HomeMy WebLinkAbout2002-02-20 Retirement Board MinutesThe Reading Retirement Board held a meeting on FEBRUARY 20, 2002, in the Accounting and Finance Department
Off ce, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M.
Paul Todisco, client services officer for PRIM board, discussed the PRIT fund.
Minutes from the December 19, 2001 meeting were signed by the board members.
Minutes from the January 23, 2002 meeting were read and accepted.
There were no new members this month.
None
Approved retirement applications:
JosephBoyan RMLD 2/1/02
David Bishop Fire 3/8/2002
Paul Peoples Police 3/9/2002
Approved PERAC approved retirements:
Anthony Gentile Option B
Monthly annuity
Monthly pension
Monthly allowance
Annual allowance
Joseph Boyan Option A
Monthly annuity
Monthly pension
Monthly allowance
Annual allowance
Approved refunds:
Norman Perry Resigned 11/9/00
Total deductions and interest
Federal income taxes withheld
Net Refund
Reviewed and approved the following vouchers
2002 Voucher # 05
06
07
08
09
10
Town of Reading Treasurer
Town of Reading Treasurer
Corporate Express
3(8)(c) Reimbursement
Norman Perry
Town of Reading Treasurer
29 years 8 months
31 years 2 months
30 years 8 months
February 1, 2002
$ 480.97
$ 2,589.96
$ 3,070.93
$36,851.16
February 1, 2002
$ 518.79
$ 4,230.55
$ 4,749.34
$56,992.08
7 years 7 months
$27,609.89
$ 5,521.98
$22,087.91
Option A
Option A
Option B
Firefighter
I, u10�]
$394,222.17
Feb retiree payroll
$ 2,487.53
Feb admin. Salary
$ 47.85
Supplies
$ 15,686.46
Various systems
$ 22,087.91
Refund
$ 5,521.98
20% Federal taxes
Approved the re- election of Henry (Buzz) Boissoneau for the first elected member of the Reading Retirement Board.
Discussed a request from former substitute teacher to purchase retirement credit for service. Retirement deductions were
not taken. The period of time is November 1975 to September 1977 and the number of days are 3, 152.7, and 107.5. The
Board wont accept liability because she was never eligible to become a member.
Discussed the membership of John Dempsey. He is in the Retirement System as of the February 1" payroll but has not
responded to the Board Administrator's letter asking him to come to the Retirement office to complete a "New
Membership" form. The Board Administrator will request John's supervisor, Cathy Cook, to ask him to come to the
Retirement Office.
The Board discussed an issue from last month's meeting regarding accidental disability retirees who may have possible.
dependants. The Board Administrator will write a letter to Robert Castine to inform him that he may be eligible for a
monthly dependant allowance for his daughter, Sarah. Henry Rich's children, Michael and Kimberly, were bom years after
Henry retired so he is not eligible for a monthly dependant allowance. Charles Johnson's retirement allowance will begin in
February (he had been on worker's comp) and he is eligible to receive a monthly dependant allowance for his daughter
Kellie.
795
796
797
Earl Opland, a former school custodian, passed away on January 24, 2002.
Aldona Bell, who worked for the school department prior to retiring, passed away January 28, 2002
Myrtle Waelde, a former school nurse, passed away February 5, 2002.
Memos received:
(The Board discussed PERAC's memo #7/2002 and PRIM's notice regarding the PRIM CLIENT Conference).
PERAC - Memo # 4/2002, dated January 18, 2002 - PERAC is researching whether or not to allow public pension
funds to invest in "hedge funds ".
PERAC - Memo #5/2002, dated January 24, 2002 - Instructions and worksheet for calculating buybacks and
repayments for calendar year 2002.
PERAC - Memo #6/2002, dated January 29, 2002 - Worksheet for calculating buybacks where a member had prior
employment time for which they are entitled to creditable service and for which no contributions have been made.
PERAC - Memo #7/2002, dated January 29, 2002 - Chapter 268A- Special Municipal Employee Designation.
- The Board requested Beth Klepeis and Richard Foley to discuss this issue with the Town Manager.
PERAC - Memo #8/2002, dated February 1, 2002 - Confidential and personally identifiable information should
not be sent to PERAC via e-mail because PERAC dos not currently encrypt incoming e-mail. They cannot
guarantee or insure privacy, confidentiality or security.
PERAC - Memo #9/2002, dated February 1, 2002 - There has been an increase in the number of transmittals
submitted with incorrect Social Security Numbers. Care should be given to use the correct number on all pages of
the transmittals.
PERAC - Memo #10/2002, dated February 4, 2002 - Investment Manager List.
PERAC - Memo #11/2002, dated February 5, 2002 - Data Verification for 2001 Annual Report
PRIM - Notice from Paul Todisco that the governor did not include a recommendation for an annual appropriation
in the fiscal year 2003 state budget proposal.
PRIM - Notice regarding the 10 ° Annual PRIM Client Conference. The conference will take place on Thursday,
May 9, 2002 from 10:00 a.m. to 3:00 p.m., at Bentley College in Waltham.
- Henry (Buzz) Boissoneau, Richard Foley, Elizabeth Klepeis, Joseph Veno and Karen DeAngelis will attend the
conference.
MACRS (Mass. Assoc. of Contributory Retirement Systems) - Memo regarding local government ERI bill (early
retirement incentive).
Meeting adjourned 7:35 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian, and DeAngelis.
HenryA ssoneau, 1" elected
Richard P. Foley, Ex Officio
R. Veilb, 2T elected
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