The URL can be used to link to this page

Home My WebLink About2007-05-23 Retirement Board Minutesr MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, May 23, 2007 - The Reading Retirement Board held a regular session meeting on May 23, 2007, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M. by Chairman Joseph Veno in the presence of members Gail LaPointe, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin. Board member Richard Foley was not able to attend. MINUTES • Regular session minutes for the March 21, 2007 meeting were signed by all board members, except Richard Foley who was not present. • DANIEL SEFERIAN moved to accept the April 24, 2007 regular session minutes as written. SECONDED BY: GAIL LAPOINTE VOTED: (3-0-1) ABSTAINED: FRANCIS DRISCOLL APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS • DANIEL SEFERIAN moved to approve the following new members: Gerard Cavanaugh RMLD-Station Mgr. Date of hire & membership - 4/19/07 Patricia Sullivan Finance/Assessors Date of hire -11/14/05 Date of membership - 4/30/07 (previously full-time temp - contributed to Social Security) Patricia Mellino RMLD-Fac. Oper. Mgr. Date of hire & membership - 5/3/07 Carol Kowalski Community Serv SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-0) UNANIMOUS 9%+2% 9%+2% 9%+2% Date of hire - 5/14/07 8%+2% Funds to be transferred from Concord • DANIEL SEFERIAN moved to approve the following retirement applications: Doris MacLeod School - Admin. 6/30/07 33 years, 9 mths (Superannuation) Michael Sarno RMLD 6/30/07 33 years, 6 mths (Superannuation) SECONDED BY: FRANCIS DRISCOLL. VOTED: (4-0-0) UNANIMOUS • DANIEL SEFERIAN moved to approve the following transfer of funds to other systems: Option A Option C Brian Macdonald To Stoneham Retirement $8,551.65 2 years, 1 month, and 5 days (Assessors) Christopher Reilly To Essex Regional Retirement $38,738.24 7 years, 0 months (Planning) (4 yrs, 1 mth, 28 days - Reading) SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • DANIEL SEFERIAN moved to approve request from eligible member to purchase military service for creditable service: Joseph Donahoe USN-Navy 11/11/77-11/10/81 4 years The total purchase amount is $12,318.48. Joseph will begin payroll deductions with the June 1, 2007 pay period. SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-0) UNANIMOUS APPROVAL OF VOUCHERS • DANIEL SEFERIAN moved to approve the following vouchers: 2007 Voucher # 39 Town of Reading Treasurer $ 539,349.58 May retire payroll 40 Town of Reading Treasurer $ 7,829.79 Jan-May Administrator's Salary 41 Town of Reading $ 139.77 Postage due to Town 42 Stoneham Retirement $ 8,551.65 Transf. To Other Syst.- B.Macdonald 43 Essex Retirement Board $ 38,738.24 Transf. To Other Syst.- C.Reilly 44 Stoneham Retirement $ 8,499.26 Section 3(8)(c) reimb.-R.DelRossi 45 Carol Kowalski $ 11.37 Reimb.to member(overpayment) 46 New England Office Supply $ 72.60 Admin. Expense - supplies SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Clarified supplementary regulations regarding creditable service and sent to PERAC for approval. The revised scale new regulation wording is attached. • David Richards is investigating a possible buyback with the Massachusetts Port Authority Employees' Retirement System for previous service worked in Reading. Reading would be accepting liability for 11 years, 8 months, and 14 days of creditable service for the period 1/12/86-9/26/97. • The following transfers from other systems were received for: Deborah Flanders, School Admin, from Amesbury Retirement Board dated 12/29/06 in the amount of $11,015.70. Amesbury, will accept liability for 3 years, 10 months of creditable service for the period 1/24/03-11/24/06. 102 • The Board has requested that a notification go out to all members regarding the change in the definition of a veteran. The definition of a Massachusetts Veteran was amended by the Acts of 2004, M.G.L. c. 4, sec. 7, cl.43`d, has been changed effective August 30, 2004. All members may not have been notified of the change. • A check was received from Taunton Retirement Board for full payment of its Section 3(8)(c) reimbursement. Almost all Section 3(8)(c) payments to the Reading Retirement Board have been received except for Middlesex and State. All Section 3(8)(c) payments to other systems have been paid by the Reading Retirement Board, except for an addition to the Mass Teachers' Retirement Board and Middlesex Retirement Board. • Pauline Andrews, Option C beneficiary of Nelson Andrews, died April 11, 2007. • Copies of the following Reading Retirement Board report was handed out for review: The PRIT fund's monthly statement & fund performance for period ending March 31, 2007. • The next board meetings will be held on May 23, 2007 & June 27, 2007. