2003-08-27 Retirement Board Minutes

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The Reading Retirement Board held a meeting on August 27, 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 June 25, 2003 meeting were signed by all board members. Minutes from the July 23, 2003 meeting were read and accepted by all board members. - Approved new members: Air Force -RESAF 11/10/64- 06/16/69 Joseph Zukas DPW -WTP 08/11/03 9 % +2% Daniel Bornstein Comm. Serv. 08/14/03 9 % +2% Richard DelRossi DPW- Highway 08/25/03 9 % +2% All board members voted to approve the PERAC approved retirerr Leonard Rucker RMLD (inactive) 08/02/03 Superannuation- Annuity Pension Yearly Monthly ent, except for Joseph Veno who abstained from voting 19 years, 11 months Option C $11,464.56 $45,027.72 $56,492.28 $ 4,707.69 The Taunton Retirement Board must reimburse the Reading Retirement Board $3,391.21 a year for 1 year and 6 months of creditable service that was transferred from Taunton to Reading for the period 4/28/86 to 10/30/87. Approved requests from eligible members to purchase military service for creditable service John Cussen Air Force -RESAF 11/10/64- 06/16/69 4 yrs Thomas Gardiner Army -RA 03/25/68- 03/19/71 2 yrs, 11 mths William Hill Air Force -Reg AF 11/10/66- 11/09/70 4yrs Anthony Ricardo Navy -USN 06/25/58- 06/14/62 3yrs, 11 mths William Russell, Jr. US Marine Corps 11/24/66- 11/22/72 4 yrs Michael Wood Air Force -Reg AF 05/22/90- 05/21/94 4 yrs Approved William Russell's buyback of 4 years of military service with deductions from each paycheck of $99.27 for the next five years. The total cost will be $12,903.92. The board administrator created a form to use when a beneficiary. of a deceased accidental disability retiree wants to petition for accidental death benefits, and the board proposed some changes to it. The board then approved the form as amended, except that if any information is determined to not be necessary it will be deleted from the form. Malcolm Hubbard, who worked for the Fire Department and retired on an accidental disability retirement on June 25, 1985, passed away on 8 /11/03. He chose Option B at retirement but there are no funds remaining in his annuity account. Based upon Malcolm Hubbard's medical panel report from when he retired and his death certificate, the board voted to approve an accidental death benefit for his beneficiary, Mary Hubbard, under M.G.L., chapter 32, § 9. A form was sent to PERAC for their approval also. In the meantime, Mary Hubbard is allowed, and the board also approved, a Section 101 retirement allowance of $6,000 ($500 per month). The allowance under Section 101 will be superceded if/when PERAC approves the accidental death benefit, and a retroactive payment back to Malcolm's date of death will be made to Mary Hubbard. Reviewed and approved the following vouchers 2003 Voucher # 47 Town of Reading Treasurer $441,163.90 Aug retiree payroll 48 Town of Reading Treasurer $ 4,299.08 Aug admin. Salary 49 William Blackett $ 2,080.26 Option B beneficiary 50 Corporate Express $ 21.70 Admin exp- supplies 51 Bill's Lock & Key $ 65.00 Admin exp- repair cabinet lock The board approved Elizabeth Howard's buyback of 7 years of previous creditable service in Reading (pro- rated) for the period 10/17/77- 3/4/85. She is an educational assistant and one of the plaintiffs in the Delia M. Quinlan, et al vs. Reading Retirement Board, therefore she is allowed to buyback this service, which is from her date of hire until she actually joined the Reading Retirement System The total cost to buyback this time is $4,246.21 and she will make a lump sum payment. Approved retirement application: Elizabeth Howard Educational Assistant 08/28/03 25 years, 3 months Option A