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2005-08-25 Retirement Board Minutes
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2005-08-25 Retirement Board Minutes
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A <br />MINUTES OF THE READING RETIREMENT BOARD MEETING <br />THURSDAY, August 25, 2005 <br />The Reading Retirement Board held a regular session meeting on August 25, 2005, in the Accounting and Finance <br />Department Office, Town Hall, Reading, Massachusetts. <br />The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Francis <br />Driscoll, Richard Foley, Elizabeth Klepeis, and Daniel Seferian. <br />HEARING <br />A hearing was held upon the request of Retired Police Officer Paul Sheridan. Mr. Sheridan was concerned <br />that his health insurance was not withheld from his July pension allowance. Richard Foley explained that <br />PERAC had directed the Reading Retirement Board to stop paying a pension allowance, including health <br />insurance premium, due to Mr. Sheridan's lack of compliance in filing his earnings statements for years 1997- <br />2004. Mr. Sheridan filed his statements for years 2003 -2004 at the end of July. PERAC has instructed the <br />Reading Retirement Board that Mr. Sheridan is still in non compliance for a pension allowance, but will be <br />able to have his health insurance deducted. Three deductions will be made in September, to bring Mr. <br />Sheridan's health insurance account up to date. Mr. Sheridan was happy with this resolution of the matter. <br />MINUTES <br />• Regular session minutes for the June 23, 2005 meeting were to be signed by all board members, but will be <br />signed at the next meeting due to the minutes being missing. <br />• RICHARD FOLEY moved to accept the July 21, 2005 regular session minutes as written. <br />SECONDED BY: FRANCIS DRISCOLL <br />VOTED: (4 -0 -1) ABSTAINED ELIZABETH KLEPEIS <br />APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS AND REFUNDS <br />• ELIZABETH KLEPEIS moved to approve the following superannuation retirement calculation: <br />Bruce Gustafson RMLD- Lineman 8/1/05 31 years, I month Option A <br />Annuity $ 6,051.36 <br />Pension $ 36,466.20 <br />Yearly $ 42,517.56 <br />Monthly $ 3,543.13 <br />SECONDED BY: FRANK DRISCOLL <br />VOTED: (5 -0) UNANIMOUS <br />• ELIZABETH KLEPEIS moved to approve the following new members: <br />Matthew Wilson <br />School -Tech <br />Date of Reading hire — 10/25/04 <br />Date of membership — 7/18/05 <br />9%+2% <br />Position is now full -time <br />Contributed to social security so cannot purchase prior service <br />Sean Wilson <br />Police - officer <br />Date of Reading hire — 7/29/05 <br />9%+2% <br />Date of membership — 8/11/04? <br />Funds to be transferred from State <br />Ian Nelson <br />Police - officer <br />Date of hire & membership — 7/30/05 <br />9%+2% <br />Richard Abate <br />Police - officer <br />Date of hire & membership - 7/31/05 <br />9%+2% <br />
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