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HomeMy WebLinkAbout2009-01-20 Board of Selectmen HandoutPage 1 of 1 Schena, Paula From: Hechenbleikner, Peter Sent: Tuesday, January 20, 2009 3:20 PM To: Schena, Paula Subject: FW: Tennis update Paula Please cc for the Board of Selectmen for tonight, and provide for the 3 papers. PRESS RELEASE The Town of Reading is working aggressively to secure a resolution to the Bancroft Ave. Reading Community Tennis Court construction project. The construction of the top pavement course is not acceptable to the Town because of contamination of the pavement by hydraulic fluid. The Town has demanded replacement of the top course of pavement in order to rectify the contamination issue, and that would involve removal of much of the fence at the site. The Town's concern is that if the top pavement course is not removed, additional effects of the contamination could show up in future years. The process of remedying an issue such as this is somewhat complex. The Town has had numerous discussions with the project General Contractor and the project subcontractors. There was no resolution to the Town's concerns at that level, and the Town has therefore filed a claim with the General Contractor's bonding company. The bonding company has requested documents, and these documents are being provided by the Town. The Bonding Company is obligated to give the Town a definitive answer to its claim in a short period of time. If a solution acceptable to the Town is not reached, then the Town is prepared to take legal action to rectify the situation. This project was funded by a combination of private and public funding. The Town is committed to accepting nothing less than the brand new tennis courts, that were contracted for, and is working hard to accomplish that goal as quickly as possible so that the community can have use of this wonderful facility. The Town will update the community once we have more information and perhaps a timeline for completion. For further information, contact: George Zambouras, Town Engineer 781-942-6683 Or John Feudo, Recreation Administrator 781-942-9674 1 /20/2009 Page 1 of 1 Hechenbleikner, Peter From: Michele Benson [mbenson@RMLD.com] Sent: Tuesday, January 20, 2009 2:44 PM To: Hechenbleikner, Peter Subject: National Teach-in Hello Peter, This is a very short notice, nevertheless, the ACCCP is planning on having an event February 5th, at the Senior Center from 6:30 to 9:00 p.m., based on the National Teach-In, First 100 Days. http //nation.a.llteach_i_n..org/index...ph.p The ACCCP will briefly update attendees on Climate Change in the Northeast, show a 30 minute Webinar on the Climate issues from the National Teach-in, then opening discussion with attendees on action we have taken, actions they have taken, what they can do, what they want us to do, and importantly to start a campaign on passing the word to friends and family on how simply the can make changes. We will have information available. We are still fine turning. It is a last minute endeavor. Is it possible to send an electronic invite to you and/or Paula, and have it placed on the town's in-office email and possible get it out to the Selectmen and other interested committees--via email? We are placing an invite in the paper and going to attempt to place it on RCTV. It is open to the community. At such short notice, it may only end up being our meeting--but we thought we would try. Thank you Peter. 