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MINUTES OF THE READING RETIREMENT BOARD MEETING <br />Wednesday, AUGUST 23, 2006 <br />The Reading Retirement Board held a regular session meeting on August 23, 2006, in the The Berger Conference <br />Room, Town Hall, Reading, Massachusetts. <br />The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Gail <br />LaPointe, Richard Foley, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin. <br />MINUTES <br />• Regular session minutes for the May 24, 2006 meeting were signed by all board members. <br />• FRANCIS DRISCOLL moved to accept the June 21, 2006 and July 26, 2006 regular session minutes as <br />written. <br />SECONDED BY: RICHARD FOLEY <br />VOTED: (3-0-2) ABSTAINED: GAIL LAPOINTE & DANIEL SEFERIAN <br />APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS <br />• FRANCIS DRISCOLL moved to approve the following new members: <br />Theresa Galasso Finance Date of hire - 9/1/04 9%+2% <br />Date of membership - 7/31/06 <br />Robert DeMarco DPW Date of hire & membership - 7/31/06 9%+2% <br />Scott Orsillo DPW Date of hire - 4/24/06 9%+2% <br />Date of membership - 7/31/06 <br />Lisa Finigan SPED Date of hire -11/14/00 9%+2% <br />Date of membership - 7/1/06 <br />SECONDED BY: RICHARD FOLEY <br />VOTED: (5-0-0) UNANIMOUS <br />• According to a PAF, Lisa Finigan was eligible to be in the retirement system as of 7/1/06. She was not <br />entered into the retirement system until August 15, 2006. Although, she was contributing to social security <br />during this time, the board agreed that it was up to Lisa if she would like to buyback the time that she should <br />have been in the retirement system (7/1/06 - 8/14/06). The amount owed would be $128.25. <br />• FRANCIS DRISCOLL moved to approve the following refunds of accumulated deductions: <br />Jeffrey Bowers <br />(DPW) <br />Resigned 8/2/06 <br />Total Deductions & Interest <br />Less 20%o federal income tax <br />Net refund (cash) <br />20 years, 9 months <br />$60,673.17 <br />$11,532.76 <br />$49,140.41 <br />Carol Strandberg Resigned 7/28/06 1 month <br />(Police - Dispatch) Total Deductions & Interest $418.43 <br />Less 20% federal income tax $ 83.69 <br />Net refund (cash) $334.74 <br />