2003-05-28 Retirement Board Minutes

Home Browse Search

MW The Reading Retirement Board held a meeting on May 28, 2003, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M. Minutes from the March 26, 2003 meeting were signed by all board members. Minutes from the April 16, 2003 meeting were read and accepted by all board members. Minutes from the April 30, 2003 meeting were read and accepted by all board members except Joseph Veno, who was not present at that meeting. Approved retirement applications Pamela Baggs Instructional Asst. 06/18/03 23 years, 8 months Option A David Lee DPW Business Supv. 08/31/03 14 years, 0 months Option C Leonard Rucker RMLD General Mgr 08/02/03 19 years, 11 months Option C Approved PERAC approved retirements: Reimb. to other systems $ 23,798.44 Trsf to other system (Sullivan) Richard Monroe Police- Dispatcher 04/26/03 20 years, 7 months Option C Superannuation Annuity $ 3,190.32 Pension $ 9,765.00 Yearly $12,955.32 Monthly $ 1,079.61 Approved refunds: Christian Schuetwer Resigned 4/11/03 Total deductions and interest Less 100% interest Less 20% Federal income taxes Net refund (cash withdrawal) Thomas Pszenny, Jr. Resigned 3/1/03 Total deductions and interest Less 100% interest Less 20% Federal income taxes Net refund (cash withdrawal) 1 year, 10 months $ 5,604.95 $ 41.12 $ 1,112.77 $ 4,451.06 1 year, 5 months (pro -rated for part-time) $ 4,245.76 $ 106.64 $ 827.82 $ 3,311.30 Approved transfers to other systems: John D. Sullivan, III To Essex Regional Retirement Board $23,798.44 5 years, 5 months Philip M. Moran To Essex Regional Retirement Board $34,289.32 2 years, I month (5 months creditable service deducted while on leave) (Funds transferred from Peabody to Reading included) Reviewed and approved the following vouchers 2003 Voucher # 31 32 33 34 35 36 37 38 - 39 40 41 Town of Reading Treasurer Town of Reading Treasurer Christian Schuetmer Town of Reading Treasurer Thomas Pszenny, Jr. Town of Reading Treasurer West Group Corporate Express MWRA Retirement System Essex Regional Retirement Bd Essex Regional Retirement Bd $418,504.27 May retiree payroll $ 2,768.18 May admin. Salary $ 4,451.06 Refund to member (cash) $ 1,112.77 20% Fed Tax (Schuettner) $ 3,311.30 Refund to member (cash) $ 827.82 20% Fed Tax (Pszenny) $ 96.00 Admin Exp (MGL updates) $ 5.45 Admin Exp (Supplies) $ 4,211.17 Reimb. to other systems $ 23,798.44 Trsf to other system (Sullivan) $ 34,289.32 Trsf to other system (Moran) The Reading Retirement Board received a cancellation notice from Kemper Insurance Companies for the "public official bond." It is effective August 20, 2003. According to Hastings - Tapley, the board's insurance agency, Kemper is getting out of the bond insurance market. The account representative at Hastings- Tapley, Tricia Doyle, sent the board administrator an application through Travelers and informed her that the cost for the same coverage may be significantly higher than what it has been. The board administrator will complete the application and send back to Tricia Doyle.