HomeMy WebLinkAbout2008-02-27 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING-
Wednesday, February 27, 2008 z', ' gar r
10 r `,IG t
The Reading Retirement Board held a regular session meeting on February 2'7,""260'8,' m Thy ~~ger Conference
Room, Town Hall; Reading, Massachusetts. -'R 2q P 2: 42
The meeting was called to order at 6:04 P.M. by Chairman Joseph Veno in the presence of members Gail
LaPointe, Richard Foley, Daniel Seferian, and Francis Driscoll.
SPECIAL ITEM
Michael Reardon, Senior Client Services Officer from the PRIM Board had to change his presentation to
Wednesday, March 26, 2008.
MINUTES
FRANCIS DRISCOLL moved to accept the January 23, 2008 regular session minutes as written.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the foll
owing new members:
Abigail McCabe Community Serv.
Date of hire & membership -
2/5/08
9%+2%
(Staff Planner)
Barbara Rose Recreation
Date of hire & membership -
2/19/08
9%+2%
(Clerk)
Ryan Porter Police
Date of hire & membership -
3/1/08
9%+2%
(Patrolman)
Michael Bouvier Police
Date of hire & membership -
2/28/08
9%+2%
(Patrolman)
Christopher Jones Police
Date of hire & membership
- 2/27/08
9%+2%
(Patrolman)
John Edson Police
Date of hire & membership
- 3/2/08
9%+2%
(Patrolman)
Christopher Germain Fire
Date of hire & membership
- 2/11/08
9%+2%
(Firefighter)
David Ferreira Fire
Date of hire & membership - 2/10/08
9%+2%
(Firefighter)
SECONDED BY: DANIEL SEFERLAN
VOTED: (5-0-0) UNANIMOUS
1-
APPROVAL OF MISCELLANEOUS ITEMS
- • FRANCIS DRISCOLL moved to deny the request from retiree, Lawrence Gilligan, to buyback time
previously worked in Reading. MGL 32 does not allow the Board to approve a buyback after retirement. The
- Board also noted that he answered "NO" on his original application to the question "Have you ever been
previously employed by this governmental unit?"
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF VOUCHERS
• FRANCIS DRISCOLL moved to approve the following vouchers:
2008 Voucher # 18 Town of Reading Treasurer
$553,036.02
19 Town of Reading
$
151.53
20 Town of Reading Treasurer
$
139.81
21 Mass Teachers' Retirement
$
51,980.29
22 Stoneham Retirement Board
$
9,721.92
23 Brookline Retirement Board
$
103.69
24 Woburn Retirement Board
$
4,485.20
25 Barnstable Retirement Board
$
4,911.76
26 The Segal Company
$
16,000.00
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
February retire payroll
Admin.Exp - Postage due to Town
Postage
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Actuarial & Consulting Services
• Since the last board meeting, checks have been received from the following Retirement Boards for full
payment of its Section 3(8)(c) reimbursement:
Malden Retirement Board
- Natick Retirement Board
- Norfolk County Retirement Board
Salem Retirement Board
- Fall River Retirement Board
Boston Retirement Board
- Medford Retirement Board
- Cambridge Retirement Board
- Taunton Retirement Board
• Virtue Mitchell, Option C beneficiary of Frank Mitchell, died January 25, 2008.
• The next board meetings will be March 26, 2008 in the Lower Level Conference Room. Michael Reardon
will be attending this meeting.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #9/2008 - 2008 Limits under Chapter 46 of the Acts of 2002
10
PERAC Memo #10/2008 - Buyback and Make-up Repayment Worksheets Using Regular Interest
PERAC Memo #11/2008 - Buyback and Make-up Repayment Worksheets Using Buyback Interest
- PERAC Memo #12/2008 - Annual Memo on Investment Issues
PERAC Memo #14/2008 - Proposed Regulation on Retirement Board Hearings & Post-Tax Rollovers
Note Hearing Date @ PERAC on March 25 h from 10-12 p.m.
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 6:38 P.M.
SECONDED BY: DANIEL SEFERIAN
VOTED: (5-0-0) UNANIMOUS
Joseph R. Ven, selected
r I f
Gail L rote, Ex Dfricio
Richard P. Foley, 1" appointed
Francis P. Dri~~sl1coll, 1" elected
Igo mkv"
Vice Chairman, Dani . Seferian, 2!4 appointed