2002-08-28 Retirement Board Minutes

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823 The Reading Retirement Board held a meeting on AUGUST 28, 2002, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:10 P.M. Minutes from the June 26, 2002 meeting were signed by the board members. Minutes from the July 8, 2002 meeting were signed by all board members except Joseph Veno, who was absent for this meeting. Minutes from the July 24, 2002 meeting were read and accepted. Approved new membership: Maureen Knight Samach Ok Luisa Tremblay Approved refunds: Patricia Hickey Community Services - Admin Assist DOH - 8/05/02 9%+2% Community Services -Clerk DOH - 8/19/02 9 % +2% DPW - Recreation -Clerk DOH - 8/26/02 9 % +2% Resigned from Comm Svc - Admin Assist - 8/16/02 Total deductions and interest $ 8,745.40 Less 100% interest $ 180.09 Less 20% federal income taxes $ 1.713.06 Net refund (cash) $ 6,852.25 Reviewed and approved the following vouchers 2002 Voucher # 47 48 49 50 51 52 Town of Reading Treasurer Town of Reading Treasurer Patricia Hickey Town of Reading Treasurer Elizabeth W. Klepeis Corporate Express 3 years 4 months $414,319.07 August retiree payroll $ 3,882.38 August admin. salary (3 pays) $ 6,852.25 Refunds to members (cash) $ 1,713.06 20% Fed income tax (Hickey) $ 210.00 Travel Expense (PERAC conf) $ 12.46 Admin Expense (folders) Paul Todisco, from PRIM, will be attending the September 25, 2002 Board Meeting. Pension fund assessment payments have been received from the Town, Water and Sewer departments. A check in the amount of $9,088.01 was received from the Middlesex Retirement System. It is for reimbursement for Section 3(8)(c) payments the Reading Retirement System paid to Middlesex for the period of 1992 through 2001. James Palmer's spouse began receiving a benefit under G.L. c. 32, § 12(2)(d) at the time of his death. An accidental death benefit, retroactive to the date of Mr. Palmer's death in December of 1992, was approved by the Middlesex County Retirement Board. An accidental death benefit is not based on creditable service therefore the Reading Retirement Board was not liable for any portion of Mrs. Palmer's retirement allowance. The Board approved a Section 101 allowance of $6,000 per year for Barbara Foley, widow of Edward Foley. The cause of death of Edward Foley, who passed away on July 15, 2002, is due to metastatic squamous cell carcinoma of the head and neck. His accidental disability retirement was related to failed back syndrome. Lawrence Drew, retired in 1987 from his position as Town Clerk, passed away on July 24, 2002. His wife, Mary F. Drew is his Option C beneficiary. John Talbot, a member -in- service working as a custodian at the High School, passed away on August 16, 2002. The Board needs to vote on the "Application for Member Survivor Benefits Under G.L. c. 32, §12A" for Jean Talbot, John's spouse if the application is received in time for this meeting. An application was not received in time for this meeting. Phyllis Maloney requested that the Board vote on allowing her to buy back the remaining 13 years and 3 months of prior creditable service. She also submitted her request to purchase this creditable service in one lump sum payment of $8,732.69. The Board approved the buy back of 13 years and 3 months and the terms of the purchase. Sally McDonald would like to buy back 1 year of creditable service. Her employment in Reading began on June 13, 1983 but she wasn't eligible to become a member of the retirement system until August 6, 1984. Since she was part -time when she started the creditable service she could buy back has been pro - rated. The cost to buy back the service is $823.22 and Sally would like to make a lump sum payment. The Board approved the buy back of 1 year and the terms of the purchase.