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Home My WebLink About2010-07-27 Retirement Board Minutes1173 MINUTES OF THE READING RETIREMENT BOARD MEET W,6 D L l CA Tuesday, July 27, 2010 x ~A Q 0 .s_., ti, The Reading Retirement Board held a regular session meeting on July '27, 2010, in The Lower Level Conference Room, Town Hall, Reading, Massachusetts. 0i0 OC T 1 P 1` 1 The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard Foley, Gail LaPointe, and Board Administrator, Colleen Loughlin. Let the records show that Francis Driscoll attended the meeting at 6:40 pm. SPECIAL ITEM • The Board had the opportunity to meet with Tom Clough to discuss his interest as the 5t' member of the Retirement Board. MINUTES • Regular session minutes for the May 26, 2010 meeting were signed by all board members. • RICHARD FOLEY moved to accept the June 22, 2010 regular session minutes as amended. SECONDED BY: GAIL LAPOINTE VOTED: (3-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • RICHARD FOLEY moved to approve the following new members: Daniel Furbush Highway Date of hire -10/24/08 9%+2% (DPW) Date of membership - 6/28/10 Margaret Ploch Adult Ed Coordinator & Date of hire - 8/26/08 9%+2% (School) Extended Day Coordinator Date of membership - 7/1/10 SECONDED BY: GAIL, LAPOINTE VOTED: (3-0-0) UNANIMOUS • RICHARD FOLEY moved to approve the following retirement applications: Michele Benson RMLD 8/14/10 34 years, 6 mths Option A (Superannuation) Nancy Smethurst Library 9/18/10 25 years, 4 mths Option C (Superannuation) Marc Daley School 8/7/10 10 years, 4 mths Option A (Superannuation) 1174 SECONDED BY: GAIL LAPOINTE VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • RICHARD FOLEY moved to approve Mark Spataro's application for Accidental Disability Retirement based upon medical panel report. SECONDED BY: GAIL LAPOINTE VOTED: (4-0-0) UNANIMOUS • RICHARD FOLEY moved to approve FY10 & FYI I Budget as presented. SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-0) UNANIMOUS • RICHARD FOLEY moved to establish that Michele Benson was working 30 hours/week during the period 1/1/88-12/31/89 that no payroll records were found: 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 judgment is fair and just. Based upon this authority, the Reading Retirement Board agrees that during that period, it is established that she was working 30 hours/week. SECONDED BY: GAIL LAPOINTE VOTED: (4-0-0) UNANIMOUS • RICHARD FOLEY moved to offer Tom Clough the position as the fifth member of the Board. SECONDED BY: GAIL LAPOINTE VOTED: (3-0-1) ABSTAINED: FRANCIS DRISCOLL • RICHARD FOLEY moved to approve Board Administrator to attend the MACRS.2010 Administrators Summer Educational Session being held August 17, 2010 in Auburn, MA. SECONDED BY: FRANCIS DRISCOLL VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • RICHARD FOLEY moved to approve the following warrant #AP1007 totaling $641060.00: Commonwealth of Mass. $ 649.34 RHA Health Ins. Deductions Commonwealth of Mass. $ 2,13 8.50 State Tax Deductions Internal Revenue Service $ 47,074.25 Federal Tax Deductions Reading Credit Union $ 30,484.00 Credit Union Deductions July Retirement Allowances $ 477,964.78 Net Retiree Payroll Town of Reading Treasurer $ 47,303.85 Hlth, Life, & Dental Ins. Deductions Lexington Retirement Board $ 29,154.63 Transfer to Other System - D. Johnson 'Town of Reading $ 157.83 Postage due Town Town of Reading Treasurer $ 3,624.75 July's Administrator's Salary 1175 W.B. Mason Co., Inc. $ 10.73 Administrative Expense - supplies Wellesley Retirement Board $ 2,497.34 Section 3(8)(c) Reimbursement SECONDED BY: GAIL LAPOINTE VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • Discussed giving Human Resource Dept. more than "Read Only" Access to PTG. The Board Administrator will see what types of audit reports are available in PTG. • Discussed supplementary regulations regarding buybacks of prior non-membership service of less than 6 