Nicholas Poser, attorney, argued the Board's case to support the CRAB decision that affirmed the Board's decision to deny Accidental Disability Retirement to Robert Toussaint on August 20, 2008 in Suffolk Er Superior Court before Judge Thomas Connolly. The argument was brief, less than 15 minutes, but he does not expect Judge Connolly to issue his decision for at least 2 months or longer. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2008. • The next board meetings will be September 25, October 29, November 25, . and December 17, 2008 at 6:00 pm in the Lower Level Conference Room. (The September meeting was changed from September 24, 2008) MEMORANDUMS & LETTERS RECEIVED MACRS 2008 Fall Conference will be held October 19-October 22, 2008 at Sheraton Springfield. OLD & NEW BUSINESS ADJOURNMENT • DANIEL SEFERIAN moved to adjourn this open session at 7:05 P.M. SECONDED BY: RICHARD FOLEY VOTED: (4-0-0) UNANIMOUS Wz~ha' Jose h . Venl!o, 2nd elected Gail ointe, Ex Officio . _ i P. Foley, 1 Francis P. Driscoll, 1" elected Vice Chairman, Daniel B. e ` -ian, 2nd appointed