2004-04-29 Retirement Board Minutes

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The Reading Retirement Board held a meeting on April 29, 2004, in the Accounting and Finance Department Office, Town + J Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M. Minutes from the February 25, 2004 meeting were signed by all board members, except Henry Boissoneau who was absent due to illness. Minutes from the March 24, 2004 meeting were read and accepted by all board members, except Henry Boissoneau who was absent due to illness. New members were approved unanimously: Stephen Duke Dispatcher 3/29/04 9%+2% Nancy Heffernan Asst. Treasurer /Collector 4/12/04 9%+2% Superannuation retirement applications were approved unanimously: Arthur Vats Firefighter 5/14/04 33 years 0 months Option B Bridget Coulter RMLD 7/01/04 24 years 3 months Option B Section 12(2)(d) member - survivor allowance was approved unanimously: David Donnelly, spouse of active member Patricia Donnelly, who passed away on March 5, 2004. Patricia was a secretary at the Joshua Eaton School and was a member of the Reading Retirement System for 15 years and 5 months. Member - survivor allowance payable for David's lifetime: $417.27 monthly, $5,007.24 annually Transfers to other systems were approved unanimously: Beverly Zagarri To Essex Regional Retirement $58,575.64 21 years, 11 months (Includes 16 yrs, 5 mths creditable service + annuity savings funds transferred from Massport to Reading in 1998) (School superintendent's office) Pamela Brown To Amesbury Retirement (Elder services) Refund was approved unanimously: Luisa Tremblay Resigned 4/13/04 (Recreation) Total deductions and interest Less 100% interest Less 20% Federal income taxes Net refund (cash withdrawal) $12,464.73 2 years, 8 months 1 year, 7 months $3,765.42 $ 13.08 $ 750.47 $3,001.87 The board members unanimously approved the request of the board administrator to attend a public speaking class through Dale Carnegie & Associates on May 7, 2004 at a cost of $199.00. The board members reviewed and approved unanimously the following vouchers 2004 Voucher # 19 Town of Reading Treasurer $450,539.75 20 Town of Reading Treasurer $ 2,866.05 21 Section 3(8)(c) Reimbursements $ 15,130.78 22 Essex Regional Retirement Brd $ 58,575.64 23 Amesbury Retirement Board $ 12,464.73 24 Luisa Tremblay $ 3,001.87 25 Town of Reading Treasurer $ 750.47 26 Central Reprographics $ 38.00 27 Dale Carnegie & Associates $ 199.00 28 Thomson West $ 102.00 29 Reading Co- operative Bank $ 28.00 (Directly deducted from checking account on 2/10/04) Apr retiree payroll Apr admin. salary Rmb to other systems (State) Trsf to other system ( Zagarri) Trsf to other system (Brown) Refund to member (cash) 20% Fed Tax (Tremblay) Adm Exp (25 retirement guides) Adm Exp (Public speaking class) Adm Exp (MA GL -2004 update) Admin Exp (charge for checks) The board members reviewed, approved, and signed the Annual Statement for PERAC for calendar year ended December 31. 2003. The board members unanimously voted for a 3% cost -of- living increase for FY 2005, which begins on July 1, 2004 and ends June 30, 2005. A 3% COLA is already factored in for the actuarial study.