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Home My WebLink About2007-04-24 Retirement Board Minutes. 2 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, April 24, 2007 The Reading Retirement Board held a regular session meeting on April 24, 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, and Board Administrator, Colleen Loughlin. Board member Francis Driscoll was not able to attend. APPROVAL OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to approve Joseph Veno as the Chairman. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS • RICHARD FOLEY moved to approve Daniel Seferian as the Vice-Chairman. SECONDED BY: JOSEPH VEND VOTED: (4-0-0) UNANIMOUS MINUTES ` • Regular session minutes for the February 21, 2007 meeting were signed by all board members, except Francis' Driscoll who was not present. RICHARD FOLEY moved to accept the March 21, 2007 regular session minutes as written. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following new members: James Sullivan Recreation Diane Finigan Debra Haynes School - Admin. Police - Dispatch SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS Date of hire & membership - 3/26/07 Date of hire & membership - 4/9/07 Date of hire & membership - 4/10/07 • RICHARD FOLEY moved to approve the following refund of accumulated deductions: 9%+2% 9%+2% 9%+2% Helen Pelley Resigned 4/6/07 9 years, 9 months (School) Total Deductions & interest $27,375.72 Less 50% interest $ 541.67 Net refund (rollover to IRA) $26,834.05 21 SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to review, approve, and sign the Annual Statement for PERAC for calendar year ended December 31, 2006. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS • RICHARD FOLEY 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 In August 2004, there was a change in the definition of a veteran. For the period Joseph served in the Navy, November 11, 1977 to November 10, 1981, it appears that he now meets the definition of a veteran. To the Board's knowledge, the member was not notified of the change in a timely fashion, therefore, the Board will allow him to purchase his military service. SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS APPROVAL OF VOUCHERS • RICHARD FOLEY moved to approve the following vouchers: 2007 Voucher # 33 Town of Reading Treasurer $ 540,972.84 34 Town of Reading $ 395.82 35 Wellesley Retirement Syst. $ 2,497.34 36 Edward Jones Investments $ 26,834.05 37 Medford Retirement Board $ 1,140.14 38 State Retirement Board $ 20,418.31 SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS April retire payroll Postage due to Town Section 3(8)(c) Reimbursement Refund - Rollover - H. Pelley Section 3(8)(c) Reimbursement Section 3(8)(c) Reimbursement • An election was held on March 22, 2007 for the second member of the Reading Retirement Board. The official results are as follows: Joseph Veno 212 votes Mark Dwyer 133 votes Joseph Veno will continue as the second elected member for another term, which will run April 1, 2007 to March 31, 2010. • Discussed software & cost. The Board decided to schedule a meeting with Tyler Technologies and The Pension Group for June 2007. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS RICHARD FOLEY moved to approve the following vouchers: 2007 Voucher # 23 Town of Reading Treasurer $ 541,519.78 24 Town of Reading $ 398.07 25 The Graphics Shop, Inc. $ 140.78 26 Cambridge Retirement Board $ 55,811.52 27 Arlington Retirement Board $ 11,644.83 28 Essex Reg. Retirement Board $ 59,902.46 29 Middlesex Retirement Board $ 39,332.72 30 Boston Retirement Board $ 6,990.09 31 Winchester Retirement Board $ 23,229.13 32 Essex Retirement Board $ 53,270.53 SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS March retire payroll Postage due to Town Admin. Exp. - Election Supplies Transfer to Other Systems-R.Jutras Trans. to Other Systems-D.McGrath Trans. to Other Systems-T.Gardiner Trans. to Other Systems-W.Russell, Jr. Section 3(8)(c) Reimbursement Section 3(8)(c) Reimbursement Section 3(8)(c) Reimbursement INFORMATION/QUESTIONS/OTHER ITEMS • Michael Reardon will not be attending the March 21, 2007 meeting. He would like to attend the April meeting tentatively scheduled for April 25, 2007. • Discussed general design of the website page for 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 January 31, 2007 The PRIT fund's monthly statement & fund performance for period ending February 28,-2007. The PRIT fund's calendar year to date statement & fund performance for period Jan. 1, 2006 to Dec. 31, 2006. • 'On March 7, 2007 PERAC notified this Board that Andrea Fitzpatrick was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that she is not able to perform the essential duties of her job. • Received PERAC's approval for the proposed supplementary regulations. • Received copy of Warrant for the 2007 Annual Town Meeting. • The next board meetings will be held on April 24, 2007, May 23, 2007, and June 27, 2007 at 6:00 p.m. in the Lower Level Conference Room. Michael Reardon will be attending the April 24"' meeting. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #18/2007 - PERAC Disability and General Membership Forms PERAC Memo #19/2007 - Governor's Proposal - j PERAC Memo #20/2007 - Board Annual Compliance Memorandum PERAC Memo #21/2007-Submission of Videotapes or CDs to Reviewing Physicians PERAC Memo #22/2007-Upcoming Joint Committee on Public Service Hearings OLD & NEW BUSINESS ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 7:00 P.M. SECONDED BY: FRANCIS DRISOLL VOTED: (5-0-0) UNANIMOUS Richard P. Foley, 1" appointed Francis P. Driscoll, 1" elected Vice Chairman, Daniel B. Se* ian, 2°a appointed C) • The next board meeting will be held on March 21, 2007 at 6:00 p.m. in the Lower Level Conference Room. Michael Reardon will be attending this meeting. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo #12/2007 - Data Verification for PERAC's 2006 Annual Report PERAC - Memo #13/2007 - Retirement Board Change Form PERAC - Memo #14/2007 - 840 CMR 10:10(3) & 10:15(4) - Annual Review of Medical Testing Fees PERAC - Memo #15/2007 - Calendar Year 2006 Annual Statements PERAC - Memo #16/2007 - Chapter 324 of the Acts of 1983; Chapter 235 of the Acts of 1994; Interplay between Chapter 235 of the Acts of 1994 and Chapter 324 of the Acts of 1983 PERAC - Memo #17/2007 - Proposed Lump-Sum Settlements MACRS - Legislation Worcester Regional Retirement System - Job Vacancy - Executive Assistant OLD & NEW BUSINESS ADJOURNMENT • RICHARD FOLEY moved to adjourn this open session at 6:40 P.M. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS Francis P. Driscoll, 1" elected Vice Chairman, Dani-' . Se Brian, 2°d appointed ~j X.,-" 0-- 'r &'z Richard P. Foley, I" appointed MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, March 21, 2007 The Reading Retirement Board held a regular session meeting on March 21, 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. MINUTES • Regular session minutes for the January 25, 2007 meeting were signed by all board members, except Francis Driscoll who was not present. • RICHARD FOLEY moved to accept the February 21, 2007 regular session minutes as written. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following transfer of funds to other systems: Robert Jutras To Cambridge Retirement $55,811.52 13 years, 2 months, 3 days (Fire Dept.) Daniel McGrath To Arlington Retirement $11;644.83 3 years, 11 months, 20 days (Recreation) Thomas Gardiner To Essex Regional Retirement $59,902.46 12 years, 4 months, 19 days - Reading (Water Treatment) 5 years, 7 months, 2 days - State William Russell, Jr. To Middlesex Retirement $39,332.72 10 years, 0 months, 4 days (Water Treatment) SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • DANIEL SEFERIAN moved to approve a 3% COLA increase on the first $12,000 for FY08 which has been included in the funding schedule: SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • DANIEL SEFERIAN moved to resubmit the supplemental regulation pertaining, to creditable service in response to PERAC's letter dated March 14, 2007: