HomeMy WebLinkAbout2008-04-23 Retirement Board Minutest.-
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MINUTES OF THE READING RETIREMENT BOARD MEETING
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Wednesday, April 23, 2008 RE
T 0 V34 C L E R
The Reading Retirement Board held a regular session meeting on April 23, 20%i'A- if~'-BMdtA ference
Room, Town Hall, Reading, Massachusetts.
2008 JUR 25 P W' ,
The meeting was called to order at 6:05 P.M. by Chairman Joseph Veno in the presence of members Gail
LaPointe, Richard Foley, Daniel Seferian, and Francis Driscoll.
MINUTES
• Regular session minutes for the February 11, 2008 meetings were signed by all board members, except Daniel
Seferian who was not present.
• Regular session minutes for the February 27, 2008 meetings were signed by all board members.
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following new members:
Glenn D'Agata DPW Date of hire & membership - 3/24/08 9%+2%
(Highway - Laborer)
Bradford Caputo DPW Date of hire - 5/16/06 9%+2%
(Forestry & Parks) Date of membership - 3/24/08
(Member is eligible for a buyback - 7/1/07-3/23/08)
Paul Costello DPW Date of hire & membership - 4/7/08 9%+2%
(Forestry & Parks)
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following retirements approved by PERAC:
Robert Mohla DPW 2/2/08 34 years, 10 mths Option C
(Superannuation) Annuity: $ 5,443.20
Pension: $27,295.92
Yearly: $32,739.12
Monthly: $ 2,728.26
Marie Miles Finance/Accounting 3/27/08 10 years, 4 mths Option A
(Superannuation) Annuity: $ 2,435.52
Pension: $ 4,371.96
Yearly: $ 6,807.48
Monthly: $ 567.29
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following refunds of accumulated deductions:
Scott Orsillo Resigned 3/21/08
(DPW) Total deductions & interest
Less 100% interest
Less 20% federal tax
Net refund (cash to member)
Joseph Zukas Resigned 6/25/05
(Water Treatment) Total deductions & interest
Less 100% interest
Less 20% federal tax
Net refund (cash to member)
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
lyears, 7 months
$4,252.63
$ 14.15
$ 847.70
$3,390.78
1 year, 10 months
$6,942.07
$ 99.13
$1,368.59
$5,474.35
APPROVAL OF VOUCHERS
- • FRANCIS DRISCOLL moved to approve the following vouchers:
2008 Voucher # 34
Town of Reading Treasurer
$5
52,781.28
f 35
Town of Reading
$
143.09
36
Law Office of Nicholas Poser
$
288.75
37
The Graphics Shop, Inc.
$
163.01
38
Joseph Zukas
$
5,474.35
39
Scott Orsillo
$
3,003.17
40
Scott Orsillo
$
387.61
41
Town of Reading Treasurer
$
2,216.29
42
Town of Reading Treasurer
$
140.96
43
West Payment Center
$
154.00
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
April retiree payroll
Postage due to Town
Legal Serv (R. Toussaint)
Admin. Expense - Envelopes
Refund to Member
Refund to Member
Refund to Member
20% Federal Taxes
Admin. Expense -1099 forms
Admin. Expense - MGL Inserts
INFORMATION/QUESTIONS/OTHER ITEMS
• Ruth Stamatis, Option D beneficiary of Charles Stamatis, died March 20, 2008.
• Elizabeth Benninger who worked for RMLD and retired on April 5, 1977, passed away on 3/28/08. 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 March 31, 2008.
• The next board meeting will be May 28, 2008 at 6:00 pm in the Lower Level Conference Room.
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MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #15/2008 - Confidentiality of Domestic Relations Orders, Standing Order 3-08
PERAC Memo #16/2008 - Board Annual Compliance Memorandum - Each year PERAC provides Board
members with a reminder of the elements necessary to insure that compliance with law and regulation is taking
place.
PERAC Memo #17/2008 - Investment Manager List - Updated list of investment managers who have been the
subject of an exemption in the asset classes of international equity, international fixed income, real estate, and
alternative investments.
PERAC Memo #18/2008 -Tobacco Company List -Chapter 119 of the Acts of 1997 prohibits retirement
systems from making any new investments in stocks, securities, or other obligations of any company which
derives more than 15% of its revenue from the sale of tobacco products.
The PERAC Financial Bulletin, First Quarter 2008.
PERAC - Welcome to UMass: Basic Level, Course Schedule, Synopses & Information
OLD & NEW BUSINESS
• FRANCIS DRISCOLL moved to allow Gail LaPointe and Colleen Loughlin to attend the UMass Basic Level
Course presented by PERAC for August 17 - August 20, 2008.
SECONDED BY
VOTED:
ADJOURNMENT
DANIEL SEFERIAN
(5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to adjourn this open session at 6:31 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
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Joseph R. eno,2nd elected
Ex Officio
f~
Richard P. Foley, I" appointed
Francis P. Driscoll, I" elected
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Vice Chairman, Danie . Seferian, 2nd appointed