HomeMy WebLinkAbout2006-07-26 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING
Wednesday, JULY 26, 2006
The Reading Retirement Board held a regular session meeting on June 26, 2006, in the Accounting and Finance
Department Office Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard
Foley, Francis Driscoll, and Board Administrator, Colleen Loughlin. Board members Gail LaPointe and Daniel
Seferian were not able to attend.
MINUTES
• Regular session minutes for the May 24, 2006 meeting were signed by all board members present.
• The acceptance of the June 21, 2006 regular session minutes was tabled until next month when all board
members would be present.
APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following new members:
Sandra Gentile Recreation Date of hire & membership - 6/26/06 9%+20/o
Kim Honetschlager Finance Date of hire - 7/28/04 9%+20/(,
- ' Date of membership - 7/1/06
Funds to be transferred from Middlesex
SECONDED BY: RICHARD FOLEY
VOTED: (3-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following refunds of accumulated deductions:
Joseph Panevino Terminated 3/14/03 14 years, 0 months
(DPW) Total Deductions & Interest $30,989.50
Less 20% federal income tax $ 6,197.90
Net refund (cash) $24,791.60
SECONDED BY: RICHARD FOLEY
VOTED: (3-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following Option B refund:
Andrew MacDonald, beneficiary of deceased retiree Janice MacDonald:
Annuity balance remaining $4,976.92
Less 20% federal taxes $ 967.00
Net Option B refund $4,009.92
SECONDED BY: RICHARD FOLEY
VOTED: (3-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the final calculations for the following retirements:
Barbara Turenne School-Lunch
6/23/06
27 years, 7 months
Option A
(Superannuation)
Annuity:
$2,889.12
Pension:
$6,526.44
Yearly:
$9,415.56
Monthly:
$ 784.63
Kathryn Regan School-Lunch
6/23/06
27 years, 7 months
Option A
(Superannuation)
Annuity:
$ 2,187.48
Pension:
$ 9,155.28
Yearly:
$11,342.76
Monthly:
$ 945.23
Leone Sullivan Police
7/1/06
21 years, 5 months
Option A
(Accidental)
Annuity:
$ 6,974.28
Pension:
$41,570.28
Yearly:
$48,544.56
Monthly:
$ 4,045.38
Barbara Webb RMLD
7/1/06
23 years, 8 months
Option C
(Superannuation)
Annuity:
$ 7,085.52
Pension:
$17,019.72
Yearly:
$24,105.24
Monthly:
$ 2,008.77
SECONDED BY: RICHARD FOLEY
VOTED: (3-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
APPROVAL OF VOUCHERS
• FRANCIS DRISCOLL moved to approve the following vouchers:
2006 Voucher # 74 Town of Reading Treasurer
$ 527,867.82
July retire payroll
75 Town of Reading Treasurer
$
2,952.18
July Administrator's salary
76 Town of Reading Treasurer
$
7,164.90
20% federal taxes (MacDonald
& Panevino)
77 Joseph Panevino
$
24,791.60
Refund to Member
78 Town of Reading
$
140.98
Postage due to town
79 New England Office. Supply
$
10.95
Admin. Exp - Bond Paper
80 Colleen Loughlin, Petty Cash
$
82.96
Postage & Mailings
81 Andrew MacDonald
$
4,009.92
Opt B benef. of Janice MacDonald
SECONDED BY: RICHARD FOLEY
VOTED: (3-0-0) UNANIMOUS
APPROVAL OF VOUCIT-ERS
• DANIEL SEFERIAN
moved to approve the following vouc
hers:
2006 Voucher # 65
Town of Reading Treasurer
$ 514,049.07
66
Town of Reading Treasurer
$
4,341.33
67
Town of Reading Treasurer
$
2,318.63
68
Janet Carlson
$
9,274.50
69
Town of Reading
$
133.92
70
The Graphics Shop
$
97.24
71
Town of Reading Treasurer
$
1,098.85
72
Town of Reading Treasurer
$
330.46
73 A.G. Edwards & Sons, Inc. $ 12,214.36
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
June retire payroll
June Administrator's salary
Refund to Member(20% fed tax)
Refund to Member
Postage due to town
Admin. Exp - Envelopes
Admin Exp - env for payroll clicks
Admin Exp-Adv & Medical 13xp
Reftmd to Member(W. Dawson)
• Discussed the act increasing the accidental death benefit payable to surviving children. Will discuss again in
August. Town meeting is in September.
• Received a letter from Sandulli Grace, PC, Donald Stead's lawyer, that Donald Stead has withdrawn his
appeal of the Board's finding that he overearned under G.Lc. ch. 32 sec. 91A. The DALA hearing on the
matter scheduled for June 27, 2006 will be cancelled. The Board Administrator will follow up with PERAC
regarding Donald Stead & Paul Sheridan's pension.
• Joyce Coward, survivor of retiree Laurence Coward, was approved for accidental death benefits by PERAC.
She will receive a monthly pension of $1,307.97.
• A check was received in June 2006 from the State Board of Retirement and Norfolk County Retirement
System for full payment of its Section 3(8)(c) reimbursement.
• A transfer amount of $15,457.05 dated May 25, 2006 was received from Peabody Retirement System for
Brian McAdams, RMLD. Peabody will accept liability for 1 year, 6 months, and 23 days of creditable service
for the period of August 16, 2004 - March 11, 2006.
• Donna Roalsen has requested that a form be completed for time worked in 1962-1967 for the Recreation
Department. The Board agreed since this person's name did not appear on any payroll records for that period
of time, that she may have been paid through a state program.
• Received Choice of Retirement Option Form from Bernard O'Brien. He was the last member that was able to
change his option selection because of a change in the mortality table. He has opted for no change and
remains with Option A.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending May 31, 2006
General Ledger Trial Balance as of May 31, 2006
Bank Reconciliation for the month ending May 31, 2006
• Michael Reardon sent a copy of a press release that the PRIT Fund has been awarded the Certificate of
Achievement for Excellence in Financial Reporting by the GFOA for Fiscal 2005 Comprehensive Annual
Financial Report.
The Board Meeting will be held on July 26, 2006 at 6:00 pm.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #26/2006 - Pending Proceeding Relative to the Middlesex Retirement Board (MRB)
PERAC Memo #27/2006 - Local Option Increase in Accidental Death Benefit for Surviving Children
PERAC Memo #28/2006- State Retirement Board v. Francis Woodward, SJC Decision
PERAC Memo 929/2006 - Disability Retirement Benefits for Veterans, Chapter 157 of the Acts of 2005
Retired State, County and Municipal Employees Association of Massachusetts - Memo from Ralph White -
Newly proposed retirement appeal legislation
OLD & NEW BUSINESS
ADJOURNMENT
• DANIEL SEFERIAN moved to adjourn this open session at 7:25 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
A 1 'rma i, Josgph Fe.) ~Ve-, 2"d elected
Gaff LaPointe, Ex Officio
Richard P. Foley, I" appointed
Francis P. Driscoll, I" elected
Vice Chairman, aniel . Seferian, 2'd appointed