The URL can be used to link to this page

Home My WebLink About2006-03-29 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday, March 29, 2006 The Reading Retirement Board held a regular session meeting on March 29,2006, 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 Francis Driscoll, Gail LaPointe, Richard Foley, Daniel Seferian, and Board Administrator, Colleen Loughlin, and Michael Reardon, Senior Client Services Officer from the PRIM Board. Michael Reardon attended this meeting to discuss the performance of the funds in PRIT. MINUTES Regular session minutes for the January 25, 2006 meeting were signed by all board members. • FRANCIS DRISCOLL moved to accept the February 22, 2006 regular session minutes as written. SECONDED BY: RICHARD FOLEY VOTED: (4-0-1) ABSTAINED: DANIEL SEFERIAN APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • FRANCIS DRISCOLL moved to approve the following new members: Brian McAdams RMLD - Troubleman Date of hire & membership 3/13/06 9%+2% (Troubleman) Funds to be transferred from Peabody Patricia Shields School - Administrative Date of hire 6/14/94 9%t-2% Date of membership 3/27/06, SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS The following new members were tabled until the date of hire have been reviewed: Christine Agnone Kristen Stasiak Corey Santasky Police-Patrolman Police-Patrolman Police-Patrolman • FRANCIS DRISCOLL moved to approve an Option B refund for Francis McDonald: Beneficiary of deceased retiree Sally McDonald Annuity balance remaining $29,763.92 Less 0% federal taxes $ 0.00 Net Option B refund (rollover to IRA) $29,763.92 SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS 9 170, Retired State County and Municipal Employees Association of Massachusetts - Memo from Ralph White - Reform Legislation (can make comments to Ralph White) ADJOURNMENT • GAIL LAPOINTE moved to adjourn this open session at 7:00 P.M. SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-0)UNANIM0US 711a ' Jos"d elected inte, Ex Officio Richard P. Foley, 1S` appoin d Francis P. Driscoll, 1" elected Vice Chairman, Daniel B. Seferian, 2"d appointed • FRANCIS DRISCOLL moved to approve a lump-sum payment to Kathleen Lentini, beneficiary of Char es Lentim who was an active member and passed away on 3/11/05. To Member $ 9,716.05 (non-taxable portion) Rollover to IRA $69,337.33 (taxable portion) Total deductions and interest $79,053.38 SECONDED BY: RICHARD FOLEY VOTED: . (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • FRANCIS DRISCOLL moved to approve the following superannuation retirement applications: Francis Dunn RMLD 4/4/06 33 yrs, 1 mth Option C Jane D'Ambrosio School 6/26/06 16 yrs, 8 mths Option A SECONDED BY: RICHARD FOLEY 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 tenninated on March 9, 1984 when all of his benefits with the Town ran out. On April 27, 2005, the Board voted to calculate John's creditable service as if his time on workers' compensation was for total disability since the Town cannot produce his workers' compensation records. According to PERAC, it is up to the member to provide the Board proof of what type of workers' compensation he was out on. His application was tabled until further information is provided. • FRANCIS DRISCOLL moved to rescind the April 27, 2005 vote to allow John Dawson a superannuation retirement and also to calculate his creditable service as if his time on workers' compensation was for total disability since the Town cannot produce his workers' compensation records. Because PERAC is stating that is up to the member to show proof, then he may not receive full creditable service of 14 yrs, 2 months. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS • RICHARD FOLEY moved to approve a 3% COLA increase on the first $12,000 for FY07 which has been included in the funding schedule: SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to approve a request from the following eligible member to purchase prior service for creditable service: Patricia Shields Reading 8/22/05 - 3/24/06 7 months, 2 days The total purchase amount is $1,771.49. Pat will begin payroll deductions with the April 7, 2006 pay period. SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS v APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2006 Voucher # 32 Town of Reading Treasurer $ 510,720.87 33 Town of Reading Treasurer $ 2,837.52 34. Town of Reading $ 130.26 35 Town of Reading Treasurer $ 246.50 36 Town of Reading Treasurer 37 NFS LLC, FBO Francis McDonald 38 Colleen Loughlin, Petty Cash 39 Essex Regional Retirement Board 40 Law Office of Nicholas Poser 41 State Retirement Board 42 Pershing LLC, FBO Kathleen Lentini 43 Kathleen Lentini SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS $ 290.10 March retiree payroll March Administrator's salary Postage due to town Wire transfer from State to retirement belongs to the Town Wire transfer from State to retirement belongs to the Town $ 29,763.92 Option B benef. of S. McDonald $ 80.70 Postage & Mailings $ 53,270.53 Section 3(8)(c) reimbursement $ 1,082.50 Legal Serv(Robert Toussaint) $ 17,081.97 Section 3(8)(c) reimbursement $ 69,337.33 Beneficiary Refund - Rollover $ 9,716.05 Beneficiary of Charles Lentini INFORMATION/QUESTIONS/OTHER ITEMS • Discussed John Dawson's request for a superannuation retirement. Since PERAC has stated that it is up to the member to show proof of what type of worker's compensation he was out on, the Board Administrator will contact the member for more information. • Discussed potential retirement in the middle of a buyback. Members can be in the middle of a buyback when they retire, but they are only entitled to receive creditable service for the amount that they have paid back. Discussed issue concerning the purchase of military service credit and a transfer of membership between two retirement systems. We have a transfer fr om another community that was in the process of a buyback for military service. According to PERAC, the first retirement system is responsible for the liability associated with the member's creditable service, as the first retirement system agreed to allow the member to make the military buyback. The second retirement system can continue to take payment for the military buyback by payroll deductions and need not accept any liability for the member's creditable service. The other community will be meeting to discuss with their Board how they will handle the transfer. Once we receive paperwork, a buyback request form will be sent to the member. • Discussed Louis "Mike" DeBrigard Jr. "Date of Entry" and possible buyback. Member was hired August 4, 1969, but has a break-in-service in 1971 (2 mths, 13 days). So his date of employment was adjusted to October 22, 1969. He was not in the retirement system until November 24, 1969. Confirmed with the Board that this member is allowed to purchase the time prior to being in the retirement system (3 mths, 20 days). Member also had prior service of 1 yr, 8 mths, and 25 days to buyback. Received DALA decision in the case of Robert Toussaint v. Reading Retirement Board. Magistrate Fink has affirmed the Board's denial of the application without convening a medical panel.