2000-02-23 Retirement Board Minutes

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ld~ The Reading Contributory Retirement Board held a meeting on February 23, 2000, Conference Room, Town Hall, Reading, Massachusetts. The meeting was called to order at 7:30 A.M. Minutes from the January 26, 2000 meeting were read and accepted. Minutes from the December 15, 1999 meeting were signed by the board members. Approved Option C Pop-up calculations: Lucille Calhoun's allowance popped up to $4,111.44 from $3,331.20 annually passed away on February 9, 2000. PERAC approval is pending. Herbert Maine's allowance popped up to $24,213.72 from $20,022.12 annually. away on January 28, 2000. Approved retirement applications: David E. Rourke RMLD Option B March 3, 2000 William F. Campbell III Fire Option B June 30, 2000 Approved new membership: William Marks RMLD 9% Approved refunds: Peter Cole rollover to an IRA $8,451.07 interest not refunded $245.43 Reviewed and approved the 2000 Voucher # 09 10 11 12 13 following vouchers: Town of Reading Treasurer Town of Reading Treasurer 3(8)(C) Reimbursements Corporate Express American Express Trust Co. Her husband His wife passed $341,074.44 $2,873.32 $42,212.83 $7.49 $8,451.07 rollover Cole Approved and signed the `Annual Statement of the Financial Condition of the Reading Retirement System to PERAC for the Year Ended December 31, 1999'. PERAC is reviewing the status of Charles W. Johnson Jr. for a Comprehensive Medical Evaluation. The evaluations take place once each year during the first two years after retirement, once every three years thereafter, and at any time upon request of a disabled retiree. Matthew Faucette began his buyback of 1 year and 4" months as a seasonal laborer in March of 1999. The February 4, 2000 deduction was the last. He has paid $1,200.00 (701/o) of the $1,708.08. He should not have been allowed to buy this time back because he was contributing to Social Security at the same time. The Board voted to refund the $1,200:00 plus 5% interest for a total refund of $1,260.00. The check was dated February 29, 2000. Mr. Leon Whitehouse passed away on January 28, 2000 and Samuel Bertwell passed away on February 2, 2000. Paul Todisco informed the Retirement Board Administrator that the target rate of return was 8.44%. This information was faxed to PERAC along with the actuarial rate of return assumption of 8%.