2004-06-29 Retirement Board Minutes

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The Reading Retirement Board held a meeting on June 29, 2004, in the Accounting and Finance Department Office, Town 885 Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M. Retiree Murray Airhart received a "Notification of Suspension" from PERAC for failure to file his Annual Statement of Earned Income. He attended this meeting to explain to the board that he did file his statement, although it was after the due date, but PERAC sent it back because he hadn't signed his tax return. He had a copy of his tax return, which he signed. The board administrator will forward it on to PERAC. Minutes from the April 29, 2004 meeting were signed by all board members, except Henry Boissoneau who was absent due to illness. Minutes from the May 5, 2004 meeting were signed by all board members, except Henry Boissoneau who was absent due to illness. Minutes from the May 26, 2004 meeting were read and accepted by all board members. The board unanimously approved a PERAC approved retirement for the following member Arthur Vats Fire Department 5/14/04 33 years, 0 months Option B Superannuation Annuity $ 4,681.80 Pension $34.579.08 Yearly $39,260.88 Monthly $ 3,271.74 The board unanimously approved superannuation retirement applications for the following members: Janice MacDonald Educ Assistant 6/17/04 17 years, 9 months Option B Judith Williams Educ Assistant 6/17/04 16 years, 9 months Option A Catherine Cook Food Service Director 6/30/04 26 years, 6 months Option A The board unanimously approved the following new members: Christopher Cole DPW- Engineer 6/07/04 9 % +2% Carol Quinn DPW- Recreation Clrk 6/21/04 9 % +2% The board reviewed and unanimously approved the following vouchers: 2004 Voucher # 32 Town of Reading Treasurer $456,019.38 June retiree payroll 33 Town of Reading Treasurer $ 4,012.47 June admin. Salary 34 The Graphics Shop $ 63.08 1,000 letterhead envelopes 35 Richard Foley $ 38.13 Travel to Worcester 36 Town of Reading Treasurer $ 53.15 Reimb postage to Town 37 Town of Reading Treasurer $ 31.93 Reimb Town for notary supplies At the November 19, 2003 meeting the board was informed that Lillian Hitchcock was eligible for a Section 101 allowance, but a vote never took place. At today's meeting the board unanimously approved a Section 101 allowance of $6,000 per year for Lillian Hitchcock, retroactive to November 3, 2003. At the May 26, 2004 meeting the board was informed that Anne Feltch was eligible for a Section 101 allowance, but a vote never took place. At today's meeting the board unanimously approved a Section 101 allowance for Anne Feltch, retroactive to May 18, 2004. Paul Danahy, attorney for Robert Toussaint, responded to the board's letter regarding a hearing for Mr. Toussaint's accidental disability application. Attorney Danahy would prefer to have the hearing on July 7. He also requested copies of documents and would like to know if the board will have any witnesses. The board administrator has confirmed the date of July 7 for the hearing and has responded to Attorney Danahy's other requests. Elizabeth Klepeis and Richard Foley discussed their attendance at PERAC's Corporate Governance and Public Investments Forum on June 15, 2004. The main topic of this forum was board members' fiduciary responsibility regarding investments. The board discussed Middlesex Retirement's delay in reimbursing Reading Retirement for Section 3(8)(c). Board member Dan Seferian suggested that the board administrator check M.G.L. c.32, § 1 -28, to see if any section gives a time table for payment of a Section 3(8)(c) reimbursement. The board discussed withholding payment for the Section 3(8)(c) reimbursement Reading Retirement owes to Middlesex until Middlesex reimburses Reading. The board discussed changing Reading's supplementary regulations regarding rules for membership, possibly requiring a certain number of hours to be worked per year, rather than per week. The board will take this up at the next meeting.