HomeMy WebLinkAbout2004-04-29 Retirement Board MinutesThe Reading Retirement Board held a meeting on April 29, 2004, in the Accounting and Finance Department Office, Town + J
Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M.
Minutes from the February 25, 2004 meeting were signed by all board members, except Henry Boissoneau who was absent
due to illness.
Minutes from the March 24, 2004 meeting were read and accepted by all board members, except Henry Boissoneau who
was absent due to illness.
New members were approved unanimously:
Stephen Duke Dispatcher 3/29/04 9%+2%
Nancy Heffernan Asst. Treasurer /Collector 4/12/04 9%+2%
Superannuation retirement applications were approved unanimously:
Arthur Vats Firefighter 5/14/04 33 years 0 months Option B
Bridget Coulter RMLD 7/01/04 24 years 3 months Option B
Section 12(2)(d) member - survivor allowance was approved unanimously:
David Donnelly, spouse of active member Patricia Donnelly, who passed away on March 5, 2004. Patricia was a
secretary at the Joshua Eaton School and was a member of the Reading Retirement System for 15 years and 5 months.
Member - survivor allowance payable for David's lifetime: $417.27 monthly, $5,007.24 annually
Transfers to other systems were approved unanimously:
Beverly Zagarri To Essex Regional Retirement $58,575.64 21 years, 11 months
(Includes 16 yrs, 5 mths creditable service + annuity savings funds transferred from Massport to Reading in 1998)
(School superintendent's office)
Pamela Brown To Amesbury Retirement
(Elder services)
Refund was approved unanimously:
Luisa Tremblay Resigned 4/13/04
(Recreation) Total deductions and interest
Less 100% interest
Less 20% Federal income taxes
Net refund (cash withdrawal)
$12,464.73 2 years, 8 months
1 year, 7 months
$3,765.42
$ 13.08
$ 750.47
$3,001.87
The board members unanimously approved the request of the board administrator to attend a public speaking class through
Dale Carnegie & Associates on May 7, 2004 at a cost of $199.00.
The board members reviewed and approved unanimously the following vouchers
2004 Voucher # 19
Town of Reading Treasurer
$450,539.75
20
Town of Reading Treasurer
$
2,866.05
21
Section 3(8)(c) Reimbursements
$
15,130.78
22
Essex Regional Retirement Brd
$
58,575.64
23
Amesbury Retirement Board
$
12,464.73
24
Luisa Tremblay
$
3,001.87
25
Town of Reading Treasurer
$
750.47
26
Central Reprographics
$
38.00
27
Dale Carnegie & Associates
$
199.00
28
Thomson West
$
102.00
29
Reading Co- operative Bank
$
28.00
(Directly deducted from checking account
on 2/10/04)
Apr retiree payroll
Apr admin. salary
Rmb to other systems (State)
Trsf to other system ( Zagarri)
Trsf to other system (Brown)
Refund to member (cash)
20% Fed Tax (Tremblay)
Adm Exp (25 retirement guides)
Adm Exp (Public speaking class)
Adm Exp (MA GL -2004 update)
Admin Exp (charge for checks)
The board members reviewed, approved, and signed the Annual Statement for PERAC for calendar year ended December
31. 2003.
The board members unanimously voted for a 3% cost -of- living increase for FY 2005, which begins on July 1, 2004 and
ends June 30, 2005. A 3% COLA is already factored in for the actuarial study.
F.
Lillian Hitchcock, spouse of deceased retiree William Hitchcock, has applied for an accidental death benefit. A letter was
received from William Hitchcock's primary care physician explaining a connection between the cause of his death and the
reason for which he retired. The board unanimously voted to ask PERAC to convene a medical panel to give an opinion as
to whether or not this connection is valid.
Medical records for the accidental disability retirement application of Andrea Fitzpatrick have been received from Niko
Pappas at MIIA/AON Risk Services. Included are records and reports from Drs. Chaglassian, Donahue, Brown, Byrne,
and Cook. Ms. Fitzpatrick listed these doctors on her member's application and letters were sent to them requesting her
medical records. All but one of these doctors' offices contacted the board administrator to say that the doctors' records are
located elsewhere. The board members unanimously voted that the medical records received from MIIA/AON Risk
Services are sufficient.
All other medical records for Andrea Fitzpatrick have been received as well as the Member's Application, Physician's
Statement & Narrative and the Employer's Statement. The board members unanimously voted to ask PERAC to convene a
medical panel.
Robert Toussaint has filed an application for accidental disability retirement. The board has determined that there are
medical records from his former physician, Dr. William Rubin, that the board has not received. Paul Danahy, attorney for
Mr. Toussaint, has informed the board members that Dr. Rubin is retired and cannot be located. Mr. Toussaint then
checked with his current physician, Dr. Azar, who states that he never received Mr. Toussaint's previous medical records.
After explaining this situation to Nicholas Poser, the board's attorney in this case, he suggested that the board meet with
him to determine the next steps the board should take. The board members voted unanimously to set up a meeting with
Attorney Poser on either May 5i° or May 11'".
John Whalen, who worked for the DPW and retired on January 31, 1994, passed away on 4/16/04. He chose Option B at
his retirement and has a remaining annuity balance of $4,663.30. However, his beneficiary was his wife who predeceased
him by a couple of weeks. In the board members' judgment his five children are entitled to the funds but the board
members want to check with PERAC that they have the right to do this.
John Thiffault has previously been approved to purchase three years and three months of his military service. He would
now like to make a lump -sum pre -tax rollover payment from his IRA account in the amount of $9,982.95 for three years of
service. This is consistent with Reading Retirement's policy on buyback payment options.
Eugene Pendergast, who worked for the school department and retired on July 29, 1983, passed away on 4/6/04. He chose
Option A at his retirement.
Voucher # 2004 -16 that was approved at the March 2004 board meeting was payable to the Town of Reading Treasurer for
reimbursement of petty cash that was borrowed to pay for stamps for the election ballot envelopes. The voucher should
have been made payable to Elizabeth W. Klepeis, Petty Cash. This has been corrected.
The board members reviewed the following items relating to the Reading Retirement System:
General Ledger Trial Balances as of January 31, 2004, February 29, 2004 and March 31, 2004.
Bank Reconciliations for the months ending January 31, 2004, February 29, 2004 and March 31, 2004.
The PRIT fund's monthly account statement and fund performance for the period ending March 31, 2004.
Memos & miscellaneous letters received:
PERAC - Memo # 17/2004, dated April 8, 2004 — Tobacco Company List.
PERAC - Memo # 18/2004, dated April 13, 2004 — Investment Manager List.
PERAC Pension Newsflash — dated March 24, 2004 — The Honorable Domenic J. F. Russo was elected chairman
of PERAC.
PRIM Board — dated April 13, 2004 — Recap of April 2004 PRIM Board Meeting.
MACRS — dated April 9, 2004 — The agenda for the 2004 annual meeting on June 6 -9 in Hyannis.
The next board meeting will be held on May 26, 2004
Meeting adjourned at 7:10 P.M.
Present: Foley, Klepeis, Veno, Seferian, and DeAngelis
Henry J. Boissoneau, I" elected
gj'�u e jaz
Richard P. Foley, Ex Officio
elected
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