HomeMy WebLinkAbout2006-01-25 Retirement Board MinutesMINUTES OF THE READING RETIREMENT BOARD MEETING
WEDNESDAY, January 25, 2006
The Reading Retirement Board held a regular session meeting on January 25, 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.
MINUTES
• Regular session minutes for the November 29, 2005 meeting were signed by all board members who were
present except for Elizabeth Klepeis who is no longer on the board.
• DAN SEFERIAN moved to accept the December 14, 2005 regular session minutes as amended.
SECONDED BY: GAIL LAPOINTE
VOTED: (4-0-1) ABSTAINED RICHARD FOLEY
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following new members:
Peter Dion RMLD Date of hire & membership 12/15/05 9%+2%
Timothy Brennan Community Serv Date of hire > 1/3/06 8%+2%
Date of membership - 1/5/06
Funds to be transferred from Beverly
Sharon Thomas Elder Services Date of hire - 7/12/99 9%+2%
Date of membership -10/3/05
Contributed to ICMA so prior service can be purchased
SECONDED BY: GAIL LAPOINTE
VOTED: (5-0-0) UNANIMOUS
• The Board agreed to allow Sharon Thomas to combine the required contribution for the service time (10/3/05
- 12/30/05 - time she was suppose to be in the retirement system) with her buyback for prior Reading service.
• FRANCIS DRISCOLL moved to approve the following transfers:
Catherine Mahoney To Haverhill Retirement
(RMLD)
SECONDED BY: DAN SEFERIAN
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
$17,969.68 6 years, 11 months
• FRANCIS DRISCOLL moved to approve request from eligible member to purchase military service for
creditable service:
Sean Wilson USMC 1993 - 2002 10 years, 9 months, 21 days
Maximum amount 4 years
SECONDED BY: DAN SEFERIAN
VOTED: (5-0-0) UNANIMOUS
• RICHARD FOLEY moved to approve requesting PERAC to convene a medical panel for Leone Sullivan
based upon the review of all records.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF VOUCHERS
FRANCIS DRISCOLL moved to approve the following vouchers:
2006 Voucher # 01 Town of Reading Treasurer
$
1,026.67
02 Town of Reading Treasurer
$ 510,159.12
03 Town of Reading Treasurer
$
2,83 7.52
04 Law office of Nicholas Poser
$
206.50
05 MACRS
$
400.00
06 The Graphics Shop, Inc.
$
43.49
07 Colleen Loughlin, Petty Cash
$
82.98
08 Winthrop Retirement System
$
3,355.53
09 Mass. Teachers' Retirement
$
21,880.05
10
Worcester Retirement System
$
3,270.73
11
Malden Retirement System
$
2,431.64
12
Wakefield Retirement System
$
8,527.71
13
Barnstable County Retirement
$
4,883.11
14
Brookline Retirement System
$
143.88
15
Belmont, Mass..Contrib. Ret.
$
1,890.39
16
Richard Foley
$
3.08
17
Town of Reading Treasurer
$
73.00
18
Haverhill Retirement Board
$
17,969.68
19 Town of Reading Treasurer
$
246.50
20 Medford Retirement Board
$
1,381.66
21 Quincy Retirement System
$
4,751.33
22 Peabody Retirement Board
$
1,070.40
SECONDED BY: DAN SEFERIAN
VOTED: (5-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
Dec withholding pay adjust.
January retiree payroll
Jan Administrator's salary
Legal Serv(Robert Toussaint)
Annual Dues for 2006
Admin. Expense - Envelopes
Postage & Mailings
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement'
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Allow due from retirement ded.
Allow due from retirement ded.
Transfer to other system
(Catherine Mahoney)
Wire transfer from State to
retirement belongs to the Town
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
Section 3(8)(c) Reimbursement
• Discussed Veteran's Benefit for Accidental Disability Retirees and updated lists of towns that have accepted
it. Gail will draft a warrant article for town meeting and will include the recalculated cost of Chapter 157 of
the Acts of 2005 from Kathleen Riley at Segal.
• Michael Reardon from MA Pension Reserves Investment Management Board sent out the 2006 Board
Meeting schedule for those of you who may wish to attend.
• Michael Reardon from PRIM will be attending the March 29, 2006 board meeting to discuss performance.
Should take about 30 - 45 minutes.
9 6 0
• Requested reimbursement of $101.06 from Winchester Retirement Board for the transfer of Karen DeAngelis.
The deductions from January 12, 1988 to termination were miscalculated. The total amount transferred
should have been $15,153.82, not $15,254.88.
• A transfer amount of $85,101.22 dated November 30, 2005 was received from. Middlesex Retirement System
for Gail LaPointe, Accountant. Middlesex will accept liability for 15 years, 2 months, 12 days of creditable
service for the period of June 26, 1989 - February 1, 2001 and February 3, 2003 - October 15, 2005.
Communicating with Middlesex Retirement regarding the creditable service.
• Accidental disability retiree Charles Johnson had excess earnings for the~year 2004. Notification letter was
sent out on October 6, 2005 with a deadline of October 26, 2005 to either pay the amount due to the
retirement board or to request a hearing. Charles Johnson did not reply so we will withhold his monthly
retirement allowance with the exception of his health & life insurance deductions until the full amount of
$9,412.39 owed to the
retirement system has been paid. The Board has notified Kathryn Johnson that Charles' retirement allowance
has been suspended.
• Spoke to 1-aura Barbosa regarding the new Law Book and supplements. We will receive a notice and the cost
of the supplements, as they become available.
MEMORANDUMS & LETTERS RECEIVED
PERAC - Memo - Appropriation for Fiscal Year 2007
i PERAC - Memo - Approval of Funding Schedule
PERAC - Memo #36/2005 - Disability Retirement Benefits for Veterans, Chapter 157 of the Acts of 2005
PERAC - Memo #37/2005 - 2005 Disability Data
State Ethics Commission Bulletin - Fall 2005
Joseph Veno, on behalf of the Retirement Board, thanked Elizabeth Klepeis for 14 years on the Retirement Board
and welcomed Richard Foley as the newest member.
The next two Board Meetings will be held on January 25, 2006 and February 22, 2006.
ADJOURNMENT
• GAIL LAPOINTE moved to adjourn this open session at 8:10 P.M
SECONDED BY: ELIZABETH KLEPEIS
VOTED: (5-0-0)UNANIMOUS
Elizabeth W. Klepeis, l" appointed
Francis P. Driscoll, I" elected
Vice Chairman, Daniel B. Seferian, 2°d appointed