HomeMy WebLinkAbout2003-09-24 Retirement Board MinutesME
The Reading Retirement Board held a meeting on September 24, 2003, in the Accounting and Finance Department Office,
Town Hall, Reading, Massachusetts. The meeting was called to order at 6:09 P.M.
Minutes from the July 23, 2003 meeting were signed by all board members.
Minutes from the August 27, 2003 meeting were read and accepted by all board members.
Approved new members:
Karen Epstein Asst Treas. /Collect. 09/08/03 9%+2%
John B. Sousa, Jr. DPW -Bus. Admin. 09/15/03 8 %+ 2% (Middlesex)
Approved PERAC approved retirements:
Domenic Cacciapuoti Facilities Director
Superannuation
Elizabeth Howard
Superannuation
David Lee
Superannuation
Educational Asst.
08/27/03
31 years, 6 months
Annuity
$ 5,028.84
Pension
$33,717.48
Yearly
$38,746.32
Monthly
$ 3,228.86
08/28/03
25 years, 3 months
Annuity
$1,604.40
Pension
$5.319.72
Yearly
$6,924.12
Monthly
$ 577.01
DPW Bus. Admin. 08/31/03
Annuity
Pension
Yearly
Monthly
14 years, 0 months
$ 4,035.60
$ 9,293.04
$13,328.64
$ 1,110.72
Option A
Option A
Option C
Approved requests from eligible members to purchase military service for creditable service:
Paul Janes
Navy -USNR
08/22/66 - 08/05/68 1 yr, 11 mths
Joseph Zukas
Army /RA
07/01/94 - 03/11/99 4 yrs
Approved refund:
Sept admin. Salary
54
Andrew Nichols
Resigned 9/19/03
5 years, 9 months (pro -rated for part-time)
(Dispatcher)
Total deductions and interest
$8,975.57
$
Less 50% interest
$ 636.22
56
Less 20% Federal income taxes 1$ .667.87
$
Net refund (cash withdrawal)
$6,671.48
Reviewed and approved the following vouchers
2003 Voucher # 52
Town of Reading Treasurer
$445,863.84
Sept retiree payroll
53
Town of Reading Treasurer
$
2,866.05
Sept admin. Salary
54
Andrew Nichols
$
6,671.48
Refund to member (cash w /d)
55
Town of Reading Treasurer
$
1,667.87
20% fed me tax (Nichols)
56
Karen DeAngelis
$
84.92
Admm exp -petty cash
The board voted to allow Edward Jackman, a former employee, to buy back the time that was refunded to him. He was a
member of the Reading Retirement System from 2/12/73 to 7/5/74. He is now a member of the State Retirement System
and the State has asked if Reading would accept liability for this period.
Edward Jackman also worked for the Town of Reading DPW during the summers from July 1967 to February 1973 (except
for 1970). The State Retirement Board has not inquired about this time but Edward had spoken to the board administrator
earlier in the year so these summer -time hours are correct. However, the DPW payroll records for the period August 1972
to December 1972 are missing. The board administrator has made an assumption that Edward worked 40 hours per week
during that period, based on the hours worked before and after that period. The board voted to accept this assumption.
Also, based on this assumption and consistent with the Reading Retirement Board's supplementary regulations, the board
voted to allow Edward to buy back the six months immediately prior to his becoming a member but not any time before
that. The board administrator will notify the State Retirement Board.
LOOM
Robert Toussaint, custodian for the schools, has submitted an application for accidental disability. His application is not
yet complete but we have received the completed Physician's Statement and the Physician's Narrative. The board
administrator is in the process of getting everything that is needed. The board voted to table this issue.
A letter was received from PERAC notifying the board that Charles Johnson, Jr. has exceeded the amount of earnings he is
allowed for 2002 pursuant to G.L. c. 32, § 91A. The board is instructed to notify Charles of the amount of the refund he
owes to the retirement board. If the refund is not received by October 13 his retirement allowance will be suspended
beginning with his October check. To avoid the suspension he can either pay this amount on or before October 13 or
request a hearing on the suspension by filing a written request within 15 days of his receipt of the notification. A letter was
sent to Charles on September 22, 2003 by certified mail, retum- receipt requested.
Affidavits were mailed to all retirees with the September checks.
The board administrator attended a class given by PERAC regarding the Early Retirement Incentive Program. After that a
timeline with important cutoff dates was constructed for the Town Manager.
The application for the schedule bond for the Reading Contributory Retirement Board, as required by PERAC, was signed
by all members and staff and sent to Mark Bailey at Hastings - Tapley Insurance Agency. The estimated cost is $805.
Johnena Matthews, who was the manager of a school cafeteria and retired on June 20, 1975, passed away on 9/12/03. She
chose Option A at her retirement.
Reading Retirement System - Items reviewed:
General Ledger Trial Balance as of August 31, 2003.
Bank Reconciliation for'the month ending August 31, 2003.
PRIT's monthly account statement and fund performance for period ending August 31, 2003.
Memos received:
PERAC - Memo #28/2003, dated August 25, 2003 — New investment forms - to be completed by investment
managers and consultants doing business with Massachusetts public retirement systems.
PERAC - Memo #29/2003, dated September 9, 2003 — $300 benefit for veterans selecting Option C - CRAB has
upheld PERAC's position and ruled that the $300 benefit for veterans is to be added to the member's retirement
allowance, after the allowance has been calculated, no matter what option was selected. Upon the member's death
the Option C survivor will receive 2 /3rds of the member's total allowance, including 2 /3rds of the veteran benefit.
PERAC - Memo #30/2003, dated September 15, 2003 — Cost of living increase for supplemental dependent
allowance paid to accidental disability retirees. Beginning July 1, 2003 the allowance increases from $576.24 to
$593.52 for each eligible child.
MACRS — Memo dated September 3, 2003 — Option C veterans — This is a notice that there was no appeal of
CRAB's ruling as discussed in PERAC's Memo # 29 above.
Retired State, County & Municipal Employees - Memo dated September 3, 2003 — Local government ERI's.
Ralph White would like all boards to notify the association if an ERI is approved.
Retired State, County & Municipal Employees - Memo dated September 10, 2003 — Local ERI update. Update of
which governmental units have approved the ERL
Retired State, County & Municipal Employees - Memo dated September 10, 2003 — DALA ruling on spousal
benefit repeal.
Retired State, County & Municipal Employees - Memo dated September 15, 2003 — Spousal benefit update.
CRAB will review DALA's ruling in the Margaret Thompson v. State Board of Retirement.
i Me,
The next board meeting will be October 29, 2003.
Meeting adjourned at 7:38 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian, and DeAngelis
Henry J. B issoneaau 1" elected
Richard P. Foley, Ex Officio