HomeMy WebLinkAbout2004-07-21 Retirement Board Minutes• 6
MINUTES OF THE READING RETIREMENT BOARD MEETING
WEDNESDAY, JULY 21, 2004
The Reading Retirement Board held a regular session meeting on July 21, 2004, Town Hall, Reading, Massachusetts. The
meeting was called to order at 6:00 P.M by Acting Chairman Daniel Seferian in the presence of members Richard Foley,
Elizabeth Klepeis, and Joseph Veno and board administrator Karen DeAngelis.
Minutes from the May 26, 2004 regular meeting were signed by all board members except Henry Boissoneau, who was
absent due to illness.
Minutes from the June 29, 2004 regular meeting were read and accepted by all board members except Henry Boissoneau,
who was absent due to illness.
The board unanimously approved PERAC approved retirements for the following members
Janice MacDonald
Educ Assistant 6/17/04
17 years, 9 months Option B
Superannuation
Annuity
$ 1,386.96
Pension
$ 5,228.88
Yearly
$ 6,615.84
Monthly
$ 551.32
Judith Williams
Educ Assistant 6/17/04
16 years, 9 months Option A
Superannuation
Annuity
$ 1,583.16
Pension
$ 4,291.80
Yearly
$ 5,874.96
Monthly
$ 489.58
Catherine Cook
Food Service Director 6/30/04
26 years, 6 months Option A
Superannuation
Annuity
$ 5,306.88
Pension
$13.941.72
Yearly
$19,248.60
Monthly
$ 1,604.05
The board reviewed and unanimously approved the following vouchers:
2004 Voucher #
38
Town of Reading Treasurer $465,518.87
July retiree payroll
39
Town of Reading Treasurer $
3,278.88 July admin. salary
40
Law Office of Nicholas Poser $
854.25 Legal exp -A/D application
41
Patricia A. Tassi $
903.87 Option B benef of J. Whalen
42
John M. Whalen $
903.85 Option B benef of J. Whalen
43
Marcia J. Allder $
903.85 Option B benef of J. Whalen
44
Mary M. Whalen $
903.85 Option B benef of J. Whalen
45
Maureen Conway $
903.85 Option B benef of J. Whalen
46
MWRA Retirement System $
4,211.17 Section 3(8)(c) reimbursement
47
Anthony W. Butler $
36,282.57 Refund to member
48
Town of Reading Treasurer $
9,070.64 20% Fed Inc Tax - Butler
49
Michelle Kaczynski $
503.95 Legal exp - transcript of hearing
The board continued discussing a change to Reading's supplementary regulations regarding rules for membership. The
wording suggested at the June meeting is "As of July 1, 2004, anyone employed by the Town of Reading or the Reading
Housing Authority, whose combined total service equals or exceeds 1,690 hours per year shall be enrolled in the Reading
Retirement System." A motion was made and seconded to adopt this amendment to Reading's existing regulations and to
submit to PERAC for approval.
The retirement board has received the medical panel certificate regarding Andrea Fitzpatrick's accidental disability
retirement. They voted unanimously to approve her disability and forward their decision to PERAC.
The board voted unanimously to approve the purchase of a new computer for the board administrator.
The board was reorganized. A motion was made and seconded to nominate Henry Boissoneau for Chairman, and Joseph
Veno for Vice Chairman. The vote was unanimous.
The board discussed having affidavits notarized once again but it was decided that this is not necessary.
.;�
At the June meeting the board inquired about any timetable for payment of a Section 3(8)(c) reimbursement. Section
3(8)(c) just refers to "prompt payment ", not any specific length oftime.
Reading Retirement System - Items reviewed:
General Ledger Trial Balance as of May 31, 2004.
A transfer of $3,343.68, dated 6/30/04, was received from the Essex Regional Retirement System for DPW Engineer
Christopher Cole. Essex Regional will accept liability for 1 year, 1 I months of creditable service for the period 5/21/01-
8/22/03 (inclusive of a four month break in service).
PERAC sent a confirmation on 7/15/04 that they have received the completed 2003 Annual Statement of Earnings from
Murray Airhart. No further action is needed by the board.
Memos & miscellaneous letters received:
PERAC - Memo # 22/2004, dated 6/29/04 — Submission of disclosure forms
PERAC — Memo # 23/2004, dated 6/28/04 — Updated actuarial equivalent factor. The FY2005 State Budget
allows PERAC to establish new actuarial equivalent factors to be used in the calculation of retirement allowances
(option A annuity, option B annuity, and option C adjustment). PERAC has 180 days from the effective date of
the budget. Any retirement allowance that becomes effective on of after July 1, 2004 but before December 27,
2004 will be calculated using existing factors. Retirement allowances calculated on or after December 27, 2004
will use the new factors.
PERAC — Memo # 24/2004, dated 7/1/04 — Cost of living increase for supplemental dependent allowance paid to
accidental disability retirees. Beginning July 1, 2004 an annual amount of $611.28 shall be paid for each eligible
child.
PERAC — Memo # 25/2004, dated July 8, 2004. FY2005 budget items relating to public retirement
PERAC — Memo # 26/2004, dated July 13, 2004. Investment manager list
PERAC — Memo # 27/2004, dated July 13, 2004. Tobacco company list.
MACRS — Notice dated June 29, 2004. FY05 budget highlights.
The next board meeting will be held on August 18, 2004.
Meeting adjourned at 7:35 P.M.
Henry J. Boissoneau, I" elected
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Ric rd P. Foley, Ex Offi o
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Elizab4h W. Klepeis, 1�appo ted