The URL can be used to link to this page

Home My WebLink About2007-10-24 Retirement Board Minutesr 1 Lt r MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, October 24, 2007 R E- C E I V DK The Reading Retirement Board held a regular session meeting on 0~qq~~ 6W ~ S The Lower Level Conference Room Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M. by Chairman Joseph )oQ9tMprPse4e b members Gail LaPointe, Richard Foley, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin. Also present were Kathy Riley from Segal Company and Paul Sheridan. HEARING A hearing was held upon the request of Retired Police Officer Paul Sheridan. A "Notification of Termination" has been received from PERAC regarding Paul Sheridan for failure to file the required Annual Statement of Earned Income. Mr. Sheridan attended this meeting to explain that he had submitted his Annual Statement of Earned Income to PERAC in April 2007. He sent the information via certified mail with return receipt. Joan Arsenault signed for the document on April 13, 2007. The Board Administrator will follow up with PERAC to see if they have on file. If not, a copy will be sent to PERAC for their review. INFORMATION/QUESTIONS/OTHER ITEMS • Kathy Riley from The Segal Company gave a report on the results of the July 1, 2007 actuarial valuation. MINUTES • Regular session minutes for the August 22, 2007 meeting were signed by all board members, • FRANICS DRISCOLL moved to accept the September 26, 2007 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new members: Nancy Giannone School - SPED Date of hire - 7/13/95 5% (Paraprofessional) Funds to be transferred from MTRB The Board has collected the required contributions for the service time (8/28/07 - 9/21/07) - time she was suppose to be in the retirement system. Larry Ramdin Health (Health Services Administrator) Date of hire -10/1/07 9%+2% Funds to be transferred from Newton SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following transfer of funds to other systems: Tricia Richard To Marlborough Retirement $19,199.82 4 years, 0 months, & 24 days '(Fire) SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the final calculation for the following retirement: Jane Fiore Health 11/12/01 (Superannuation) Annuity Pension Yearly Monthly 19 years, 1 month $ 6,685.80 $17,182.44 $23,868.24 $ 1,989.02 Option A SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • Although the Board approved the request from Jane Iacopucci, eligible spouse of Leo Iacopucci, to petition for accidental death benefits, the Board had to sign the Disability Transmittal to the Commission and accept the Statement of Facts being submitted to PERAC. APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers:, 2007 Voucher # 74 Town of Reading Treasurer $547,447.52 October retire payroll 75 Town of Reading Treasurer $ 3,291.30 October Administrator's Salary 76 Town of Reading $ 155.03 Admin.Exp - Postage due to Town 77 Marlborough Retirement Board $ 19,199.82 Transfer to Other Systems-T. Richard SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS Accidental Disability retirees Charles Johnson and Robert Buote had excess earnings for 2006. Notification letters were 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. If neither has happened then their retirement allowances will be terminated beginning with the November check until the total amount has been collected. • Charles Johnson called on 10/22/07 and would like to do the same thing as last year when he had excess earnings withhold his monthly retirement allowance with the exception of his health & life insurance deductions until the full amount of $11,565.17 owed to the retirement system has been paid. Charles is still having his monthly retirement allowance, except for health and life insurance, withheld for his excess earnings from 2005, which will not be paid off until approximately February 2008. • The Board may consider a policy for health insurance for accidental disability retirees with excess earnings. • Discussed creditable service calculation for Matthew Kirwin. Matthew was a spare police dispatcher that has requested a refund. He has not filed an application yet, because the administrator has not sent the paperwork. Because he did not work on a regular schedule, it was impossible to use the pro-ration table in the - supplementary regulations for members that went from full time to part time. Since Matthew was a spare dispatcher and his employment was intermittent, he is not allowed to receive creditable service for time worked that was not equivalent to one month. Therefore, he will not receive creditable service for the period 1/1/02-7/6/07. • Received the opinion letter from PERAC regarding Jane Fiore and Boston not accepting liability for time that she worked for Boston City Hospital and contributed to the Boston Retirement Board. Derek Moitoso, Associate General Counsel, from PERAC has suggested that we speak to Boston and see if they would cooperate and agree that Section 6(h) of Chapter 147 of the Acts of 1995 is not applicable, as she was an active member contributing to Boston. Since they don't seem to be in agreement, Derek suggests that Reading file an appeal to DALA and include PERAC as a party. The Board agreed to obtain Nicholas Poser as counsel to file the appeal with DALA. • Affidavits were mailed to all retirees with the September checks. There are 41 affidavits still due. Second notices will be sent out with the October checks. • A transfer amount of $32,281.45 dated October 15, 2007 was received from Newton Retirement Board for Larry Ramdin, Health Service Administrator. Newton will accept liability for 8 years, 1 month, and 5 days of creditable service for the period of 12/29/96-9/28/07. • Received letter from MACRS inquiring if Reading Retirement Board would like to be included in the MACRS Fiduciary and Fidelity Insurance Program. • On October 24, 2007 PERAC notified this Board that Leone Sullivan was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that she is unable to perform the essential duties of her job. • Florence Harvey who worked for School Department and retired on June 20, 1975, passed away on 9/25/07. She chose Option A at her retirement. • Copies of the following. Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending September 30, 2007. General Ledger Trial Balance as of September 30, 2007. Bank Reconciliation for the month ending September 30, 2007. • The next board meetings will be held November 28, 2007, and December 19, 2007 in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo #37/2007 - Exclusion from Gross Income of Payments for Health Insurance Premiums and Other Provisions of the Pension Protection Act of 2006. PERAC - Memo #38/2007 - Appropriation Data Due October 31, 2007 (waiting to hear back from Segal to see if we will have information to meet the deadline) PERAC - Memo #39/2007 - SEC/Callan Associates. PERAC - Circulation of the Enclosed Fall 2007 Retirement Board Surveys PERAC - Pension News No. 16 The PERAC Financial Bulletin, Financial Market Review, Third Quarter MACRS - Billy Rehrey, the son of MACRS Association's VP/Counsel Bill Rehrey and the grandson of Ralph White, died of a heart attack on Sunday night. Visiting hours are at the Keating Funeral Home, 46 South Main Street, Sharon, on Thursday, October 25 from 5-8:00 pm. Funeral services will be held on Friday, October 26`", 10:00 am at the First Congressional Church of Sharon, 29 North Main Street, Sharon. OLD & NEW BUSINESS ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:55 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMW Richard P. Foley, I" appointed a Francis P. Driscoll V elected d Vice Chairman, appointed