2003-03-26 Retirement Board Minutes

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The Reading Retirement Board held a meeting on March 26, 2003, in the Accounting and Finance Department Office, . Town Hall, Reading, Massachusetts. The meeting was called to order at 6:02 P.M. Michael Reardon, client services officer for the PRIM board, attended this meeting to discuss the performance of the funds in PRIT through the period ending December 31, 2002. Minutes from the January 29, 2003 meeting were signed by all board members. Minutes from the February 26, 2003 meeting were read and accepted by all board members except Joseph Veno, who was not present at that meeting. Approved retirement application: Francis Driscoll Firefighter 06/19/03 Approved new membership Daniel McGrath DPW - Recreation 03/03/03 Approved refunds: Town of Reading Treasurer Sandra Holmes Resigned 1/31/02 22 Total deductions and interest 23 Less 100% interest 24 Less 20% Federal income taxes 25 Net refund Samach Ok Resigned 3/14/03 $ 88.00 Total deductions and interest $ 83.46 Less 100% interest Less 20% Federal income taxes Net refund Reviewed and approved the following vouchers: 2003 Voucher # 17 Town of Reading Treasurer 18 Town of Reading Treasurer 19 Sandra Holmes 20 Town of Reading Treasurer 21 Samach Ok 22 Town of Reading Treasurer 23 Essex Regional Retirement 24 3(8)(c) Reimbursement 25 Commonwealth of Mass. 26 Corporate Express 32 years 0 months Option B 9%+2% 1 year 4 months $2,875.98 $ 217.59 531.68 $2,126.71 0 years 6 months $1,245.97 $ 1.86 $ 248.82 $ 995.29 $416,786.97 Mar. retiree payroll $ 2,768.18 Mar. admin. Salary $ 2,126.71 Refund to member (cash) $ 531.68 20% Fed taxes -S. Holmes $ 995.29 Refund to member (cash) $ 248.82 20% Fed taxes-S. Ok $ 19,137.27 Trsf to Other System -P. Masellas $ 2,531.20 Rmb to other systems (various) $ 88.00 Adm Exp (75 Retirement Guides) $ 83.46 Adm Exp (Supplies) The Board discussed the draft received from PERAC of the examiners' findings on the condition of the Reading Retirement System at the time of the audit. PERAC issued the draft report to give the Retirement Board an opportunity to review it and respond to any problems that have been addressed. If the Board does not send PERAC a written response by April 9b, the audit will be issued in final form. - The Board voted to not respond. The draft report is acceptable as is. Joan Langsam, from Brackett & Lucas, forwarded a copy of the DALA decision in regard to the case of Reading Retirement Board (Christopher Picco) v. Middlesex Regional Retirement Board. DALA found in favor of the Reading Retirement Board. Middlesex Regional Retirement Board is liable for the one year and five months of creditable service that Christopher Picco earned while employed at the Middlesex County Sheriffs Office during the period of 5/20/95 to 10/20/96. Joan Langsam will advise if an appeal is filed by Middesex. Joan Langsam also forwarded a copy of a Stipulation of Dismissal for the matter of Tine v. Contributory Retirement Appeal Board. Alfred Burbine, who worked for the RMLD and retired on May 3, 1972, passed away on 3/8/03. He was a non- contributory retiree who chose Option A at retirement.