HomeMy WebLinkAbout2006-04-26 Retirement Board Minutes9 73
MINUTES OF THE READING RETIREMENT BOARD MEETING
Wednesday, April 26, 2006
The Reading Retirement Board held a regular session meeting on April 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 Chainnan Joseph Veno in the presence of members Gail
LaPointe, Richard Foley, Daniel Seferian, and Board Administrator, Colleen Loughlin.
Let the records show that Francis Driscoll attended the meeting at 6:30 p.m.
APPROVAL OF MISCELLANEOUS ITEMS
• RICHARD FOLEY moved to approve Daniel Seferian as appointed Board Member. His term will run from
4/1/06 to 3/31/09.
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-1) ABSTAINED: DANIEL SEFERIAN
MINUTES
• Regular session minutes for the February 22, 2006 meeting were signed by all board members, except Daniel
Seferian who was absent for the February meeting, and Francis Driscoll who was not present at the time of
signing.
• DANIEL SEFERIAN moved to accept the March 29, 2006 regular session minutes as amended.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0)
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• DANIEL SEFERIAN moved to approve the following new members:
Christine Agnone
Police - Patrolman
Date of hire & membership 4/8/06
9%+2%
Kristen Stasiak
Police - Patrolman
Date of hire & membership 4/9/06
9%+2%
Corey Santasky
Police - Patrolman
Date of hire & membership 4/10/06
9%0 +2%
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• DANIEL SEFERIAN moved to approve an Option B refund for Judith Tine:
Beneficiary of deceased retiree Joseph Tine
Annuity balance remaining $29,648.94
Less 20% federal taxes $ 3,660.37
Net Option B refund $25,988.57
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
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• DANIEL SEFERIAN moved to approve the following retirement applications:
Barbara Webb RMLD 6/30/06
23 yrs, 8 mths
(Superannuation)
Barbara Turenne School- Lunch 7/1/06
27 yrs, 7 mths
(Superannuation)
Kathryn Regan School- Lunch 6/27/06
27 yrs, 7 mths
(Superannuation)
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• DANIEL SEFERIAN moved to approve the final calculat
Paul Carson RMLD 1/6/06
(Superannuation) Annuity
Pension
Yearly
Monthly
Gordon Sargent
Fire Dept.
1/14/06
(Superannuation)
Annuity
Pension
Yearly
Monthly
James Fusco
Health
1/14/06
(Superannuation)
Wts & Measures
Annuity
Pension
Yearly
Monthly
William High
Engineering
2/1/06
(Superannuation)
Annuity
Pension
Yearly
Monthly
Francis Dunn
RMLD,
4/4/06
(Superannuation)
Annuity
Pension
Yearly
Monthly
Lons for the following retirements:
34 years, 1 month
$11,325.24
$68,067.36
$79,392.60
$ 6,616.05
32 years, 1 month
$ 7,323.48
$51,711.00
$59,034.48
$ 4,919.54
10 years, 0 months
$2,915.16
$5,800.80
$8,715.96
$ 726.33
44 years, 1 month
$ 9,357.96
$31,086.60
$40,444.56
$ 3,370.38
33 years, 0 months
$ 7,181.64
$48,285.72
$55,467.36
$ 4,622.28
Option B
Option A
Option A.
Option C
Option B
Option A
Option A
Option C
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
• Received updates from the Retired State, County and Municipal Employees Association of Massachusetts
regarding COLA and Chapter 157.
• Spoke to John Boorack at PERAC regarding the Disability Retirement Benefits for Veterans, Chapter 157.
The Board was questioning whether the spouse or the beneficiary of an accidental disability would receive the
veteran benefit. According to John, the Option C beneficiary is entitled to the veteran's benefit because the
law states that they are entitled to receive 2/3 of the retirement allowance (the veteran's benefit is included).
The Section 9 beneficiary is entitled to 72% of regular compensation or salary, which is classified as a
pension, therefore, is not entitled to the veteran's benefit.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fiord performance for period ending February 28, 2006
The PRIT fund's calendar year to date statement & fund performance for period Jan. 1, 2005 to Dec. 31,
2005.
Reading's Profile in the PRIT Fund as of fourth quarter ending December 31, 2005.
• Almost all Section 3(8)(c) payments to the Reading Retirement Board have been received except for Mass
Teachers, Middlesex, Norfolk County, and State. All Section 3(8)(c) payments to other systems have been
paid by the Reading Retirement Board, except to Boston, Middlesex, Wellesley, and Winchester. Reading
has not been billed from these boards.
• Joseph Tine, who worked for the RMLD and retired on November 9, 1996, passed away on 2/15/06. He
chose Option B at his retirement. The amount of remaining funds in his account is $29,648.94 before taxes.
• Margaret A. Iacopucci, who worked for the RMLD and retired on August 19, 1993, passed away on 3/20/06.
She chose Option A at her retirement.
• Laurence Coward, Fireman retired under ADR on 7/17/71, and died on 3/10/06, Option B (benefits under
Option B now 0); Joyce Coward will be applying for Accidental Death Benefits (ADB) as a survivor. She is
eligible for 101 benefits ($6,000 per year) and can collect that benefit pending approval of the ADB.
• The next board meeting will be held on April 26, 2006 at 6:00 p.m.
MEMORANDUMS & LETTERS RECEIVED
PERAC - Memo #17/2006 - 840 CMR 10:10(3) and 10:15(4) - Annual Review of Medical Testing Fees
PERAC - Memo #18/2006 - Regular Compensation and Motor Vehicle Usage
PERAC - Memo #19/2006 - Chapter 143 of the Acts of 2005, Allowing Certain Retirees to Change Their Option
Selection
MACRS - 2006 Annual Meeting Retirement Board Registration - Four Points Sheraton Hyannis Resort
MACRS - Memo from Ralph White regarding Retirement Board Governance Reform
OLD & NEW BUSINESS
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 8:00 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0)UNANIMOUS
7£5
Richard P. Foley, I" app inted
Francis P. Driscoll, I" elected
Vice Chairman, banielf1q. Seferian, 2nd appointed