HomeMy WebLinkAbout2002-03-27 Retirement Board MinutesThe Reading Retirement Board held a meeting on MARCH 27, 2002, in the Accounting and Finance Department Office,
Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M.
Minutes from the January 23, 2002 meeting were signed by the board members.
Minutes from the February 20, 2002 meeting were read and accepted.
Approved new membership:
Susan Perry - Facilities Coordinator 10/08/01
Linda Polcari Firefighter 01/18/02
John Dempsey School -Bldg Maint & Lunch 02/01/02
Michael Pontone DPW- Highway 02/19/02
Approved retirement applications:
Ann Tierney RMLD 4/30/2002 22 years 7 months
Approved PERAC approved retirements:
Eileen O'Malley Option B
Monthly annuity
Monthly pension
Monthly allowance
Annual allowance
Phillip Cail
Carolyn Martino
David Bishop
Paul Peoples
Approved refunds:
Option A
Monthly annuity
Monthly pension
Monthly allowance
Annual allowance
Option A
Monthly annuity
Monthly pension
Monthly allowance
Annual allowance
Option A
Monthly annuity
Monthly pension
Monthly allowance
Annual allowance
Option B
Monthly annuity
Monthly pension
Monthly allowance
Annual allowance
Darryl Young Resigned 1 /l1 /02
Total deductions and interest
Less 100% interest
Less 20% Federal income taxes
Net Refund
9%+2%
9%+2%
9%+2%
9%+2%
Option A
February 7, 2002 Library
$ 74.73
$ 220.37
$ 295.10
$ 3,541.20
February 8, 2002 RMLD
$ 480.06
$ 3,791.40
$ 4,271.46
$51,257.52
February 11, 2002
$ 138.52
$ 491.83
$ 630.35
$ 7,564.20
March 8, 2002
$ 468.80
$ 2,590.21
$ 3,059.01
$36,708.12
March 9, 2002
$ 379.50
$ 3,147.48
$ 3,526.98
$42,323.76
1 year 7 months
$3,701.97
$ 37.41
$ 732.91
$2,931.65
Clerk's Office
Fire Dept.
Police Dept.
PERAC is hosting a Public Pension Institute for Retirement Board Members and Administrators at the University of
Massachusetts, Amherst Campus from July 28 to July 31, 2002. Attendance by Board member, Elizabeth Klepeis, and
Board Administrator, Karen DeAngelis was approved by the Board, with Elizabeth Klepeis abstaining from the vote. The
cost for the Institute is $150 per person and a one -night stay at the Campus Center Hotel is $70 per person.
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The State Board of Retirement is billing Reading $735.90 for a retiree relating to Section 3(8)(c) reimbursement. The
amount on the pro - ration letter from PERAC is $735.80. This also happened last year. The Board decided to pay the State
the amount they are billing of $735.90.
Reviewed and approved the following vouchers
2002 Voucher # 11
Town of Reading Treasurer
12
Town of Reading Treasurer
13
3(8)(c) Reimbursement
14
Darryl Young
15
Town of Reading Treasurer
16
UMass /Conference Services
$400,908.47
March retiree payroll
$ 3,731.29
March admin. salary
$ 69,230.70
Various systems
$ 2,931.65
Refund to member
$ 732.91
20% Federal Taxes
$ 300.00
PERAC conference
The Board re- elected Henry (Buzz) Boissoneau as Chairman of the Board.
Board members deferred signing the Annual Report until the April 2002 meeting
The Board was notified that Robert Ripley, DPW master mechanic, has filed for an accidental disability retirement as a
result of a shoulder and wrist injury sustained in November 2000. He has also included in the application that he injured
his back in 1987.
A letter was sent to the Reading Town Moderator, Allan Foulds, on March 21, 2002, notifying him that the Reading
Retirement Board will be voting on granting a COLA increase for Fiscal Year 2003 at the April 24 meeting. The April 24
meeting was publicly posted with the Town Clerk on March 13, 2002.
Velma Francis passed away on February 2, 2002. She was an Option C survivor of Ralph Francis, a former RMLD
employee who retired in 1978.
Elmer Young passed away on March 20, 2002. He worked as a custodian for the high school prior to retiring in 1970.
Memos received
PERAC - Memo #12/2002, dated February 27, 2002 - PERAC is asking for Board members to respond to the
survey they sent in December 2001.
(The Board decided that the Board Administrator should respond to the survey).
PERAC - Memo #13/2002, dated March 4, 2002 - PERAC issued an emergency regulation, now in effect, that
authorizes all Retirement Boards to accept pre -tax rollovers from eligible retirement plans for the purchase of
creditable service.
PERAC - Memo #14/2002, dated March 5, 2002 - This is a follow -up to PERAC's memo #36/2001, dated
September 20, 2001, regarding the recalculation of retirement allowances for retirees who are receiving the
additional veteran's benefit.
Inquiries have been made regarding the effect of the veteran's benefit on a member - survivor receiving the $3,000
minimum, the effect of the veteran's benefit on an allowance that was increased under § 90C, and the effect of the
veteran's benefit on Option C Pop -up calculations. The veteran's benefit has been interpreted to be an additional
benefit paid above and beyond the regular benefits provided for in Chapter 32.
PERAC has also received inquiries into whether the benefits due to deceased retirees should be paid to the estate
or beneficiaries. In PERAC's Memo #36/2001, the Commission instructed the boards to recalculate only the
allowances for veterans or beneficiaries receiving benefits on the day of that decision. Following the decision in
Dargin v. PERAC, the Commission is hereby revising its original position and will allow payments to be made to
the estate or beneficiaries of deceased retirees.
PERAC - Memo #15/2002, dated March 7,2002 - All Retirement Boards must submit proposed Retirement Board
Travel Supplemental Regulations to the Commission for review under the provisions of G.L. c.7, § 50 and G.L. c.
32, § 21(4) within 60 days of the issuance of this Memorandum. PERAC has included guidelines to assist
Retirement Boards in drafting appropriate supplemental regulations on Board Member and staff travel.
(The Board decided to have the Board Administrator work on supplemental regulations for Retirement
Board travel, using PERAC's guidelines as a format and the Town of Reading's policy for mileage and
meals reimbursement).
802
803
PERAC - Memo #16/2002, dated March 7, 2002 - PERAC is reminding retirement boards about the
confidentiality of medical records. They suggest that boards consider requiring all board members and staff to
sign a confidentiality agreement.
PERAC - Memo #17/2002, dated March 20, 2002 - Local Experience Study Analysis.
PERAC - Memo #18/2002, dated March 25, 2002 - Public Hearing and Comment Period on Proposed Regulation
Amendments.
PERAC News Bulletin - regarding local government Early Retirement Incentive hearing on March 14, 2002.
PRIM - Retirement Board and staff members are invited to the tenth annual PRIM Client Conference on May 9,
2002. The following members will attend: Henry (Buzz) Boissoneau, Richard Foley, Elizabeth Klepeis, Joseph
Veno, and Karen DeAngelis.
PRIM - Monthly Account Statement and PRIT Fund Performance for Period Ending February 28,2002.
PRIM - PRIM Board Quarterly Review.
Retired State, County and Municipal Employees Association - They are requesting notification when the
Retirement Board votes for a COLA effective July 1, 2002.
Retired State, County and Municipal Employees Association - They are requesting a new listing of retirees of
the Reading Retirement System. The last update they received was 1999.
MACRS - Memo regarding Local Early Retirement.
Meeting adjourned 7:00 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian, and DeAngelis.
Henry
�`JJ,'Ac ssoneau, 1" elected
Richard P. oo Ex Officio
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