HomeMy WebLinkAbout2002-09-25 Retirement Board Minutes827
The Reading Retirement Board held a meeting on SEPTEMBER 25, 2002, in the Accounting and Finance Department
Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M.
Paul Todisco, client services officer for the PRIM board, attended this meeting to discuss the performance of the funds in
PRIT through the period ending August 31, 2002 as well as the returns received by the Reading Retirement System since
inception. .
Minutes from the July 24, 2002 meeting were signed by the board members.
Minutes from the August 28, 2002 meeting were signed by all board members.
Approved new membership:
Sept. admin. salary
Anthony Ricardo
School - Maintenance DOH - 9/02/02
Daniel MacLean
DPW -Water Department DOH - 9/16/02
Kevin Furilla
Finance - Network Support Tech DOH - 9/16/02
Elizabeth Dickinson
Library- Assistant Director DOH - 9/16/02
Christopher Reilly
Town Planner DOH - 9/17/02
Approved retirement applications:
Daniel Brennan
Robert Kurchian
Phyllis Maloney
Approved refunds:
Jeff Murley
RMLD 9/07/02 23 years 1 month
School - Maint. 9/21/02 24 years 0 months
School -Ed Asst. 9/28/02 24 years 6 months
Resigned from Finance- Network Support - 8/23/02
Total deductions and interest $ 23,535.79
Less 50% interest $ 532.97
Less 20% federal income taxes $ N/A
Net refund (rollover to IRA) $ 23,002.82
Anne Krieg Resigned - Town Planner - 8/30/02
Total deductions and interest $36,397.88
Less 50% interest $ 1,282.12
Less 20% federal income taxes $ 7.023.15
Net refund (cash withdrawal) $28,092.61
Reviewed and approved the fi
2002 Voucher# 53
54
55
56
57
58
Blowing vouchers:
Town of Reading Treasurer
Town of Reading Treasurer
National Financial Services
FBO Jeff A. Murley
Fred Pryor Seminars
Anne M. Krieg
Town of Reading Treasurer
9%+2%
9%+2%
9%+2%
8% + 2% (Cambridge)
9 %+ 2% (Quincy)
Option A
Option C
Option B
6 years 1 month
8 years 11 months
$451,885.05
Sept. retiree payroll
$ 2,588.25
Sept. admin. salary
$ 23,002.82
Refunds to members (rollover)
$ 125.00
Admin Expense
$ 28,092.61
Refunds to members (cash)
$ 7,023.15
20% Fed income tax (Krieg)
Rafael Mercado, a School Custodian, would like to redeposit funds that were refunded to him by the Middlesex Retirement
System on 12/31/86. The periods of service are 10 years 1 month and 11 days from Middlesex, for which they will accept
liability upon proper redeposit, and 5 months and 8 days from the State. The total period is 10 years 6 months and the cost
to redeposit is $17,319.71. Rafael would like to have deductions taken from his paycheck, in the amount of $133.23, over
five years. The Board approved the redeposit of 10 years 6 months and the terms of the purchase.
The Board has received a "Notice of Hearing" from DALA regarding Reading Retirement Board vs. Middlesex County
Retirement Board to be held on October 22, 2002 at 9:30 AM. In March 2001 the Reading Retirement Board received
notice from the State Retirement Board that they would not accept liability for the 1 year 5 months of creditable service
Christopher Picco worked in the Middlesex Sheriffs office. The board members voted to appeal this decision but after
discussion with Joan Langsam, Town Counsel, she submitted a motion to substitute parties and to dismiss the State
Retirement Board as respondent. The Middlesex County Retirement Board is now the respondent.
Clarice Hynes, a retired school secretary, passed away on August 31, 2002. She chose Option A at her retirement on June
30, 1968. 1
71M
8 CU
The Board had a discussion regarding the withholding of state income taxes from a retirement allowance. It was questioned
whether it is acceptable to withhold state income tax from a retirement allowance if the retiree requests it, since a
Massachusetts public employee pension is not subject to Massachusetts income taxes.
The Board concluded, in accordance with 830 CMR 62B.2.1, that it is acceptable since there is nothing in the regulations
which prohibit this practice.
Reading Retirement System - Items reviewed
General Ledger Trial Balance as of August 31, 2002
Bank Reconciliation for month ended August 31, 2002
Memos received:
PERAC - Memo #34/2002, dated September 5, 2002 - Cost of living increase for supplemental dependent
allowance paid to accidental disability retirees. Beginning July 1, 2002 the annual amount is increased to $576.24
for each eligible child.
PERAC - Memo #35/2002, dated September 18, 2002 - Appropriation Data due October 31, 2002.
PRIM - Monthly Account Statement and PRIT Fund Performance for Period Ending August 31,2002.
Retired State County and Municipal Employees Association - No memos this month.
Meeting adjourned at 8:00 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian and DeAngelis
'Henry Jv6oifsoneau, 1° elected
Richard P. Foley, Ex O io
ME