2012-07-24 Retirement Board Minutes

Home Browse Search

12 E, 5 INFORMATION /OUESTIONS /OTHER ITEMS APPROVAL OF INVOICES TO BE PAID RICHARD FOLEY moved to approve the following warrant #AP082012 totaling $705,566.19: Commonwealth of Mass. $ 646.05 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,882.60 State Tax Deductions Commonwealth of Mass. $ 216.66 Child Support Internal Revenue Service $ 59,232.65 Federal Tax Deductions Reading Credit Union $ 31,758.00 Credit Union Deductions July Retirement Allowances $ 512,088.57 Net Retiree Payroll Town of Reading Treasurer $ 50,488.74 Hlth, Life, & Dental Ins. Deductions Town of Reading $ 179.27 Postage due Town Town of Reading Treasurer $ 3,697.67 July's Administrator's Salary Wakefield Retirement Board $ 6,292.74 Section 3(8)(c) Reimbursement for 2011 Boston Retirement Board $ 8,482.29 Section 3(8)(c) Reimbursement for 2011 Middlesex County Retirement Bd $ 23,569.29 Section 3(8)(c) Reimbursement for 2011 Stoneham Retirement Board $ 7,031.66 Transfer to Other System — S. Duke SECONDED BY: THOMAS CLOUGH VOTED: (4 -0 -0) UNANIMOUS INFORMATION /QUESTIONS /OTHER ITEMS • Board Members should sign a signature card for the Treasurer- Collector to have on file. • Accidental disability retiree Charles Johnson had excess earnings for the year 2011. A notification letter was sent out on July 23 with a deadline of August 17 to either pay the amount due to the retirement board or to request a hearing. If neither has happened then the retirement allowance will be suspended beginning with the August check until the total amount has been collected. Charles Johnson called on 7/23/12 and would like to do the same thing as prior years when he had excess earnings — withhold his monthly retirement allowance with the exception of his health & life insurance deductions until the full amount of $3,034.86 owed to the retirement system has been paid. If Board agrees to withhold his monthly retirement allowance, the full amount of $3,034.86 will be paid by October 2012. The Board agreed to withhold his monthly retirement allowance until amount is paid in full. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Wakefield Retirement System • A COLA reimbursement of $109,230.97 from the State for the period 1/1/12- 6/30/12 was received on 6/28/12. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement for period ending June 30, 2012. • The next board meeting is scheduled for August 28, 2012 at 6:00 pm in the Lower Level Conference Room.