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HomeMy WebLinkAbout2004-01-28 Retirement Board MinutesThe Reading Retirement Board held a meeting on January 28, 2004, 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 November 19, 2003 meeting were signed by all board members, except Henry Boissoneau, who was not present at that meeting. Minutes from the December 16, 2003 meeting were read and accepted by all board members. Approved refund Dean Dillon Resigned 4/13/01 5 years, 0 months (Inactive -RHA) Total deductions and interest $12,991.86 Less 50% interest $ 665.46 Less 20% Federal income taxes $ 0.00 Net refund (rollover to IRA) $12,326.40 Reviewed and approved the following vouchers 2004 Voucher # 01 Town of Reading Treasurer $449,732.30 Jan retiree payroll 02 Town of Reading Treasurer $ 4,299.08 Jan admin. salary 03 Town of Reading Treasurer $ 2,444.00 FY04 banking, postage, envelopes 04 Town of Reading Treasurer $ 158.39 Postage for Oct 03 -Jan 04 05 Section 3(8)(c) Reimbursements $ 70,320.29 Rmb to other systems (various) 06 OptionsXpress $ 12,326.40 Refund to member (rollover) FBO Dean C. Dillon 07 Reading Co- operative Bank $ 15.00 Admin Exp (wire trsf fee) (Directly deducted from checking account on 12/31/03) Refund approved for Jessica Cassidy in December was revised to include interest for 1/1/03 to 11/30/03: Total deductions and interest $2,075.82 Total account refunded 12/18/03 2.057.73 Additional net refund due $ 18.09 2003 Voucher # 76 payable to Jessica Cassidy for $18.09 was approved on 12/30/03 by three board members. Michael Reardon, Senior Client Services Officer from the PRIM Board, will attend the February board meeting to discuss the performance of the funds in PRIT through the period ending December 31, 2003 as well as the returns received by the Reading Retirement System since inception. Approved request from eligible member to purchase military service for creditable service: William Marks USMCR 9/28/65 - 9/21/67 1 yr, 1 I mths The affidavit from John Louanis was received on 12/17/03. His allowance will not be suspended. Charles Johnson has reimbursed the retirement system in full for excess earnings. Retiree Virginia Anderson, who works for the high school as of 8/28/01, does not work in the same position from which she retired on 7/2/99 as was originally thought. Her earnings are okay for the calendar year 2003. Retiree Hobart Nelson commented that he would prefer to have his December retirement allowance paid at the end of the month rather than mid- December. Ernest Watson, who worked for the public works department and retired on July 31, 1969, passed away on 12/14/03. He was a non - contributory retiree who chose Option C at retirement. His spouse, Elsie Watson, will receive a monthly allowance of $856.25, which is 2 /3rds of the amount Mr. Watson was receiving when he died. Clifford Holt, who worked for the public works department and retired on October 3, 1980, passed away on 1/14/04. He chose Option A at his retirement. Dorothy Wardrope, who worked for the school department and retired on September 2, 1983, passed away on 1/14/04. She chose Option A at her retirement. 873 Reading Retirement System - Items reviewed: - General Ledger Trial Balances as of November 30, 2003 and December 31, 2003. Bank Reconciliations for the months ending November 30, 2003 and December 31, 2003. Review the PRIT fund's monthly account statements and fund performances for periods ending November 30, 2003 and December 31, 2003. Memos & miscellaneous letters received: PERAC - Memo #39/2003, dated December 5, 2003 - New/Revised General Membership & Disability Forms. PERAC - Memo #40 /2003, dated December 17, 2003 - Calendar Year 2003 Annual Statements - due to PERAC by May 1, 2004. PERAC - Memo #41 /2003, dated December 17, 2003 - Military Pay Act (Section 1 of Chapter 137 of the Acts of 2003). This Act authorizes counties, cities and towns to pay any employee who has been granted a military leave of absence his base salary less any amount received for his or her military service. This Section requires local legislative approval. PERAC - Memo #42/2003, dated December 17, 2003 - Mutual Fund Allegations. PERAC - Memo #43 /2003, dated December 22, 2003 - 2003 Disability Retiree Data. PERAC - Memo #1/2004, dated January 5, 2004 - Local Government Early Retirement Incentive Program. PERAC requests assistance from retirement boards in determining the cost and the funding schedule associated with this ERI program for any governmental unit in the retirement boards' system that has adopted the legislation. PERAC - Memo #2/2004, dated January 7, 2004 - COLA Notice - Social Security Administration has announced that the latest Cost of Living Adjustment is 2.1 %. The COLA which any system may grant, effective July 1, 2004 will be 2.1 %. Pursuant to Section 103(I), a retirement board, with proper notice to the legislative body, may elect to increase this percentage up to 3% at a duly called meeting. PERAC - Memo #3/2004, dated January 12, 2004 - Post - Retirement Earnings Limitations in G.L. c. 32, ยง 91. PERAC - Memo #4 /2004, dated January 12, 2004 - Electronic Versions of Actuarial Reports. PERAC - Memo #5/2004, dated January 14, 2004 - Investment Manager List. PERAC - Memo #6/2004, dated January 14, 2004 - Tobacco Company List. PERAC - Memo #7/2004, dated January 15, 2004 - Data Verification for PERAC 2003 Annual Report. PERAC - Memo #8/2004, dated January 16, 2004 - 2004 Interest Rate set at 0.6 %. PERAC - Memo #9 /2004, dated January 21, 2004 - Re- certification of Investment Consultants. Middlesex Retirement System - Letter dated January 2004 - Eleventh Annual Retirement System Conference to be held on April 5 -7, 2004 at the Renaissance Bedford Hotel in Bedford, MA. M. The next board meeting will be February 25, 2004. Meeting adjourned at 6:58 P.M. Present: Boissoneau, Foley, Klepeis, Veno, Seferian, and DeAngelis enry J. B soqAu, 1" elected Richard P. Foley, Ex Officio