2003-02-26 Retirement Board Minutes

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O The Reading Retirement Board held a meeting on February 26, 2003, 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 December 18, 2002 meeting were signed by all board members except Joseph Veno who was not present at that meeting. Minutes from the January 16, 2003 meeting were signed by all board members except Joseph Veno & Dan Seferian who were not present at that meeting. Minutes from the January 29, 2003 meeting were read and accepted by all board members except Joseph Veno who was not present at this February 26, 2003 meeting. Approved new membership: Michelle Filleul Library- Circulation 02/10/03 RobertAbajian DPW- Mechanic 02/10/03 Approved PERAC approved retirements: Richard Peters RMLD 02/08/03 Approved retirement applications Sally McDonald Library 03/06/03 Walter Franklin Police 03/06/03 Approved refunds: Michelle Willis Michelle Willis Resigned 10/26/01 12 Total deductions and interest 13 Less 100% interest $ 5,544.58 Less 20% Federal income taxes $ 1,386.15 Net refund Daniel MacLean Resigned 1/24/03 Total deductions and interest Less 100% interest Less 20% Federal income taxes Net refund Mark Hyson Resigned 11/22/02 Total deductions and interest Less 100% interest Less 20% Federal income taxes Net refund Reviewed and approved the following vouchers 2003 Voucher # 08 Town of Reading Treasurer 09 Town of Reading Treasurer 10 Michelle Willis 11 Town of Reading Treasurer 12 Daniel MacLean 13 Town of Reading Treasurer 14 Mark Hyson 15 Town of Reading Treasurer 16 3(8)(c) Reimbursement 9%+2% 9%+2% 10 years 2 months Option A 19 years 7 months Option B 33 years 10 months Option A 2 years 5 months $4,837.88 $ 166.03 $ 934.37 $3,737.48 0 years 4 months $804.12 $ 1.03 $160.62 $642.47 1 year 6 months $6,981.57 $ 50.84 $1,386.15 $5,544.58 $412,291.67 Feb. retiree payroll $ 2,768.18 Feb. admin. Salary $ 3,737.48 Refund to member (cash) $ 934.37 20% Fed taxes -M. Willis $ 642.47 Refund to member (cash) $ 160.62 20% Fed taxes -D. MacLean $ 5,544.58 Refund to member (cash) $ 1,386.15 20% Fed taxes -M. Hyson $ 9,818.57 Rmb to other systems (various) Linda Whyte, Executive Director of the Reading Housing Authority, would like to redeposit funds that were refunded to her by the Massachusetts Teachers' Retirement System on 3/18/83. Upon proper repayment to the Reading Retirement System, the MA Teachers' Retirement Board will accept liability for one year of creditable service. The cost to redeposit is $1,968.63. Linda would like to have deductions taken from her weekly paycheck, in the amount of $25, which would result in her balance being paid off in about one and a half years. - The Board approved the redeposit of funds and deductions of $25 per paycheck (weekly) until the balance is paid off.