HomeMy WebLinkAbout2000-11-22 Retirement Board MinutesC
The Reading Contributory Retirement Board held a meeting on NOVEMBER 22, 2000, Conference wn
~ ` Hall, Reading, Massachusetts. The meeting. was called to order at 7:30 A.M. R
RL 11G, MASS.
Minutes from the October 25, 2000 meeting were read and accepted.
Minutes from the September 20, 2000 meeting were signed by the board members. 2001 NEAR 26 P 4° o
Approved new membership:
Sylvia Vaccaro 11/13/00-RMLD-Customer Assistant 9%
Approved refunds/transfers:
Francis Reen transfer to Middlesex 6 years and 9 months $ 17,451.34
Kevin Valcour transfer to Middlesex 1 years and 6 months $ 5,193.71
Jeanne Young transfer to Essex Cnty 0 years and 6 months $ 1,082.12
Ronald Sebeika refund $ 800.50
Reviewed and approved the following vouchers:
2000 Voucher # 58
Town of Reading Treasurer
$ 365,510.45
deductions $65,334.76/net $300,175.69
59
Town of Reading Treasurer
$ 2,985.22
staff salary
60
The Segal Company
$ 750.00
7/1/00 update
61
Middlesex Retirement System
$ 17,451.34
F. Reen
62
Middlesex Retirement System
$-5,193.71
K. Valcour
63
Essex County Retirement System
$ 1,082.12
J. Young
64
Ronald Sebeika
$ 800.50
refund
Town of Reading Treasurer
$ 200.12
IRS
Kathy Riley, at The Segal Company, has quoted $11,500 for the 2001 actuarial study and $1,000 for the 2002
update. The board voted to have The Segal Company complete these studies.
Brackett & Lucas is the new firm that will be providing legal services to the Town of Reading. The Board voted to
contact the following 4 firms in January to make an appointment for an interview: Keegan, Werlin & Pabian (Ted
Cohen), Deutsch, Williams, Brooks, DeRensis, Hoolan & Drachman (Scott C. Merrill), Nicholas C. Posner and
Brackett & Lucas.
The Reading Retirement Board must 'designate a person to serve as Custodian of all records which the retirement
board holds' per the Supplemental Regulations. The board designated Rosamond Martin, the Retirement
Administrator.
Christopher Picco would like to buyback the 1 year and 5 months he worked in the Middlesex Sheriffs Office from
May 20, 1995 to October 20, 1996. He was a "temp" and did not contribute to Social Security, a deferred
compensation plan or the Middlesex Retirement System. The total cost is $2,571.52 and he will pay $25.00 per
paycheck for approximately 4 years. The Board voted to postpone their decision until the December meeting when
they will have more information.
An election notice will be posted in the December 'Town of Reading Employee Newsletter'. A notice to the retirees
will be sent with their December 15, 2000 retirement checks and another notice to the active members will be posted
at 8 locations and at the schools.
All affidavits have been returned.
PRIT Performance Summary for the period ending 9/30/00 (all returns are net):
1 year return 16.46% Calendar year to date 2.14%
3 year return 12.47% 3`d quarter -0.75%
5 year return 15.51% January through October 2000 net return: 1.11%
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Meeting adjourned 8:25 A.M.
Present: Boissoneau, Foley, Klepeis, Seferian, Veno and Martin.
Henry J. Bo's eau, 1" elected
~ 6 ~"'U
Richard P. Foley, Ex Of icio
Eliz oth W. Klepeis, 1" appointed
seph R. Veno, elected
n
Daniel B. Se