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827 <br />The Reading Retirement Board held a meeting on SEPTEMBER 25, 2002, in the Accounting and Finance Department <br />Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. <br />Paul Todisco, client services officer for the PRIM board, attended this meeting to discuss the performance of the funds in <br />PRIT through the period ending August 31, 2002 as well as the returns received by the Reading Retirement System since <br />inception. . <br />Minutes from the July 24, 2002 meeting were signed by the board members. <br />Minutes from the August 28, 2002 meeting were signed by all board members. <br />Approved new membership: <br />Sept. admin. salary <br />Anthony Ricardo <br />School - Maintenance DOH - 9/02/02 <br />Daniel MacLean <br />DPW -Water Department DOH - 9/16/02 <br />Kevin Furilla <br />Finance - Network Support Tech DOH - 9/16/02 <br />Elizabeth Dickinson <br />Library- Assistant Director DOH - 9/16/02 <br />Christopher Reilly <br />Town Planner DOH - 9/17/02 <br />Approved retirement applications: <br />Daniel Brennan <br />Robert Kurchian <br />Phyllis Maloney <br />Approved refunds: <br />Jeff Murley <br />RMLD 9/07/02 23 years 1 month <br />School - Maint. 9/21/02 24 years 0 months <br />School -Ed Asst. 9/28/02 24 years 6 months <br />Resigned from Finance- Network Support - 8/23/02 <br />Total deductions and interest $ 23,535.79 <br />Less 50% interest $ 532.97 <br />Less 20% federal income taxes $ N/A <br />Net refund (rollover to IRA) $ 23,002.82 <br />Anne Krieg Resigned - Town Planner - 8/30/02 <br />Total deductions and interest $36,397.88 <br />Less 50% interest $ 1,282.12 <br />Less 20% federal income taxes $ 7.023.15 <br />Net refund (cash withdrawal) $28,092.61 <br />Reviewed and approved the fi <br />2002 Voucher# 53 <br />54 <br />55 <br />56 <br />57 <br />58 <br />Blowing vouchers: <br />Town of Reading Treasurer <br />Town of Reading Treasurer <br />National Financial Services <br />FBO Jeff A. Murley <br />Fred Pryor Seminars <br />Anne M. Krieg <br />Town of Reading Treasurer <br />9%+2% <br />9%+2% <br />9%+2% <br />8% + 2% (Cambridge) <br />9 %+ 2% (Quincy) <br />Option A <br />Option C <br />Option B <br />6 years 1 month <br />8 years 11 months <br />$451,885.05 <br />Sept. retiree payroll <br />$ 2,588.25 <br />Sept. admin. salary <br />$ 23,002.82 <br />Refunds to members (rollover) <br />$ 125.00 <br />Admin Expense <br />$ 28,092.61 <br />Refunds to members (cash) <br />$ 7,023.15 <br />20% Fed income tax (Krieg) <br />Rafael Mercado, a School Custodian, would like to redeposit funds that were refunded to him by the Middlesex Retirement <br />System on 12/31/86. The periods of service are 10 years 1 month and 11 days from Middlesex, for which they will accept <br />liability upon proper redeposit, and 5 months and 8 days from the State. The total period is 10 years 6 months and the cost <br />to redeposit is $17,319.71. Rafael would like to have deductions taken from his paycheck, in the amount of $133.23, over <br />five years. The Board approved the redeposit of 10 years 6 months and the terms of the purchase. <br />The Board has received a "Notice of Hearing" from DALA regarding Reading Retirement Board vs. Middlesex County <br />Retirement Board to be held on October 22, 2002 at 9:30 AM. In March 2001 the Reading Retirement Board received <br />notice from the State Retirement Board that they would not accept liability for the 1 year 5 months of creditable service <br />Christopher Picco worked in the Middlesex Sheriffs office. The board members voted to appeal this decision but after <br />discussion with Joan Langsam, Town Counsel, she submitted a motion to substitute parties and to dismiss the State <br />Retirement Board as respondent. The Middlesex County Retirement Board is now the respondent. <br />Clarice Hynes, a retired school secretary, passed away on August 31, 2002. She chose Option A at her retirement on June <br />30, 1968. 1 <br />