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Home My WebLink About2007-09-26 Retirement Board MinutesV MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, September 26, 2007 The Reading Retirement Board held a regular session meeting on September 26, 2007, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Gail LaPointe, Richard Foley, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin. Also present were Jane Fiore, Gerald Fiore, and Nancy Giannone. APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior Boston service for creditable service: Jane Fiore Boston Retirement 6/4/69-6/29/71 3 years, 1 month 5/17/72-6/12/73 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS Originally the Board was told from Barbara Phillips, Legal Dept. at PERAC, to allow the member to complete the buyback and then argue with Boston for their board to accept liability. However, Boston sent a letter that PERAC wrote in reference to another member from Medford that was also trying to buyback some time worked with Boston City Hospital that stated Boston would not be liable for the time worked because this particular person was not a member of the Boston Retirement Board. But, we clearly know that Jane Fiore was a member of the Boston Retirement Board. Derek Moitoso, from PERAC, issued a' verbal opinion that liability looks to fall on Boston. Based on our regulations, we should allow the member to complete the buyback and then the decision may have to go to DALA to see who would have to accept liability. INFORMATION/QUESTIONS/OTHER ITEMS Nancy Giannone, an educational assistant, attended this meeting to discuss the issue that she has increased her hours this school year bringing her to a total of 1692 hrs/year. Normally anyone over 1690 is required to join the Reading Retirement System, but Nancy's situation is unique. At this point, Nancy has not been put into the system, because the member is contemplating whether she should reduce her hours. She has approximately 12 years of creditable service with the Massachusetts Teacher's Retirement Board. After attending the board meeting, Nancy decided to leave her hours at 1692 and join the Reading Retirement System. MINUTES • Regular session minutes for the July 25, 2007 meeting were signed by all board members. • FRANICS DRISCOLL moved to accept the August 22, 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: Ryan Kiley RMLD Date of hire & membership - 9/10/07 9%+2% (Lineman Apprentice) SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following retirement application: Jane Fiore Health 10/6/07 16 years, 0 mths (Superannuation) SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following refund of accumulated deductions: Kristi Lyman Resigned 11/12/01 8 days (Police. Dispatcher) Total Deductions & interest $ 45.34 Less 100% interest $ 2.06 Less 20% federal tax $ 8.66 Net refund (cash to member) $ 34.62 SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS Option A APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase military service for creditable service: Christine Agnone Army/USAR 12/5/02 - 9/15/04 l year, 9 months, 10 days Corey Santasky USMC-11 9/8/99 -12/7/04 5 years, 2 months, 29 days Maximum amount 4 years Michael McKenna USMC-11 3/26/90 - 3/4/94 3 years, 11 months, 6 days SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve request from eligible spouse to petition for accidental death benefits: SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS Leo Iacopucci, who worked for Police Dept. and retired on May 1, 1982, passed away on 7/26/07. He chose Option A at his retirement. He retired on an accidental disability retirement. He retired from hypertensive cardiovascular disease, and died from intracerebral hemorrhage, hypertension. His spouse, Jane has applied for accidental death benefits. • RICHARD FOLEY moved to elect Colleen Loughlin as Election Officer for the election of the first elected member. Francis Driscoll's term as board member expires on March 31, 2008. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS The Board requested to see the difference in COLA with a base of $16,000 vs. $12,000 on the actuarial valuation, but Segal did not anticipate additional work with the original fee proposal. • FRANCIS DRISCOLL moved to approve the additional fee of $1,000.00 from Segal for additional work. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to authorize Colleen Loughlin, Board Administrator, to attend the MACRS Fall Conference on October 14 - October 17, 2007 and any ordinary and necessary expenses that may incur. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2007 Voucher # 67 Town of Reading Treasurer $546,316.46 68 Town of Reading Treasurer $ 3,291.30 69 Town of Reading $ 156.63 70 Town of Reading Treasurer $ 8.66 71 W.B. Mason $ 25.68 72 Kristi Lyman $ 34.62 73 Middlesex Retirement Board $ 19,289.45 SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS September retire payroll September Administrator's Salary Admin.Exp - Postage due to Town Federal Taxes - K. Lyman Administrative Expense - supplies Refund to Member Section 3(8)(c) reimbursement INFORMATION/OUESTIONS/OTHER ITEMS • Donna Walsh, new member, worked for the Reading Youth Program from 1975-1977 and summers during 1977-1980. She was paid through the CETA program. She also worked in North Reading Schools from 1979-1980 and was paid through a grant. North Reading was unable to locate information on this employee. Is she entitled to a buyback without proof of employment? • Bill Hennigan, former employee, who now works for the State is inquiring about time worked for the CETA Program in the Water Department. 3 • PRIM will be switching all clients, custodians and consultants to automatic Electronic Statement Delivery within the next 6-12 months. PRIM would like a list of all of the email addresses that we would like them to deliver the statements to. f .gin • Received a letter from PERAC that Paul Sheridan has been sent a termination letter by PERAC because he has not completed the Annual Statement of Earned Income. • Affidavits will be mailed to all retirees with the September checks. • Stella Hawkes, Option D beneficiary of Walter Hawkes (Non-contributory) died September 2, 2007. • Charlotte Serrentino, who worked for the School Department and retired on August 31, 1982, passed away on 9/12/07. 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 August 31, 2007. General Ledger Trial Balance as of August 31, 2007. Bank Reconciliation for the month ending August 31, 2007. • The next board meetings will be held October 24, 2007, November 28, 2007, and December 19, 2007 in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo #35/2007 - Implementation of Chapter 68 PERAC - Memo #36/2007 - New Disability Pension Fraud Poster PERAC - Investment Best Practices Manual PERAC - Save the Date - 2008 PERAC Public Pension Institute (August 17-August 19) MACRS - 2007 Fall Conference October 14-October 17, 2007 at Sheraton Springfield SEGAL - Total Health Management Seminar OLD & NEW BUSINESS ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:05 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOV appointed