HomeMy WebLinkAbout2011-02-22 Retirement Board Minutes1
MINUTES OF THE READING RETIREMENT BOARD MXFCIEYgED
Tuesday, February 22, 2011 TOWN CLERK
READING, MASS.
The Reading Retirement Board held a regular session meeting on February 22, 2011, in The Lower Level
Conference Room, Town Hall, Reading, Massachusetts. 2011 APR 2b P 5. 2
The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard
Foley, Gail LaPointe, Francis Driscoll, Thomas Clough, and Board Administrator, Colleen Loughlin.
MINUTES
® Regular session minutes for the October 26, 2010 meeting were signed by all board members, except Francis
Driscoll who was not present.
Regular session minutes for the December 14, 2010 meeting were signed by all board members, except
Thomas Clough who was not present.
• FRANCIS DRISCOLL moved to accept the January 25, 2011 regular session minutes as written.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0)
• RICHARD FOLEY moved to accept the February 10, 2011 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (4-0-1) ABSTAINED: FRANCIS DRISCOLL
APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve the following retirement applications:
Deirdre Ahearn RMLD 4/30/11 32 years, 4 mths Option B
(Superannuation)
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
0 GAIL LAPOINTE moved to approve final calculations for the following retirements approved by PERAC:
Ralph Coffill
(Superannuation)
Linda LaBonte
(Superannuation)
DPW
RMLD
1/19/11
Annuity:
Pension:
Yearly:
Monthly:
1/8/11
Annuity:
Pension:
Yearly:
Monthly:
39 years, 3 mths
$ 6,232.32
$31,144.68
$37,377.00
$ 3,114.75
24 years, 9 mths
$ 7,272.00
$20,945.52
$28,217.52
$ 2,351.46
Option C
Option C
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
12 00
APPROVAL, OF MISCELLANEOUS ITEMS
® FRANCIS DRISCOLL moved to approve request from eligible member to purchase military service for
creditable service:
Joseph Donovan Army RA 10/14/66-10/13/69 3 years, 0 months
The total purchase.amount is $9,663.36. Joseph would like to make a lump-sum pre-tax rollover payment in
the amount of $9,663.36.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve Section 12(2)(d) member-survivor allowance for Josephine Roffi,
spouse of active member David Roffi, who passed away on January 24, 2011. David was a stockperson at the
RMLD and was a member of the Reading Retirement System for 36 years and 9 months.
Member-survivor allowance payable for Josephine's lifetime: $2,760.93 monthly, $33,131.16 annually.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• FRANCIS DRISCOLL move to approve the following
warrant #AP022011 totaling $678
651.99:
Commonwealth of Mass.
$
649.34
,
RHA Health Ins. Deductions
Commonwealth of Mass.
$
2,199.20
State Tax Deductions
Commonwealth of Mass.
$
216.66
Child Support
Internal Revenue Service
$
55,332.62
Federal Tax Deductions
Reading Credit Union
$
30,118.00
Credit Union Deductions
Feb Retirement Allowances
$ 483,448.49
Net Retiree Payroll
Town of Reading Treasurer
$
50,381.71
Hlth, Life, & Dental Ins. Deductions
Arlington Retirement Board
$
2,582.29
Section 3(8)(c) Reimb. for 2010
Barnstable Retirement Board
$
2,220.14
Section 3(8)(c) Reimb. for 2010
Kingsbury Press
$
12.12
Admin Expense - 1099Rs (freight chg)
Mass Teachers' Retirement Board
$
36,270.73
Section 3(8)(c) Reimb. for 2010
Law Office of Nicholas Poser
$
438.75
Legal Services (J. Fiore/Boston)
Saugus Retirement Board
$
1,444.05
Section 3(8)(c) Reimb. for 2010
Town of Reading
$
311.52
Postage due Town
Town of Reading Treasurer
$
3,624.75
February's Administrator's Salary
Wakefield Retirement Board
$
6,046.09
Section 3(8)(c) Reimb. for 2010
Winthop Retirement Board
$
3,355.53
Section 3(8)(c) Reimb. for 2010
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
INFORMATION/OUESTIONS/OTHER ITEMS
• Received the Order Denying Motion for Reconsideration from CRAB regarding Donald Stead v. Reading
Retirement Board and PERAC.
1201
® Received response from PERAC regarding liability question with regards to a buyback of prior non-
membership service from another system. The Board would like to request clarification.
• Paul Todisco, Senior Client Services Officer from the PRIM Board, PRIT, would like to attend the March 22,
2011 board meeting to discuss the performance of the funds in PRIT.
• A COLA reimbursement of $107,301.79 from the State for the period 7/1/10-12/31/10 was received on
12/28/10.
• The board administrator will send a letter to the Town Moderator on to notify him that the board will be
voting on granting a COLA increase at the April meeting.
• A transfer amount of $13,759.77 dated 1/31/11 was received from Lexington Retirement Board for Kathryn
Melesciuc, Librarian. Lexington will accept liability for 4 years and 4 months of creditable service.
• A transfer amount of $2,703.01 dated 1/31/11 was received from Lexington Retirement Board for Philip
Boisvert, Firefighter. Lexington will accept liability for 4 months of creditable service.
• A transfer amount of $49,333.98 dated 2/18/11 was received from the State Retirement Board for Carmen
O'Rourke, school secretary. The State will accept liability for 18 years, 0 months, and 26 days.
• A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement.
- Cambridge Retirement Board
Mass Teachers' Retirement Board
- Boston Retirement Board
• On January 28, 2011, PERAC notified this Board that Charles Johnson 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 calendar year to date statement & fund performance for period Jan. 1,20 10 to Dec. 31,
2010.
The PRIT fund's monthly statement & fund performance for period ending January 31, 2011.
• The next board meeting is scheduled for March 22, 2011 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #10 Video Presentation: How to Prepare the 2010 Annual Statement
PERAC Memo # 11 - Data Verification for PERAC's 2010 Annual Report
PERAC Memo #12 - 2011 Limits under Section 23 of Chapter 131 of the Acts of 2010
Memo from Ralph White regarding updates on Boards that approved the COLA Base/Section 101
Memo from Ralph White regarding an unofficial interpretation of the individual sections of BB3 5
OLD BUSINESS
• Discussed Section 101 increase - Gail put together a summary of what would be presented at Town Meeting
for the approval of the Section 101 increase.
X2®2.
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 7:05 P.M.
SECONDED BY: RICHARD FOLEY
VOTED: (5-0-0) UNANIMOUS
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Cha' an, Joseph R. Veno, 2"d elected
GarlEaPointe, Ex Officio
Richard P. Foley, I" appointe
Vice Chairman, Francis P. Driscoll, 1St elected
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Thomas A. Clough, 2"d pointed