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Home My WebLink About2003-05-28 Retirement Board MinutesMW The Reading Retirement Board held a meeting on May 28, 2003, 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 March 26, 2003 meeting were signed by all board members. Minutes from the April 16, 2003 meeting were read and accepted by all board members. Minutes from the April 30, 2003 meeting were read and accepted by all board members except Joseph Veno, who was not present at that meeting. Approved retirement applications Pamela Baggs Instructional Asst. 06/18/03 23 years, 8 months Option A David Lee DPW Business Supv. 08/31/03 14 years, 0 months Option C Leonard Rucker RMLD General Mgr 08/02/03 19 years, 11 months Option C Approved PERAC approved retirements: Reimb. to other systems $ 23,798.44 Trsf to other system (Sullivan) Richard Monroe Police- Dispatcher 04/26/03 20 years, 7 months Option C Superannuation Annuity $ 3,190.32 Pension $ 9,765.00 Yearly $12,955.32 Monthly $ 1,079.61 Approved refunds: Christian Schuetwer Resigned 4/11/03 Total deductions and interest Less 100% interest Less 20% Federal income taxes Net refund (cash withdrawal) Thomas Pszenny, Jr. Resigned 3/1/03 Total deductions and interest Less 100% interest Less 20% Federal income taxes Net refund (cash withdrawal) 1 year, 10 months $ 5,604.95 $ 41.12 $ 1,112.77 $ 4,451.06 1 year, 5 months (pro -rated for part-time) $ 4,245.76 $ 106.64 $ 827.82 $ 3,311.30 Approved transfers to other systems: John D. Sullivan, III To Essex Regional Retirement Board $23,798.44 5 years, 5 months Philip M. Moran To Essex Regional Retirement Board $34,289.32 2 years, I month (5 months creditable service deducted while on leave) (Funds transferred from Peabody to Reading included) Reviewed and approved the following vouchers 2003 Voucher # 31 32 33 34 35 36 37 38 - 39 40 41 Town of Reading Treasurer Town of Reading Treasurer Christian Schuetmer Town of Reading Treasurer Thomas Pszenny, Jr. Town of Reading Treasurer West Group Corporate Express MWRA Retirement System Essex Regional Retirement Bd Essex Regional Retirement Bd $418,504.27 May retiree payroll $ 2,768.18 May admin. Salary $ 4,451.06 Refund to member (cash) $ 1,112.77 20% Fed Tax (Schuettner) $ 3,311.30 Refund to member (cash) $ 827.82 20% Fed Tax (Pszenny) $ 96.00 Admin Exp (MGL updates) $ 5.45 Admin Exp (Supplies) $ 4,211.17 Reimb. to other systems $ 23,798.44 Trsf to other system (Sullivan) $ 34,289.32 Trsf to other system (Moran) The Reading Retirement Board received a cancellation notice from Kemper Insurance Companies for the "public official bond." It is effective August 20, 2003. According to Hastings - Tapley, the board's insurance agency, Kemper is getting out of the bond insurance market. The account representative at Hastings- Tapley, Tricia Doyle, sent the board administrator an application through Travelers and informed her that the cost for the same coverage may be significantly higher than what it has been. The board administrator will complete the application and send back to Tricia Doyle. 853 PERAC has approved the accidental disability retirement for Perry Ralf. The board administrator has sent the calculations into PERAC. The Board has received the final Audit Report from PERAC for the period January 1, 1998 to December 31, 2001. A lump -sum settlement agreement has been approved by the Department of Industrial Accidents on May 20, 2003 for the worker's compensation case for Robert Ripley. A copy has been sent to PERAC to advise if any offset. George B. Perry, who became a member of the Reading Retirement System in December 1959, brought in copies of his annual statements for the years 1959, 1960, 1970, and 1985. The total in his account as of 12/31/85 is $125.29. George no longer works for the Town of Reading and is not in any other public retirement system in Massachusetts. He does not recall ever withdrawing his funds and there does not seem to be any record of the withdrawal in the board minutes. His membership approval of 12/29/59 is in the minutes book. The board voted to issue George B. Perry a refund of $125.29, inclusive of interest. Joseph Anderson, who worked for building maintenance and retired on September 9, 1983, passed away on 4/26/03. He chose Option B at retirement but there are no funds remaining in his annuity account. The board administrator composed supplementary regulations, as directed by the board at the last meeting, to address the purchase by