HomeMy WebLinkAbout2003-03-26 Retirement Board MinutesThe Reading Retirement Board held a meeting on March 26, 2003, in the Accounting and Finance Department Office, .
Town Hall, Reading, Massachusetts. The meeting was called to order at 6:02 P.M.
Michael Reardon, client services officer for the PRIM board, attended this meeting to discuss the performance of the funds
in PRIT through the period ending December 31, 2002.
Minutes from the January 29, 2003 meeting were signed by all board members.
Minutes from the February 26, 2003 meeting were read and accepted by all board members except Joseph Veno, who was
not present at that meeting.
Approved retirement application:
Francis Driscoll Firefighter 06/19/03
Approved new membership
Daniel McGrath
DPW - Recreation 03/03/03
Approved refunds:
Town of Reading Treasurer
Sandra Holmes
Resigned 1/31/02
22
Total deductions and interest
23
Less 100% interest
24
Less 20% Federal income taxes
25
Net refund
Samach Ok
Resigned 3/14/03
$ 88.00
Total deductions and interest
$ 83.46
Less 100% interest
Less 20% Federal income taxes
Net refund
Reviewed and approved the following vouchers:
2003 Voucher # 17 Town of Reading Treasurer
18 Town of Reading Treasurer
19
Sandra Holmes
20
Town of Reading Treasurer
21
Samach Ok
22
Town of Reading Treasurer
23
Essex Regional Retirement
24
3(8)(c) Reimbursement
25
Commonwealth of Mass.
26
Corporate Express
32 years 0 months Option B
9%+2%
1 year 4 months
$2,875.98
$ 217.59
531.68
$2,126.71
0 years 6 months
$1,245.97
$ 1.86
$ 248.82
$ 995.29
$416,786.97
Mar. retiree payroll
$ 2,768.18
Mar. admin. Salary
$ 2,126.71
Refund to member (cash)
$ 531.68
20% Fed taxes -S. Holmes
$ 995.29
Refund to member (cash)
$ 248.82
20% Fed taxes-S. Ok
$ 19,137.27
Trsf to Other System -P. Masellas
$ 2,531.20
Rmb to other systems (various)
$ 88.00
Adm Exp (75 Retirement Guides)
$ 83.46
Adm Exp (Supplies)
The Board discussed the draft received from PERAC of the examiners' findings on the condition of the Reading Retirement
System at the time of the audit. PERAC issued the draft report to give the Retirement Board an opportunity to review it and
respond to any problems that have been addressed. If the Board does not send PERAC a written response by April 9b, the
audit will be issued in final form.
- The Board voted to not respond. The draft report is acceptable as is.
Joan Langsam, from Brackett & Lucas, forwarded a copy of the DALA decision in regard to the case of Reading
Retirement Board (Christopher Picco) v. Middlesex Regional Retirement Board. DALA found in favor of the Reading
Retirement Board. Middlesex Regional Retirement Board is liable for the one year and five months of creditable service
that Christopher Picco earned while employed at the Middlesex County Sheriffs Office during the period of 5/20/95 to
10/20/96. Joan Langsam will advise if an appeal is filed by Middesex.
Joan Langsam also forwarded a copy of a Stipulation of Dismissal for the matter of Tine v. Contributory Retirement Appeal
Board.
Alfred Burbine, who worked for the RMLD and retired on May 3, 1972, passed away on 3/8/03. He was a non-
contributory retiree who chose Option A at retirement.
Reading Retirement System - Items reviewed
General Ledger Trial Balance as of January 31, 2003.
Bank Reconciliation for month ended January 31, 2003.
PRIM - Review Monthly Account Statement and PRIT Fund Performance for Period Ending February 28, 2003 and results
from the 4" Quarter ending December 31, 2002.
The Board reviewed and signed the Annual Statement for PERAC for calendar year ended December 31, 2002.
Memos received:
PRIM - The Annual Client Conference will be held on Wednesday, May 28, 2003 from 10 am to 3 pm at Bentley
College in Waltham. Details and agenda to follow.
Middlesex Retirement System - is hosting the Tenth Annual Retirement System Conference on April 7 -9, 2003 to
be held at the Radisson Hotel & Suites Chelmsford. The registration fee for the conference is $50 for retirement
board members and administration -staff. The Board members discussed the agenda. Richard Foley, Elizabeth
Klepeis and Karen DeAngelis may attend parts of the conference.
The next Board meeting will be April 16, 2003.
Meeting adjourned at 7:52 P.M.
Present: Boissoneau, Foley, Klepeis, Seferian, Veno and DeAngelis
Henryy tssoneau, 1" elected '
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Richard P. Foley, Ex O cio
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R. Veep, 2 °elected ,
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