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Home My WebLink About2007-07-25 Retirement Board MinutesV , MINUTES OF THE READING RETIREMENT BOARD MEETING CG Wednesday, July 25, 2007 R E C t i V E D 0V CLERK The Reading Retirement Board held a regular session meeting on June 27, 2007, in The-,L6)AUft15!G6_ference Room, Town Hall, Reading, Massachusetts. 21 The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the90pres n ce of memberrsqGail LaPointe, Richard Foley, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin. MINUTES • Regular session minutes for the May 23, 2007 meeting were signed by all board members, except Richard Foley who was not able to attend. • Regular session minutes for the June 6, 2007 meeting were signed by all board members, except Daniel Seferian who was not able to attend. • FRANICS DRISCOLL moved to accept the June 27, 2007 regular session minutes as written, except Richard Foley who was not able to attend. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-1) ABSTAINED: RICHARD FOLEY APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new members: Donna Walsh School Date of hire - 9/29/97 Date of membership - 7/1/07 (previously full-time temp - contributed to social security) Garrett Antanvica Fire Benjamin Christopher, Jr. RMLD (Station Operator) Date of hire & membership - 7/9/07 Date of hire & membership - 7/16/07 SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following refund of accumulated deductions: Christopher Chillemi Terminated 3/27/07 (RMLD) Total Deductions & interest Less 50% interest Less 20% federal tax Net refund (cash to member) 5 years, 11 months $26,833.36 $ 232.01 $ 5,320.27 $21,281.08 9%+2% 9%+2% 9%+2% SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS If a member was involuntarily terminated from service, then he/she should receive 100% of the interest on the accumulated total deductions. The Board agreed to refund the member based on the calculation above. Once RMLD verifies that the member was terminated, then he will be refunded the forfeited interest less 20% federal tax. APPROVAL OF MISCELLANEOUS ITEMS • DANIEL SEFERIAN moved to approve Section 101 of M.G.L. c.32 in lieu of Accidental Death Benefit for Gloria Mullen. Upon review of Richard Mullen's death, which is listed as atherosolerotic cardiovascular disease on his death certificate, the Board determined that the cause of death is not related to the reason for which he retired, which is systematic chondromalacia patella and lateral femoral condyles. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • DANIEL SEFERIAN moved to approve Section 101 of M.G.L. c.32 in lieu of Accidental Death Benefit for Mary'Doucette. Upon review of Raymond Doucette's death, which is listed as matastatic lung cancer- on his death certificate, the Board determined that the cause of death is not related to the reason for which he retired, which is heart-hypertension. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2007 Voucher # 52. Town of Reading Treasurer $546,878.73 53 Town of Reading Treasurer $ 3,291.30 54 Thomson West $ 140.00 55 The Graphic Shop $ 112.07 56 Town of Reading Treasurer $ 5,320.27 57 Christopher Chillemi $ 21,281.08 SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS July retire payroll July Administrator's Salary Admin.Exp.-MGL Inserts Admin. Expense - Envelopes 20% Fed Tax - C.Chellemi Refund to Member • Discussed regulation that all military service buyback past, present and future are based upon a limit of up to 5 years to pay with no less than $25.00 per pay period. The board agreed that this should be added to the supplemental regulations. Discussed Peter Garchinsky's military buyback. Almost completed (10 years later). Member was allowed to purchase 4 years of military service as creditable service. After review of DD214 with Department of Veteran's Services, he is only entitled to purchase 3 years, 9 months of service. According to M.G.L. Ch. 32 § 20 (2), "when an error exists in the records maintained by the.system or an error is made in computing a f benefit and, as a result, a member or beneficiary receives from the system more or less than the member or beneficiary would have been entitled to receive had the records been correct or had the error not been made, the records or error shall be corrected." The member is allowed to request that the Board waive the repayment or recovery, which would allow him the 4 years of creditable service. The Board Administrator will contact Mr. Garchinsky and explain his options. • Discussed regulation