consecutive months and was not immediately followed by membership service. • Received memo from PERAC regarding Accidental Disability retiree, Charles Johnson, Jr. Mr. Johnson has been examined by 3 restoration to service physicians on February 26, 2002. The physicians were unanimous in their decision, finding Charles Johnson able to return to service. Please advise Jane Carritte, PERAC Nurse Case Manager, as to the status of a same or similar position. If a same or similar position is likely to become available, PERAC will schedule a new physician medical evaluation to re-confirm fitness for duty. • Received memo from PERAC regarding G.L. c. 32, § 91A. PERAC enclosed a Verification of Information Report that lists disability retirees who have reported earnings in an amount that may result in an adjustment to their disability retirement allowance. The board administrator will review the report and update or make any necessary changes to the annual current salary, annuity, pension, dependency, and/or worker compensation offset amounts. Data was returned to PERAC before July 19, 2010. • A check was received from the following Retirement Board for full payment of its Section 3(8)(c) reimbursement: - Wakefield County Retirement Board • Joseph LaMonica, Option D beneficiary of Phyllis LaMonica, died June 27, 2010. • On July 19, 2010 PERAC notified this Board that Perry Ram was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job: • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2010 General Ledger Trial Balance as of June 30, 2010. The PERAC Financial Bulletin, Financial Market Review, Second Quarter 2010. • The next board meeting is scheduled for August 24, 2010 at 6:00 pm in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #25/20.10 - Termination Allowances, G.L. c. 32, § 10(2) PERAC Memo #26/2010 -Reinstatement to Service under G.L. c. 32 § 105 - PERAC has updated the form entitled Application for Reinstatement to Service from Superannuation/Termination Retirement Pursuant to G.L. c. 32 § 105 that allows members to apply for reinstatement under this section. The revised form is effective from July 1, 2010 through June 30, 2011. 1176 PERAC Memo #27/2010 - Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors. Any retirement system which has accepted the supplemental dependent allowance provided for in G.L. c. 32 § 7(2)(a)(iii), or which has accepted the provisions of G.L. c32, § 22D (under which the supplemental dependent allowance is also deemed to have been accepted), shall pay an annual amount of $729.84 beginning July 1, 2010 for each eligible child as defined in G.L. c.32, § 7(2)(a)(iii). PERAC Memo #28/2010 - Fiscal Year 2011 Budget Items Relating to Public Retirement, Chapter 131 of the Acts of 2010. PERAC Memo #29/2010 - Investment Manager List PERAC Memo #30/2010 - Tobacco Company List PERAC - Save The Date- 2010 Emerging Issues Forum at the College of the Holy Cross in Worcester, MA. on September 15, 2010 from 9:00 - 2:30. PERAC Memo #3.1/2010 - Refunds to Members Who Voluntarily Terminate Service.With Less Than 10 Years of Creditable. Service. Effective July 1, 2010, the annual rate of interest that will be paid when a member voluntarily withdraws from service and seeks a return of his or her contributions with less than 120. months (10 years) of creditable service will be 3%. The interest is calculated and applied only when the member withdraws his or her funds. Interest payable on the contribution refunds for those involuntarily withdrawing from service or for those with more than 10 years of creditable service will be set at regular interest. OLD AND NEW BUSINESS ADJOURNNMNT • RICHARD FOLEY moved to adjourn this open session at 7:35 P.M. SECONDED BY: GAIL LAPOINTE VOTED: (4-0-0) UNANIMOUS , Joseph R. V o, na elected a uan Gai aPointe, Ex Officio V ,c.cKaa~x, t~ ~ Richard P. Foley, 1St Vice Chairman, Francis P. Driscoll, 1" elected Thomas A. Clough, 2" appointed