HomeMy WebLinkAbout2006-06-21 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING
Wednesday, JUNE 21, 2006
The Reading Retirement Board held a regular session meeting on June 21, 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 membersGail
LaPointe, Richard Foley, Daniel Seferian, and Board Administrator, Colleen Loughlin. Board member Francis
Driscoll was not able to attend.
MINUTES
• Regular session minutes for the April 26, 2006 meeting were signed by all board members.
• DANIEL SEFERIAN moved to accept the May 24, 2006 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• DANIEL SEFERIAN moved to approve the following new members:
Carol Strandberg Police - Dispatch Date of hire & membership - 5/30/06 9% + 21%,
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• DANIEL SEFERIAN moved to approve the following changes as underlined to the following member's
retirement application:
Barbara Webb RMLD 7/1/06 23 years, 8 mths Option C
(Superannuation)
Jane D'Ambrosio School 6/23/06 24 years, 0 mths Option A
(Superannuation)
Kathryn Regan School-Lunch 6/23/06 27 years, 7 mths Option A
(Superannuation)
Barbara Turenne School-Lunch 6/23/06 27 years, 7 mths Option A
(Superannuation)
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• DANIEL SEFERIAN moved to approve the following refunds of accumulated deductions:
Janet Carlson Resigned 6/16/06 4 years, 10 months
(Finance) Total Deductions & Interest $11,744.66
Less 100% interest $ 151.53
Less 20% federal income tax $ 2,318.63
Net refund (cash) $ 9,274.50
William Dawson Resigned 11/30/90 11 years, 4 months
(DPW) Total Deductions & Interest $15,808.21
Less Interest $ 3,593.85
Less 20% federal income tax $ 0.00
Net refund (rollover to IRA) $12,214.36
SECONDED BY: RICHARD FOLEY
VOTED: (4=0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• DANIEL SEFERIAN moved to approve John O'Keefe's "Application for Disability Retirement."
The Reading Retirement Board received from PERAC the Medical Panel Certificates & report by the regional
medical panel for John O'Keefe. The next step is for the Board to approve or deny John's application, draft
the statement of facts, and, if approved, send to PERAC for their approval.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• DANIEL SEFERIAN moved to approve request from eligible member to purchase military service for ,
creditable service:
Brian McAdams Air Force - Reg AF 1998-2002 4 years, 4 months
(Maximum amount 4 years)
Brian started his buyback in Peabody. The original purchase amount was $21,440.64. Brian was having
weekly deductions taken in the amount of $82.47. He has paid a total of $4,370.91. Therefore, the remaining
balance due is $17,069.73 and the biweekly deductions would be $164.93. Brian will begin payroll
deductions with the June 30, 2006 pay period. Peabody has transferred his account, but will not accept
liability for his military service until the balance is paid in full.
SECONDED: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• DANIEL SEFERIAN moved to approve request from eligible member to purchase military service for
creditable service:
Thomas Gardiner Army - RA
1968-1971 2 years, 11 months
The total purchase amount is $8,888.32. Tom will begin payroll deductions with the June 30, 2006 pay
period.
SECONDED: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
984
• Received Medical Panel Certificates for John O'Keefe from Dr. Judy Fine-Edelstein & Dr. John Groves.
• Received a copy of Robert Toussaint's objection to the DALA decision made on March 8, 2006.
• Received a copy of the Reading Retirement Board's Brief in reply to the Objections to the DALA decision in
the Robert Toussaint v. Reading Retirement Board.
• Nicholas Poser sent a letter to Magistrate Fletcher stating that he will represent the Board in the Donald Stead
v. Reading Retirement Board. Included was a Motion to join PERAC as a party defendant for hearing on
June 27, 2006.
• Sent second requests on May 18, 2006 for Section 3(8)(c) reimbursements from Norfolk, State, & Mass
Teachers' Retirement System.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fiind performance for period ending April 30, 2006
General Ledger Trial Balance as of January 31, 2006 - April 30, 2006
Bank Reconciliation for the month ending January 31 - April 30, 2006
• A. Eve] yn Brown, who worked for the School Department in the cafeteria and retired on June 20, 1980,
passed away on 5/13/06. She chose Option A at her retirement.
• The Annual Middlesex Retirement Conference has been rescheduled to July 17 - July 19, 2006 at the same
location, Bedford Rennaisance Hotel:
• The next two Board Meetings will be held on June 21, 2006 and July 26, 2006 at 6:00 pm.
MEMORANI)UMS & LETTERS RECEIVED
PERAC - 3`d annual Emerging Issues Forum at the College of the Holy Cross in Worcester, MA on June 22,
2006
MACRS - Retirement Board Governance Reform
MACRS - 2006 Annual Meeting and Conference being held in Hyannis, MA on June 4-7, 2006
MACRS -144939, Retirement Board Reform
OLD & NEW BUSINESS
AD.IOt'10MiENT
• FRANCIS DRISCOLL moved to adjourn this open session at 7:30 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
9--cin, Joseph RVeno2"d elected
Gainte, Ex Officio
Richard P. Foley, I" appointed
Francis P. Driscoll, O elected
Vice Chairman, aniel B. Se Orian, 2" appointed