HomeMy WebLinkAbout2003-08-27 Retirement Board MinutesThe Reading Retirement Board held a meeting on August 27, 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 June 25, 2003 meeting were signed by all board members.
Minutes from the July 23, 2003 meeting were read and accepted by all board members. -
Approved new members:
Air Force -RESAF
11/10/64- 06/16/69
Joseph Zukas
DPW -WTP
08/11/03 9 % +2%
Daniel Bornstein
Comm. Serv.
08/14/03 9 % +2%
Richard DelRossi
DPW- Highway
08/25/03 9 % +2%
All board members voted to approve the PERAC approved retirerr
Leonard Rucker RMLD (inactive) 08/02/03
Superannuation- Annuity
Pension
Yearly
Monthly
ent, except for Joseph Veno who abstained from voting
19 years, 11 months Option C
$11,464.56
$45,027.72
$56,492.28
$ 4,707.69
The Taunton Retirement Board must reimburse the Reading Retirement Board $3,391.21 a year for 1 year and 6
months of creditable service that was transferred from Taunton to Reading for the period 4/28/86 to 10/30/87.
Approved requests from eligible members to purchase military service for creditable service
John Cussen
Air Force -RESAF
11/10/64- 06/16/69
4 yrs
Thomas Gardiner
Army -RA
03/25/68- 03/19/71
2 yrs, 11 mths
William Hill
Air Force -Reg AF
11/10/66- 11/09/70
4yrs
Anthony Ricardo
Navy -USN
06/25/58- 06/14/62
3yrs, 11 mths
William Russell, Jr.
US Marine Corps
11/24/66- 11/22/72
4 yrs
Michael Wood
Air Force -Reg AF
05/22/90- 05/21/94
4 yrs
Approved William Russell's buyback of 4 years of military service with deductions from each paycheck of $99.27 for the
next five years. The total cost will be $12,903.92.
The board administrator created a form to use when a beneficiary. of a deceased accidental disability retiree wants to
petition for accidental death benefits, and the board proposed some changes to it. The board then approved the form as
amended, except that if any information is determined to not be necessary it will be deleted from the form.
Malcolm Hubbard, who worked for the Fire Department and retired on an accidental disability retirement on June 25, 1985,
passed away on 8 /11/03. He chose Option B at retirement but there are no funds remaining in his annuity account. Based
upon Malcolm Hubbard's medical panel report from when he retired and his death certificate, the board voted to approve an
accidental death benefit for his beneficiary, Mary Hubbard, under M.G.L., chapter 32, § 9. A form was sent to PERAC for
their approval also. In the meantime, Mary Hubbard is allowed, and the board also approved, a Section 101 retirement
allowance of $6,000 ($500 per month). The allowance under Section 101 will be superceded if/when PERAC approves the
accidental death benefit, and a retroactive payment back to Malcolm's date of death will be made to Mary Hubbard.
Reviewed and approved the following vouchers
2003 Voucher # 47
Town of Reading Treasurer
$441,163.90
Aug retiree payroll
48
Town of Reading Treasurer
$
4,299.08
Aug admin. Salary
49
William Blackett
$
2,080.26
Option B beneficiary
50
Corporate Express
$
21.70
Admin exp- supplies
51
Bill's Lock & Key
$
65.00
Admin exp- repair cabinet lock
The board approved Elizabeth Howard's buyback of 7 years of previous creditable service in Reading (pro- rated) for the
period 10/17/77- 3/4/85. She is an educational assistant and one of the plaintiffs in the Delia M. Quinlan, et al vs. Reading
Retirement Board, therefore she is allowed to buyback this service, which is from her date of hire until she actually joined
the Reading Retirement System The total cost to buyback this time is $4,246.21 and she will make a lump sum payment.
Approved retirement application:
Elizabeth Howard Educational Assistant 08/28/03 25 years, 3 months Option A
The retirement board received the medical panel certificate regarding Michael Grunzweig. They voted to approve his
accidental disability retirement and will forward their decision to PERAC.
Reading Retirement System - Items reviewed
General Ledger Trial Balances as of June 30, 2003 and July 31, 2003.
Bank Reconciliations for the months ending June 30, 2003 and July 31, 2003.
PRIM - Reviewed monthly account statements and PRIT fund performances for periods ending June 30, 2003 and July 31,
2003 and results from the 2°" Quarter ending June 30, 2003. ,
A transfer of $3,424.06, dated 7/31/03, was received from the Lexington Retirement Board for firefighter Thomas
McCarthy. Lexington will accept liability for nine months of service for the period 9/9/02 - 6/27/03.
The board discussed PRIT's firing of the Executive Director, James Hearty. As a result, Elizabeth Klepeis will draft a letter
to James Hearty, with a copy to State Treasurer, Timothy Cahill, to let him know that this board was satisfied with the way
he was handling the PRIT fund.
Memos received:
PERAC - Memo #24/2003, dated July 31, 2003 — Investment manager list.
PERAC - Memo #25/2003, dated August 6, 2003 — Local government early retirement incentive program.
PERAC - Memo #26/2003, dated August 6, 2003 — Local government pension holiday program.
PERAC - Memo #27/2003, dated August 12, 2003 — Update on repeal of G.L. c.32, § 5(1)(e) — Spousal retirement
provision.
MACRS — Fall conference will be held on October 19 -22, 2003 in Springfield, MA.
The next two board meetings will be September 24, 2003 and October 29, 2003.
Meeting adjourned at 7:25 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian, and DeAngelis
n
Henry J. of oneau, 1" elected
Richard P. Foley, Ex OffiYio
L .J