HomeMy WebLinkAbout2010-08-24 Retirement Board Minutes1179
MINUTES OF THE READING RETIREMENT BOARD MEETING -
Tuesday, August 24, 2010
The Reading Retirement Board held a regular session meeting on August 24. 2010, in The Lower Level
Conference Room, Town Hall, Reading, Massachusetts. iiK
The meeting was called to order at 6:03 P.M. by Chairman Joseph Veno in the presence of members Richard
Foley, Francis Driscoll, Thomas Clough, and Board Administrator, Colleen Loughlin. Gail LaPointe was not able
to attend. .
MINUTES
Regular session minutes for the June 22, 2010 meeting were signed by all board members, except Thomas
Clough and Francis Driscoll who was not present.
• RICHARD FOLEY moved to accept the July 27, 2010 regular session minutes as amended.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (3-0-1) ABSTAINED: THOMAS CLOUGH
• Minutes from the August 10, 2010 regular session to be read and approved by all board members, except
Thomas Clough and Francis Driscoll who was not present.
Tabled until next meeting.
• RICHARD FOLEY, moved to accept the August 17, 2010 regular session minutes as written.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (3-0-1) ABSTAINED: THOMAS CLOUGH
APPROVAL OF NEW _MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• RICHARD FOLEY moved to approve the following retirement application:
James Rich DPW 11/22/10 22 years, 0 mths Option B
(Superannuation)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• RICHARD FOLEY moved to approve the following final calculati
Loretta Cavagnaro RMLD 6/1/10
(Superannuation) Annuity:
Pension:
Yearly:.
_1 Monthly:
Anna Ciarlone RMLD 6/1/10
(Superannuation) Annuity:
ons approved by PERAC:
32 years, 6 mths Option C
$13,287.24
$55,585.08
$68,872.32
$ 5,739.36
21 years, 0 mths Option C
$ 6,569.64
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Pension:
$18,087.48
Yearly:
$24,657.12
Monthly:
$ 2,054.76
Clare Hadley
RMLD
6/1/10
24 years, 4 mths
(Superannuation)
Annuity:
$ 9,586.20
Pension:
$30,894.00
Yearly:
$40,480.20
.Monthly:
$ 3,373.35
Frank Hadley
RMLD
6/1/10
55 years, 3 mths
(Superannuation)
Annuity:
$18,777.24
Pension:
$30,919.68
Yearly:
$49,696.92.
Monthly:
$ 4,141.41
Sheryl Carpenella
School
6/30/10
11 years, 1 mth
(Superannuation)
Annuity:
$ 2,779.56
Pension.
$ 3,244.32
Yearly:
$ 6,023.88
Monthly:
$ 501.99
Dorothy Solomon
School - Cafeteria
6/19/10
22 years, 9 mths
(Superannuation)
Annuity:
$ 2,317.20
Pension:
$ 5,235.60
Yearly:
$ 7,552.80
Monthly:
$ 629.40
Claire Shea
School
7/3/10
34 years, 7 mths
(Superannuation)
Annuity:
$ 7,844.28
Pension:
$17,310.60
Yearly:
$25,154.88
Monthly:
$ 2,096.24
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
Option A
Option C
Option C
Option A
Option B
• RICHARD FOLEY moved to approve request from Board Administrator to attend the PERAC Emerging
Issues Forum being held September 15, 2010 in Worcester.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
• Jeff Zager, Public Works Director of the Town of Reading, has filed an application for involuntary ordinary
disability on employee James Rich. The Board can now vote to accept/deny the application for involuntary
ordinary disability retirement.
Tabled until next meeting.
APPROVAL OF INVOICES TO BE PAID
• FRANCIS DRISCOLL moved to approve the following warrant #APO82010 totaling $640,282.79:
Commonwealth of Mass. $ 649.34 RHA Health Ins. Deductions
1181
Commonwealth of Mass.
Internal Revenue Service
Reading Credit Union
August Retirement Allowances
Town of Reading Treasurer
Town of Reading
Town of Reading Treasurer
Wakefield Retirement Board
$
2,138.50
State Tax Deductions
$
47,094.53
Federal Tax Deductions
$
30,368.00
Credit Union Deductions
$ 478,435.57
Net Retiree Payroll
$
46,795.53
Hlth, Life, & Dental Ins. Deductions
$
156.38
Postage due Town
$
3,624.75
August's Administrator's Salary
$
31,020.19
Transfer to Other System-D. Flanders
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
+ The Board received their favorable determination letter from the IRS. PERAC sent a follow up letter to all
boards notifying them that they are also receiving a copy. The final step will be a minor modification of the
regulations that were adopted last year. The IRS approved those regulations, but as their review process
continued had additional requirements.
• Received notification from Massachusetts Teachers Association that Suzanne Haverty has decided to
withdraw her Notice of Appeal. Suzanne Haverty was appealing the boards decision to deny her a refund of
her accumulated deductions for the period of July 1, 2000 through December 31, 2002 while social security
was also be withheld from her paycheck. As a full-time employee, you are required to be enrolled in the
Reading Retirement System. The Board cannot refund money, to a member who is still employed by the
town.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending July 31 2010.
General Ledger Trial Balance as of July 31, 2010.
Bank Reconciliation for the month ending June 30, 2010 and July 31, 2010.
Reading's Profile in the PRIT Fund as of second quarter ending June 30, 2010.
• The next board meeting is scheduled for September 22, 2010 at 6:00 pm in the Lower Level Conference
Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #32/2010 -Municipal Early Retirement Incentive Program Section 66 of Chapter 188 of the Acts
of 2010.
PERAC Memo #33/2010 - Chapter 188 of the Acts of 2010
PERAC Memo #34/2010 -Acknowledgment for Prospective Investment Managers
OLD AND NEW BUSINESS
The Board reviewed Chapter 188 of the Acts of 2010:
- Early Retirement Incentive Program - Retirement Boards do not need to do anything until contacted by
the Town Manager either considering or implementing an ERI program.
- The Board is further investigating the cost of increasing the COLA base. PERAC will be discussing this
issue at the MACRS Fall Conference.
11182
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 6:45 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (4-0-0) UNANIMOUS
,fflhainnan, Joseph R. Veno, 2° elected
Gail LaPointe, Ex Officio
p
Richard P. Foley, ls` appoi ed
Vice Chairman, Francis P. Driscoll, lst elected
rd~' K4
Thomas A. Clough, 2 ° pointed