HomeMy WebLinkAbout2000-06-28 Retirement Board Minutesd' 1 3
The Reading Contributory Retirement Board held a meeting on June 28, 2000, Conference Room, Town
Hall, Reading, Massachusetts.
The meeting was called to order at 7:30 A.M.
Minutes from the May 31, 2000 meeting were read and accepted.
Minutes from the April 26, 2000 meeting were signed by the board members.
Minutes from the May 17, 2000 meeting were signed by the board members.
Approved retirement applications:
Stephanie Hill
RMLD
September 5, 2000
Approved PERAC approved retirement calculations:
Norma Chisholm
School
April 28, 2000
Option A
Annuity
1,551.00
Pension
4,774.80
Yearly
6,325.80
Monthly
527.15
Dorothy Alworth
Library
June 23, 2000
Option A
Annuity
3,114.00
Pension
9,073.32
Yearly
12,187.32
Monthly
1,015.61
- Patricia Keane
School
June 15, 2000
Option A
Annuity
891.12
- Pension
1;830.12
Yearly
21721.24
Monthly
226.77
Approved transfers/refunds:
Jannine Peruffo
Dispatcher
refund
$318.34
Approved new membership:
Darryl Young
Raymond Graves
Paul Vartanian
Reviewed and approved the
2000 Voucher # 36
37
38
39
DPW-Highway 9%
Meter/Tech Reader RMLD 7% (no additional 2%)
Meter/Tech Reader RMLD 9%
following vouchers:
Town of Reading Treasurer
Deductions $64,401.51/Net $290,452.79
U.S. Postal Service
Jannine Peruffo
Town of Reading Treasurer
Brookline Retirement Board
Danvers
Arlington
$ 354,854.30
$ 189.20
$ 318.34
$ 79.59
$ 155.53
envelopes
refund
IRS/Peruffo
3(8)(C)/Collins
Middlesex County's Supplementary Regulation: `Regular Compensation-Motor Vehicle Use'. Jackie
Williams is at a seminar until Tuesday June 27, 2000. The Retirement Administrator will contact her on
Wednesday June 28, 2000.
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Walter D. Hall, a member in Middlesex County, would like to buy back 3 months of creditable service.
He was employed in Reading for 3 months (9/23/88 to 12/30/88) before he became a member. He earned
$3,890.76 during those 3 months. At that time there was a request sent to Stoneham for his account to be
transferred to Reading. He worked in Reading for 1 year 5 months and 8 days before then transferring to
Middlesex County. Reading would now be responsible for 1 year 8 months and 8 days of his creditable
service. The board members approved the creditable service.
Arthur A. King will be reviewed within the next 3 months for an evaluation to determine if he is able to
perform the essential duties of the position from which he retired. PERAC schedules the evaluations once.
per year during the first two years after retirement and once every three years thereafter.
Phyllis Maloney would like to buy back 2 years and 9 months of creditable service while she was a
teacher assistant and not a member of the Reading Retirement System. The total cost is $2,316.26. She
submitted a check for $200.00 on June 14, 2000. She will contribute $50.00 per paycheck. She is
planning to retire in June 2001 with 10 years of creditable service. The board members approved
buyback.
PERAC. has approved retirement re-calculations for 6 former Reading Municipal Light Department
employees. The longevity payment for 1996 and/or 1997 was not included in their regular compensation,
although retirement deductions were withdrawn. They will be paid the retroactive increase on July 31.
A transfer of $4,117.44 was received for Paul J. Vartanian from the Arlington Board on June 26, 2000.
PRIT Performance Summary for periods ending March 31, 2000 (all returns are net):
Annualized return since inception: 12.68%
1 Year 24.47%
5 Year 18.78%
I" Quarter 3.94%
TOTAL ASSETS: $63,188,606.27
The August meeting will be on August 30, 2000 at 7:30 A.M..
Meeting adjourned 8:10 A, M.
Present: Boissoneau, Foley, Klepeis, Seferian, Veno and Martin.
Henry J.:, issoneau, 1" elected
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Richard P. Foley, Ex Officlo
Eliz~p W. Klepeis, 1
R. Ve~no, 2" elected
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Daniel B. Seferian, 2