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Home My WebLink About2007-11-28 Retirement Board Minutesi.- MINUTES OF TAE READING RETIREMENT BOARD MEETING Wednesday, November 28, 2007 . C I V E D I NN CLERK The Reading Retirement Board held a regular session meeting on November 28, 2007, in T e`L0 J 1 ~1 Conference Room. Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence o membe s Gail 3: 18 LaPointe, Richard Foley, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin. MINUTES • Regular session minutes for the September 26, 2007 meeting were signed by all board members. • FRANICS DRISCOLL moved to accept the October 24, 2007 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 following new members: Athanasios(Arthur) Markos Engineering Date of hire & membership - 11/13/07 9%+2% (Sr. Civil Engineer) Karen Sawyer School Date of hire & membership - 11/8/07 9%+2% (Computer Technician) SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following refund of accumulated deductions: Richard Ward Terminated 6/30/06 2 years, 4 months (School) Total Deductions & interest $12,152.29 Net refund (rollover to IRA) $12,152.29 SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following retirement application: Dominic Amara School - Custodian 12/29/07 22 years, 8 mths Option C (Superannuation) (with buyback of 6 mths & 15 days) SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve a pay date of December 14, 2007 for the December retiree checks as was done in the past. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve request from member, Colleen Loughlin, to grant 1 month of creditable service for the period of absence due to unpaid maternity leave. Consistent with what was done in the past. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase military service for creditable service. Craig Owen Army/USAR 4/14/67-9/4/70 4 years, 0 months The total purchase amount is $21,640.44. Craig will begin payroll deductions with the December 14, 2007 pay period. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior non-membership service from Reading for creditable service: Louis DeBrigard, Jr. Reading 11/19/65-12/31/65 1 mth, 12 days 01/07/66-12/31/66 11 mths, 24 days 01/06/67-08/25/67 7 mths, 19 days 08/04/69-11/24/69 3 mths, 20 days 2 yrs, 0 mths, 15 days The total purchase amount is $953.39. Louis will begin payroll deductions with the December 14, 2007 pay period. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • Approve request from eligible member to purchase prior non-membership service from Reading for creditable service: Dominic Amara Reading 3/21/85-10/6/85 6 months, 15 days The total purchase amount is $809.03. Dominic will make a lump sum payment prior to retirement. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • RICHARD FOLEY moved to approve the funding schedule in the actuarial valuation report dated July 1, 2007 that Kathy Riley from the Segal Company presented to the board last month. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the FY09 Budget. ! SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2007 Voucher # 78 Town of Reading Treasurer $547,768.33 79 Town of Reading Treasurer $ 4,936.95 80 Town of Reading $ 151.52 81 New England Financial $ 12,152.29 82 Colleen Loughlin, Petty Cash $ 44.25 83 Central Reprographics $ 137.25 84 Nicholas Poser $ 218.75 SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS November retire payroll November Administrator's Salary Admin.Exp - Postage due to Town Refund to Member-Rollover(R.Ward) Postage & Mailings Retirement Guide Books Legal Expense-DALA appeal • The PERAC auditors, Jim Sweeney and Jim Tivnan, were in for the month of October. The examination covered the period from January 1, 2005 to December 31, 2006. The Board received a draft of the examiner's findings on the condition of the system at the time of the audit. PERAC is requesting that the Board review it and respond to any problems that may have been addressed. Comments must be received 2 weeks after the November board meeting. • Discussed the PERAC audit. Although there were no findings, PERAC had a few comments/recommendations that the board reviewed. The only issue that needed to be addressed was the fact that the Reading Housing Authority does not send over the correct deduction amount for each member. The Retirement Board Administrator has to make the, necessary adjustments and request the Housing Authority to make corrections by next month's payroll. The Board agreed to send a request to RHA that based upon a comment from the Auditors of the Retirement System, RHA is now required to complete a form on a weekly basis (which is our calculation worksheet). This will allow us to track any errors in advance before RHA sends their retirement deductions to our office which is done monthly. • Discussed the process for replacing the Retirement Board Administrator while she's on maternity leave. There are 2 retired Retirement Board Administrator's that are interested. The Board agreed to let Gail LaPointe hire a replacement to come in approximately 1-2 days a week based on the workload. • Received request from Cheryl Flatley, school secretary working 43 weeks/year, to explain why she has not been eligible to be in the Reading Retirement System. • Accidental Disability retiree Robert Buote had excess earnings for 2006. Notification letter was sent out on October 17, 2007 with a deadline of November 14, 2007 to either pay the amount due to the retirement board or to request a hearing. • A check for the full amount of $3,473.73 was received on 10/26/07 from Robert Buote. • Received a copy, of the appeal letter from Nicholas Poser to DALA regarding the decision of Boston Retirement Board denying liability for the buyback of creditable service for member Jane Fiore. • Received CRAB'S notice of receipt of appeal in Reading Retirement Board v. Boston Retirement Board. A hearing on this matter will be held by DALA in Boston in a year or so. • Received letter from PERAC addressed to Boston Retirement Board in response to their letter dated October 19, 2007. The letter is the same as PERAC's opinion letter that our board previously received stating that Boston should be liable for Jane Fiore's creditable service with the Hospital that she purchased with Reading. • Jane Iacopucci, survivor of retiree Leo Iacopucci, was approved for accidental death benefits by PERAC. She will receive a monthly pension of $2,577.24. 10,53 • Received letter from Alliant Insurance Services inquiring if Reading Retirement Board would like to be included in the Fiduciary and Fidelity Insurance Program. • Second notices for affidavits were mailed with the October checks. There is still 1 affidavit due. A final notice was sent out by certified mail. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending October 31, 2007. General Ledger Trial Balance as of October 31, 2007. Bank Reconciliation for the month ending October 31, 2007. • The next board meeting will be December 19, 2007 in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo #40/2007 - Investment Manager List PERAC - Memo #41/2007 - Tobacco Company List PERAC - Memo #42/2007 - Actuarial Valuations on the PERAC Website PERAC - Memo #43/2007 - UPDATE - Exclusion from Gross Income of Payments for Health Insurance Premiums Opal Financial Group - Investment Consultants Forum - December 17, 2007, The Princeton Club, New York, NY OLD & NEW BUSINESS ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:15 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMQU ~Cha' n, Joseph R. Ve 2' elected Gai aPointe, Ex Officio 61" Richard P. Foley, 1St appointed Francis P. Driscoll, 1 elected Vice Chairman, aniel . Seferian, 2" appointed