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Home My WebLink About2003-12-16 Retirement Board Minutes2 1 The Reading Retirement Board held a meeting on December 16, 2003, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:06 P.M. Minutes from the October 29, 2003 meeting were signed by all board members. Minutes from the November 19, 2003 meeting were read and accepted by all board members, except Henry Boissoneau, who was not present at the November 19, 2003 meeting. Approved refund: Jessica Cassidy Terminated 4/29/03 (lack of work) 11 months (pro -rated for part-time service) (Gen Serv- Clerk) Total deductions and interest $2,057.73 Less 0% interest $ 0.00 Less 20% Federal income taxes $ 411.55 Net refund (cash withdrawal) $1,646.18 Reviewed and approved the following vouchers 2003 Voucher # 70 71 72 73 74 75 Town of Reading Treasurer Town of Reading Treasurer The Segal Company Francis Driscoll Jessica Cassidy Town of Reading Treasurer $443,628.16 Dec retiree payroll $ 2,866.05 Dec admin. Salary $ 12,500.00 Adm exp (actuarial valu- 7/1/03) $ 72.00 Mem ded (erroneous retire ded) $ 1,646.18 Refund to member (cash) $ 411.55 20% Fed Tax (Cassidy) Third and final notices for affidavits were sent out by certified mail, return- receipt requested on 11/25/03. The only affidavit still needed is from John Louanis. His retirement allowance will be suspended if his affidavit has not been received by the time the January checks must be processed. Retiree Virginia Anderson works for Reading Memorial High School as of 8/28/01 possibly in the same position from which she retired on 7/2/99. The board voted to table this issue until further information is collected. As requested by the board at the November meeting, the board administrator contacted Judy Corrigan, from the legal unit at PERAC, to ask about sending Lillian Hitchcock's application for an accidental death benefit to PERAC for their opinion as to whether or not William Hitchcock died from the same injuries for which he retired under an accidental disability. Judy said that they don't do that. She suggests, that the board try to get a letter from William Hitchcock's primary care physician to explain any connection that there may be. If the board receives a letter and still cannot determine if there is a connection then they can ask PERAC to have a doctor review William's medical records. The board agreed to this course of action. A transfer of $23,809.60, dated 11/30/03, was received from the Natick Retirement System for John Thiffault, Director of Facilities. Natick will accept liability for 5 years, l lmonths of creditable service for the period 10/15/97- 9/23/03. A transfer of $47,698.84, dated 11/30/03, was received from the Middlesex Retirement System for John Sousa, Jr., DPW Business Manager. Middlesex will accept liability for 2 years, 2 months and 14 days of creditable service for the period 6/20/83- 7/14/89 (for buyback of time as a seasonal laborer) and 10 years, 1 month and 12 days of creditable service for the period 7/30/93- 9 /12/03. The total creditable service Middlesex will accept is 12 years, 3 months, and 26 days. Margaret Porter, who was a Section 101 survivor of Leo Porter, passed away on 11/21/03. There are no benefits remaining. The board received a letter from PERAC approving the funding schedule effective in FY04 that the board recently adopted. The board received a notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY05 is $3,405,725. The current schedule is due to be updated by FY 2007. Reading Retirement System - Items reviewed: General Ledger Trial Balance as of October 31, 2003. Bank Reconciliation for the month ending October 31, 2003. Review the PRIT fund's monthly account statement and fund performance for period ending October 31, 2003. 871 Memos & miscellaneous letters received: Coalition to Preserve Retirement Security (CPRS) — CPRS invited the Reading Retirement Board to attend a regional meeting with local CPRS members at Holy Cross College in Worcester on December 5. CPRS is a national organization that exists to oppose the imposition of mandatory Social Security on state and local government employees. They have also recently expanded to include advocacy on behalf of the reform of the Government Pension Offset (GPO) provision of Social Security. Marblehead Board of Retirement — The Marblehead Retirement Board is supporting legislation filed by Senator McGee of Lynn which would require PERAC to review its combined table of mortality used in calculating Option C benefits and updating this table from the 1928 table that is currently used. The actuarial reduction for Option C for most retirees when using the 1928 table is much too large as compared to using a modem mortality table. Marblehead is asking retirement boards to urge their legislators to vote in favor of this legislation. Middlesex Retirement System — Middlesex sent a letter to inform retirements boards that the public hearing for H3584 — An Act Relating to the Management of the Middlesex Regional Retirement System — has been rescheduled to 12/11/03. They ask that retirement boards write, fax or call the Committee on Public Service regarding their position, and attend the hearing if possible. The next two board meetings will be January 28, 2004 and February 25, 2004. Meeting adjourned at 6:50 P.M. Present: Boissoneau, Foley, Klepeis, Veno, Seferian, and DeAngelis Henry J. Bdirssuffeau, I�' elected aid Richard P. Foley, Ex Offrc o a , WA Veno, 2' elected Daniel B.