HomeMy WebLinkAbout2006-11-21 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, November 21, 2006
The Reading Retirement Board held a regular session meeting on November 21, 2006, 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, Richard Foley, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin.
MINUTES
• Regular session minutes for the September 27, 2006 meeting were signed by all board members.
• FRANCIS DRISCOLL moved to accept the October 30, 2006 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following new members:
Jane Kinsella DPW - Administrator Date of hire - 11/6/06 9%+2%
Date of membership - 11/6/06
Joseph Costello RHA - Maintenance Date of hire -11/1/06 9%+2%
Date of membership -11/1/06
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following retirement applications:
Patrick O'Brien Police
1/13/07 32 years, 0 mths
Option C
(Superannuation)
N. Kevin Patterson Police
2/10/07 33 years, l l mths
Option C
(Superannuation)
Faye Ingraham Finance
1/30/07 20 years, 0 mths
Option C
(Superannuation)
Larry Frederick Police
1/13/07 31 years, 0 mths
Option A
(Superannuation)
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
10 C.
• FRANCIS DRISCOLL moved to approve the following refunds of accumulated deductions:
Michelle Aldrich Resigned 4/17/06
(Police - Dispatch) Total Deductions & Interest
Less 100% Interest
Less 20% federal income tax
Net refund (cash)
Betsy McGrath Resigned 8/24/05
(RMLD - Cust. Spec.) Total Deductions & Interest
Less 100% Interest
Less 20% federal income tax
Net refund (cash)
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
1 year, 4 months
$3,875.85
$ 17.05
$ 771.76
$3,087.04
4 years, 10 months
$19,179.84
$ 408.90
$ 3,754.19
$15,0.16.75
• FRANCIS DRISCOLL moved to approve a pay date of December 15, 2006 for the December retiree checks:
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior service from
Winchester that was previously refunded for creditable service:
Gregory Odin Winchester 11/20/01-10/9/03 1 year, 10 months
The total purchase amount is $5,271.91. Gregory Odin will begin payroll deductions with the December
1, 2006 pay period.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISOLL moved to conduct the upcoming election by mail.
SECONDED BY: RICHARD FOLEY
VOTED: TABLED
e FRANCIS DRISCOLL moved to approve the FY08 budget as amended.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
Gail LaPointe will keep the Board posted as to the potential cost of new software and support for the
retirement system.
r~
• Accidental Disability retiree Paul Sheridan had excess earnings for 2005. Notification letter was sent out on
September 20, 2006 with a deadline of October 16, 2006 to either pay the amount due to the retirement board
or to request a hearing. Mr. Sheridan has not contacted the Board to request a hearing so in accordance with
PERAC's instructions and the Board's approval, Mr. Sheridan's retirement allowance will be terminated
beginning with his October 2006 check.
• Affidavits were mailed to all retirees with the September checks. There are 29 affidavits still due. Second
notices were sent out with the November checks.
• On October 16, 2006 PERAC notified this Board that Wayne Harding was evaluated for possible return to
service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential
duties of his job.
• Vincent Serrentino, who worked for the School Dept. as Custodian and retired on November 1, 1986, passed
away on 10/14/06. 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 September 30, 2006
General Ledger Trial Balance as of September 30, 2006
Bank Reconciliation for the month ending September 30, 2006
• The next board meeting will be held on November 21, 2006 at 6:00 p.m.
• The board agreed to change the December meeting from December 14 to December 13, 2006 at 6:00 p.m.
MEMORANDUMS & LETTERS RECEIVED
PERAC - Memo #38/2006 - Appropriation data due to PERAC by October 31, 2006.
PERAC - Memo #39/2006 - Investment Manager List
PERAC - Memo #40/2006 - Tobacco Company List
PERAC - Memo #41/2006 - Ethics Commission Seminars
PERAC - Memo #42/2006 - Review of Disclosure Statements
PERAC - Memo #43/2006 - Revised Hedge Fund Investment Guidelines
MACRS - Update on William Bulger's Pension (Boston Globe Article dated 10/6/06)
PERAC - The PERAC Financial Bulletin, Third Quarter 2006
OLD & NEW BUSINESS
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 6:35 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
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eph R. en °d elected
Ka Lha
, Ex Offi
cio Richard P. Foley, 1St app inted ~
Francis P. D iscoll, I" elected
Vice Chairman, Dam Seferian, 2" appointed