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The Reading Retirement Board held a meeting on October 29, 2003, in the Accounting and Finance Department Office, <br />Town Hall, Reading, Massachusetts. The meeting was called to order at 6:01 P.M. <br />Kathy Riley and Michael Ban from the Segal Company attended this meeting to discuss the findings from the completed <br />actuarial evaluation dated July 1, 2003. <br />Minutes from the August 27, 2003 meeting were signed by all board members. <br />Minutes from the September 24, 2003 meeting were read and accepted by all board members. <br />Approved new members: <br />John Thiffault Sch- Facilities Director 09/24/03 9 % +2% (Natick) <br />Fred O'Dea, Jr. RMLD - Stockperson. 10/10/03 9 % +2% <br />Approved PERAC approved retirements <br />Michael Gmnzweig, Jr. <br />RMLD- Lineman <br />10/06/03 16 years, 7 months <br />Accidental Disability <br />$ 62,502.00 <br />Dependent $ 593.52 <br />$ 4,376.19 <br />Refund to member (cash w /d) <br />Annuity $ 3,161.88 <br />20% fed inc tax (Lynch) <br />$ 805.00 <br />Pension $38.530.44 <br />$ 26.41 <br />Admin exp - supplies <br />Yearly $42,285.84 <br />Admin exp - overnight postage <br />$ 30.69 <br />Monthly $ 3,523.82 <br />Approved requests from eligible members to purchase military service for creditable service: <br />Robert Abajian <br />US Marine Corps <br />12/30/97 — 12/08/01 3 yrs, 11 mths <br />David Clark <br />US Army <br />07/27/89 — 07/27/92 3 yrs, 0 mths <br />John Thiffault <br />US Navy <br />06/30/67 - 10/12/70 3 yrs, 3 mths <br />Approved refund <br />Option C <br />Michael Lynch Resigned 10/10/03 1 year, 11 months <br />(Dispatcher) Total deductions and interest $ 5,502.65 <br />Less 100% interest $ 32.41 <br />Less 20% Federal income taxes $ 1,094.05 <br />Net refund (cash withdrawal) $ 4,376.19 <br />Approved transfer to other system: <br />Diane Young To Saugus Retirement Board $62,502.00 19 years, 2 months <br />(Inactive member) (Includes 3 yrs, 7 mths creditable service + annuity savings funds transferred from <br />Springfield to Reading in 1986) <br />The bonding coverage to protect the retirement system against fraud and dishonesty has been received from USI/Hastings- <br />Tapley Agency. National Grange is the insurance company issuing the policy, the policy period is 8/2/03 to 8/2/04, and the <br />cost is $805.00. <br />The coverage, as required by PERAC, is for $100,000 for Public Employee Dishonesty Coverage (Per Employee Blanket <br />Bond - Crime). An endorsement adds Schedule Excess Limit of Insurance for Specified Employees or Positions, which <br />applies to each "employee" who is named or who holds a position listed on the endorsement. <br />Reviewed and approved the <br />2003 Voucher # 57 <br />58 <br />59 <br />60 <br />61 <br />62 <br />63 <br />64 <br />65 <br />66 <br />'ollowing vouchers: <br />Town of Reading Treasurer <br />Town of Reading Treasurer <br />Saugus Retirement Board <br />Michael Lynch <br />Town of Reading Treasurer <br />USI/Hastings- Tapley Agency, Inc <br />Corporate Express <br />Elizabeth W. Klepeis <br />Town of Reading Treasurer <br />Corporate Express <br />$446,911.21 <br />Oct retiree payroll <br />$ 2,866.05 <br />Oct admin. Salary <br />$ 62,502.00 <br />Trsf to other system (D Young) <br />$ 4,376.19 <br />Refund to member (cash w /d) <br />$ 1,094.05 <br />20% fed inc tax (Lynch) <br />$ 805.00 <br />Admin exp- bonding coverage <br />$ 26.41 <br />Admin exp - supplies <br />$ 14.28 <br />Admin exp - overnight postage <br />$ 30.69 <br />Adnim exp - postage from Town <br />$ 230.00 <br />Admin exp -chair for board adnim <br />865 <br />