HomeMy WebLinkAbout2008-05-28 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING
Wednesday, May 28, 2008~~
1 LJ'!
The Reading Retirement Board held a regular session meeting on May 28,39 1fthe -Level Conference
Room, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:08 P.M. by Chairman Joseph V, Ah presence of members Gail
LaPointe, Richard Foley, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin.
MINUTES
• RICHARD FOLEY moved to accept the March 26, 2008 and April 2.3, 2008 regular session minutes as
written.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• RICHARD FOLEY moved to approve the following new members:
Kevin Sullivan RMLD
(Engineering & Operations Manager)
Date of hire & membership - 4/22/08
9%+2%
Deborah Jackson Finance/Assessors
(Appraiser)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
Date of hire - 5/5/08
Funds to be transferred from Salem
• RICHARD FOLEY moved to approve the following retirement application:
Judith Colella School 6/19/08 18 years, 8 mths
(Superannuation)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
9%+2%
Option A
• RICHARD FOLEY moved to approve the request from eligible member to purchase prior non-membership
service for creditable service:
Maureen Hanifan Reading
1/1/93-12/31/93 6 months(pro-rated)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
• RICHARD FOLEY moved to approve the request from eligible member to purchase prior service for
creditable service:
Marianne Fabbri Div of Employ Security 8/15/76-2/19/77 1 year, 5 months
Div of Employ Security 2/19/77-9/19/78
Stoneham Retirement 10/31/78-2/13/79
Marianne (Baker) Fabbri was buying back a total of 2 years and 4 months of creditable service. The Board
allowed Marianne to stop her deductions for make up payments beginning with P/E 12/5/03. She had a
balance of $2,092.00. Her buyback was pro-rated, allowing 11 months of creditable service to be added to
her total years of creditable service. The buyback was recalculated for the remaining 1 year and 5 months of
creditable service from Stoneham and Division of Employment Security. The current cost is $2,319.16 and
Marianne has requested $25 to be deducted each pay period. Marianne will begin payroll deductions with the
June 13, 2008 pay period.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF VOUCHERS
RICHARD FOLEY moved to approve the following vouchers:
2008 Voucher # 44
Town of Reading Treasurer
$5
51,661.84
45
Town of Reading
$
143.64
46
Wellesley Retirement System
$
2,497.34
47
W.B. Mason Co., Inc.
$
17.03
48
MACRS
$ .
250.00
49
Winthrop Retirement Board
$
3,355.53
May retiree payroll
Postage due to Town
Section 3(8)(c) Reimbursement
Administrative Exp - supplies
Administrative Exp - MACRS Conf.
Section 3(8)(c) Reimbursement
Voucher #48 was approved on May 23, 2008 by three board members.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
INFORMATIONWESTIONS/OTHER ITEMS
• At the March 26, 2008 board meeting, the Board approved retirement application for Jane Cann with a
retirement date of 6/29/08. Correct date of retirement should be 6/19/08.
• Gertrude Asmussen, Option C beneficiary of Frederick Asmussen, died May 6, 2008.
• Gladys Brown who worked for School Dept. and retired on June 30, 1993, passed away on 5/12/08. She
chose Option A at her retirement.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending April 30, 2008.
General Ledger Trial Balance as of January 31, 2008 - April 30, 2008.
Bank Reconciliation for the month ending January 31, 2008 - April 30, 2008.
• The next board meetings will be June 24, July 23, August 27, September 24, October 29, November 25, and
December 17, 2008 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #19/2008 - Former Members Returning to Public Employment - The Commission has received
several inquiries regarding the treatment of former members of a retirement system who return to public
employment. They give a summary of several scenarios.
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PERAC Pension Newsflash - Ethics Commission Fines Ex Middlesex Board Member Lawrence Driscoll
PERAC 2007 Investment Report
Article from Michael Reardon (PRIT) - Institutions Suffer Lowest Returns Since 2002
Email from Michael Reardon (PRIT) will not be able to attend the Spring MACRS Conference in Hyannis this
year due to a conflict with PRIM's first business day process.
Opals' Public Funds Summit in Newport, RI, July 9-11 at the Hyatt Regency Newport
Email from Ralph White, MACRS, regarding Budget Amendment Defeated. The amendment to the FY09 State
Budget would have allowed the legislative body of each government unit the power to decide if its retirement
system is to join PRIM, removing this power from the retirement board, as the law now provides.
Email from Ralph White, MACRS, regarding Municipal COLA. The Senate passed the Local COLA Base
Amendment (Redrafted Amendment #81) establishing a new $16,000 COLA base, subject to local approval under
the provisions of Section 103.
OLD & NEW BUSINESS
Discussion on employment after Superannuation retirement. Will continue to use affidavits to track working
retirees.
ADJOURNMENT
• RICHARD FOLEY moved to adjourn this open session at 6:40 P.M.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
Richard P. Foley, 1" appoin~ed
Francis P. Driscoll, ~15` elected
Vice Chairman, Daniel B. Seferian, 2"° appointed