HomeMy WebLinkAbout2002-04-24 Retirement Board MinutesThe Reading Retirement Board held a meeting on APRIL 24, 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 February 20, 2002 meeting were signed by the board members.
Minutes from the March 27, 2002 meeting were read and accepted.
There were no new members this month.
There were no retirement applications this month.
There were no PERAC approved retirements this month.
Approved refunds
James d'Entremont Resigned from DPW - 3/29/02
Town of Reading Treasurer
Total deductions and interest
$13,387.15
Less 50% interest
$ 352.40
Less 20% federal income taxes
$ N/A
Net refund (rollover)
$13,034.75
Joseph L. Boyan Terminated by RMLD - 3/4/02
20
Total deductions and interest
$ 2,691.87
Less 0% interest
$ 0.00
Less 20% federal income taxes
$ 538.37
Net refund (cash)
$ 2,153.50
Reviewed and approved the following vouchers
2002 Voucher # 17
Town of Reading Treasurer
$402,166.74
18
Town of Reading Treasurer
$
2,487.53
19
3(8)(c) Reimbursement
$
240.73
20
American Express Trust Co.
$
13,034.75
21
Joseph L. Boyan
$
2,153.50
22
Town of Reading Treasurer
$
538.37
23
West Group
$
84.00
24
Leonard Rucker
$
86.88
25
Petty Cash
$
25.00
6 years 1 month
0 years 6 months
April retiree payroll
April admin. salary
Middlesex Retirement
Refund to member (rollover for
James d'Entremont)
Refund to member (cash)
20% Federal taxes (J Boyan)
6 copies MA Gen Laws 32
Erroneous retirement deduction
Notary Public Commission Fee
Phyllis Maloney, an active member of the Reading Retirement System and teacher aide since 971, attended this meeting to
ask the Board to consider allowing her to buy back prior Reading service, from 1971 to 1991, at the rate of 5 %. She
became a member of the Reading Retirement System in March of 1994 and should buy back her time at the rates in effect
during each time period. The Board decided that any buy back of time should be at the rates in effect during each time
period and also that Phyllis Maloney's current deduction rate should remain at 8 %. The Board agreed to send a letter to
PERAC explaining Phyllis Maloney's situation, along with copies of backup from the Zena Merullo case, which is very
similar to Phyllis Maloney's situation.
The Board members voted to grant a 3% cost -of- living increase to retirees for FY 2003, which begins on July 1, 2002 and
ends June 30, 2003.
The Board members signed the Annual Statement.
The Board members discussed Mass Laws Chapter 32, Section 15 - Misappropriation of Funds.
The Board has been notified by PERAC of a restoration to service for Charles Johnson. The employer has been notified by
the Board Administrator.
As discussed at the January 23, 2002 Board meeting, the Board Administrator wrote a letter to Robert Castine asking for
the date of birth of a dependent he listed on his 2001 affidavit. His wife called to say that their daughter was bom after his
retirement for accidental disability, therefore he is not eligible for a supplementary dependent allowance.
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Memos received:
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PERAC - Memo # 19/2002, dated April 4, 2002 - Tobacco Company List.
PERAC - Memo # 20/2002 - Not available yet from PERAC.
PERAC - Memo # 21/2002, dated April 10, 2002 - Investment Manager List.
PERAC - Memo # 22/2002, dated April 18, 2002 - Correction of address for public hearing and informal public
discussion on proposed regulation amendments.
Retired State. County and Municipal Employees Association - April 8, 2002 - Update on the local option early
retirement incentive bill and a summary which highlights the key features of the bill as of this date.
Retired State. County and Municipal Employees Association - April 12, 2002 - Local early retirement option
passes House with amendments.
Massachusetts Association of Contributory Retirement Systems. Inc. - April 15, 2002 - Proposed change in
MACRS Constitution.
Meeting adjourned at 7:35 P.M.
Present: Foley, Klepeig, Veno, Seferian and DeAngelis
Henry J. Boissoneau, 1" elected
Richard P. Foley, Ex O1fi io
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