HomeMy WebLinkAbout2011-04-19 Retirement Board Minutes12 07
NIINUTES OF THE READING RETIREMENT BOARD MEETING
Tuesday, April 19, 2011
The Reading Retirement Board held a regular session meeting on April 19, 2011, in The Lower Level Conference
Room, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:10 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 February 22, 2011 meeting were signed by all board members.
• FRANCIS DRISCOLL moved to accept the March 22, 2011 regular session minutes as written.
SECONDED BY: THOMAS CLOUGH
VOTED: (5=0-0) UNANIMOUS
APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS
• FRANCIS DRISCOLL moved to approve final calculations for the following retirements approved by
PERAC:
John Holland
(Superannuation)
Pamela Corcoran
(Superannuation)
Herbert Marden
(Termination)
Option C
U11 y. ,
C=
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
ra
Cr
• FRANCIS DRISCOLL moved to approve. the following transfer of funds to other system:
Pennilyn Dudley To Stoneham Retirement $18,909.93 5 years, 10 months
(Finance)
Comm Serv
RMLD
School
2/12/11
Annuity:
Pension:
Yearly:
Monthly:
2/15/11
Annuity:
Pension:
Yearly:
Monthly
3/9/11
Annuity:
'Pension:
Yearly:
M thl
31 years, 3 mths
$ 3,561.48
$12,260.52
$15,822.00
$ 1,318.50
29 years, 6 mths
$10,959.12
$45,510.96
$56,470.08
$ 4,705.84
21 years, 2 mths
$ 4,507.92
$10,602.72
$15,110.64
$ 1 259 22
Option C
Option B
r-
to ~
va
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve the following Option B refund: 12 0 8
Joan Sousa, beneficiary of deceased retiree John Sousa:
'Annuity balance remaining $9,307.21
Less 20% federal taxes $ 509.26
Net Option B refund $8,797.95
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
• FRANCIS DRISCOLL moved to review, approve, and sign the Annual Statement for PERAC for calendar
year ended December 31, 2010.
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
• FRANCIS DRISCOLL moved to approve request for the Board Administrator to attend the MACRS 2011
Spring Conference being held June 4 - June 8, 2011 in Hyannis, MA.
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
• FRANCIS DRISCOLL move to approve the following warrant 4AP042011 totaling $729,531.91:
Town of Reading Treasurer
$
45.00
Additional Dental Deductions
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
$
55,951.95
Federal Tax Deductions
Reading Credit Union -
$
30,618.00
Credit Union Deductions
April Retirement Allowances
$ 486,002.87
Net. Retiree Payroll
Town of Reading Treasurer
$
51,907.62
Hlth, Life, & Dental Ins. Deductions
Town of Reading
$
170.19
Postage due Town
Town of Reading Treasurer
$
5,437.13
April's Administrator's Salary
Essex Regional Retirement Board
$
55,568.26
Section 3(8)(c) Reimb. for 2010
Stoneham Retirement Board
$
18,909.93
Trsfer to Other System (P. Dudley)
Woburn Retirement Board
$
4,485.20
Section 3(8)(c) Reimb. for 2010
Boston Retirement Board
$
7844.41
Section 3(8)(c) Reimb. for 2010
BACTES
Joan Sousa
Town of Reading Treasurer
Reading Co-Operative Bank
MACRS
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
$
49.43
Medical Expense - Medical Records
$
8,797.95
Option B Ref-benef. of John Sousa
$
509.26
Option B Ref - 20% Federal Tax
(Joan Sousa)
$
21.00
Admin Expense - Checks (EFT)
$
270.00
Education & Training - Conference
1 2 09
INFORMATION/QUESTIONS/OTHER ITEMS
• Joseph Donovan, school custodian, has made a hump-sum payment of $9,663.36 to purchase 3 years and 0
months of military service. His purchase was approved at the February 25, 2004 Board Meeting.
• A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement:
- Medford Retirement Board
- Wakefield Retirement Board (did not pay for the reimbursement of J. Rich - under appeal)
- Middlesex County Retirement Board
• Rafael McDonald, who worked for the Accounting Dept. and retired on December 15, 1984, passed away on
3/21/11. He chose Option C at his retirement. His spouse, Rena McDonald, will receive a monthly allowance
of $712.15, which is 2/3rds of the amount Mr. McDonald was receiving when he died.
• John Sousa, who worked for RMLD and retired on May 31, 1999, passed away on 3/26/11. He chose Option
B at his retirement. The amount of remaining funds in his account is $9,307.21 before taxes.
• Copies of the following Reading Retirement Board reports were handed out for review:
The PERAC Financial Bulletin, Financial Market Review, First Quarter 2011
• The next board meeting is scheduled for May 24, 2011 at 6:00 pm in the Lower Level Conference Room.
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo 416/2011 - Taxation of a Lump Sum Distribution under Section 9 - As a result of a statement
made by a participant at the IRS presentation held at the MACRS conference in the Fall, a certain amount of
confusion has arisen regarding the taxability of a lump sum payment of amounts in a member's annuity account if
his or hers death occurs "as a result of, and while in the performance of his (or her) duties" pursuant to G.L. c. 32,
§ 9. A payment to a named beneficiary of the amounts in a deceased member's annuity account has always been
taxable.
PERAC Memo #17/2011 - Investment Regulation Hearings
PERAC Memo #18/2011 - Investment Manager List
PERAC Memo # 19/2011 - Tobacco Company List
Legislative Directory from Retired State, County and Municipal Employees Association of Massachusetts
OLD BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
ADJOURNMENT
• FRANCIS DRISCOLL moved to adjourn this open session at 6:40 P.M.
SECONDED BY: THOMAS CLOUGH
VOTED: (5-0-0) UNANIMOUS
1210
inte, Ex Officio
N
Vice Chairman, Francis.P. Driscoll, 15` elected
i
a'l
Thomas A. Clough, 2nd a ointed
airman, Joseph R. Veno, 2°d elected