2004-01-28 Retirement Board Minutes

Home Browse Search

The Reading Retirement Board held a meeting on January 28, 2004, 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 November 19, 2003 meeting were signed by all board members, except Henry Boissoneau, who was not present at that meeting. Minutes from the December 16, 2003 meeting were read and accepted by all board members. Approved refund Dean Dillon Resigned 4/13/01 5 years, 0 months (Inactive -RHA) Total deductions and interest $12,991.86 Less 50% interest $ 665.46 Less 20% Federal income taxes $ 0.00 Net refund (rollover to IRA) $12,326.40 Reviewed and approved the following vouchers 2004 Voucher # 01 Town of Reading Treasurer $449,732.30 Jan retiree payroll 02 Town of Reading Treasurer $ 4,299.08 Jan admin. salary 03 Town of Reading Treasurer $ 2,444.00 FY04 banking, postage, envelopes 04 Town of Reading Treasurer $ 158.39 Postage for Oct 03 -Jan 04 05 Section 3(8)(c) Reimbursements $ 70,320.29 Rmb to other systems (various) 06 OptionsXpress $ 12,326.40 Refund to member (rollover) FBO Dean C. Dillon 07 Reading Co- operative Bank $ 15.00 Admin Exp (wire trsf fee) (Directly deducted from checking account on 12/31/03) Refund approved for Jessica Cassidy in December was revised to include interest for 1/1/03 to 11/30/03: Total deductions and interest $2,075.82 Total account refunded 12/18/03 2.057.73 Additional net refund due $ 18.09 2003 Voucher # 76 payable to Jessica Cassidy for $18.09 was approved on 12/30/03 by three board members. Michael Reardon, Senior Client Services Officer from the PRIM Board, will attend the February board meeting to discuss the performance of the funds in PRIT through the period ending December 31, 2003 as well as the returns received by the Reading Retirement System since inception. Approved request from eligible member to purchase military service for creditable service: William Marks USMCR 9/28/65 - 9/21/67 1 yr, 1 I mths The affidavit from John Louanis was received on 12/17/03. His allowance will not be suspended. Charles Johnson has reimbursed the retirement system in full for excess earnings. Retiree Virginia Anderson, who works for the high school as of 8/28/01, does not work in the same position from which she retired on 7/2/99 as was originally thought. Her earnings are okay for the calendar year 2003. Retiree Hobart Nelson commented that he would prefer to have his December retirement allowance paid at the end of the month rather than mid- December. Ernest Watson, who worked for the public works department and retired on July 31, 1969, passed away on 12/14/03. He was a non - contributory retiree who chose Option C at retirement. His spouse, Elsie Watson, will receive a monthly allowance of $856.25, which is 2 /3rds of the amount Mr. Watson was receiving when he died. Clifford Holt, who worked for the public works department and retired on October 3, 1980, passed away on 1/14/04. He chose Option A at his retirement. Dorothy Wardrope, who worked for the school department and retired on September 2, 1983, passed away on 1/14/04. She chose Option A at her retirement.