HomeMy WebLinkAbout2002-12-18 Retirement Board Minutes837
The Reading Retirement Board held a meeting on DECEMBER 18, 2002, in the Accounting and Finance Department
Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M.
Robert Ripley attended this meeting because PERAC did not approve his accidental disability retirement application. They
determined that his injury did not occur while in the performance of his duties. Mr. Ripley brought in a letter written by his
attorney explaining in more detail why Mr. Ripley was performing his duties at the time of his injury. The Board voted to
re -affirm their previous vote on October 23, 2002 to approve the accidental disability retirement application of Robert
Ripley. They asked the Board Administrator to send a letter to PERAC notifying them of the vote and to include a copy of
the attorney's letter.
Minutes from the October 23, 2002 meeting were signed by all board members except Joseph Veno.
Minutes from the November 20, 2002 meeting were read and accepted by all board members except Joseph Veno.
The Board approved an additional amount for a refund for Election of Benefits under G.L. c.32, § 12(2)(d) for Jean E.
Talbot, beneficiary of record of John Talbot, for interest calculated through October 31, 2002, the date of the refund, rather
than through August 16, 2002, the date of death of John Talbot.
Revised Amt Original Amt Amount Owed
Total deductions and interest $34,546.13 $34,432.45 $113.68
Less 20% federal income taxes 6,909.23 6.886.49 22.74
Net refund (cash withdrawal) $27,636.90 $27,545.96 $ 90.94
Approved transfers to other systems
Linda Bemat To Lawrence Retirement System $ 78,912.86
12 years 4 months
Michael Colford To Saugus Retirement System $ 41,910.77
14 years 9 months
Reviewed and approved the following vouchers:
2002 Voucher # 72 Town of Reading Treasurer $412,054.25
Dec. retiree payroll
73 Town of Reading Treasurer $ 2,588.25
Dec. admin. Salary
74 Jean E. Talbot $ 90.94
Add'1 refund of interest (cash)
75 Town of Reading Treasurer $ 22.74
20% Fed taxes -Jean Talbot
76 Lawrence Retirement System $, 78,912.86
Trsf to other system (Bernat)
` 77 Saugus Retirement System $ 41,910.77
Trsf to other system ( Colford)
78 Town of Reading Treasurer $ 2,623.00
FY03 Banking, postage, envelopes
A transfer of $11,428.33, dated 12/13/02, was received from the Quincy Retirement System for Christopher Reilly, Town
Planner. Quincy will accept liability for 2 years and 10 months of service for the period 12/17/99 - 11/1/02.
PERAC's Disability Unit has evaluated William Hadley for possible return to service.
The internal nurse case manager has
determined that he is unable to perform the essential duties of his job.
The Reading Retirement System has received $151,428.82 from the State for the COLA reimbursement for the period
7/1/02 - 12/31/02.
The Board voted to accept liability for six months of creditable service, upon proper repayment to the State Retirement
System, for former employee, Donald Nadeau. Donald worked for the Town of Reading during the period of 12/20/89-
6/30/90 as a full -time interim conservation administrator but did not become a member of the Reading Retirement System
_until his permanent position began on 7/1/90.
The Board voted to adopt the "Procedures for Releasing Information About Members of the Town of Reading Retirement
System"
The Board discussed whether or not to recalculate Section 12(2)(d) survivor benefits for Veterans allowance. Per Ralph
White's newsletter, there may be a question about a surviving spouse's rights to the Veterans allowance. The Veterans
allowance is for the Veteran. It may not pertain to the Veteran's spouse. PERAC has already approved the recalculation
allowances for the surviving spouses. The Board decided to hold off on the recalculation for now. They will revisit this
issue in a month or two.
838
The Board Administrator needed guidance for the Veteran's recalculation of Ernest Watson's allowance. His payroll
records cannot be found for the years 1969 - 1972 and there may be a discrepancy between what he should have been paid
and what he actually was paid. The Board determined that Mr. Watson should be paid retroactively $73.08 per year every
year since he retired. That is a consistent amount by which his allowance has been lower each year.
The Board discussed the PRIM Board's 3`" Quarter Review and Reading's profile for the quarter ending 9/30/02.
Reading Retirement System - Items reviewed:
General Ledger Trial Balance as of October 31, 2002
Bank Reconciliation for month ended October 31, 2002
PRIM - Reviewed Monthly Account Statement and PRIT Fund Performance for Period Ending October 31,2002.
Memos received:
PERAC - Memo #45 /2002, dated November 21, 2002 - Update on Chapter 46 of the Acts of 2002. - PERAC
Memo #27/2002 outlined Chapter 46 of the Acts of 2002 in general terms. This law brings the Massachusetts
Retirement Law into compliance with federal limitations on the compensation used to calculate retirement
allowances and the dollar amounts of retirement allowances. This provision affects only the highest paid
employees and will not apply to most retirement systems and most retirement system members.
PERAC - Memo # 46/2002, dated December 6, 2002 - Local Government Early Retirement Incentive Program
Follow -Up. This memo discusses the steps a Retirement Board should take if any of their governmental units has
accepted the Early Retirement Incentive program.
PERAC - Memo # 47/2002, dated December 12, 2002 - Creditable service for unpaid Town Moderators.
PERAC notice to Municipal Clerks regarding the Pension Fraud Posters and including a brochure that informs
readers about the PERAC Fraud Unit and a "Referral Report of Potential Fraud" form
Meeting adjourned at 7:23 P.M.
Present: Boissoneau, Foley, Klepeis, Seferian and DeAngelis
enry� JJ. biiss/nnueau, 1" elected
�.wt.c,..� 4 i4/
Richard P. Foley, Ex OfPrc
t -Ouw" Al 0 P 01191 --"l
Eliza bth W. Klepeis, 1" appbinted
Joseph R. Veno, 2 Id elected
Daniel B. Sefenan, 2' pom ed