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Home My WebLink About2008-01-23 Retirement Board MinutesThe 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, Francis Driscoll, and Board Administrator, Colleen Loughlin. XIINUTES • Regular session minutes for the November 28, 2007 meeting were signed by all board members. • RICHARD FOLEY moved to accept the December 19, 2007 regular session minutes as writtern. C= "TI--- SECONDED BY: FRANCIS DRISCOLL r VOTED: (5-0-0) UNANIMOUS r1 APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS 7:3 CD u~ • RICHARD FOLEY moved to approve the following new members: w Thomas Zwicker DPW Date of hire & membership -12/31/07 9%+2% (Mechanic) Erica McNamara Community Serv. Date of hire & membership -1/2/08 9%+2% (Project Director/Coalition Against Substance Abuse) Leslie Carabello Community Serv. Date of hire & membership -1/2/08 9%+2% (Public Health Nurse) John Goodwin School Date of hire - 9/4/07 9%+2% (Custodian) Date of membership - 1/2/08 Karen Jameson Accounting Date of hire & membership -1/7/08 9%+2% (Clerk) SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • RICHARD FOLEY moved to approve the following retirement applications: Marie Miles Finance/Accting 3/24/08 10 years, 4 mths Option A (Superannuation) F SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • RICHARD FOLEY moved to approve the following transfer of funds to other systems: Peter-Dion To Wakefield Retirement $23,150.68 1 year, 11 months, & 15 days SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • RICHARD FOLEY moved to approve the following refund of accumulated deductions: Sandra Beninati Resigned 1/11/08 1 year & 11 months (Clerk) Total deductions & interest $3,954.67 Less 100% interest $ 9.40 Less 20% federal tax 789.05 Net refund (cash to member) $3,156.22 SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS RICHARD FOLEY moved to approve the following vouchers: 2008 Voucher # 01 Town of Reading Treasurer $5 51,672.45 02 Town of Reading Treasurer $ 3,291.30 03 Town of Reading $ 238.53 04 W.B. Mason $ 15.96 05 Wakefield Retirement Board $ 5,194.59 .06 Belmont Retirement Board $ 1,890.39 07 Malden Retirement Board $ 2,431.64 08 Peabody Retirement Board $ 2,124.22 09 Winchester Retirement Board $ 23,229.13 10 Worcester Retirement Board $ 3,270.73 11 Wakefield Retirement Board $ 23,162.26 12 Winchester Retirement Board $ 233.90 13 MACRS $ 400.00 14 Central Reprographics $ 63.00 15 Boston Retirement Board $ 6,990.09 16 Sandra Beninati $ 3,156.22 17 Town of Reading Treasurer $ 789.05 SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Nomination papers were subrnitted'by Frank. Driscoll. January retire payroll January Administrator's Salary Admin.Exp - Postage due to Town Admin. Exp - Supplies 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 Section 3(8)(c) Reimbursement Trsf. To Other Syst.- P. Dion Overpayment from Trsf.-P.Damacogno Annual Dues for 2008 Guide Books Section 3(8)(c) Reimbursement Refund to Member 20% Federal Taxes S. Beninati 1 • Received memo from PERAC that COLA, which any system may grant, effective July 1, 2008 will be 3.0%. The Board must make a decision whether or not to grant a COLA and notify the Commission. The Administrator will notify the Town Moderator of the Board's decision. • A COLA reimbursement of $115,263.59 from-the-.State for the period 7/1/07-12/31/07 was. received on .12/21/07. • A check was received froin the following Retirement Boards for full payment of its Section 3(8)(c) reimbursement: - Massachusetts Teachers' Retirement Board - Lawrence Retirement Board - Wakefield Retirement Board - Somerville Retirement Board • Received memo from PERAC requesting Boards to submit data for active members, retirees/survivors and disability retirees as of December 31, 2007. Data must be submitted by March 31, 2008. • Received memo from PERAC advising the Board that the rate for "regular interest" on the accumulated total deductions will be 0.6% for the calendar year 2008. • The Segal Company has determined the cost of increasing the COLA base from $12,000 to $16,000 based on the results of the July 1, 2007 actuarial valuation. By increasing the COLA base, the unfunded liability as of July 1, 2007 would increase by $2,210,300 and the total normal cost would increase by $45,500. • On January 22, 2008 PERAC. notified this Board that Wayne Harding was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job. • Dominic Amara, Building Maintenance in the School Dept., has made a lump sum payment of $809.03 to purchase 6 months and 15 days of prior non-membership service. His purchase was approved at the November 28, 2007 Board Meeting. _ . • Louis Bacigalupo (Non-contributory retiree), who worked for the Library and retired on November 2, 1985, passed away on 12/30/07. He chose Option B at his retirement, but there are no funds remaining. Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending Nov 30, 2007 & Dec 31, 2007. General Ledger Trial Balance as of November 30, 2007 & December 31, 2007. Bank Reconciliation for the month ending November 30, 2007 & December 31, 2007. Reading's Profile in the PRIT Fund as of third quarter ending September 30, 2007. PERAC Audit Report as of January 1, 2005 to. December 31, 2006. The PERAC Financial Bulletin, Financial Market Review, Fourth Quarter 2007. The next board meetings will be February 27, 2008 in the Berger Conference Room and March 26, 2008 in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #1/2008 - 840 CMR 10:10(3) & 1,0:15(4) - Annual Review of Medical Testing Fees - The Commission voted to continue the past practice of allowing PERAC staff to approve up to $100.00 per case for non-invasive medical testing associated with the medical panel process. PERAC Memo #2/2008 - COLA Notice - The Social Security Administration has announced that the latest cost of living adjustment is 2.3% but upon proper.notice to the legislative body a Retirement Board may elect to increase this percentage up to 3% at a duly called meeting. PERAC Memo #3/2008 - Calendar Year 2007 Annual Statements - Calendar Year 2007 Annual Statements are / due by May 1, 2008 to PERAC. PERAC auditors will be available for assistance if needed. PERAC Memo #4/2008 - Actuarial Data - Requesting that Boards submit data for active members, - retirees/survivors and disability retirees as- of Decker 31 2007. Data needs to be submitted by March 3-1; 2008: PERAC Memo #8/2008 - Corrected COLA Notice - Due to typo, disregard PERAC Memo #2/2008 PERAC Audit Report as of January 1, 2005 to December 31, 2006. PERAC Survey 2007 - Job Responsibilities & Compensation The PERAC. Financial Bulletin, Financial Market Review, Fourth Quarter 2007 . PERAC Pension News - No. 17 PRIT - Comprehensive Annual Financial Report of the Pension Reserves Investment Trust (PRIT) Fund, Fiscal Year ended June 30, 2007 OLD & NEW BUSINESS • All affidavits were received before 12/31/07. ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 6:45 P.M. SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-0) UNANIMOUS Ian, Joseph P,.,Veno, 2nd elected GaWtaPointd, 5x Officio Richard P. Foley, 1 ap ointed Francis P. Driscoll, I" e ected Vice Chairman, Danie . Seferian, 2° appointed