HomeMy WebLinkAbout2010-10-26 Retirement Board Minutes1186
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, October 26, 2010
The Reading Retirement Board held a regular session meeting on October 26, 2010, in The Lower Level
Conference Room Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard
Foley, Gail LaPointe, Thomas Clough, and Board Administrator, Colleen Loughlin. Francis Driscoll was not able
to attend.
SPECIAL ITEM
Paul Todisco, Senior Client Services Officer from the PRIM Board attended this meeting to discuss the
performance of the funds in PRIT.
MINUTES
• RICHARD FOLEY moved to accept the August 10, 2010 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-0) UNANIMOUS
• RICHARD FOLEY moved to accept the August 24, 2010 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (3-0-1) ABSTAINED: GAIL LAPOINTE
- APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS AND REFUNDS
• RICHARD FOLEY moved to approve the following new members:
Joseph Beninati, Jr. Van Driver Date of hire & membership -10/4/10 9%+2%
(Community Service)
Robert Drake Firefighter Date of hire & membership - 10/25/10 9% + 2%
(Fire)
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-0) UNANIMOUS
• RICHARD FOLEY moved to approve the following retirement application:
Ralph Coffill DPW - Water Dept 1/19/11 39 years, 3 mths Option C
(Superannuation)
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-0) UNANIMOUS
• - RICHARD FOLEY moved to approve final calculations for the following retirements approved by PERAC:
Nancy Smethurst Library 9/18/10 '25 years, 4 mths Option C
(Superannuation) Annuity: $ 3,549.24
Pension: $10,194.12
Yearly: $13,743.36
Monthly: $ 1,145.28
11'8`7- .
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• RICHARD FOLEY moved to approve request from, eligible member to purchase prior non-membership
service from Reading for creditable service:
William Fuller Reading 5/14/90 - 12/8/91 1 yrs, 6 mths
The total purchase amount is $3,359.56. Bill will make a lump sum payment.
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• RICHARD FOLEY moved to approve the following warrant #AP 102010 totaling $621,271.46:
Commonwealth of Mass.
$
649.34
RHA Health Ins. Deductions
Commonwealth of Mass.
$
2,225.50
State Tax Deductions
Internal Revenue Service
$
48,636.08
Federal Tax Deductions
Reading Credit Union
$
31,428.00
Credit Union Deductions
Town of Reading Treasurer
$
47,300.78
Hlth, Life, & Dental Ins. Deductions
Oct Retirement Allowances
$ 481,896.58
Net Retiree Payroll
Colleen Loughlin
$
191.97
Travel-Fall MACRS Conference &
Mileage(hal flMACRS Summer Session
Law Office of Nicholas Poser
$
112.50
Legal - Audit letter
Stoneham Retirement Board
$
85.50
Travel-Mileage Reimb - PERAC's
Emerging Issues Forum & MACRS Fall Con£
The Segal Company
$
3,000.00
Professional Serv-Actuarial &
Consulting Service
Town of Reading
$
293.18
Postage due Town
Town of Reading Treasurer
$
5,43 7.14
October's Administrator's Salary
W.B. Mason Co., Inc.
$
14.89
Administrative Expense - supplies
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-0) UNANIMOUS
INFORMATION/OUESTIONS/OTHER ITEMS
• Board Members signed a signature card for the Treasurer-Collector to have on file.
• Received invoice from Nicholas Poser for a service he provides to his clients (re: clothing allowance as
regular compensation). Board agreed not to pay invoice since it was not a request from the Board.
• Discussed Chapter 131 of the Acts of 2010 - Sections 27 & 28 establish a local option to increase the benefit
paid under G.L. c.32, § 101. If the Board accepts this local option and the legislative body approves that
action, the increased allowance will go into effect on the date of approval, but not earlier than January 1,
2011. Upon acceptance, the allowances of all individuals receiving an allowance pursuant to G.L. c. 32, §
101 will be increased from $6,000 to $9,000. Will discuss next month when all board members are present.
1198
• Discussed Chapter 188 of the Acts of 2010 - COLA. Under the provisions of Chapter 32, § 1030) inserted by
Section 19 of Chapter 188 systems may increase the maximum base on which the COLA is calculated in
multiples of $1,000. Each increase must be accepted by a majority vote of the retirement board approved by
the legislative body. Will discuss next month when all board members are present.
• William Spataro, who worked for the School Dept. and retired on February 10, 1994, passed away on 8/24/10.
He chose Option A at his retirement. He retired on accidental disability retirement. He retired from Right
L5-S1, Radiculopathy, Lumbar laminectomy, and died from lung cancer. His spouse, Lorraine, is eligible for
a Section 101 allowance of $6,000.00 per year because William retired prior to November 7, 1996. Sent
application to spouse to petition for an accidental death benefit.
• Affidavits were mailed to all retirees on September 30, 2010. There are 37 affidavits still due. Second
notices will be sent out October 29, 2010.
• Received a letter from Alliant Driver Specialty Group regarding National Fiduciary Liability Insurance
Program. They would like the opportunity to provide the retirement board with a Fiduciary Liability proposal
under their program.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending September 30, 2010.
General Ledger Trial Balance as of September 30, 2010.
Bank Reconciliation for the month ending September 30, 2010.
The PERAC Financial Bulletin, Financial Market Review, Third Quarter 2010
• The next board meeting is scheduled for November 23 at 6:00 pm in the Lower Level Conference Room.
Paul Todisco will be attending this meeting.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #35/2010 - Appropriation Data Due October 31, 2010
PERAC Memo #36/2010 -Proposed Amendment to Internal Revenue Code Compliance Provisions
PERAC Memo #37/2010 - Tobacco Company List
PERAC Memo #3 8/2010 - Investment Manager List
Memo from Ralph White regarding updates on Boards that approved the COLA Base/Section 101
PERAC Pension News No. 25
OLD AND NEW BUSINESS
ADJOURNMENT
• RICHARD FOLEY moved to adjourn this open session at 7:20 P.M.
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-0) UNANIMOUS
8
Vice Chairman, Francis P. Driscoll, 1" elected
a
Thomas A. Clough, 2n ppointed