1/20/2009 D ~°er~e~a~ d QM®Vey`ww RICHARD R. TISEI SENATE MINORITY LEADER (617) 722-1206 His Excellency Timothy P. Murray Lieutenant Governor Commonwealth of Massachusetts The State House, Room 360 Boston, MA 02133 Dear Governor Murray, January 14, 2009 BRADLEY H. JONES, JR. HOUSE MINORITY LEADER (617) 722-2100 P.J 8 c As you and your staff make your way through the multitude of projects submitted to your office by communities across the Commonwealth, we wanted to take a moment to share our support on priorities important to the Town of Reading, which we both represent. We hope that you. will support the funding of these modest items as they are important to the community that you help govern and that we represent, and particularly because they are consistent with President-Elect Obama's proposed economic federal stimulus package as well as Governor Patrick's Capital Investment Plan. You will find that all the projects submitted are infrastructure projects that will provide much needed jobs to a variety of service sectors. They are "shovel ready" within 180 days and will be completed within two years, as stipulated. As you are aware, the town has submitted eight distinct projects: • Energy Savings Performance Contracting Project intends on implementing energy efficiency upgrades, renewable energy technologies, demand management solutions and energy infrastructure renewal in most of Reading's municipal buildings. • Haverhill Street Water Main Replacement seeks to exchange water mains in two locations on Haverhill Street. • Haven Street and High Street Streetscape and Roadway Improvements will enhance the streetscape and include roadway improvements. It will also extend the pedestrian area to the MBTA train station. • West Street . Roadway. Reconstruction will include new sidewalks, granite curbing, drainage improvements and new traffic signals. • Reading Public Library Exterior Infrastructure Improvements are required to stabilize the building built in 1895 and prevent any further deterioration. 0 • Reading Town Hall Roof Replacement is needed in order to repair the asphalt, slate and rubber roof for the two buildings constructed in 1919, both of which are on the National Historic Register. • Washington Park Restoration Project will revitalize a small tot playground, a baseball diamond, tennis court, multi-purpose court and basketball court. The plan also includes a walking path around the park to encourage foot traffic to downtown businesses. • Imagination Station ADA Playground Reconstruction seeks to reconstruct large community ADA accessible playground to include innovative play equipment, rubberized paths for accessibility and parent visibility for safety. We realize your approval of these items is only a step in the process for making any one of them a reality. We are hopeful that going forward, given your favorable consideration, we can work together to make them small but important parts of the Administration's capital plan. While we understand that funding for this legislation is not guaranteed, and it is unknown what level of funding the Commonwealth might receive from such a stimulus package, we are hopeful that all the funds will be distributed directly to towns in need and will not make their way through various agencies. As you no doubt are aware, communities across the Commonwealth have been hit hard by local aid cuts and the outlook is bleak. Any possible help the state and federal government can give to cities and towns must be given. Once again, thank you for your time and careful consideration of these matters. If you, or a member of your staff, have any questions or you require additional information, please do not hesitate to contact me at your earliest convenience. Sincerely, ones, Jr. WRichardR.i ority Leader Senate Minority Leader cc: Senator Edward M. Kennedy Senator John F. Kerry Congressman John F. Tierney Michael Morris, Director of Governmental