2003-09-24 Retirement Board Minutes

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ME The Reading Retirement Board held a meeting on September 24, 2003, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:09 P.M. Minutes from the July 23, 2003 meeting were signed by all board members. Minutes from the August 27, 2003 meeting were read and accepted by all board members. Approved new members: Karen Epstein Asst Treas. /Collect. 09/08/03 9%+2% John B. Sousa, Jr. DPW -Bus. Admin. 09/15/03 8 %+ 2% (Middlesex) Approved PERAC approved retirements: Domenic Cacciapuoti Facilities Director Superannuation Elizabeth Howard Superannuation David Lee Superannuation Educational Asst. 08/27/03 31 years, 6 months Annuity $ 5,028.84 Pension $33,717.48 Yearly $38,746.32 Monthly $ 3,228.86 08/28/03 25 years, 3 months Annuity $1,604.40 Pension $5.319.72 Yearly $6,924.12 Monthly $ 577.01 DPW Bus. Admin. 08/31/03 Annuity Pension Yearly Monthly 14 years, 0 months $ 4,035.60 $ 9,293.04 $13,328.64 $ 1,110.72 Option A Option A Option C Approved requests from eligible members to purchase military service for creditable service: Paul Janes Navy -USNR 08/22/66 - 08/05/68 1 yr, 11 mths Joseph Zukas Army /RA 07/01/94 - 03/11/99 4 yrs Approved refund: Sept admin. Salary 54 Andrew Nichols Resigned 9/19/03 5 years, 9 months (pro -rated for part-time) (Dispatcher) Total deductions and interest $8,975.57 $ Less 50% interest $ 636.22 56 Less 20% Federal income taxes 1$ .667.87 $ Net refund (cash withdrawal) $6,671.48 Reviewed and approved the following vouchers 2003 Voucher # 52 Town of Reading Treasurer $445,863.84 Sept retiree payroll 53 Town of Reading Treasurer $ 2,866.05 Sept admin. Salary 54 Andrew Nichols $ 6,671.48 Refund to member (cash w /d) 55 Town of Reading Treasurer $ 1,667.87 20% fed me tax (Nichols) 56 Karen DeAngelis $ 84.92 Admm exp -petty cash The board voted to allow Edward Jackman, a former employee, to buy back the time that was refunded to him. He was a member of the Reading Retirement System from 2/12/73 to 7/5/74. He is now a member of the State Retirement System and the State has asked if Reading would accept liability for this period. Edward Jackman also worked for the Town of Reading DPW during the summers from July 1967 to February 1973 (except for 1970). The State Retirement Board has not inquired about this time but Edward had spoken to the board administrator earlier in the year so these summer -time hours are correct. However, the DPW payroll records for the period August 1972 to December 1972 are missing. The board administrator has made an assumption that Edward worked 40 hours per week during that period, based on the hours worked before and after that period. The board voted to accept this assumption. Also, based on this assumption and consistent with the Reading Retirement Board's supplementary regulations, the board voted to allow Edward to buy back the six months immediately prior to his becoming a member but not any time before that. The board administrator will notify the State Retirement Board.