HomeMy WebLinkAbout2011-05-24 Retirement Board Minutes1211
MINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, May 24, 2011
RECEIVED
TOWN CLERK
READING, MAS`.
2011 JUL 21 P 4i
The Reading Retirement Board held a regular session meeting on May 24, 2011, 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, Francis Driscoll, Thomas Clough. Gail LaPointe and Board Administrator, Colleen Loughlin were not
able to attend.
MINUTES
• Regular session minutes for the March 22, 2011 meeting were signed by all board members.
• THOMAS CLOUGH moved to accept the April 19, 2011 regular session minutes as written.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS AND REFUNDS
• THOMAS CLOUGH moved to approve the following retirement application:
Frances Fink Comm. Serv. 7/1/11 20 years, 0 months Option A
(Superannuation)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
• THOMAS CLOUGH moved to approve the following transfer of funds to other systems:
Dawn Folopoulos To Melrose Retirement Board $35,761.48 5 years, 11 months
(Finance)
Gerard Cavanaugh To Essex Regional Retirement Bd. $21,871.95 2 years, 10 months
(RMLD)
The voucher for the transfer was approved at the March 22, 2011 board meeting.
Wayne Currie To State Retirement Board $ 9,293.55 2 years, 11 months
(Recreation)
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
• THOMAS CLOUGH moved to approve the following refund:
Beth Modica Resigned 8/24/07 6 years, 5 months
(School) Total deductions & interest (3% rule applied) $29,133.83
Less 20% federal taxes $ 1,536.79
Net Option.B refund $27,597.04
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SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• THOMAS CLOUGH moved to approve a 3% COLA increase for FY2012 which begins on July 1, 2011 and
ends June 30, 2012 on the first $12,000 of retirement benefit, which is reflected in the July 1, 2009 actuarial
valuation.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
• THOMAS CLOUGH moved to approve accidental disability application for firefighter, Matthew McSheehy.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• THOMAS CLOUGH moved to approve the following warrant #AP052011 totaling $747,367.37:
Commonwealth of Mass.
$
649.34
RHA Health Ins. Deductions
Commonwealth of Mass.
$
2,077.71
State Tax Deductions
Commonwealth of Mass.
$
216.66
Child Support
Internal Revenue Service
$
57,070.94
Federal Tax Deductions
Reading Credit Union
$
31,518.00
Credit Union Deductions
May Retirement Allowances
$ 488,418.07
Net Retiree Payroll
Town of Reading Treasurer
$
51,769.88
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
161.59
Postage due Town
Town of Reading Treasurer
$
3,624.75
May's Administrator's Salary
Melrose Retirement Board
$
35,761.48
Trsfer to Other Syst (D. Folopoulos)
State Retirement Board
$
9,293.55
Trsfer to Other System (W. Currie)
Quincy Retirement Board
$
4,751.33
Section 3(8)(c) Reimb. for 2010
State Retirement Board
$
34,197.50
Section 3(8)(c) Reimb. for 2010
West Payment Center
$
168.00
Admin. Expense - Ch. 32 Inserts
Fidelity Management Trust Company
$
27,597.04
Rollover to member - B. Modica
BACTES
$
91.54
Medical Expense - Medical Records
Matthew McSheehy
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
INFORMATION/QUESTIONS/OTHER ITEMS
The Town of Reading website will be updated to include all board members' email as additional contacts for
our members.
• Alice Blacker, who worked for School Dept. and retired on July 31, 1996, passed away on 4/29/11. She
chose Option B at her retirement but there are no funds remaining.
0 Elsie Watson, Option C beneficiary of Ernest Watson(Non-contributory) died May 11, 2011.
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Copies of the following Reading Retirement Board reports were handed out for review:
The PRIT fund's monthly statement & fund performance for period ending March 31, 2011 and April 30,
2011.
General Ledger Trial Balance as of January 31, 2011, February 28, 2011, March 31, 2011, and April 30,
2011.
Bank Reconciliation for the month ending March 31, 2011 and April 30, 2011.
• The next board meeting is scheduled for June 21, 2011 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
MACRS - Proposed bylaw change of the MACRS Constitution. "The President, Vice-President, Secretary and
Treasurer shall be elected by the delegates at the Association's annual meeting. The above officers of the
organization shall receive an amount of compensation as determined by the Executive Board each year at
the annual organizational meeting of the Executive Board. This change will be voted on at the Annual
Meeting of the Spring Conference in Hyannis in June.
PERAC Pension News
PERAC Memo 420/2011 - Vendor Expense Report - Boards should periodically review all vendors and their
contracts and conduct an open and competitive process prior to selection of each.
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• THOMAS CLOUGH moved to adjourn this open session at 6:30 P.M.
SECONDED BY: FRANCIS DRISCOLL
VOTED: (4-0-0) UNANIMOUS
XI rman, Joseph R. Veno, 2nd elected
Gail LaPointe, Ex Officio
Richard P. Foley, 1St appoi ed
Vice Chairman, Francis P. Driscoll, 1St elected
7 '
Thomas A. Clough, 2nd pointed