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HomeMy WebLinkAbout2006-05-24 Retirement Board MinutesEli MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, May 24, 2006 The Reading Retirement Board held a regular session meeting on May 24, 2006, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:10 P.M. by Chairman Joseph Veno in the presence of members Francis Driscoll, Gail LaPointe, Richard Foley, Daniel Seferian, and Board Administrator, Colleen Loughlin. Leone Sullivan and her husband attended this meeting to hear the outcome of the vote by the Board whether or not they accept her accidental disability application. APPROVAL, OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to approve Leone Sullivan's application for Accidental Disability Retirement. SECONDED BY: GAIL LAPOINTE VOTED: (5-0-0) UNANIMOUS MINUTES • Regular session minutes for the March 29, 2006 meeting were signed by all board members. • FRANCIS DRISCOLL moved to accept the April 26, 2006 regular session minutes as amended. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS O FRANCIS DRISC'OLL moved to approve the following new members: Cary Carrel I DPW Date of hire & membership - 5/1/06 Paul Damocogno Firefighter Date of hire & membership- 5/5/06 Funds to be transferred from Winchester George Zambouras Engineering Date of hire & membership - 5/22/06 Funds to be transferred from Winchester SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve the following transfer of funds to other systems: 9%+2% 9%+2% 7% +2% Robert Abaj ian To Middlesex Retirement $10,107.01 3 years, 1 month, & 28 days (DPW) Joseph Delaney To State Retirement $71,002.38 11 years, 4 months, & 3 days (Engineering) SI:;CONDEI) BY: RICHARD FOLEY VO' f!-;l); (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior service for creditable service: Jane D'Ambrosio MTRA 9/1/70 - 11/25/77 7 years, 2 months, & 24 days The total purchase amount is $12,096.58. Jane made a lump-sum payment of $12,096.58 on May 11, 2006. SECONDED: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • RICFIARD FOI,EY moved to approve that the board administrator send a request to the Town Manager to clarity the Chiefs personal motor vehicle use, specifically: #9 in the Fire Chiefs contract & #10 in the Police Chiefs contract: SECONDED: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS FRANCIS DRISCOLL moved to approve the following vouchers: 2006 Voucher # 58 Town of Reading Treasurer $ 510,845.87 59 Town of Reading Treasurer $ 2,942.42 60 Town of Reading $ 166.14 61 Middlesex Retirement System $ 10,107.01 62 State Retirement Board $ 71,002.38 63 Law office of Nicholas Poser $ 1,634.50 64 New England Office Supply $ ° 118.49 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS I N I' O R;~'IATI ON/QIJESTIONS/OTHER ITEMS May retiree payroll May Administrator's salary Postage due to town Trsf to other system (R.Abajian) Trsf to other system (J.Delaney) Legal Services-Stead & Touissant Admin Exp. - Minutes Book Discussed the buyback calculation for Jane Fiore. Determined that there was no reason why Jane was not in the Retirement System at the time when she reached 20 hrs/week. Sent buyback paperwork to the member. A letter was sent to John Dawson explaining how his creditable service was calculated as well as a retirement allowance calculation. We then received an email from John asking about a possible refund. Information was sent regarding a refund and an explanation that he would only receive interest that has accrued 2 years after resignation. He then responded that he did not resign. Another email was sent explaining that the. actual terminology in G.L. c.32 § 22(d)(1) is "tennination of service." Received an email from Bill on May 22, 2006 that lie would like to take a refund. Sent the member the application for withdrawal. • Received a Choice of Retirement Option Form from Stephen Lewko and Bridget Coultier, members who were allowed to change their benefit selection due to Chapter 143 of the Acts of 2005. Stephen and Bridget did not change their option selection. Awaiting response from Bernard O'Brien, the last member allowed to change his benefit selection. 0 Letters and applications were sent to all accidental disability retirees regarding the Veteran's Benefit. • Daniel Cummings, who worked for the RMLD and retired on February 18, 1998, passed away on 4/16/06... He chose Option A at his retirement. • The next two Board Meetings will be held on May 24, 2006 and June 21, 2006 at 6:00 pm. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo #20/2006 - Retirement Guides PERAC - Memo.#21/2006 - Investment Manager List PERAC - Memo #22/2006 - Tobacco Company List PERAC - Memo #23/2006 - Spring 2006 Class Schedule PERAC - Memo #24/2006 - Additional Spring 2006 Class PERAC - Memo #25/2006 - PERAC Regular Compensation Regulation PERAC - The PERAC Financial Bulletin - I" Quarter 2006 MACRS - Regarding Blue Ribbon Panel - purpose of which is to make recommendations of how to make our. retirement system(s) more effective and fair MACRS - Local COLA Updates MACRS - Memo regarding SB 2292, Minimum Pension OLD & NEW BUSINESS ADJOURNMENT • DANIEL SEFERIAN moved to adjourn this open session at 6:45 P.M. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0)UNANIM0US Joseph R. Vgi3o, 2"d elected LaPointe, Ex Offici n n /-D .L V. V t 1 Richard P. Foley, I" a poin d a ko & Francis P. Driscoll, I el ed Vice Chairman, Daniel B. Seferian, 2"d appointed 7 8 APPROVAL OF VOUCHERS • DANIEL SEFERIAN moved to approve the following vouchers: 2006 Voucher # 44 Town of Reading Treasurer $ 512,002.28 45 Town of Reading Treasurer $ 2,837.52 46 Town of Reading $ 142.92 47 Town of Reading Treasurer $ 246.50 48 Judith Tine 49 Town of Reading Treasurer 50 West Payment Center 51 The Graphics Shop 52 Middlesex Retirement System 53 Boston Retirement Board 54 Winchester Retirement System 55 Wellesley Retirement System 56 Central Reprographics 57 New England Office Supply SECONDED BY: RICHARD FOLEY VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS $ 25,988.57 $ 3,660.37 $ 136.50 $ 97.24 $ 27,277.22 $ 6,990.09 $ 23,229.13 $ 2,497.34 $ 137.25 $ 6.33 April retiree payroll April Administrator's salary Postage due to town Wire transfer from State to retirement belongs to the Town Option B benef. of Joseph Tine 20% federal taxes (Tine) Adm Exp(MA G.L.