HomeMy WebLinkAbout2007-06-27 Retirement Board Minutes1,(G1,
MINUTES OF THE READING RETIREMENT BOARD MEET
June 27, 2007 I x V CLERK
Wednesday, ra.LlIG.MAS.
The Reading Retirement Board held a regular session meeting on June 27, 2007 in The Berger Conference
Room, Town Hall, Reading, Massachusetts. 2601 A 2 Q P 2~ 15,
The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Gail
LaPointe, Daniel Seferian, Francis Driscoll, Board Administrator, Colleen Loughlin and Michael Reardon, Senior
Client Services Officer from the PRIM Board. Board member Richard Foley was not able to attend.
Michael Reardon attended this meeting to discuss the performance of the funds in PRTT.
MINUTES
• Regular session minutes for the April 24, 2007 meeting were signed by all board members, except Francis
Driscoll who was not able to attend and Richard Foley who was not present.
• FRANICS DRISCOLL moved to accept the May 23, 2007 regular session minutes as written, except Richard
Foley who was not able to attend.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4-0-0) ABSTAINED:
• FRANCIS DRISCOLL moved to accept the June 6, 2007 regular session minutes as written except Daniel
Seferian who was not able to attend.
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-1) ABSTAINED: DANIEL SEFERIAN
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following retirement applications:
Linda Jackson School - Ed Assist. 6/22/07 21 years, 5 mths Option B
(Superannuation)
Leonard Haines RMLD - Line Truck 7/16/07 34 years, 8 mths Option C
(Superannuation) Foreman
SECONDED BY: DANIEL SEFERIAN
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
The following issue was tabled until we review file with Richard Foley, who was a member on the Board, when
William Keenan was approved to purchase his military service as creditable service.
William Keenan
Army 12/9/68-7/15/70 l years, 7 months
William Keenan has requested to purchase his military service as creditable service.
• FRANCIS DRISOLL moved to approve request from eligible member to purchase prior service from the
State that was previously refunded for creditable service:
Patricia Sullivan State 11/2/82 - 3/31/84 1 year, 4 months, 29 days
The total purchase amount is $2,419.24. Patricia Sullivan will begin payroll deductions with the July 13,
2007 pay period.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4-0-0) UNANIMOUS
• FRANCIS DRISCOLL move to approve request from eligible member to purchase prior service from Reading
for creditable service:
Micheal DeBenedetto Reading 4/26/93 - 11/21/93 6 months, 27 days
The total purchase amount is $802.38. Michael DeBenedetto will begin payroll deductions with the July 13,
2007 pay period.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF VOUCHERS
• FRANCIS DRISCOLL
moved to approve the following vouchers:
2007 Voucher # 47
Town of Reading Treasurer
$537,271.55
June retire payroll
48
Town of Reading Treasurer
$ 4,905.02
June Administrator's Salary
49
Town of Reading
$ 157.79
Postage due to Town
50
Carol Kowalski
$ 14.22
Reimb.to member(overpayment)
51
Fred Pryor Seminars
$ 128.00
Admin. Expense (Excel course)
SECONDED BY: DANIEL SEFERIAN
VOTED: (4-0-6) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
• A check was received from State Retirement Board for full payment of its Section 3(8)(c) reimbursement. All
Section 3(8)(c) payments to the Reading Retirement Board have been received. All Section 3(8)(c) payments
to other systems have been paid by the Reading Retirement Board, except to Middlesex.
• Discussed Pension Technology's 90-day Risk Free Trial Program and there was a unanimous consensus of
the Board to go forward with the trial program.
• Board members provided their signatures to the Treasurer as documentation for who is authorized to sign the
Reading Retirement Board's vouchers.
A0
• Phyllis Morand, Option C beneficiary of Edward Morand, died June 6, 2007.
• Raymond Doucette, Policeman retired under ADR on 5/1/82, and died on 6/6/07. He chose Option B at his
retirement, but there are no funds remaining. Sent application to spouse to petition for an accidental death
benefit. Received death certificate. Raymond died of Lung Cancer and retired from heart-hypertension.
• Ruth McNaney who worked as a cafeteria worker and retired on August 31, 1985, passed away on 6/11/07.
She chose Option B at her retirement, but there are no funds remaining.
• Mary Boissoneau, Option C beneficiary of Henry Boissoneau, died June 15, 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 May 31, 2007.
General Ledger Trial Balance as of May 31, 2007
Bank Reconciliation for the month ending May 31, 2007
• The next board meetings will be held July 25, 2007 and August 22, 2007 in the Lower Level Conference
Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC - Memo #26/2007 - Clarke T. Blizzard
PERAC Pension News - June 2007
Opal Financial Group - Seventh Annual European Alternative & Institutional Investing Summit - October 22-24,
2007 - Fairmont Hotel, Monte Carlo, Monaco
MACRS - Notice from Ralph White dated 6/15/07 - Connie Freeman, a long time member of the Amesbury
Retirement Board and the MACRS Executive Board, passed away June 14, 2007.
MACRS - Notice from Ralph White dated 6/14/07 - Patty Welch, wife of former MACRS President Tom Welch,
passed away June 14, 2007.
MACRS - Notice from Ralph White dated 6/20/07 - Brian Martin, an elected member of the Athol Retirement
Board for over 20 years, passed away unexpectedly on June 8, 2007.
MACRS - Notice from Brad Tenney, MACRS President, dated 6/25/07, regarding House to Vote on Pension
Fund Proposal this week.
Memo from Franklin Regional System - opposition to the redraft of H3749 Section 5.
OLD & NEW BUSINESS
4
ADJOURNMENT
0 FRANCIS DRISCOLL moved to adjourn this open session at 7:15 P.M.
103.
SECONDED BY: DANIEL SEFERIAN
VOTED: (4-0-0) UNANIMOUS
Richard P. Foley, 1St appointed
Francis P. Driscoll, 1St elected
r
Vice Chairman, Daniel B. eferian, 2" d appointed