HomeMy WebLinkAbout2002-07-24 Retirement Board Minutes81J
The Reading Retirement Board held a meeting on JULY 24, 2002, in the Accounting and Finance Department Office,
Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M.
Minutes from the April 24, 2002 meeting were signed by the board members.
Minutes from the May 29, 2002 meeting'were signed by the board members.
Minutes from the June 26, 2002 meeting were read and accepted.
Minutes from the July 8, 2002 meeting were read and accepted by all members except Joseph Veno, who was absent for
that meeting.
Approved new membership:
John Feudo Recreation- Program Coordinator DOH - 7/9/02 9%+2%
Approved refunds
Jonathan Breton Resigned from DPW- Highway - 2/7/02
0 years 10 months
Total deductions and interest
$
2,040.87
Less 100% interest
$
14.10
Less 20% federal income taxes
$ 405.35
Net refund (cash)
$
1,621.42
Jonathan Colleran Resigned from DPW - Laborer - 6/7/02
0 years 10 months
Total deductions and interest
$
1,835.74
Less 100% interest
$
6.76
Less 20% federal income taxes
$
365.80
Net refund (cash)
$
1,463.18
Approved transfer to other system:
Joann McMahon To Mass Teachers' Retirement
Reviewed and approved the following vouchers
2002 Voucher # 40
41
42
43
44
45
46
Town of Reading Treasurer
Town of Reading Treasurer
Jonathan Breton
Town of Reading Treasurer
Jonathan Colleran
Town of Reading Treasurer
MA Teachers' Retirement Board
$ 37,711.40 18 years 2 months
$409,615.57
July retiree payroll
$ 2,575.50
July admin. salary
$ 1,621.42
Refunds to members (cash)
$ 405.35
20% Fed income tax (Breton)
$ 1,463.18
Refunds to members (cash)
$ 365.80
20% Fed income tax (Colleran)
$ 37,711.40
Trsf to other systems (McMahon)
Roberta Maillett had filed an appeal with CRAB in July 2001 regarding the Reading Retirement Board members' vote of
June 27, 2001 denying her a refund of her deductions and interest. A hearing was scheduled for April 11, 2002 at DALA.
Roberta did not attend the hearing and on April 17, 2001 an order to show cause as to why the appeal should not be
dismissed was issued by DALA. She did not respond in a timely manner so the appeal was dismissed with prejudice.
The cost of living increase for the FY 2003 will be reflected in the July 2002 retiree checks.
A notice from PERAC, dated June 12, 2002, regarding M.G.L. c.32, §91A was received. Two retirees, Paul Vallee and
Paul Sheridan, were sent "notification of suspension" letters by PERAC because they had not submitted the required annual
report of earnings and failed to show good cause for such. A written notice was provided by the Board Administrator to
both retirees on June 14, 2002 giving them an opportunity to be heard by the retirement board. Paul Vallee has. submitted
his required annual report of earnings. PERAC sent the Board a letter confirming this. Paul Sheridan has not responded by
the July 12, 2002 deadline. The Board Administrator will file with the Commission copies of the Board's determinations
regarding this issue. The Board voted to continue to suspend Paul Sheridan's retirement allowance.
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A transfer of $9,643.82 was received from the Concord Retirement Board for RMLD Lineman Brian Lees
A transfer of $473.23 was received from the State Board of Retirement for Police Officer Michael Fitzgerald. This is an
additional transfer of funds not sent with the original transfer in January 2002.
Caroline Baxter, a retired cafeteria worker, passed away on July 2, 2002. She chose Option A at her retirement.
Edward Foley, an accidental disability retiree who retired from the Light Department, passed away on July 15, 2002. His
disability was the result of a back injury (failed back syndrome). His spouse may be eligible for a Section 101 survivor
benefit.
PERAC has notified the Board that they have scheduled a medical examination to evaluate the medical condition of Robert
Ripley. The examination is scheduled for August 15, 2002.
Memos received:
PERAC -,Memo # 29/2002, dated July 2, 2002 - Local government early retirement incentive program PERAC
is requesting assistance in compiling local acceptances and determining costs upon acceptance.
PERAC - Memo # 30/2002, dated July 2, 2002 - Memo regarding the UMass Educational Institute. There is still
time to register.
PERAC - Memo # 31/2002, dated July 11, 2002 - Tobacco Company List.
PERAC - Memo # 32/2002, dated July 16, 2002 - Investment Manager List.
PRIM - Monthly Account Statement and PRIT Fund Performance for Period Ending June 30,2002.
PRIM - Letter from Paul Todisco, with attachments from State Treasurer Shannon OBrien, addressing the
concerns regarding WorldCom, Enron and Corporate Governance.
Retired State County and Municipal Employees Association - July 9, 2002 - Listing of local governments that
have accepted the early retirement incentive as of July 9, 2002.
Meeting adjourned at 6:45 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian and DeAngelis
Henry J Bois n 1 : elected
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