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Home My WebLink About2006-10-30 Retirement Board MinutesP' MINUTES OF THE READING RETIREMENT BOARD MEETING Monday, October 30, 2006 The Reading Retirement Board held a regular session meeting on October 30, 2006, 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 July 26, 2006 and August 23, 2006 meeting were signed by all board members; except Gail LaPointe & Daniel Seferian who were not present at the July meeting. • FRANCIS DRISCOLL moved to accept the September 27, 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: Christopher Jones Police -Dispatch Date of hire - 10/11/06 9%+2% Date of membership -10/11/06 Ann Gentile Comm. Services Date of hire -10/16/06 9%+2% Date of membership - 10/16/06 Peter Tammaro School - Custodian Date of hire -10/17/06 9%+2% Date of membership - 10/17/06 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following transfer of funds to other system: Thomas Murphy To State Retirement $40,765.14 7 years and 5 months (Police) SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following superannuation retirement approved by PERAC: Thomas Stapleton Housing Authority 9/28/06 15 years, 7 mths Option A (Superannuation) Annuity: $ 4,601:16 Pension: $ 9,409.44 Yearly: $14,010.60 Monthly: $ 1,167.55 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS e FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior service for creditable service: Jane Fiore Reading 7/3/87-12/31/91 1/1/93-12/31/93 5 years, 3 months Jane was contributing to social security in 1992. The total purchase amount is $9,456.44. Jane Fiore will begin payroll deductions with the November 17, 2006 pay period. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2006 Voucher # 98 Town of Reading Treasurer $ 526,869.25 99 Town of Reading Treasurer $ 3,120.88 100 State Retirement Board $ 40,765.14 101 Town of Reading $ 102 Town of Reading Treasurer 103 Reading Housing Authority $ SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS 135.96 179.02) 41.77 October retire payroll October Administrator's salary Transfer to Other System (Thomas Murphy) Postage due to town Retiree payroll(Al Tarpin deceased) Sept.Payroll Deductions adj. (Thomas Stapleton) • Discussed Retirement Board highlights for the Selectmen's Meeting on November 14, 2006. The Board would like an extension. Gail & Richard will make presentation at Selectmen's Meeting. • A transfer amount of $15,341.47 dated 9/26/06, was received from Middlesex Retirement Board for Kim Honetschlager, GIS Technician. Middlesex will accept liability for 6 years, 9 months, and 27 days of creditable service for the period of 9/1/99-6/28/06. • Active member, Salvi LaVita, who was having make-up payments of $47.00 deducted from his bi-weekly pay has requested in writing that the board stop the deductions. The member does not wish to continue his buyback from his previous service with the state. The Board would like the Administrator to send a letter to Salvi requesting his signature for confirmation that he would like to stop payroll deductions. Salvi LaVita's creditable service will be pro-rated based on the amount that he has paid for his buyback. U 111 ( • Received a copy of the CRAB decision regarding the Robert Toussaint v. Reading Retirement Board case. CRAB has affirmed the Board's denial of benefits. Nicholas Poser has been notified from Mr. Toussaint's lawyer that he is going to file an appeal in Superior Court. • Accidental Disability retirees Charles Johnson, Robert Buote, and Paul Sheridan had excess earnings for 2005. Notification letters were 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. • Charles Johnson called on 9/22/06 and would like to do the same thing as last year when he had excess earnings - withhold his monthly retirement allowance with the exception of his health & life insurance deductions until the full amount of $17,525.64 owed to the retirement system has been paid. • A check for the full amount of $3,482.04 was received on 9/26/06 from Robert Buote. • A check was received on September 13, 2006 from Lawrence Retirement System for full payment of its Section 3(8)(c) reimbursement. • Affidavits were mailed to all retirees with the September checks. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending August 31, 2006 General Ledger Trial Balance as of August 31, 2006 Bank Reconciliation for the month ending August 31, 2006 Reading's Profile in the PRIT Fund as of second quarter ending June 30, 2006 • Albert Tarpin, who worked for the Fire Dept. as a mechanic and retired on August 31, 1984, passed away on 9/9/06. His wife predeceased him. He chose Option C at his retirement. • The next board meetings are scheduled for October 30, 2006, November 21, 2006, and December 14, 2006. MEMORANDUMS & LETTERS RECEIVED PERAC - Notice of Investigative Hearing. PERAC will conduct an investigative hearing on October 11, 2006 at Conference Rooms 1 & 2, 21" Floor, One Ashburton Place, Boston, MA. The investigative hearing will begin at 10:00 am on October 11, 2006 and will continue on October 12, 2006. The purpose of the hearing is to accept additional information, documents, and testimony with respect to the Temporary Order issued by PERAC on June 12, 2003 relating to the relationship between Middlesex Retirement Board and Cambridge Financial Management Inc. Received letter from Middlesex Retirement Board's response to the Committee on Public Service relative to pension reform. Received memo from Pension Technology Group regarding a cost effective web based pension administration system that supports M.G.L. Chapter 32. OLD & NEW BUSINESS ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 7:25 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS rancis P. Driscoll, sc elected Ilih M - 0 ""k " Vice Chairman, Daniel B. e erian, 2- appointed r~~ J Y FRANCIS DRISCOLL moved to approve the following retirement application: Thomas Stapleton Housing Authority 9/28/06 15 years, 7 mths (Superannuation) SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following changes as underlined to new member: Lisa Finigan SPED Date of hire -11/14/00 Date of membership - 8/15/06 Option A 9%+2% According to a PAF, Lisa Finigan was eligible to be in the retirement system as of 7/1/06, but she was not entered into the retirement system until August 15, 2006. Although she was contributing to social security during this time, the board agreed at August 23, 2006 meeting that it was up to Lisa if she would like to buyback the time that she would have been in the retirement system (7/1/06 - 8/14/06). Lisa decided not to do the buyback and to leave her date of membership at 8/15/06. • FRANCIS DRISCOLL moved to approve the following refund of accumulated deductions: Susan Perry Resigned 8/25/06 4 years, 10 months (School) Total Deductions & Interest $11,824.41 Less 100% Interest $ 144.72 Less 20% federal income tax $ 2,335.94 Net refund (cash) $ 9,343.75 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the final calculation for the following retirement: John O'Keefe DPW (Accidental Disability) 2/13/04 21 years, 1 month Annuity: $ 2,770.56 Pension: $15,076.80 Yearly: $17,847.36 Monthly: $ 1,487.28 Option C John O'Keefe will receive a retroactive payment of $46,074.77 on September 29, 2006. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to deny the request of Jane Fiore, Health Administrator, to change her classification from Group 1 to Group 4 in accordance with M.G.L. ch32, § 3(2)(g). SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to accept Chapter 55 of the Acts of 2006. This act increases the accidental death benefit payable to surviving children to an amount equal to the benefit provided for in G.L. c.32, § 7(2)(a)(iii). That yearly benefit is currently $629.64. The new amendments to G.L. c.32, § 9 become effective on July 5, 2006. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to elect Colleen Loughlin as Election Officer for the election of the second member. Chairman Joseph Veno's term as board member expires on March 31, 2007. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to authorize Colleen Loughlin to attend the MACRS Conference on October 22, 2006 - October 25, 2006. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to change the October meeting from October 18, 2006 to October 30, 2006. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS FRANCIS DRISCOLL moved to approve the following vouchers: 2006 Voucher # 92 Town of Reading Treasurer $ 572,153.14 93 Town of Reading Treasurer $ 3,099.79 94 Town of Reading Treasurer $ 2,335.94 95 Susan Perry $ 9,343.75. 96 Town of Reading $ 136.68 97 Town of Reading Treasurer $ 4,444.86 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS September retire payroll September Administrator's salary Fed Taxes - S. Perry Refund to Member - S.Perry Postage due to town State Contribution for COLA for Non-Contributory • Need clarification regarding the supplemental regulations. Specifically the part that states members working 20 or more hours per week will receive 1 full year of creditable service for each year employed. Discuss situation for Lucille Kaloyanides. Daniel Seferian will draft a revision to the supplemental regulations for the board to review at the next meeting. • Discussed Donna-Kay(Roalsen) Sullivan - MTRS paperwork. Member was working 20 hrs/wk but not in the retirement system. Check the regulations for the years 1977-1980 to see if she was eligible to be in the retirement system. • John Louanis, who worked for the Public Works-Water Dept. and retired on August 2, 1985, passed away on 8/13/06. His wife predeceased him. He chose Option C at his retirement. • The next board meetings are scheduled for September 27, 2006 and October 25, 2006. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #36/2006 - Recent CRAB Decision Regarding Workers' Compensation Lump Sum Settlements, Flynn v. PERAC, CR-04-722 PERAC Memo #37/2006 - Pension Reform and PERAC's Concessions MACRS - Board Reform Legislation, H4939 OLD & NEW BUSINESS • Discussed issue regarding Donald Stead & Paul Sheridan's excess earnings. Both members owe the board for past years of excess earnings. In order to recover the full amount owed, the board would like approval from PERAC (in writing) to stop withholding for their health insurance. The member would still be on the health insurance, but would be paying over the counter. ADJOURNMENT • FRANCIS DRISCOLL moved to adjourn this open session at 6:55 P.M. SECONDED BY: RICHARD FOLEY VOTED (5-0-0) UNANIMOUS Joseph Veen-)o, 2' elected Gai aPointe, Ex Officio Richard P. Foley, ls` appoint Francis P. Driscoll, 1" elected Vice Chairman, Dan'' B. Seferian, 2nd appointed Qd MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, September 27, 2006 The Reading Retirement Board held a regular session meeting on September 27, 2006, in The Berger 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 June 21, 2006 meeting were signed by all board members; except Francis Driscoll who was not present. • FRANCIS DRISCOLL moved to accept the August 23, 2006 regular session minutes as written. SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new members: Gregory Odin DPW-Mechanic Date of hire - 8/29/06 9%+2% Date of membership - 8/29/06 Michael McKenna Laborer-Highway Div. Date of hire - 4/3/06 9%+2% Date of membership - 9/11/06 (previously long-term seasonal-contributed to social security) Jonathan Reid Laborer-Highway Div. Date of hire - 9/11/06 9%+2% Date of membership - 9/11/06 Andrew Scribner-MacLean Police-Administration Date of hire - 9/11/06 9%+2% Date of membership - 9/11/06 Funds to be transferred from State Robert MacHugh Police - Patrolman Date of hire - 9/16/06 9%+2% Date of membership - 9/16/06 Erik Drauschke Police - Patrolman Date of hire - 9/17/06 9%+2% Date of membership - 9/17/06 Thomas Killion RMLD - Station Operator Date of hire - 9/14/06 9%+2% Date of membership - 9/14/06 SECONDED BY:. RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS