2003-06-25 Retirement Board Minutes

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IN The Reading Retirement Board held a meeting on June 25, 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 April 16, 2003 meeting were signed by all board members. Minutes from the April 30, 2003 meeting were signed by all board members, except Joseph Veno, who was not present at that meeting. Minutes from the May 28, 2003 meeting were read and accepted by all board members. Minutes from the June 17, 2003 meeting were read and accepted by all board members, except Joseph Veno, who was not present at that meeting. Approved new members Petra Clement Darlene Foley Joseph Lacerda Approved PERAC a Roger Quimby Superannuation Finance Comm Sery DPW- Engineer )proved retirements: Firefighter Perry Raffi Accidental Disability Julie Cosentino Superannuation Wayne Harding Superannuation Firefighter Asst. Treasurer RMLD -Elec. Maint. 05/28/03 9 % +2% 06/16/03 9 % +2% 06/16/03 9 % +2% 05/17/03 32 years, 0 months Annuity $ 5,239.20 Pension $31,750.92 Yearly $36,990.12 Monthly $ 3,082.51 05/24/03 17 years, 4 months Annuity $ 3,367.92 Pensiop $35.215.68 Yearly $38,58160 Monthly $ 3,215.30 06/06/03 19 years, 1 month Annuity $ 3,246.48 Pension $11,430.84 Yearly $14,677.32 Monthly $ 1,223.11 05/24/03 22 years, 1 month Annuity $ 3,380.28 Pension $16.937.76 Yearly $20,318.04 Monthly $ 1,693.17 Option A Option A Reviewed and approved the following vouchers: 2003 Voucher # 42 Town of Reading Treasurer $429,723.77 June retiree payroll 43 Town of Reading Treasurer $ 3,598.64 June admin. Salary Reading Retirement System - Items reviewed: General Ledger Trial Balances as of April 30, 2003 and May 31, 2003. Bank Reconciliation for months ended April 30, 2003 and May 31, 2003. PRIM - Reviewed Monthly Account Statements and PRIT Fund Performance for period ending May 31, 2003. The board administrator presented a summary of her meeting with Kate Hogan and Jane Carritte from PERAC's Disability Unit. PERAC has confirmed that they have received Paul Vallee's completed 2002 Annual Statement of Earnings. No further action is required. ' PERAC has calculated the worker's compensation offset to the accidental disability benefit payable to Robert Ripley. A lump -sum was paid to the Reading Retirement Board for the amount of $5,000. An additional amount of $2,500.00, which was the net payable to Mr. Ripley, will offset his pension for a period of about five weeks.