Affairs Katie Joyce, Deputy Chief of Staff b January 20, 2009 Town of Reading 16 Lowell Street Reading, MA 01867 To Whom It May Concern: Stephen A. Goldy, Chairman Ben Tafoya, V. Chairman James E. Bonazoli, Secretary Camille W. Anthony Richard W. Schubert BOARD OF SELECTMEN (781) 942-9043 FAX: (781) 942-9071 Website: www.ci.reading.ma.us The Town of Reading is pleased to be able to participate in the American Dream Downpayment Initiative through Community Service Network, Inc.'s HOME Down Payment and Closing Cost Assistance Program. The HOME Down Payment and Closing Cost Assistance Program has and will continue to give our low to moderate income residents a chance to become homeowners in our community. This gives them a chance to be part of the American Dream of homeownership and helps our community maintain stability, gives us a future tax base and allows our community to help those who need it. We look forward to continuing to work with Community Service Network, Inc. on this project. Sincerely, Ben Tafoya, Vice Chairman Board of Selectmen 0 Community Service Network, Inc. 52 Broadway Stoneham, MA 02180-1003 Wednesday, January 14, 2009 Peter I. Hechenbleikner, Town Manager Town Hall 16 Lowel Street Reading, MA 01867 Dear Mr. Hechenbleikner: Fax: (781) 438-6037 Sheila Herbeck, Executive Director (781) 438-5981 Community Service Network, Inc. (CSN) is once again applying for a down payment assistance funds through the American Dream Downpayment Initiative offered by the Massachusetts Department of Housing and Community Development (DHCD) and the U.S. Department of Housing and Urban Development (HUD). In order to include your community in our application we need to get a letter of support from your office on your community's letterhead. I want to stress that there is no obligation or cost to either the community or your constituents, for participating in this program. For your convenience, we have enclosed a sample letter from your highest elected official that you may put on the town's letterhead. We have also enclosed a frequently asked question sheet explaining the program in greater detail, as well as a self addressed stamped envelope. CSN is a non-profit, community based housing agency from Stoneham, Massachusetts. We are the HUD-Approved Local Housing Counseling Agency that covers your community. One of our many goals is to help low- and moderate-income first-time homebuyers realize their dreams of homeownership. Down payment assistance is one of the tools we use to achieve this goal. I strongly urge you to consider'participating in this program. Please feel free to call me at 781-438-5981 if you have any questions. N 8 Sincerely, o,. Sheila Herbeck Executive Director w c 0 AMERICAN DREAM DOWNPAYM ENT INITIATIVE F.A.Q. Question 1: What is ADDI? The American Dream Downpayment Initiative (ADDI) is a federal downpayment and closing cost assistance program administered locally by the Massachusetts Department of Housing and Community Development. Income-eligible first-time homebuyers can receive up to $9,999. in downpayment assistance in the form of an interest-free, deferred payment loan that is forgiven if the property remains the homeowners primary place of residence for five years. If the property is sold prior to the five years, the money must be paid back. Question 2: How does ADDI work? First-time homebuyers start by contacting the office of Community Service Network. We walk them through the intake an application process and screen them for program eligibility. The maximum amount of downpayment assistance for each homebuyer is .the lesser of the amount necessary to complete the eligible first-time homebuyer's transaction, with a maximum of the lesser of $9,999, or 5% of the purchase price. Community Service Network originates all of the paperwork and disburses the funds for the homebuyer. Please note, a borrower may not receive money back at the time of closing. Also, the borrower is required to put down 1.5% of their own funds; CSN will match the other 1.5% up to a maximum of the lesser of $9,999, or 5% of the purchase price. In all events, CSN requires the borrower to put down a minimum of $750 of their own money down and CSN will never fund above $9,999. Question 3: Who does ADDI target? First-time homebuyers earning less than 80% of the area median income. First-time homebuyer defined: Somebody who has not owned a home in the last three years. There is an exemption for certain single parents;"displaced homemakers," and those who have owned certain types of mobile homes. 80% of area median income defined (*All numbers subject change in February): 1 person $46,300 2 people $52,950 3 people $59,550 4 people $66,150 5 people $71,450 6 people $76,750 7 people $82,050 8 people $87,350 Asset Test Household may not have assets in excess of $25,000 at the time of application. Household assets include retirement accounts (although retirement accounts that cannot be accessed for any reason, such as Massachusetts Teacher's Retirement System, will not be counted). Question 4: Where can I use CSN's ADDI funds? CSN funds can be used in Burlington, Reading, Stoneham, Wakefield, Winchester, and Woburn. Question S: What kind of home can I purchase? Funds can be used to purchase either a Single Family Home, a Condominium, or a manufactured home and lot. They may not be used to purchase a multifamily home or a cooperative. All units purchased with HOME ADDI assistance must meet applicable state and local codes, as well as Section 8 Housing Quality Standards (HQS) at the time of closing. In addition, these units must meet the Massachusetts Lead Law and the HUD federal lead-based paint regulations at 24 CFR Part 35, prior to occupancy, whether children of any age are present or not. Purchase price limit: $417,000. Question 6: Is there a counseling requirement? Yes. Recipient must complete a CHAPA Homeownership Collaborative first-time homebuyer workshop prior to closing. You can find these courses at www.chapa.org. Question 7. Can I have a consigner? No. Borrowers must obtain a conforming mortgage on the basis of their own income and credit-worthiness (i.e. without the assistance of a co-signer) with terms generally accepted by the industry for.no less than 90% of the property's purchase price. Question 8: How high can my debt to income ratios be? Potential homebuyers who do not qualify for a competitive or favorable interest rate or who have high debt ratios may be considered ineligible for HOME ADDI loans. Back end ratios (ratio of the borrower's total debt principal, interest, taxes, insurance (PITI) + other monthly debts to the gross monthly income) should be below 40%. Even with compensating factors, back end ratios must not exceed 43%. Question 9: How long does all of this take? Please plan a minimum of four weeks from the time of application. Question 10: Whom can I contact at Community Service Network if I have any questions? Sheila Herbeck, Executive Director Phone: 781-438-5981 Fax: 781-438-6037 Email: sheilaherbeck@csninc.org PAGE #2 ent under m 200$ Measure 3une 30a n of Reading Results for the Taw tion 2_ Va1ua au.90 S~CT►O Payrast rest rate) (4 DEpART1ViE ALL NT5 pre funded .750/0 ~~,~©`Z gE5LLT t7 Z5% interest rate) $512A2,933 5~ARY Of V AL 494 36 3~ $38,219, 562,213 $87 , ant Category 218 433 by particip The key, results and dLialailuy dependents $6fl,021 g27 