2008-11-25 Retirement Board Minutes

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SECONDED BY: DANIEL SEFERIAN VOTED: (3-0-1) ABSTAINED: RICHARD FOLEY APPROVAL OF VOUCHERS FRANCIS DRISCOLL moved to approve the following vouchers: 2008 Voucher # 91 Nov. Retirement Allowances $442,684.30 Town of Reading Treasurer $ 47,884.79 Reading Credit Union $ 24,247.00 Commonwealth of Mass. $ 615.34 Internal Revenue Service $ 45,462.09 Commonwealth of Mass. $ 1,793.73 92 Town of Reading Treasurer $ 5,137.44 93 Town of Reading $ 174.59 94 Paul Costello $ 978.62 95 Internal Revenue Service $ 244.66 96 Skillpath Seminars $ 149.00 SECONDED BY: DANIEL SEFERIAN VOTED: (4-0-0) UNANIMOUS Net Retiree Payroll Health Insurance Deductions Credit Union Deductions RHA Health Ins. Deductions Federal Tax Deductions State Tax Deductions November Administrator's Salary Postage due to Town Refund to Member Refund to Memb.-Fed. Taxes (EFT) Admin. Exp.-Assert.Comm.Seminar INFORMATION/QUESTIONS/OTHER ITEMS • Accidental Disability Retiree, Donald Stead, received "Notification of Termination" from PERAC for failure to file his 2007 Annual Statement of Earned Income. He notified the office that he mailed his paperwork to PERAC on August 22, 2008 after receiving an extension. Received notification from PERAC that Donald Stead has completed his 2007 Annual Statement of Earnings. • A cafeteria employee has requested an estimate with a retirement date of August 2011. She is paid on a 22 pay period during the year. Consistent with past calculation, she would receive creditable service for the summer period that she is not working. • A transfer amount of $7,714.92 dated November 7, 2008 was received from the State Retirement Board for Justin Martel, Patrolman. The State will accept liability for 2 years, 6 months, and 10 days of creditable service for the period of 2/21/06-8/31/08. • Thomas Mullen, who worked as a custodian in the School Dept and retired on 7/31/87, passed away on 11/11/08. He chose Option A at retirement. • Paul Todisco from the PRIM Board will attend the February 25, 2009 meeting. • Affidavits were mailed to all retirees with the October checks. There are 5 affidavits still due. Final notices will be sent out with the November checks. • Paul Murphy chose Option C at his retirement and his spouse has passed away. PERAC has included in their records the payment of an Option A retirement allowance to Mr. Murphy (Option C "pop-up"), effective as of October 3, 2008. • Copies of the following Reading Retirement Board reports were handed out for review: The PRIT fund's monthly statement & fund performance for period ending October M, 2008. General Ledger Trial Balance as of October 31, 2008. Bank Reconciliation for the month ending October 31, 2008.