HomeMy WebLinkAbout2003-07-23 Retirement Board MinutesUckj
The Reading Retirement Board held a meeting on July 23, 2003, in the Accounting and Finance Department Office, Town
Hall, Reading, Massachusetts. The meeting was called to order at 6:00 P.M.
B. Michael Reardon, Senior Client Services Officer from the PRIM board, attended this meeting to address concerns the
board members had regarding the new asset allocation plan for the PRIT fund.
Minutes from the May 28, 2003 meeting were signed by all board members.
Minutes from the June 17, 2003 meeting were signed by all board members, except Joseph Veno, who was not present at
that meeting.
Minutes from the June 25, 2003 meeting were read and accepted by all board members.
Approved new members:
Arthur Menezes
DPW- Highway
07/01/03
9 % +2%
Thomas McCarthy
Firefighter
07/01/03
9 % +2%
Sean P. Devlin
Firefighter
07/17/03
9 % +2%
Christopher J: Finnegan
Firefighter
07/17/03
9 % +2%
Scott D.Myette
Firefighter
07/17/03
9 % +2%
Scott P. Wade
Firefighter
07/17/03
9 % +2%
Bruce A. Ayer
Firefighter
07/17/03
9%+2%
Tricia L. Smith
Firefighter
07/17/03
9 % +2%
Approved retirement applications:
Domenic Cacciapuoti
Facilities Director
08/27/03
31 years, 6 months Option A
Approved PERAC approved retirements:
Francis Driscoll Firefighter 06/19/03 32 years, 0 months Option B
Superannuation Annuity $ 4,320.60
Pension $35,846.40
Yearly $40,167.00
Monthly $ 3,347.25
The Middlesex Retirement System must reimburse the Reading Retirement System $1,960.35 a year for 1 year and 9
months of creditable service bought back by Francis Driscoll for the period 711/74 to 3/31/76.
Pamela Baggs Instructional Aide 06/18/03 24 years, 0 months Option A
Superannuation Annuity $ 1,550.52
Pension $ 3,682.44
Yearly $ 5,232.96
Monthly $ 436.08
The Teachers' Retirement System must reimburse the Reading Retirement System $383.59 a year for 2 years and 6 months
of creditable service bought back by Pamela Baggs for the period 9/2/69 to 2/18/72.
Reviewed and approved the following vouchers:
2003 Voucher # 44 Town of Reading Treasurer $439,162.72 July retiree payroll
45 Town of Reading Treasurer $ 2,006.24 July admin. salary
46 George B. Perry $ 125.29 Administrative expense
COLA increases for FY2004 were processed for the July 31, 2003 payroll.
The COLA reimbursement from the State for the period January 1- June 30, 2003 in the amount of $153,498.98 was
received on July 7, 2003.
Paul Sheridan did not contact the board to discuss why he has not submitted his annual statement of earnings to PERAC.
PERAC was notified that the board will continue to suspend his retirement allowance.
Section 3(8)(c) reimbursements due to the Reading Retirement System for calendar year 2002 have all been received. Also
all retirement systems due to be reimbursed by the Reading Retirement System for calendar year 2002 have all been paid.
Elmer Dykens, who worked for the Fire Department and retired on June 30, 1973, passed away on 6/17/03. He chose
Option B at retirement but there are no funds remaining in his annuity account.
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Elenore Blackett, who worked for the RMLD and retired on July 31, 1990, passed away on 7/8/03. She chose Option B at
her retirement and there is $2,080.26 remaining in her annuity account. However, on her retirement application form she
did not name a beneficiary (there is no place to put a beneficiary's name on the old retirement application forms).
Elenore's spouse, William Blacken, signed the retirement application form as a witness and Elenore had him listed as her
only beneficiary on the beneficiary form she completed while an active member of the Reading Retirement System. Based
on the information the Board has received they voted to refund the annuity funds to her spouse, William Blacken.
Lillian Gianascol, who worked for RMLD and retired on May 31, 1966, passed away on 1/29/03. Dennis R. Deloach, from
the Law Offices of Deloach & Hofstra, is Mrs. Gianascol's power of attorney. Beth Wonsick, also from Deloach &
Hofstra, notified the board at the end of June of Mrs. Gianascol's passing. She said that no one at the firm was able to
locate the address or telephone number for the Reading Retirement Board until now. A bill was sent to Beth to reimburse
the Reading Retirement System for the months of overpayment to Mrs. Gianascol since she passed away. A check from
Deloach & Hofstra was received on July 21, 2003 for the full amount of $1,038.75.
Robert McCarthy, who worked for the DPW Highway Department and retired on April 25, 1986, passed away on 7/12/03.
He chose Option A at his retirement.
Memos received:
PERAC - Memo #21/2003, dated July 3, 2003 — Repeal of G.L. c. 32, § 5(1)(e) — Spousal retirement provision.
This section allowed a member with at least ten years of creditable service who was married to a G.L. c. 32 retiree
to retire irrespective of age. As of July 1, 2003, members married to retirees will no longer be able to take
advantage of this provision.
PERAC - Memo #22/2003, dated July 9, 2003 — Retirement Board Travel Regulations, effective June 6, 2003.
PERAC - Memo #23/2003, dated July 9, 2003 — Tobacco Company List.
MACRS — Memo dated July 21, 2003 — Governor Mitt Romney returned HB 3944 to the Legislature for
amendment. This bill includes both the local early retirement and pension holiday provisions, along with many
other sections pertaining to municipal government.
The Governor has some concerns with the language contained within section 18 of the bill. This section 18 is not
related to the ERI or public retirement. At this time all indications are that both the ERI and the pension holiday
sections have received initial approval from the Governor..
The next Board meeting will be August 27, 2003.
Meeting adjourned at 8:00 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian, DeAngelis, and B. Michael Reardon from PRIM
Henry J. B son an I" elected
Richard P. Foley, Ex O cio„
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