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #23/2007 - PERAC Disability and General Membership Forms PERAC Memo #24/2007 - Investment Manager List PERAC Memo #25/2007 - Tobacco Company List The PERAC Financial Bulletin, Financial Market Review, First Quarter 2007 PERAC - Financing Retirement Costs: The Future Isn't As Cheap As It Used to Be - Tuesday, June 26, 2007, College of the Holy Cross, Worcester, MA Letter from Richard Biagiotti, Candidate for Election for MACRS Executive Board The Segal Company - seminar May 3, 2007 on: How Asset-Liability Modeling Can Assist Public Sector Retirement Systems in Developing Alternative Funding Strategies MACRS - PERAC's Board Reform Legislation MACRS - Comprehensive Training Program for Board Members & Staff - June 2-6, 2007 OLD & NEW BUSINESS ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 7:15 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS :u 6 1 7 Richard P. Foley, 1S1 appointed Francis P. Driscoll, I" elected Vice Chairman, Dani . Seferian, 2" appointed Reference May 23, 2007 Board Meeting Reading Retirement System - Supplemental Regulation Membership - As of August 16, 2004, anyone employed by the Town of Reading or the Reading Housing Authority, whose combined total service equals or exceeds 1,690 hours per year, shall be enrolled in the Reading Retirement System. Creditable Service - Part-time employees who were enrolled as members of the Reading Retirement System under prior supplemental regulations and who work less than 20 hours per week during the entire period of their membership service shall receive creditable service pro- rated based upon the hours of the full-time position and the actual service rendered. For example, a member who works 10 hours per week where the full-time position is 40 hour per week will receive 3 months of creditable service for each year (10/40 = 25%). Members working 20 or more hours per week during the entire period of their membership service in the Reading Retirement System will receive 1 full year of creditable service for each year employed provided their entire service is on a part-time basis. An employee who was initially enrolled as a member of the Reading Retirement System based upon employment in a full-time capacity and who subsequently takes a part-time position or employment in a part-time capacity and who subsequently takes a full-time position shall have the part-time service pro-rated according to the following schedule: Pro-Ration Table Hours per week: Over 14.0 Creditable Service: 5 months Over 16.5 6 months Over 19.0 7 months Over 21.5 8 months Over 24.5 9 months Over 27.0 10 months Over 29.5 11 months 32.5+ 12 months If a member's average weekly hours based on a 52-week calendar year are over the amounts in the pro-ration table, the member will be credited with the service as listed. For example, if a member works 22 hours per week for 15 years and then takes a full-time position for 10 additional years, the member would receive a total of 20 years of creditable service. The member would receive 8 months of creditable service for each of the 15 years that he/she worked 22 hours per week based on the above schedule. This amounts to 120 months or 10 years of creditable service. The member would also receive 10 years of creditable service for the ten years of full-time employment for a total of 20 years. Since the member's retirement allowance is calculated utilizing his/her highest three-year average annual rate of regular compensation (i.e., the full-time salary), the loss of creditable service upon conversion from part- time to full-time employment is offset by the increase in the rate of compensation used to calculate the amount of the retirement allowance. MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, June 6, 2007 The Reading Retirement Board held a regular session meeting on June 6, 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, Francis Driscoll, and Board Administrator, Colleen Loughlin. Board member Daniel Seferian was not able to attend. Others present at the meeting were Maureen Carr and Mark Minervini from Tyler Technologies and John Reidy and Brian Bowler from Pension Technology .Group. INFORMATION/QUESTIONS/OTHER ITEMS The Board had the opportunity to interview two software companies:, Tyler Technologies and Pension Technology Group. Tyler's product requires you to purchase the software and put on your own hardware. Pension Technology Group's product is web-based, which allows you to use the Internet to access your information. Not requiring the purchase of software. After discussion, the Board requested the Administrator to reference check with users of the product. ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:40 P.M. SECONDED BY: RICHARD FOLEY VOTED: (4-0-0) UNANIMOUS i Vice Chairman, Daniel B. Seferian, 2nd appointed 4~~" V -#C6V Richard P. Foley, I" app inted ~ ~ Fr ncis P. Driscoll; I" elected 1 1 F Andrew Scribner-MacLean, Business Admin - Police Dept., from the State Retirement Board dated 1/12/07 in the amount of $12,753.64. The State will accept liability for 2 years, 5 months, and 23 days of creditable service for the period 4/1/04-9/23/06. Maureen Cranitch, Secretary - SPED Dept, from Melrose Retirement Board dated 1/24/07 in the amount of $2,967.20. Melrose will accept liability for 2 years, 6 months of creditable service for the period 8/25/97-2/25/00. Beth Modica, Computer Technician - School, from the State Retirement Board dated 2/16/07 in the amount of $21,732.29. The State will accept liability for 5 years, 10 months, and 4 days of creditable service for the period 6/29/98-4/23/00 and 4/24/00-1/8/07 (60%). Rafael Mercado, Maintenance, from the State Retirement Board dated 1/26/07 in the amount of $17,532.46. The State will accept liability for 7 years, and 3 months of creditable service for various periods worked in two systems. • A PERAC memo was received dated March 29, 2007 regarding our liability for Janet Trevor's section 3(8)(c) reimbursement to Mass Teachers' Retirement from when she retired in 2005. Contacted Richard Steele at MTRB and he said that Reading will not receive a bill for 2005 to 2006 until January 2008. • A letter is being sent to PERAC regarding Charles Johnson. Since the Town has closed its Water Treatment Plant and there are no longer any positions available as a Water Treatment Plant Operator, PERAC will need to review his case as a disability retiree. • A check was received from Middlesex Retirement Board for full payment of its Section 3(8)(c) reimbursement. • Marjorie DiBenedetto, Option D beneficiary of Vincenzo DiBenedetto, died April 11, 2007. • Willis Carter who worked in the School Dept. and retired on August 1, 1982, passed away on 5/3/07. He chose Option A at his 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 April 30, 2007. General Ledger Trial Balance as of January 31, 2006 - April 30, 2007 Bank Reconciliation for the month ending January 31 - April 30, 2007 PRI T "Core" Fund Annualized Performance as of March 31, 2007 • The next board meetings will be held June 6, 2007 in the Lower Level Conference Room and June 27, 2007 in The Berger Conference Room. Michael Reardon will be attending the June 27th meeting. MEMORANDUMS & LETTERS RECEIVED PERAC - PERAC has completed their review process for the waiver of submitting superannuation retirement calculations for approval. No further information will be required from the Board. The Board will continue to be granted the waiver. . PERAC - 2006 Investment Report. PRIM - Michael Reardon would like to invite all of PRIM's fully invested Boards to a dinner to be held at the Spring MACRS Conference. Dinner will be held on Monday night, June 4, 2007 at 6:00 pm at The Paddock Restaurant across the street from the hotel. MACRS - Memo from Ralph White regarding Early Retirement Legislation. MACRS - Memo from Ralph White regarding Local Retirement System Reform Legislation. Opal Financial Group - George Hinds would like to invite you to attend the Public Funds Summit East, July 11- 13, 2007 at the Hyatt in Newport, RI. Opal Financial Group- Fourth Annual Emerging Managers Summit & Awards Dinner - May 16-18, 2007 in Chicago. MACRS - Annual Financial Statement for calendar year 2006 ending December 31, 2006. OLD & NEW BUSINESS ADJOURNMENT • DANIEL SEFERIAN moved to adjourn this open session at 7:20 P.M. SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-0) UNANIMOUS Richard P. Foley, 1" appointed U ~ Francis P. Driscoll, V elected vice Chairman, ani Seferian, 2nd appointed