sumptions Accrue significant as are Actuarial beneficiaries and $2,`731°696 er2t year Current retirees, for the curr l ve emPl°yees 6gy125_ 8 (1} k (2) ding June shown Current acti 2fl0 sear En $1,465,713 2• Of iuly 1, on fox Fiscal $2,795,821 136 ~otai as ° ila, d 55- 3 " aired Conti ualRe~ $1,521,`9 30, 2009 July 1, 1,009 al Cost as Of $3,929,013 4. Norm (4)+(5) 9y 5. Ad3ustment for timin8 timing at 7.500 $3,66125 $4, fl21,306 d• sted f or formal Costa 7u ments incxeasing al accn1ed 141 6 anaord 'ataon pay untended actuan 40 $6,81~ ,12~ 30-year noruLatlon of tha 1 2008 $3,90913 30-year } as of Zu y $5,430189 liability (U~ (7} timing timing' ' 8 p d1ustment for paYinent adj°sted lot n ( C}: (6)+(9) ear. 9. wok ua gequued Contnb°timent in the middle of the.~scai Y 1fl' To Pal assumes PaY ~ot~ustment for timing ~i SECTION 2: Valuation Results for the Town of Reading June 30, 2008 Measurement under GASB FUNDING SCHEDULES 30 Years Closed (7.75% discount rate), payments increasing at 2.50% Projected Unit Credit cost method (9) (1) (2) (5) (6) (8) UAAL Fiscal Year Projected (3) (4) Total Funding Additional (7) AAL at End of Ended Benefit Normal Cost Amortization Requirement: Funding: Assets at at End of Year: June 30 Payments with Interest of UAAL (3)+(4) (5)-(2) End of Year Year (8)-(7) 2009 $3,368,385 $1,521,449 $3,909,340 $5,430,789 $2,062,404 $2,140,831 $62,757,534 $60,616,703 2010 3,723,762 1,597,521 4,007,074 5,604,595 1,880,833 4,259,101 65,414,148 61,155,048 2011 4,110,186 1,677,398 4,107,250 5,784,648 1,674,462 6,327,318 67,958,445 61,631,127 2012 4,492,609 1,761,267 4,209,932 5,971,199 1,478,590 8,352,501 70,390,018 62,037,517 2013 4,698,778 1,849,331 4,315,180 6,164,511 1,465,733 10,521,290 72,887,441 62,366,151 2014 4,923,244 1,941,797 4,423,059 6,364,857 1,441,613 12,833,123 75,441,396 62,608,273 2015 5,174,149 2,038,887 4,533,636 6,572,523 1,398,374 15,279,240 78,033,618 62,754,378 2016 5,335,851 2,140,832 4,646,977 6,787,808 1,451,957 17,970,552 80,764,707 62,794,155 2017 5,485,274 2,247,873 4,763,151 7,011,024 1,525,750 20,947,039 83,663,462 62,716,423 2018 5,714,910 2,360,267 4,882,230 7,242,497 1,527,587 24,156,111 86,665,170 62,509,059 2019 5,862,234 2,478,280 5,004,286 7,482,566 1,620,332 27,710,158 89,869,085 62,158,928 2020 6,155,346 2,602,194 5,129,393 7,731,587 1,576,241 31,493,876 93,145,672 61,651,796 2021 6,463,113 2,732,304 5,257,628 7,989,931 1,526,819 35,519,530 96,491,781 60,972,251 2022 6,786,269 2,868,919 5,389,068 8,257,987 1,471,719 39,799,978 99,903,580 60,103,602 2023 7,125,582 3,012,365 5,523,795 8,536,160 1,410,578 44,348,694 103,376,477 59,027,783 2024 7,481,861 3,162,983 5,661,890 8,824,873 1,343,012 49,179,800 106,905,042 57,725,242 2025 7,855,954 3,321,132 5,803,437 9,124,570 1,268,615 54,308,092 110,482,915 56,174,824 2026 8,248,752 3,487,189 5,948,523 9,435,712 1,186,960 59,749,065 114,102,711 54,353,645 2027 8,661,190 3,661,548 6,097,236 9,758,785 1,097,595 65,518,951 117,755,908 52,236,957 2028 9,094,249 3,844,626 6,249,667 10,094,293 1,000,044 71,634,743 121,432,741 49,797,998 2029 9,548,961 4,036,857 6,405,909 10,442,766 893,804 78,114,228 125,122,065 47,007,837 2030 10,026,410 4,238,700 6,566,057 10,804,757 778,347 84,976,026 128,811,227 43,835,200 2031 10,527,730 4,450,635 6,730,208 11,180,843 653,113 92,239,617 132,485,908 40,246,291 2032 11,054,117 4,673,167 6,898,463 11,571,630 517,513 99,925,380 136,129,968 36,204,588 2033 11,606,822 4,906,825 7,070,925 11,977,750 370,927 108,054,630 139,725,263 31,670,633 2034 12,187,163 5,152,166 7,247,698 12,399,864 212,701 116,649,653 143,251,454 26,601,801 2035 12,796,522 5,409,775 7,428,890 12,838,665 42,143 125,733,747 146,685,799 20,952,052 2036 13,436,348 