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Home My WebLink About2003-04-16 Retirement Board MinutesThe Reading Retirement Board held a meeting on April 16, 2003, 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 26, 2003 meeting were signed by all board members except Joseph Veno, who was not present at that meeting. Minutes from the March 26, 2003 meeting were read and accepted by all board members. Approved retirement application: Julie Cosentino Asst. Treasurer 06/06/03 19 years 1 month Approved PERAC approved retirements: Robert A. Ripley DPW - Mechanic 12/06/02 22 years, 3 months Accidental Disability Annuity $ 4,356.00 Pension $23,015.16 Yearly $27,371.16 Monthly $ 2,280.93 Sally McDonald Library 03/07/03 19 years, 7 months Superannuation Annuity $ 2,817.96 Pension $10,230.84 Yearly $13,048.80 Monthly $ 1,087.40 Mary P. Valido Collector's 03/15/03 29 years, 8 months Superannuation Annuity $ 4,839.72 Pension $19.020.36 Yearly $23,860.08 Monthly $ 1,988.34 Walter R. Franklin Police 03/06/03 33 years, 9 months Superannuation Annuity $ 5,319.00 Pension. $38,653.32 Yearly $43,972.32 Monthly $ 3,664.36 Option B Option C Option B Option A Option A The Board Administrator attended the Spring Seminar, hosted by the Middlesex Retirement System on April 7, 8 & 9. The cost was $50.00. This was discussed at the last Board meeting on March 26 but the Board administrator neglected to ask the Board to vote on having her attend. - The Board voted in favor of the administrator attending the seminar. Reviewed and approved the following vouchers: 2003 Voucher # 27 Town of Reading Treasurer $419,533.57 Apr. retiree payroll 28 Town of Reading Treasurer $ 2,768.18 Apr. admin. Salary 29 Comm of MA /State Bd of Retire $ 18,656.48 Section 3(8)(c) reimbursement 30 Karen DeAngelis $ 83.91 Seminar fee & travel- Middlesex Approved transfer to other system: Paul Masellas To Essex Regional Retirement System $ 19,137.27 9 years 3 months (The voucher was approved last month) Michael Grunzweig, first class lineman for RMLD, has submitted an application for accidental disability. His application is complete and we have also received the completed Physician's Statement and the Physician's Narrative. The Board can now vote to accept the application for accidental disability retirement. - The Board voted to accept Michael Gnmzweig's application for accidental disability retirement. i A letter was sent to the Reading Town Moderator, Alan Foulds, on March 3, 2003, notifying him that the Reading Retirement Board will be voting on granting a COLA increase for Fiscal Year 2004 at the April 16 meeting. The April meeting was publicly posted with the Town Clerk on February 28, 2003. Board members need to vote on a COLA increase for FY 2004, which begins on July 1, 2003 and ends June 30, 2004. - The Board voted to grant a 3% COLA increase to eligible retirees for FY 2004. The Board discussed PERAC's Memo #11/2003, regarding "Changes to the Military Service Credit Provision." Chapter 468 of the Acts of 2002 removes the ten -year creditable service requirement in order to purchase creditable service for military service. All eligible new members and all eligible members with less than ten years of creditable service must be notified of this option and given 180 days to determine whether or not to purchase this service. Sander Zapolin, from PERAC's legal unit, informed me that while the member has 180 days to determine whether or not to purchase their military service, the Board can decide when the member can begin making payments. For example, the Board could vote that the member must begin making payments immediately or that the member can begin making payments any time within five years, ten years, or even just before they retire. - The Board voted to allow eligible members to defer pay back up to 10 years after opting to join the program but the member may also choose to begin pay back immediately. At 10 years, the member must start payroll deductions, make a lump -sum payment, or opt out of the program in writing. A supplementary regulation will be drafted by the Board Administrator and the Board will discuss at the next meeting. David Lee has requested to purchase his military service of 4 years. The cost is $14,757.69 and he would like to make a lump sum payment. - The Board voted to allow David to purchase his military service and make a lump -sum payment of $14,757.69. Pamela Baggs, an educational assistant, and one of the plaintiffs in the Delia M. Quinlan, et al vs. Reading Retirement Board, would like to purchase 3 years (pro- rated) of creditable service for the period 9/1/81- 12 /13/84. This is for service in Reading from her date of hire until she actually joined the Reading Retirement System. She should be allowed to purchase this service per the above - mentioned case. The purchase amount is $2,167.44. Pamela would also like to redeposit funds that were refunded to her by the Massachusetts Teachers' Retirement System on 3/21/86. Upon proper repayment to the Reading Retirement System, the Massachusetts Teachers' Retirement Board will accept liability for 2 years and 6 months of creditable service. The cost to redeposit is $1,897.46. Pamela would like to make a lump -sum pre -tax rollover payment from her 403(b) account in the amount of $4,064.90 for both of the above. - The Board voted to allow Pamela to purchase her prior Reading service, redeposit funds that were refunded to her by the Massachusetts Teachers' Retirement System, and to make a lump -sum pre -tax rollover payment from her 403(b) account in the amount of $4,064.90. Paul Carson would like to buy back creditable service for the first six months he worked for the Light Department and was not allowed to join the system for those months. The cost is $1,037.37 and he would like to make a lump sum payment. - The Board voted to allow Paul to buy back prior Reading service and make a lump -sum payment of $1,037.37. The Board was notified that Evan Edwards, who worked for the Reading Police Department and retired on Febmary 24, 1978, passed away on 4/12/03. He chose Option B at retirement but there are no funds remaining in his annuity account. Reading Retirement System - Items reviewed General Ledger Trial Balance as of February 28, 2003. Bank Reconciliation for month ended February 28, 2003. The Annual PRIM Client Conference will be held on Wednesday, May 28, 2003 from 10 am to 3 pm at Bentley College in Waltham - The following Board members and staff who expressed interest will be allowed to attend: Henry Boissoneau, Richard Foley, Elizabeth Klepeis, and Karen DeAngelis. Memos received PERAC - Memo # 12/2003, dated March 25, 2003 - Federal grant and appropriations. This memo discusses the annual appropriation due for any employee who is a federal grant employee. The Reading Retirement System currently does not have any one in this category. PERAC - Memo # 13/2003, dated April 2, 2003 — Updates to managers, consultants, and custodians. This memo asks the Boards to submit any changes of managers, consultants, and custodians in writing within thirty days from the date of the change. PERAC - Memo # 14/2003, dated April 2, 2003 — Tobacco company list. PERAC - Memo # 15/2003, dated April 10, 2003 — Investment Manager list. MACRS - April 1, 2003 - Two local government early retirement bills were expected to be heard by the Legislature's Joint Public Service Committee on Thursday, April 3, 2003. Retired State. County and Municipal Employees - April 7, 2003 — New local ERI bill (HB 3404) released in House. Middlesex Retirement System — April 9, 2003 — RE: H.3584 — An Act relating to the management of the Middlesex Regional Retirement System. This is a bill filed by the Legislature which would abolish the Middlesex Retirement Board and replace it with a seven - member board. The Middlesex Retirement Board is opposed to this for many reasons, a summary of which they have attached with the letter. The next Board meeting will be May 28, 2003. Meeting adjourned at 6:55 P.M. Present: Boissoneau, Foley, Klepeis, Seferian, and Veno Henry J. 06isKoneau, 1" elected 0 F4Z Richard P. Folev. Ex Off 'o W. Klepeis, elected l