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Home My WebLink About2007-08-22 Retirement Board Minutes10 42 di MINUTES OF THE READING RETIREMENT BOARD M + FG j Wednesday, August 22, 2007 TOWN CLERK READING, MASS The Reading Retirement Board held a regular session meeting on August 22, 2007, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. ZOO] OCT 3 r A 9: 09 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. MINUTES • Regular session minutes for the June 27, 2007 meeting were signed by all board members, except Richard Foley who was not able to attend. • FRANICS DRISCOLL moved to accept the July 25, 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: Matthew Brown RMLD Date of hire - 7/27/07 9%+2% (Troubleman) Funds to be transferred from Essex Richard Puliafico RMLD Date of hire & membership - 8/2/07. 9% +2% (Lineman Apprentice) Maureen Burns School Date of hire - 5/7/01 9%+2% (Sped Secretary) Date of membership - 7/16/07 (previously contributed to social security) SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following refund of accumulated deductions: Christopher Chillemi Terminated 3/27/07 5 years, 11 months (RMLD) ------.-Total interest $ 232.01 Less 20% federal tax $ 46.40 Net refund (cash to member) $ -185.61 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS Refer to July 25, 2007 minutes. Member was involuntarily terminated from service, so he is entitled to. receive 100% of the interest on the accumulated total deductions. • FRANCIS DRISCOLL moved to approve the following Option B refund: 0 4 Gregory Ryan, beneficiary of deceased retiree Kevin Ryan: Annuity balance remaining $3,231.30 Less 20% federal taxes $ 559.30 Net Option B refund $2,672.00 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following Option B refund: Erika Ryan, beneficiary of deceased retiree Kevin Ryan: Annuity balance remaining $3,231.30 Less 20% federal taxes $ 559.31 Net Option B refund $2,671.99 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following transfer of funds to other systems: Louis Cimaglia To Middlesex Retirement $6,386.46 1 year, 11 months, & 11 days (Veterans Agent) SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following final calculations for retirement: Linda Jackson (Superannuation) Michael Sarno (Superannuation) Doris MacLeod (Superannuation) Leonard Haines (Superannuation) School RMLD School RMLD 6/22/07 Annuity Pension Yearly Monthly 6/30/07 Annuity Pension Yearly Monthly 6/30/07 Annuity Pension Yearly Monthly 7/17/07 Annuity Pension Yearly Monthly 21 years, 5 months $ 1,122.00 $ 2,577.48 $ 3,699.48 $ 308.29 33 years, 8 months $10,633.32 $47,615.04 $58,248.36 $ 4,854.03 33 years, 9 months $ 5,460.72 $17,943.60 $23,404.32 $ 1,950.36 34 years, 8 months $ 7,825.68 $50,128.92 $57,954.60 $ 4,829.55 Option B Option C Option A Option C 4 s 1 0 .411 4 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase military service for creditable service: Michael Wood Air Force/Reg AF 5/22/90-5/21/94 4 years, 0 months The total purchase amount is $13,897.00. Michael will begin payroll deductions with the September 7, 2007 pay period. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior Reading service for creditable service: William Keenan Reading 6/15/82-12/20/82 6 mths, 6 days The total purchase amount is $1,031.66. Bill will begin payroll deductions with the September 7, 2007 pay period. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to allow James Flanagan to receive full creditable service for the time he was out on workers' compensation from 3/18/88-4/28/89. The boards decision was based on worker's compensation and payroll records which determined that Mr. Flanagan was out on total disability. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2007 Voucher # 58 Town of Reading Treasurer $549,528.67 59 Town of Reading-Treasurer $ 3,291.30 60 Town of Reading $ 329.14 61 Town of Reading Treasurer $ 1,165.01 62 Christopher Chillemi $ 185.61 63 Peter Garchinsky $ 290.06 64 Gregory Ryan $ 2,672.00 65 Erika Ryan $ 2,671.99 66 Middlesex Retirement $ 6,386.46 August retire payroll August Administrator's Salary Admin.Exp - Postage due to Town 20% Fed Tax - C.Chellemi & Ryan Children Refund to Member - interest Return of excess military pymt Option B Refund - K.Ryan Option B Refund - K.Ryan Trsf. To Other Syst.-L.Cimaglia SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS P 04 INFORMATION/QUESTIONS/OTHER ITEMS • Contacted Boston Retirement regarding Jane Fiore. The Administrator found an index card (file has been archived) that shows that Jane was a member from 6/4/69-6/29/71 and took a refund in 1971 Waiting for Boston to send paperwork. Discussed James Flanagan's request for a retirement estimate. James is a former employee who was hired on August 25, 1975, was injured on March 18, 1988 and was on workers' comp from 3/18/88 - 4/28/89. He resigned on July 15, 2005. At this time, the board administrator is not sure how to calculate his creditable service for the time he was on workers' comp since the Town cannot produce his wokers' comp records and the member has no records. Reviewed paperwork from William Dawson's file (same issue) and PERAC stated that it is the employee's responsibility to produce paperwork that showed full or partial disability. The retirement board has no responsibility in determining workers' compensation status. However, under the provisions of G.L. c.32, § 20(5)(c)(1), if a Retirement Board cannot consult an original record to determine length of service, it may use estimates on any basis which in its judgement is fair and just. Based upon this authority, the Reading Retirement Board voted to grant William Dawson creditable service for 50% of the time he was collecting worker's compensation benefits. • 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, is eligible for a Section 101 allowance of $6,000 per year because Richard retired prior to November 7, 1996. Sent application to spouse to petition for an accidental death benefit. • Kevin Ryan, who worked for Public Works and retired on August 17, 1993, passed away on 8/9/07. He chose Option B at his retirement. The amount of remaining funds in his account is $6,462.60 before taxes. He retired on an accidental disability retirement. He retired from tarsal tunnel syndrome left postoperative status and painful neuroma of the left ankle, but died from Cerebral Hemorrhage. Sent an application to Ann, the guardian of the children, to petition for accidental death benefit. • John Upton who worked for Public Works and retired on March 2, 1990, passed away on 7/29/07. He chose Option A at his retirement. • A transfer amount of $11.38 dated May 31, 2007 was received from Middlesex Retirement Board for Kim Honetschlager. It was credited to her account after the first transfer was completed. There is no creditable service associated with this amount. • On July 19, 2007 PERAC notified this Board that John O'Keefe 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. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2007. PRIT's June 2007 Quarterly Profile. General Ledger Trial Balance as of June 30, 2007 & July 31, 2007. Bank Reconciliation for the month ending June 30, 2007 & July 31, 2007. • The next board meeting will be held September 26, 2007 in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo #32/2007 - Chapter 68 of the Acts of 2007 PERAC - Memo #33/2007 - Disability Training Sessions PERAC - Memo #34/2007 - Revised hedge fund allocation limit OLD & NEW BUSINESS ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 6:50 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMO IWA, elected Ga aPointe, Ex Officio X4J 6~ Jt Richard P. Foley, lst aprinte &ancis P. Dris oll, I t electel3 AA, 0 Vice Chairman, Dani 1 Seferian, 2nd appointed