HomeMy WebLinkAbout2010-09-22 Retirement Board Minutes1 1 8
MINUTES OF THE READING RETIREMENT BOARD MEETING
Wednesday, September 22, 2010
The Reading Retirement Board held a regular session meeting on September 22, 2010, in The Lower Level
Conference Room, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:00 P.M. by Vice-Chairman Francis Driscoll in the presence of members
Richard Foley, Gail LaPointe, and Board Administrator, Colleen Loughlin. Joseph Veno and Thomas Clough
were not able to attend.
MINUTES
• Regular session minutes for the July 27, 2010 meeting were signed by all board members present.
• Regular session minutes for the August 17, 2010 meeting were signed by all board members present.
APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS
• RICHARD FOLEY moved to approve the following new members:
Jason Watkins Cemetery Date of hire - 5/21/07 9%+2%
(DPW) Date of Membership - 9/13/10
(Possibly Eligible for Buyback)
Susan Coyle Admin. Assist. Date of hire & membership 9/13/10 9%+2%
(Library)
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• RICHARD FOLEY moved to approve the application for involuntary disability submitted by the Town for
James Rich:
The Board's decision was based on the review of the medical records and the fact that Mr. Rich has not
worked since 7/18/08.
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
• RICHARD FOLEY moved to elect Colleen Loughlin as Election Officer for the election of the first elected
member. Frank Driscoll's term as board member expires on March 31, 2011.
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
• RICHARD FOLEY moved to approve request from Board Administrator to attend the MACRS Fall
Conference being held October 17 - October 20, 2010 at Sheraton Springfield in Springfield, MA.
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
1184
APPROVAL OF INVOICES TO BE PAID
RICHARD FOLEY moved to approve the following warrant #AP092010 totaling $617,653.50:
Commonwealth of Mass.
$
649.34
RHA Health Ins. Deductions
Commonwealth of Mass.
$
2,13 8.50
State Tax Deductions
Internal Revenue Service
$
48,439.24
Federal Tax Deductions
Reading Credit Union
$
31,408.00
Credit Union Deductions
August Retirement Allowances
$ 483,037.15
Net Retiree Payroll
Town of Reading Treasurer
$
47,890.53
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
165.70
Postage due Town
Town of Reading Treasurer
$
3,624.76
September's Administrator's Salary
Colleen Loughlin
$
30.28
Travel-Mileage(half)MACRS Summer
Educational Session
MACRS
$
270.00
MACRS Fall Conference
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
Reviewed Affidavit from PTG. May consider having affidavits notarized next year. Will put on the agenda
in August of 2011.
• 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.
• 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.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending August 31, 2010
REVISED PRIT fund's monthly Update for the period ending July 31, 2010.
General Ledger Trial Balance as of August 31, 2010.
Bank Reconciliation for the month ending August 31, 2010.
• The next board meeting is scheduled for October 26, 2010 at 6:00 pm in the Lower Level Conference Room.
Paul Todisco will be attending this meeting.
MEMORANDUMS & LETTERS RECEIVED
Memo from the Attorney General's Office seeking comments on remote participation by members or public
'bodies under the new Open Meeting Law.
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.
ADJOURNMENT
• RICHARD FOLEY moved to adjourn this open session at 7:10 P.M.
SECONDED BY: GAIL LAPOINTE
VOTED: (3-0-0) UNANIMOUS
Chai n, Josep R. V o, elected
Gail ointe, Ex Officio
Richard P. Foley, ISt appoint 9d
Vice Chairman, Francis P. Driscoll, 1St elected
Thomas A. Clough, 2nd appointed
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