HomeMy WebLinkAbout2000-03-29 Retirement Board MinutesThe Reading Contributory Retirement Board held a meeting on March 29, 2000, Conference Room,
Town Hall, Reading, Massachusetts.
The meeting was called to order at 7:30 A.M.
Minutes from the February 23, 2000 meeting were read and accepted.
Minutes from the January 26, 2000 meeting were signed by the board members.
Paul Todisco, from PRIM, attended the meeting at 8:00 a.m. and discussed the PRIT Fund.
Approved Option C Pop-up calculations:
Lucille Calhoun's annual Option C allowance popped up to $4,111.44 from $3,331.20 on
February 9, 2000. PERAC approval was granted on March 6, 2000.
Approved retirement applications:
Allan Nickerson DPW 4/28/2000 Option B
Dorothy Alworth Library 6/23/2000 Option A
Approved retirement calculations:
Virginia Butler Option A 3/10/00
Annual Annuity $1,045.80
Annual Pension $1,731.96
Annual Allowance $2,777.73
David Rourke Option B 3/3/00 (PERAC approval is pending)
Annual Annuity $4,969.32
- Annual Pension $27,207.36
Annual Allowance $32,176.68
Ralph Tarpin Option C 3/3/00
Annual Annuity $7,218.72
Annual Pension $23,747.40
Annual Allowance $30,966,12
Ralph passed away on 3/13/00. His wife, Susan, will receive 2/3:
Annual Annuity $4,812.48
Annual Pension $15,831.60
Annual Allowance $20,644.08
Approved refunds/transfers:
Thomas Roberto
Geraldine Kelley
Frederick Jackson
Paul Roache
Robert Johnson
Joseph Connelly
Teachers Retirement Bd
Arlington Retirement Bd
$481.23
refund
$8,686.02
transfer
$676.00
buyback refund
$6,011.85
BankBoston rollover
$7,223.04
refund
$17,96532
transfer
Approved new membership:
Jannine Peruffo
Marianne Baker
Wayne Currie
Jeanne Young
Brian McFadden
Marie Paiva
Dispatcher
2/21/2000
9%
RMLD
2/28/2000
9%
Recreation Administrator
3/02/2000
8% (Natick)
School
3/13/2000
9%
Sewer
3/20/2000
9%
Community Development
3/20/2000
9%
The Board approved the buyback of 6 months of military service by Michael McGuinness. The cost is
$1,834.70, which is half of 10% of his first year salary ($36,694.00). He will present 2 equal payments of
$917.35. The first payment is due 4/15/00 and the final payment is due 10115100.
The Board approved the buyback of 6 years and 3 months of creditable service by Jannine Peruffo. She
worked in Peabody from 1973 to 1980 as the Assistant Dog Officer. She received a refund of $3,582.57
on August 31, 1980. The repayment amount is $8,963.37 and she will to make 5 yearly payments of
$1,79167.
Frederick Jackson has a make-up payment balance of $676.00. The buyback is not complete, but he
would like to stop the payments and collect a refund of the $676.00_ The issue of whether or not this
could be refunded was discussed. The Board voted to table this motion until an answer from PERAC was
received.
Reviewed and approved the following vouchers:
2000 Voucher # 15 Town of Reading Treasurer $ 345,436.51
16 Town of Reading Treasurer $ 4,309.98 staff salary
17 Thomas Roberto $ 481.23
Town of Reading Treasurer $ 120.31 IRS/Roberto
18 Teachers Retirement Board $ 8,686.02
19 VOID
20 BankBoston $ 6,011.85 Roache
21 Robert Johnson $ 7,223.04
Town of Reading Treasurer $ 1,805.76 IRS/Johnson
22 MWRA Retirement Board $ 4,211.17 3(8)(c) Reimb.
23 Arlington Retirement Board $ 17,965.72 Connelly
PERAC is reviewing the status of Domenic Ricci, Donald Stead and Kevin Ryan for a Comprehensive
Medical Evaluation. The evaluations take place once each year during the first two years after retirement,
once every three years thereafter, and at any time upon request of a disabled retiree. PERAC's internal
nurse manager has determined that Donald Stead is unable to perform the essential duties of his job.
PERAC has partially approved the Supplementary Regulations approved by the Reading Retirement
Board at the November 23, 1999 meeting. PERAC has `not approved in part' the section concerning the
buying back of previous employment after 7/1/91 when the Town was required to withhold and match
Social Security deductions. PERAC had approved this section in a letter dated 3/7/96. The Retirement
Administrator will send a copy of this letter to PERAC.
Gerald Duggan worked in the Department of Public Works for the following 3 months: July and August
of 1967 and July of 1968. He is a teacher in Acton and would like credit for this time. Our
Supplementary Regulations are in effect from the date of the Boards approval: November 23, 1999. The
e Board voted to deny granting him this creditable service based on our Supplementary Regulations.
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Matthew Faucette was refunded his buyback payments plus 5% interest on February 29, 2000 for a total
of $1,260.00. The board voted to approve this payment at the February 23, 2000 meeting.
The Social Security Administration has announced that the latest Cost of Living Adjustment (COLA) is
2.4% for Fiscal Year 2001.
A `Plaintiff's Motion for Entry of Judgement and Proposed Equity Judgement' was received on March 1,
2000 from Barbara Sullivan's attorney. A hearing is scheduled for March 30, 2000. Charles Darby's
allowance is currently suspended.
The 2000 Middlesex County Retirement System Seminar is April 3, 4, and 5`h. The PRIM Client
Conference is May 17, 2000 at Bentley College. Henry Boissoneau, Joe Veno, Beth Klepeis, Richard
Foley and Rosamond Cotter will attend the May 17 PRIM Client Conference.
Richard Foley attended the PRIM Board meeting on March 7, 2000.
Scheduled board meeting: June 28, 2000 7:30 A.M.
Meeting adjourned 9:05 A.M.
Present: Boissoneau, Foley, Klepeis, Seferian, Veno and Cotter.
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Henry Jtoissoneau, V elected
Richard P. Foley, Ex Officio
Eli Beth W. Klepeis, I ` appointed
os ZR- Veno, 2° elected
~ v
Daniel B. Seferian, 2° appointed