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Home My WebLink About2008-03-26 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, March 26, 2008 E CE IV ' 0 The Reading Retirement Board held a regular session meeting on March W-:-2U' GP 1` 9' &wer Level Conference Room Town Hall, Reading, Massachusetts. The meeting was called to order at 6:06 P.M. by Chairman Joseph Veno in the presence of members Gail LaPointe, Richard Foley, Daniel Seferian, and Francis Driscoll. Michael Reardon attended this meeting to discuss the performance of the funds in PRIT. MINUTES • Regular session minutes for the December 19, 2007 and January 23, 2008 meetings were signed by all board members. • RICHARD FOLEY moved to accept the February 11, 2008 regular session minutes as written. SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-1) UNANIMOUS ABSTAINED: DANIEL SEFERIAN • RICHARD FOLEY moved to accept the February 27, 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: Christopher Finnegan Police Date of hire - 7/17/03 9%+2% (Dispatcher) Date of membership - 2/25/08 (previously firefighter then P/T dispatcher) SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • RICHARD FOLEY moved to approve the following retirement application: Jane Cann School/Ed Assist. 6/29/08 21 years, 9 mths Option C (Superannuation) SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • RICHARD FOLEY moved to approve the following transfer of funds to other systems: Michael Nickerson To Cambridge Retirement $56,240.80 13 years, 3 months, & 23 days (Police) SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to approve a 3% COLA increase on the first $12,000 of retirement as funded by our actuarial study for FY09. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • RICHARD FOLEY moved to approve the attendance of the Board Administrator at the MACRS 2008 Spring Conference (May 31 - June 4, 2008) and the 2008 PERAC Public Pension Institute at UMASS Amherst (August 17 - August 20, 2008). SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • RICHARD FOLEY moved to review, approve, and sign the Annual Statement for PERAC for calendar year ended December 31, 2007. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS RICHARD FOLEY moved to recalculate Marianne Fabrri's buyback for creditable service based on the remainder of eligible time that is available to be bought back. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS Marianne (Baker) Fabbri requested to start up her buyback again. Her original buyback request was approved at the November 28, 2001 meeting. She was buying back a total of 2 years and 4 months of creditable service. The total cost was $3,496.00 and she was paying $27.00 per paycheck starting December 1, 2001. The Board allowed Marianne to stop her deductions for make up payments beginning with P/E 12/5/03. She has a balance of $2,092.00. APPROVAL OF VOUCHERS FRANCIS DRISCOLL moved to approve the following vouchers: 2008 Voucher # 27 Deluxe Financial Services, Inc. $ 7.50 Administrative Exp-Checks 28 Stoneham Retirement Board $ 9,271.92 Section 3(8)(c) Reimbursement 29 Town of Reading Treasurer $553,394.81 March retiree payroll 30 Town of Reading $ 132.84 Postage due to Town 31 Cambridge Retirement System $ 56,240.80 Section 3(8)(c) Reimbursement 32 Quincy Retirement System $ 4,761.33 Section 3(8)(c) Reimbursement 33 Essex Retirement System $ 53,270.53 Section 3(8)(c) Reimbursement Voided Voucher #22 due to transposition error - Stoneham Retirement Board - $9,721.92 approved at February 27, 2008 meeting. SECONDED BY: DANIEL SEFERLAN VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • At the February 27, 2008 board meeting, an application for membership was approved for John Edson effective 3/2/08. We received a Personal Action Form effective 3/2/08 stating member was terminated/put on inactive status before time worked. • At the February 27, 2008 board meeting, the Board approved membership date for Christopher Jones (Patrolman). He was already in the Reading Retirement System as of 10/11/06 as a Police Dispatcher. • At the February 11, 2008 board meeting, the Board approved retirement application for Robert E. Mohla with a retirement date of 2/9/08. Correct date of retirement should be 2/2/08. • Since the last board meeting, checks have been received from the following Retirement Boards for full payment of its Section 3(8)(c) reimbursement: - Needham Retirement Board - Stoneham Retirement Board • Almost all Section 3(8)(c) payments to the Reading Retirement Board have been received except for Middlesex and State. All Section 3(8)(c) payments to other systems have been paid by the Reading Retirement Board, except for Wellesley, Winthrop, State, and Middlesex Retirement Board. • Edna Beighley, Option C beneficiary of David Beighley, died February 28, 2008. • Mary Comeau, who worked for in the school department and retired on 1/28/05, passed away on 3/10/08. She chose Option C at retirement. Her spouse, Fred Comeau, will receive a monthly allowance of $693.93, which is 2/3rds of the amount Mrs. Comeau was receiving when she died. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending January 31, 2008. The PRIT fund's monthly statement & fund performance for period ending February 29, 2008. The PRIT fund's calendar year to date statement & fund performance for period Jan. 1, 2007 to Dec. 31, 2007. PRIT's December 2007 Quarterly Profile. Executive Summary of Performance - Quarter Ending December 31, 2007. • The next board meetings will be April 23, 2008 at 6:00 pm in the Berger Conference Room and May 28, 2008 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED Memo from Nicholas Poser - The Suffolk Superior Court has scheduled a status conference for Robert Toussaint's appeal from CRAB's affirmance of the Board's denial of Mr. Toussaint's application for Accidental Disability Retirement based upon a back injury. Mr. Poser expects that the Court will issue an order setting up a briefing schedule and set a date for an oral argument in the case. He will report to the Board on the outcome of the Status Conference. Memo from Nicholas Poser - Re: Toussaint v. Reading Retirement Board - The Court ordered that the Board's brief be filed by June 20, 2008. No date for legal argument was set. The Board Administrator will contact Nicholas Poser to confirm that he will be doing the brief and that if he needed any information to contact our office. Memo from MACRS - Unofficially, the 3 retirement boards with the highest investment earning in Year 2007 were North Adams (16.64%), Malden (16.08%), and Northampton (15.6%). Russ de Burlo Group, Inc. manages the funds for these three boards. Memo from PRIT - Bear Stearns Update. ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 7:10 P.M. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS V"41~ airman, Joseph R,Veno, 2nd elected 771 Lk'J" 1/1 GaiWaPointe, Ex Officio Richard P. Foley, 1st appointed Francis P. Driscoll, 1st elected Vice Chairman, Dani 1 . Seferian, 2nd appointed