eligible veterans of their military service as creditable service. The board approved the supplementary regulation as amended and the board administrator will send this to PERAC for their approval. William Russell is eligible to purchase his military service as creditable service. He has submitted two DD214's with service continuing from one DD214 to the other. However, the "date of entry" on one of the DD214's is incorrect. The board accepted William Russell's DD214. He will be allowed to buyback 4 out of his 6 years, the maximum allowed. The board members discussed creating a "Notice of Separation from Service" form for department heads to complete when a member retires or resigns. This will give the retirement board the necessary information to comply with Section 15 - dereliction of duty by members, and Section 10 — resignation, failure of re- election or reappointment, removal or discharge. The board instructed the administrator to design a one page format that contains information that would be useful to them Wayne Harding, RMLD, is applying for a superannuation retirement. He has indicated that he is likely to file for accidental disability. He has been on worker's compensation since November 2002. He would like to receive a superannuation retirement while awaiting approval on the accidental disability retirement. His retirement date will be as soon as possible. The board instructed the administrator to get more information before they can accept the superannuation retirement. John Dawson, Jr., former employee for the DPW, was injured on the job on April 12, 1978. He was on worker's compensation until March 9, 1984. He was paid for vacation, sick and holiday until March 1979. Then he was paid for only holidays and longevity through November 1989 and finally paid only for longevity In November 1990. He had less than 20 years of creditable service and was not 55 years old. He turns 55 on June 29, 2003 and wants to apply for a superannuation retirement. The Town of Reading cannot determine if John was on worker's compensation under Section 34 or 35. Section 34 is total disability, which would allow John to get credit for the time he was on worker's compensation. Section 35 is partial disability, which would not allow John to get credit while on worker's compensation. An estimated retirement allowance under Option A is $2,778.96 per year. This is based on a termination date of March 9, 1984, creditable service of 14 years, 2 months, and accumulated deductions and interest through November 30, 1990. The board instructed the administrator to send John Dawson a certified letter with return receipt requested, asking hum to transmit any and all information he may have relative to his receipt of worker's compensation benefits during the period April 12, 1978 to March 9, 1984. A `Notification of Suspension" has been received from PERAC regarding Paul Sheridan and Paul Vallee. The board administrator will send them a letter and give them an opportunity to be heard by the board. They will have until June 25 to come in for a hearing. Reading Retirement System - Items reviewed: General Ledger Trial Balance as of March 31, 2003. Bank Reconciliation for month ended March 31, 2003. PRIM - Reviewed Monthly Account Statements and PRIT Fund Performance for Periods Ending March 31, 2003 and April 30, 2003. Memos received: V '•. l PERAC - Memo #16/2003, dated May 6, 2003 — Retiree contribution limitations and retroactive contract settlements. Retired State County & Municipal Employees — April 18, 2003 — House Ways & Means approves local ERI (H3814). There is no change in the language as earlier approved by the Joint Committee on Public Service. The House is expected to vote shortly on this legislation. Middlesex Retirement System — April 15, 2003 — The Middlesex Retirement Board is requesting the Reading Retirement Board's formal opposition to H3584; an act relating to the management of the Middlesex Regional Retirement System PERAC — Letter dated May 6, 2003 — This Board received a copy of a letter PERAC sent to the Joint Committee on Public Service commenting on the bill H3584; an act relating to the management of the Middlesex Regional Retirement System. The next Board meeting will be June 25, 2003. Meeting adjourned at 7:20 P.M. Present: Boissoneau, Foley, Klepeis, Veno, and Seferian Henry J. Nbissoneau, 1" elected D , n /) /.7 "J A ) Richard P. Foley, E'.xlOfficio X scphth W. Klepei , 1" app inted R. Veno, 2° elected I _ I n _