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2011-10-25 Retirement Board Minutes
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2011-10-25 Retirement Board Minutes
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1229 <br />Teachers' Retirement Board and Middlesex Retirement Board will not accept liability, so Reading Retirement <br />Board will have to accept liability. David is already in the process of completing a buyback through payroll <br />deductions. The Board agreed to add $5.85 to his current deduction of $41.73 so that both buybacks would be <br />completed at the same time as well as the required 5 year timeframe. <br />SECONDED BY: FRANCIS DRISCOLL <br />VOTED: (5 -0 -0) UNANIMOUS <br />APPROVAL OF INVOICES TO BE PAID <br />RICHARD FOLEY moved to approve the following warrant #AP102011 totaling $685,518.15: <br />Commonwealth of Mass. $ 674.69 RHA Health Ins. Deductions <br />Commonwealth of Mass. <br />$ <br />1,969.11 <br />State Tax Deductions <br />Commonwealth of Mass. <br />$ <br />216.66 <br />Child Support <br />Internal Revenue Service <br />$ <br />57,585.62 <br />Federal Tax Deductions <br />Reading Credit Union <br />$ <br />32,023.00 <br />Credit Union Deductions <br />Oct. Retirement Allowances <br />$ 495,372.32 <br />Net Retiree Payroll <br />Town of Reading Treasurer <br />$ <br />52,685.25 <br />Hlth, Life, & Dental Ins. Deductions <br />Middlesex County Retirement <br />$ <br />23,569.29 <br />Section 3(8)(c) Reimb. for 2010 <br />Town of Reading <br />$ <br />154.36 <br />Postage due Town <br />Town of Reading Treasurer <br />$ <br />3,697.66 <br />October's Administrator's Salary <br />W.B. Mason Co., Inc. <br />$ <br />60.17 <br />Administrative Expense - supplies <br />Worcester Retirement Board <br />$ <br />5,535.03 <br />Transfer to Other System (A. McCabe) <br />SECONDED BY: FRANCIS DRISCOLL <br />VOTED: (5 -0 -0) UNANIMOUS <br />INFORMATION /QUESTIONS /OTUER ITEMS <br />• Discussed the cost of PTG to set up the check design for the vendor checks. The Board would like to see if <br />electronic fund transfers (EFT) are available. <br />• On October 24, 2011, PERAC notified this Board that Mark Spataro was evaluated for possible return to <br />service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential <br />duties of his job. <br />• Gerald Hoyt, who worked for the Police Dept. and retired on June 15, 1984, passed away on October 8, 2011. <br />He chose Option B at his retirement. He retired on accidental disability retirement. He retired from coronary <br />atherosclerotic heart disease, angina pectoris, and hypertension, and he died of cancer. His spouse, Betsy, is <br />eligible for a Section 101 allowance of $9,000.00 per year because Gerald retired prior to November 7, 1996. <br />Sent application to spouse to petition for an accidental death benefit. <br />• Copies of the following Reading Retirement Board reports were handed out for review: <br />The PRIT fund's monthly statement & fund performance for period ending September 30, 2011. <br />General Ledger Trial Balance as of September 30, 2011. <br />Bank Reconciliation for the month ending September 30; 2011. <br />• The next board meeting is scheduled for November 22, 2011 at 6:00 pm in the Lower Level Conference <br />Room. <br />
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