HomeMy WebLinkAbout2003-06-25 Retirement Board MinutesIN
The Reading Retirement Board held a meeting on June 25, 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 April 16, 2003 meeting were signed by all board members.
Minutes from the April 30, 2003 meeting were signed by all board members, except Joseph Veno, who was not present at
that meeting.
Minutes from the May 28, 2003 meeting were read and accepted by all board members.
Minutes from the June 17, 2003 meeting were read and accepted by all board members, except Joseph Veno, who was not
present at that meeting.
Approved new members
Petra Clement
Darlene Foley
Joseph Lacerda
Approved PERAC a
Roger Quimby
Superannuation
Finance
Comm Sery
DPW- Engineer
)proved retirements:
Firefighter
Perry Raffi
Accidental Disability
Julie Cosentino
Superannuation
Wayne Harding
Superannuation
Firefighter
Asst. Treasurer
RMLD -Elec. Maint.
05/28/03 9 % +2%
06/16/03 9 % +2%
06/16/03 9 % +2%
05/17/03
32 years, 0 months
Annuity
$ 5,239.20
Pension
$31,750.92
Yearly
$36,990.12
Monthly
$ 3,082.51
05/24/03
17 years, 4 months
Annuity
$ 3,367.92
Pensiop
$35.215.68
Yearly
$38,58160
Monthly
$ 3,215.30
06/06/03
19 years, 1 month
Annuity
$ 3,246.48
Pension
$11,430.84
Yearly
$14,677.32
Monthly
$ 1,223.11
05/24/03
22 years, 1 month
Annuity
$ 3,380.28
Pension
$16.937.76
Yearly
$20,318.04
Monthly
$ 1,693.17
Option A
Option A
Reviewed and approved the following vouchers:
2003 Voucher # 42 Town of Reading Treasurer $429,723.77 June retiree payroll
43 Town of Reading Treasurer $ 3,598.64 June admin. Salary
Reading Retirement System - Items reviewed:
General Ledger Trial Balances as of April 30, 2003 and May 31, 2003.
Bank Reconciliation for months ended April 30, 2003 and May 31, 2003.
PRIM - Reviewed Monthly Account Statements and PRIT Fund Performance for period ending May 31, 2003.
The board administrator presented a summary of her meeting with Kate Hogan and Jane Carritte from PERAC's Disability
Unit.
PERAC has confirmed that they have received Paul Vallee's completed 2002 Annual Statement of Earnings. No further
action is required. '
PERAC has calculated the worker's compensation offset to the accidental disability benefit payable to Robert Ripley. A
lump -sum was paid to the Reading Retirement Board for the amount of $5,000. An additional amount of $2,500.00, which
was the net payable to Mr. Ripley, will offset his pension for a period of about five weeks.
857
PERAC has approved the Reading Retirement Board's supplementary regulation regarding military credit
The board administrator has received a worksheet from PERAC, as provided in G.L. c. 32, § 91A, that lists disability
retirees who have reported earnings in an amount that may result in an adjustment to their disability retirement allowance.
The board administrator will complete the worksheet on or before July 3" as requested by PERAC.
Jessie Killam, who was a cafeteria worker and retired on June 30, 1984, passed away on 5/23/03. She chose Option A at
her retirement. Mrs. Killam was also receiving a survivor's allowance as a result of her husband's death in 1971.
First quarter 2003 review of the PRIT fund performance.
The board members discussed the new asset allocation plan for the PRIT fund that was received from B. Michael Reardon,
PRIM Senior Client Services Officer. They would like to have Mike Reardon attend the July or August board meeting to
address concerns that they have with this new asset allocation plan.
Memos received:
PERAC - Memo #17/2003, dated May 29, 2003 — 2003 limits under Chapter 46 of the Acts of 2002.
PERAC - Memo #18/2003, dated June 5, 2003 — Health Insurance Portability and Accountability Act (HIPAA).
PERAC - Memo #19/2003, dated June 9, 2003 — Privacy and security of boards' records, documents and
communications.
PERAC - Memo #20/2003, dated June 12, 2003 — Eligibility for membership of elected officials.
Retired State. County & Municipal Employees — June 5, 2003 —Local ERI/Pension funding schedule adjustment.
The next Board meeting will be July 23, 2003.
Meeting adjourned at 6:40 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian, and DeAngelis
Henry J. B ' s eau, It elected
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3 P. Foley, Ex Officig V
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Eliza W. Klepeis, I pp( rd
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J ph R. Venno(, 2 elected
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