5,680,263 7,614,613 13,294,876 (141,472) 135,331,261 150,002,923 14,671,663 2037 14,108,165 5,964,277 7,804,978 13,769,254 (338,911) 145,467,635 153,174,574 7,706,939 2038 14,813,573 6,262,490 8,000,102 14,262,593 (550,981) 156,169,444 156,169,444 - Note: Adjustment for timing assumes payment in the middle of the fiscal year. -0~"SEGAL 7 SECTION 2: Valuation Results for the Town of Reading June 30, 2008 Measurement under GASB -~rSEGAL 30 Years Open (4.75% discount rate), payments increasing at 2.50% Projected Unit Credit cost method (9) (1) (2) (6) (8) UAAL Fiscal Year Projected (3) (4) Additional (7) AAL at End of Ended Benefit Normal Cost Amortization (5) Funding: Assets at at End of Year: June 30 Payments with Interest of UAAL ARC (5)-(2) End of Year Year (8)-(7) 2009 $3,368,385 $2,795,821 $4,021,306 $6,817,127 $0 $0 $91,135,476 $91,135,476 2010 3,723,762 2,935,612 4,185,405 7,121,017 - - 94,657,760 94,657,760 2011 4,110,186 3,082,393 4,347,166 7,429,559 - - 98,102,083 98,102,083 2012 4,492,609 3,236,512 4,505,347 7,741,859 - - 101,476,349 101,476,349 2013 4,698,778 3,398,338 4,660,310 8,058,648 - - 104,965,509 104,965,509 2014 4,923,244 3,568,255 4,820,550 8,388,805 - - 108,564,574 108,564,574 2015 5,174,149 3,746,668 4,985,837 8,732,505 - - 112,260,400 112,260,400 2016 5,335,851 3,934,001 5,155,568 9,089,569 - - 116,158,011 116,158,011 2017 5,485,274 4,130,701 5,334,567 9,465,268 - - 120,289,146 120,289,146 2018 5,714,910 4,337,236 5,524,289 9,861,525 - - 124,592,866 124,592,866 2019 5,862,234 4,554,098 5,721,939 10,276,037 - - 129,172,183 129,172,183 2020 6,155,346 4,781,803 5,932,244 10,714,047 - - 133,902,076 133,902,076 2021 6,463,113 5,020,893 6,149,465 11,170,358 - - 138,786,349 138,786,349 2022 6,786,269 5,271,937 6,373,775 11,645,712 - - 143,828,821 143,828,821 2023 7,125,582 5,535,534 6,605,352 12,140,886 - - 149,033,317 149,033,317 2024 7,481,861 5,812,311 6,844,369 12,656,680 - - 154,403,657 154,403,657 2025 7,855,954 6,102,927 7,091,002 13,193,929 - - 159,943,652 159,943,652 2026 8,248,752 6,408,073 7,345,426 13,753,499 - - 165,657,088 165,657,088 2027 8,661,190 6,728,477 7,607,816 14,336,293 - - 171,547,717 171,547,717 2028 9,094,249 7,064,900 7,878,344 14,943,244 - - 177,619,247 177,619,247 2029 9,548,961 7,418,145 8,157,180 15,575,325 - - 183,875,326 183,875,326 2030 10,026,410 7,789,053 8,444,490 16,233,543 - - 190,319,526 190,319,526 2031 10,527,730 8,178,505 8,740,441 16,918,946 - - 196,955,332 196,955,332 2032 11,054,117 8,587,431 9,045,191 17,632,622 - - 203,786,120 203,786,120 2033 11,606,822 9,016,802 9,358,896 18,375,698 - - 210,815,141 210,815,141 2034 12,187,163 9,467,642 9,681,704 19,149,346 - - 218,045,500 218,045,500 2035 12,796,522 9,941,024 10,013,759 19,954,783 - - 225,480,133 225,480,133 2036 13,436,348 10,438,076 10,355,195 20,793,271 - - 233,121,784 233,121,784 2037 14,108,165 10,959,979 10,706,139 21,666,118 - - 240,972,981 240,972,981 2038 14,813,573 11,507,978 11,066,706 22,574,684 - - 249,036,005 249,036,005 Note: Adjustment for timing assumes payment in the middle of the fiscal year. 9 under GASB - e ~une 30, 21Dflg tAeasuremen f Read' g m tnfarn'ati In far the Town o Supporting SECTioN 4 This exhibit summarizes tici the udeta the used.f par or the valuation EXH1g1T i ~ . pata Sumnlary of Participant 1, Zflas' calbenefits as of Jul, ecl for meth Active employees cover NUmbef of employees Total Mun cii Pal other ingot 43 21 64 4s.4 218 j15 306 285 524 460 43.9 11.2 Male 15`2 32.1 vemale Total 513 of Scaly 1, ZQOS 12 e ,fits as 10.9 Average ag ,meal ben 6'1.9 e sexvice ed for m Averag e age at hire uses d benefA cover -d emPloyees~ s'Po ,,tire dividuals Number of in Avgage age 44.5 11.'1 32•x„ 