-2006 updates Window Envelopes Section 3(8)(c) reimb for 2005 Section 3(8)(c) reimb for 2005 Section 3(8)(c) reimb for 2005 Section 3(8)(c) reimb for 2005 Retirement Guide Books Admin. Exp. - Supplies • DANIEL SEFERIAN moved that the Board approve Mrs. Joyce Coward's accidental death benefit under MGL Chapter 32, Section 9. SECONDED: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • DALA has scheduled a hearing for Donald Stead on Tuesday, June 27, 2006 at 9:30 am at the offices of the Division of Administrative Law Appeals in Boston (133 Portland Street). A pre-hearing memorandum shall be submitted at least 24 hours in advance of the hearing. Nicholas Poser has contacted the office and asked if the Board would like him to handle the case. If so, he would need copies of all correspondence to the year's in question to prepare the pre-hearing memorandum. • RICHARD FOLEY moved that the Board retain Nicholas Poser as council for the Retirement Board in the Donald Stead case, but would like PERAC to intervene as a party defendant in the case. SECONDED: GAIL LAPOINTE VOTED: (5-0-0) UNANIMOUS John Dawson has submitted an application for superannuation retirement. John is a former employee who was hired on December 15, 1969, was injured on April 12, 1978 and then was on workers' compensation. He was terminated on March 9, 1984 when all of his benefits with the Town ran out. Both the member and the town are unable to produce his workers' compensation records. In calculating a retirement allowance, creditable service is only granted to an individual who is collecting workers' compensation when that individual is considered to be totally disabled as stated in G.L. c.32, §14(1). As the Retirement Board is unable to determine which portion of the time when he was on workers' compensation was for total disability, it is not possible to determine his exact creditable service. Under the provisions of G.L. c.32, § 20(5)(c)(1), if a Retirement Board cannot consult an original record to determine length of service, it may use estimates on any basis which in its judgement is fair and just. DANIEL SEFERIAN moved to approve John Dawson's superannuation retirement and to grant John Dawson creditable service for 50% of the time that he was collecting workers'compensation benefits. SECONDED: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS INFORAIIATION/QUESTIONS/OTHER ITEMS • Discussed issue of Regular Compensation and Motor Vehicle Usage (PERAC memo #18/2006). PERAC will also be making presentations on recent developments in the public pension law in Massachusetts. Gail LaPointe and the Board Administrator will be attending the meeting on May 15, 2006. The Board will wait for the results of the meeting to determine how to move forward in implementing this regulation. • All Section 3(8)(c) payments to other systems have been paid by the Reading Retirement Board. • The Board reviewed and signed the annual statement for PERAC for calendar year ended December 31, 2005. • Sharon Thomas was approved as a new member in the January 25, 2006 minutes. Her membership date was listed as 10/3/05. That date is incorrect. Her date of membership should be 12/31/05. She was approved by the Board to buyback her time when she was suppose to be in the system as of 10/3/05 and she also had prior service. Her buyback time is correctly reflected in the February 22, 2006 minutes. • Received a letter from Attorney Augustus Camelio thanking the Reading Retirement Board for its efforts in getting PERAC to convene a new medical panel regarding John O'Keefe's Application for Accidental Disability Retirement. He also requested a list of documents provided to the Medical Panel by the Retirement Board. Information was sent to John's attorney on April 5, 2006. • Received notice from PERAC that they have scheduled individual medical panels for John O'Keefe on 4/10/06, 4/20/06, and 4/28/06. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending March 31, 2006 • Received notification from PERAC that Charles Johnson has successfully completed the Public Employee Retirement Administration Commission Restoration to Service process. He is now waiting to be recalled to service. His PERAC Nurse Case Manager and a Comprehensive Medical Evaluation physician will continue to monitor his medical status. The Board agreed that a copy of the PERAC memo should be sent to the Department Head, Ted McIntire. • Received notification that PERAC has completed its review of Leone Sullivan's Medical Panel Certificate and found the Certificate to be in order: Dr. Richard Warnock & Dr. Thomas Sciascia. Still waiting for the last certificate from the 3rd doctor, Dewitt Brown, M.D. • Checked with John Boorack at PERAC regarding the Veteran's benefit for Accidental Disability Retirees. The spouses receiving the Section 101 ($6,000/year benefit) are not entitled to the veteran's benefit. • The 13'x' Annual PRIM Client Conference will be held on Friday, May 19, 2006 at The Boston Harbor Hotel, Boston. MA. Please RSVP promptly if you would like to attend. • The member firms of the Massachusetts Public Pension Forum, Inc. (MPPF) invites its retirement board clients to participate in its Spring Investment Conference to be held at the Henry M Hogan Center on the campus of The College of the Holy Cross, Worcester, Massachusetts on Thursday, May 18, 2006.