that the Board shall grant up to one month of creditable service for any medically related leave, including maternity leave, for which the member received no compensation. The board does not want to make this a regulation, but rather review case by case. • Discussed possibility of buyback for Jane Fiore. Member worked for Boston City Hospital from 1969-1974 and took a refund in 1977. Spoke to Sandy at Boston Retirement and she has no record on Jane. Sandy also mentioned that PERAC said that Boston does not have to accept liability because Boston City Hospital merged with a private company, Boston University in July 1996. Per Barbara Phillips at PERAC - does not recall anything about Boston not having to accept liability. Will check with Derek Moitoso on this issue. However, if the member is eligible for a buyback, then the board must allow it and Reading will have to accept liability, unless the board wants to argue out the issue with Boston. The Board will have to use the member as the historian to gather all information (full-time, hours worked, salary, refund amount, date of refund). The Board was unsatisfied with PERAC's answer to use the information from the member. The Board would need some evidence of employment. Request that the member do some research. 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. The board suggested that the administrator review the file from the Department Head. If no records are found, review how the board handled William Dawson's case and bring information to next meeting for discussion. - • PERAC has requested any updates to the Board's supplementary regulations. • Determined that William Keenan is not eligible to purchase l year, 7 months of military service as creditable zz, service. Member had the opportunity to purchase this service in 1997 when he signed the Notice of Potential Benefits Pursuant to Chapter 71 of the Acts of 1996. He initiated the buyback in writing to the Board, but then immediately put the buyback on hold. • Board signed the Pension Technology Group "Risk Free Trial" Agreement. • A transfer amount of $22,861.14 dated June 30, 2007 was received from Concord Retirement Board for Carol Kowalski, Director of Community Services. Concord will accept liability for 3 years, 2 months, and 18 days of creditable service for the period of February 23, 2004 to May 11, 2007. • Richard Mullen, who worked for RMLD and retired on February 22, 1974, passed away on 6/26/07. He chose Option B at his retirement but there are no annuity funds remaining. He retired on an accidental disability retirement. He retired from systematic chondromalacia patella and lateral femoral condyles, but died from atherosolerotic cardiovascular disease. His spouse, Gloria, is eligible.for a Section 101 allowance of $6,000 per year because Richard retired prior to November 7, 1996. • Lillian Stewart, Option C beneficiary of Boyd Stewart, died July 12, 2007. • Joyce Coward, Option D beneficiary of Laurence Coward, died July 14, 2007. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2007. PRIT March 2007 Quarterly Profile • The next board meeting will be held August 22, 2007 in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED 0 PERAC - Memo #27/2007 - Investment Manager List PERAC - Memo #28/2007 - Tobacco Company List PERAC - Memo #29/2007 - Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors PERAC - Memo #30/2007 - Reinstatement to Service under G.L. c.32 § 105 PERAC - Memo #31/2007 - Updating PERAC's Website on Supplemental Regulations PERAC - 2007 Emerging Issues Forum held June 26, 2007 - copies of the speakers' materials that were distributed at the Forum. PERAC - Financial Bulletin, Second Quarter 2007 MACRS - memo dated 7/3/07 re: Senate Acts on Mandatory PRIT Transfer (1-14125) MACRS - email to inform the new elected members to the MACRS Executive Board: Richard Biagiotti, Lynn Board Anne Leduc, Cambridge Board Brian Leahy, MWRA Board Patrick Brock, Hampshire Cty Board - reelected Brad Tenney - Cambridge Board - elected president Chet Riley - Brookline Board - elected vice president Opal Financial Group - 7`i' Annual European Alternative & Institutional Investing Summit - October 22-24, 2007 at the Fairmont Monte Carlo Grand Hotel in Monaco OLD & NEW BUSINESS ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:30 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS /za~~ Veno, 2' elected Ga* aPointe, Ex Officio Richard P. Foley, I` appoin d Francis P. Driscoll, 1" elected ° Rnsm'),~ 0 ~ 1 L hAj m P-, Vice Chairman, Damel . Seferian, 2" appointed