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Home My WebLink About2006-12-13 Retirement Board Minutes1 4 . MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, December 13, 2006 The Reading Retirement Board held a regular session meeting on December 13, 2006, in The Berger 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, Richard Foley, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin. MINUTES • Regular session minutes for the October 30, 2006 meeting were signed by all board members. • FRANCIS DRISCOLL moved to accept the November 21, 2006 regular session minutes as written. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS TRANSFERS AND REFUNDS FRANCIS DRISCOLL moved to approve the following new members: Deborah Flanders School/Human Resources Date of hire -11/27/06 8%+2% Funds to be transferred from Amesbury Joseph Pagnotta Police - Dispatch Date of hire -12/14/06 9%+2% Date of membership - 12/14/06 Christine Barraford School - Administrative Date of hire -11/20/06 9%+2% Date of membership -12/11/06 (previously full-time temp - contributed to Social Security) SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following retirement applications: Aileen Shaw Finance/Town Clerk 1/27/07 19 years, 7 mths (Superannuation) Robert Flynn Police 1/13/07 33 years, 1 mth Option C (Superannuation) SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS r - iUII • FRANCIS DRISCOLL moved to approve the following transfer of funds to other systems: Daniel Howland To Haverhill Retirement (Water Treatment Plant) $68,813.05 18 years, 0 months, and 8 days John Sousa, Jr. To Middlesex Retirement (DPW) SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS $62,502.06 2 years, 11 months, and 17 days (12 years, 3 mths from Middlesex) • DANIEL SEFERIAN moved to approve the supplemental regulation pertaining to creditable service. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS FRANCIS DRISCOLL moved to approve the following vouchers: 2006 Voucher # 109 Town of Reading Treasurer $ 524,374.58 110 Town of Reading Treasurer $ 4,670.78 Ill Middlesex Retirement Board $ 62,502.06 112 Haverhill Retirement Board $ 68,813.05 113 New England Office Supply $ 20.34 114 Town of Reading $ 273.09 115 Colleen Loughlin,Petty Cash $ 61.26 SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS December retire payroll December Administrator's salary Transfer to Other Systems-J. Sousa Transfer to Other Systems-D.Howland Administrative Expense - Supplies Postage due to Town Postage & Mailings INFORMATION/QUESTIONS/OTHER ITEMS • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY08 is $3,785,504. The current schedule is due to be updated by FY09. • The Board received a request from PERAC to update a list of disability retirees. Also, would like a "New Member Data" form for all new retirees approved by the board for accidental or ordinary disability in 2006. Request for information should be returned to PERAC no later than January 12, 2007. • Reviewed the revisions to the supplemental regulation that Dan has drafted. Will send to PERAC for approval. • Segal Co. sent the Governmental Accounting Standards Board Statements Nos. 25 and 27 as of July 1, 2006 for the Town of Reading Retirement System. Will get a proposal from Segal Co. for year ended June 30, 2007 full actuarial study and June 30, 2008 update. 0C APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2006 Voucher # 104 Town of Reading Treasurer $ 524,543.29 105 Town of Reading Treasurer $ 3,131.42 106 Michelle Aldrich $ 3,087.04 107 Betsy McGrath $ 15,016.75 108 Town of Reading Treasurer $ 4,525.95 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS November retire payroll November Administrator's salary Refund to Member - M.Aldrich Refund to Member - B. McGrath 20% Federal Tax-M.Aldrich & B.McGrath INFORMATION/QUESTIONS/OTHER ITEMS • Reviewed the revisions to the supplemental regulations that Dan had drafted. Dan will add example to clarify the transition from part-time to full time employment. Will review at next board meeting. • Discussed Software. Gail LaPointe will keep the board posted as to whether or not a cost needs to be put in the budget. • Discussed Motor Vehicle Usage. Concensus of the Board that no action needs to be taken at this time. • Received letter from MACRS inquiring if Reading Retirement Board would like to be included in the MACRS Fiduciary and Fidelity Insurance Program. No action needed. • Second notices for affidavits were mailed with the October checks. There are 8 affidavits still due. A final notice should be sent out by certified mail. • Michael Reardon, Senior Client Services Officer from the PRIM Board, would like to attend the January 24, 2007 board meeting to discuss the performance of the funds in PRIT. Francis Driscoll will not be able to attend the January board meeting. Board decided to ask Michael Reardon to attend the February 21, 2007 meeting. • Received notification from Michael Reardon that PRIM will be re-evaluating many of the reports that they provide to their clients. They will be discontinuing the "Profile" reports because the data is not only redundant to the statements and performance letter, but is generally received two months stale by the time it is delivered. The board will still receive the normal account statements and performance letters. Any feedback is appreciated. • On November 6, 2006 PERAC notified this Board that Charles Johnson, Jr. was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is able to perform the essential duties of his job. The PERAC case manager will continue to monitor his case until such time that his employer reinstates him to his former position. • Mary Carter, Option C beneficiary of Russell Carter, died November 6, 2006. • Margaret Hubbard, Option C beneficiary of Herman Hubbard, died October 22, 2006. • Copies of the following Reading Retirement Board reports. were handed out for review: The PRIT fund's monthly statement & fund performance for period ending October 31, 2006 General Ledger Trial Balance as of October 31, 2006 Bank Reconciliation for the month ending October 31, 2006 • The next board meetings will be held on December 13, 2006 at 6:00 p.m. in the Berger Room, January 24, 2007 in the Berger Room, and February 21, 2007. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo #44/2006 - Software Applications PERAC - Memo #45/2006 - Confidentiality Guidelines for Tax Return Information PERAC - Memo #46/2006 - 2007-2008 Legislative Filings OLD & NEW BUSINESS ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:30 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS h ' Joseph R Veno2"d elected Ex Officio Richard P. Foley, lst appoi ed Francis P. Driscoll, lst elected b~n j Vice Chainnan, Daniel B. ; Brian, 2id appointed