HomeMy WebLinkAbout2002-01-23 Retirement Board Minutes791
The Reading Retirement Board held a meeting on JANUARY 23, 2002, in the Accountine and Finance Department
Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M.
Minutes from the November 28, 2001 meeting were signed by the board members.
Minutes from the December 19, 2001 meeting were read and accepted.
There were no new members this month.
Approved retirement applications
Eileen O'Malley
Library 2/07/2002
13 years 2 months Option B
Phillip Cail .
RMLD 2/08/2002
30 years 0 months Option A
Carolyn Martino
Clerk's Office 2/11/2002
12 years 8 months Option A
Reviewed and approved the
following vouchers:
2002 Voucher #
01
Town of Reading Treasurer
$384,773.86 Jan retiree payroll
02
Town of Reading Treasurer
$ 2,487.53 Jan admin. Salary
03
MACRS Inc.
$ 200.00 MACRS dues for 2002
04
3(8)(c) Reimbursement
$ 11,948.27 Various systems
All affidavits have been received.
• transfer of $2,082.86 was received from the Lexington Retirement Board for Police Officer Michelle Lloyd.
• transfer of $1,386.06 was received from the State Board of Retirement for Police Officer Michael Fitzgerald.
Letters regarding reimbursement from other systems (Section 3(8)(C) of Chapter 32 of the General Laws) were mailed
on January 2, 2002. ,
Discussed the following three accidental disability retirees who have possible dependents.
Robert Castine retired on 1/28/82 at the age of 49. On his most recent affidavit he has Sarah Castine listed as a
dependent. At the time of his retirement he had no dependents listed on his paperwork. There is no information
on Sarah in Robert's folder.
Henry Rich retired on 11/27/76 at the age of 34. On his most recent affidavit he has listed a son, Michael, age
15 and a daughter, Kimberly, age 12 as dependents. At the time of his retirement he had no dependents listed
on his paperwork. Henry's affidavit for the year 1989 lists these same two dependents but there is a notation
written beside their names (written by the previous administrator ?) that says they are not eligible for an
allowance. It's possible that they are not his biological or adopted children, in which case he is not eligible for
the dependent allowance.
PERAC's opinion was that both Robert Castine and Henry Rich should be notified that they may possibly be eligible for
the dependent allowance, based on their 2001 affidavits which state that they have dependents.
Charles Johnson retired on 4/29/93 at the age of 43. On his most recent affidavit he has Kellie Johnson listed as
a dependent. Kellie's date of birth is 12/1/86 so she is currently 15 years old. At the time of his retirement he
had no dependents listed on his paperwork. On Charles' previous affidavit for the year 2000 there is a notation
saying that Charles claims Kellie every other year for taxes but she lives with her mother.
Charles Johnson's retirement allowance will begin in February when his Workers Compensation offset is complete.
While receiving the Worker's Comp benefit he was not eligible for the dependent allowance. Once he begins to receive
his accidental disability retirement allowance he will be eligible for the dependent allowance. PERAC's opinion is that
he is entitled to this allowance even though Kellie lives with her mother and he can only claim her every other year.
Discussed affidavit from John Louanis. The third notice sent by certified mail, return- receipt requested, was returned
unclaimed. The second notice was returned but John's name was signed by someone else, possibly his son. Beth
Klepeis will call to get the status on John.
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Joan Langsam has requested that CRAB dismiss the Reading Retirement Board's petition against the State for their
refusal to accept liability for Christopher Picco's service. She has also requested that CRAB allow a motion to
substitute the Middlesex Retirement Board as respondent.
Memos received:
PERAC - Memo #44 /2001, dated December 10, 2001 - PERAC has supplied all Board members with an article
relating to securing sufficient insurance coverage to protect the assets of the retirement system.
PERAC - Memo #45 /2001, dated December 18, 2001 - Cost of Living increase for supplemental dependent
allowance paid to accidental disability retirees - increased from $543.12 to $559.44 per year retroactive to July
1, 2001.
PERAC - Memo #46 /2001, dated December 19, 2001 - Notice regarding preparation of calendar year 2001
Annual Statements.
PERAC - Memo #47 /2001, dated December 27, 2001 - Revised application for withdrawal of accumulated
total deductions and revised special tax notice for all withdrawals paid on or after January 1, 2002.
PERAC - Memo #1/2002, dated January 3, 2002 - Tobacco Company List.
PERAC - Memo #2/2002, dated January 11, 2002 - 2002 Interest Rate set at 1.4 %.
PERAC - Memo #3/2002, dated January 16, 2002 - COLA notice - latest cost -of- living adjustment per the
Social Security Administration is 2.6 %. The effective date will be July 1, 2002.
PRIM Board
- Third quarter report of the PRIT Fund including the financial profile of the Reading Retirement.
- Monthly account statement and PRIT fund performance for period ending December 31, 2001.
Retired State, County and Municipal Employees Association of Massachusetts:
- Memo regarding the State's early retirement incentive plan.
- Memos regarding the legislation establishing an Early Retirement Incentive for cities, towns and counties.
Meeting adjourned 6:55 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian, and DeAngelis.
Remy J. Bpi so au, 1' elected
R 0 ��
Richard P. Foley, Ex Of cio ,
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794