2003-07-23 Retirement Board Minutes

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Uckj The Reading Retirement Board held a meeting on July 23, 2003, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M. B. Michael Reardon, Senior Client Services Officer from the PRIM board, attended this meeting to address concerns the board members had regarding the new asset allocation plan for the PRIT fund. Minutes from the May 28, 2003 meeting were signed by all board members. Minutes from the June 17, 2003 meeting were signed by all board members, except Joseph Veno, who was not present at that meeting. Minutes from the June 25, 2003 meeting were read and accepted by all board members. Approved new members: Arthur Menezes DPW- Highway 07/01/03 9 % +2% Thomas McCarthy Firefighter 07/01/03 9 % +2% Sean P. Devlin Firefighter 07/17/03 9 % +2% Christopher J: Finnegan Firefighter 07/17/03 9 % +2% Scott D.Myette Firefighter 07/17/03 9 % +2% Scott P. Wade Firefighter 07/17/03 9 % +2% Bruce A. Ayer Firefighter 07/17/03 9%+2% Tricia L. Smith Firefighter 07/17/03 9 % +2% Approved retirement applications: Domenic Cacciapuoti Facilities Director 08/27/03 31 years, 6 months Option A Approved PERAC approved retirements: Francis Driscoll Firefighter 06/19/03 32 years, 0 months Option B Superannuation Annuity $ 4,320.60 Pension $35,846.40 Yearly $40,167.00 Monthly $ 3,347.25 The Middlesex Retirement System must reimburse the Reading Retirement System $1,960.35 a year for 1 year and 9 months of creditable service bought back by Francis Driscoll for the period 711/74 to 3/31/76. Pamela Baggs Instructional Aide 06/18/03 24 years, 0 months Option A Superannuation Annuity $ 1,550.52 Pension $ 3,682.44 Yearly $ 5,232.96 Monthly $ 436.08 The Teachers' Retirement System must reimburse the Reading Retirement System $383.59 a year for 2 years and 6 months of creditable service bought back by Pamela Baggs for the period 9/2/69 to 2/18/72. Reviewed and approved the following vouchers: 2003 Voucher # 44 Town of Reading Treasurer $439,162.72 July retiree payroll 45 Town of Reading Treasurer $ 2,006.24 July admin. salary 46 George B. Perry $ 125.29 Administrative expense COLA increases for FY2004 were processed for the July 31, 2003 payroll. The COLA reimbursement from the State for the period January 1- June 30, 2003 in the amount of $153,498.98 was received on July 7, 2003. Paul Sheridan did not contact the board to discuss why he has not submitted his annual statement of earnings to PERAC. PERAC was notified that the board will continue to suspend his retirement allowance. Section 3(8)(c) reimbursements due to the Reading Retirement System for calendar year 2002 have all been received. Also all retirement systems due to be reimbursed by the Reading Retirement System for calendar year 2002 have all been paid. Elmer Dykens, who worked for the Fire Department and retired on June 30, 1973, passed away on 6/17/03. He chose Option B at retirement but there are no funds remaining in his annuity account.