HomeMy WebLinkAbout2007-12-19 Retirement Board MinutesThe Reading Retirement Board held a regular session meeting on December 19, 2007, in The Lower Level
Conference Room, Town Hall, Reading, Massachusetts.
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, Francis Driscoll, and Board Administrator, Colleen Loughlin.
Let the records show that Daniel Seferian arrived at the Board Meeting at 6:15
MINUTES
• Regular session minutes for the October 24, 2007 meeting were signed by all board members.
• FRANICS DRISCOLL moved to accept the November 28, 2007 regular session minutes as written.
SECONDED BY: GAIL LAPOINTE
VOTED: (4-0-0) UNANIMOUS
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APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
FRANCIS DRISCOLL moved to approve the following transfer of funds to other systems:
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Peter Dion To Wakefield Retirement $22,931.71 1 year, 11 montlg &
flays
(RMLD)
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following refund of accumulated deductions:
Matthew Kirwin Resigned 7/6/07
9 months
(Police Dispatcher) Total Deductions & interest
$2,204.37
Less 100% interest
$ 103.54
Less 20% federal tax
$ 420.17
Net refund (cash)
$1,680.66
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF VOUCHERS
• FRANCIS DRISCOLL moved to approve. the folio,
2007 Voucher # .85 Town of Reading Treasurer
86 Town of Reading Treasurer
87 Town of Reading
88 Wakefield Retirement System
.89 -Town of Reading Treasurer _
- 90 Matthew Kirwiri
King vouchers:
$558,553.58 December retire payroll
$ 3,291.30 December Administrator's Salary
$ 147.13 Admin.Exp - Postage due to Town
$ 22,931.71 Trs£ To Other Syst.-P.Dion
$ 420.17 Refund to -Member-M.Kirwin(fed tax)
1,680.66 Refund to Member
• Paul Janes, Building Maintenance in the School Dept., has made a lump sum payment of $4,936.67 to
purchase 1 year, 11 months, and 14 days of military service. His purchase was approved at the September 24,
2003 Board Meeting.
• The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement
System for FY09 is $3,600,826.
• The Board received notice from PERAC that the revised funding schedule recently adopted has been
approved. The schedule assumes payments are made July 1 and January 1 each fiscal year.
• Accidental Disability Retiree, Donald Stead,, has requested a letter explaining why his pension is being
withheld, how much he has paid, and what is the remaining balance due. He explained that he was not in
agreement with his previous lawyer and will be submitting another appeal.
• The next board meetings will be January 23, 2008, February 26, 2008 and March.26, 2008 in the Lower Level
Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC - Memo #44/2007 - Superannuation Retirement Pension Calculator - PERAC is pleased to provide
visitors with a link on PERAC's website (www.mass.gov/perac) to the superannuation retirement, pension
calculator (www.mass.gov/treasury/retcalbene.htm) developed by the State Board of Retirement.
PERAC - Memo #45/2007 - Chapter 162 of the Acts of 2007, Amending the Heart Law - Chapter 162 of the
Acts of 2007 amended the so-called Heart Law (G.L. c.32, § 94) to add to those members entitled to the benefit of
the presumption any employee of a county correctional facility whose regular or incidental duties require the
care, supervision or custody of prisoners, criminally insane persons or defective delinquents.
PERAC - Memo #46/2007 - Status of Date of Birth and Annuity Account Balances as Public Records - The
Supervisor of Public Records has determined that due to current trends in the Legislature, specifically G.L. c.93, §
50, and identity theft concerns, an individuals date of birth may be withheld from disclosure. The Supervisor has
also determined that the mandatory contributions to a member's annuity account and the interest credited to the
account are akin to payroll records and are public records. If a members chooses to make additional contributions
to his annuity account [see G.L. c.32, § 22(1)(g)], the amounts of these voluntary additional contributions may be
withheld from release.
PERAC - Memo - Appropriation for Fiscal Year 2009
PERAC - Memo - Approval of Funding Schedule
OLD & NEW BUSINESS
ADJOURNMENT
FRANCIS DRISCOLL moved to adjourn this open session at 6:30 P.M.
airman, Joseph R. Veno, 2nd elected
Gail LaPointe, Ex Officio
Richard P. Foley, 1" appoi ted
Francis P. Driscoll, 1" elected
Vice Chairman, Daniel . Seferian, 2nd appointed