645 70.5 V SECTION 4: Supporting Information for the Town of Reading June 30, 2008 Measurement under GASB Per Capita Health Costs: Fiscal 2008 - 2009 medical and prescription dru g claims costs are shown in the table below for retirees and for spouses at selected ages. These costs are net of deductibles and other benefit plan cost sharing provisions. Non-Medicare Plans Medicare Supplement Retiree Spouse Retiree Spouse Aqe Male Female Male Female Male Female Male Female 45 $6,973 $8,748 $4,325 $6,529 N/A N/A N/A N/A 50 8,276 9,427 5,781 7,569 N/A N/A N/A N/A 55 9,829 10,148 7,736 8,761 N/A N/A N/A N/A 60 11,673 10,938 10,356 10,162 N/A N/A N/A N/A 65 13,863 11,784 13,863 11,784 $3,316 $2,819 $3,316 $2,819 70 16,067 12,699 16,067 12,699 3,843 3,037 3,843 3,037 75 17,315 13,669 17,315 13,669 4,142 3,270 4,142 3,270 80 18,646 14,736 18,646 14,736 4,460 3,525 4,460 3,525 -~rSEGAL 23 Measurement under GAS~.~---.~ June 30' 2008 Sown of Reading the information for lau Costs are SuPPOrtIng below ch ~hd ~eaPPlied N 4: 1 fate at wh1C ear lie S_CT10 ated oveTal the auticlp wubel articular P cost. ected ores he Tates sho n for a p rol trend reeas tore years. v The trend show s care Health show" abO , s Cost to yield the next year P expected to increase c fn sts to that year e Cost Trend Rates' the net per capita lied to health Car that Must be apP the rate 'fear ending Medtca"Drug June 30 10,00% 2008 9,2501o 2009 g 50°l0 2010 ~.~5°10 2011 7.00°10 2012 6.25010 2013 5.50%0 2414 5,00% • d Ci al trend. later with lsv ee c°verage. 2015 ected to inCTease elect retir lan for exp e assumed to edical P e current m erage tiree u in their c°utxibuteTnPloyees with cov rem crease Rate: ge are 65 ntian 100°10 of active are assumed to under age are - Contrib e Electtan: of retirees over age 65 d retirees d 10°lo getiree d Covera~ lOQ°10 NO, 1,1`x96 an n age 65 an hired after an participation ed ore u ou reaclug loyees life. loyees lenient plan P Ctive eM at age 65• of active eW9 e supP 100%a lenient plan 90°10 edito Medicaxe plan' 00 assumed ce to ele ct a . a u edicaTe SUPP 5 0 lif e ins M a to rem~u in to eleft a M led to have ssu 41986 are assumed s and rethees are assn u3 effect nefits p~,j be bstautive 1Q4% of active emPl°yee based on the s uM 1iy insured preuu coverage liabilities Was " went of plan d to be eluded iu the Developl -~~hibitTli• i1ft as debed m were assume 24 ative expenses assumed. p a, n~eS'n' Adminkstr imumbenefitlevels was dnv~strative Ex,,UseS: rSo increase in the annual m A 1V1a~~ B enOWs : xupual SECTION 4: Supporting Information for the Town of Reading June 30, 2008 Measurement under GASB MGL Chapter 32B, Section 18: Adopted. Retiree Contributions: Premium rates and retiree contributions as of June 1, 2008 are summarized below: Non-Medicare Actives and Retirees Subscribers Retirees 65 Monthly Premium Active Retiree Total and over* (eff. 6/1/2008) Town Cost Retiree cost BCBS HMO Individual 211 48 259 15 $532.02 $372.41 $159.61 Family 242 30 272 1 $1425.11 $997.58 $427.53 BCBS PPO 23 52 75 13 $726.61 $508.63 $217.98 Individual 48 30 78 1 $1,811.35 $1,267.95 $543.41 Family Non-Medicare Total 524 160 684 30 Medicare Suunlement Plan Medex 2/Blue Medicare Rx N/A 425 425 $295.70 $206.99 $88.71 Medicare Total 425 425 Retiree Total** 585 * 30 of 321 over-65 retirees are in non-Medicare plans. Includes 144 spouses of retirees covered under an individual policy. 27 -SEGAL ' ' 91O -IN SHEET FOR..TAE.B ARD OF SELECTMEN - N MEETING DATE: NAME. ADDRESS (Please print) Y///V /V/r- 1M 1, J ` - / - - _ ~ to<y'=•. e .icc ,-.:r- ,,,t - ;:ir;"•' "i`-c - ~::s:,x,ai'.. 's3 _4.'-;`'~' n?:;•..,. tfi.:,:^r' .:r.. 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