HomeMy WebLinkAbout2000-02-23 Retirement Board Minutesld~
The Reading Contributory Retirement Board held a meeting on February 23, 2000, Conference Room,
Town Hall, Reading, Massachusetts.
The meeting was called to order at 7:30 A.M.
Minutes from the January 26, 2000 meeting were read and accepted.
Minutes from the December 15, 1999 meeting were signed by the board members.
Approved Option C Pop-up calculations:
Lucille Calhoun's allowance popped up to $4,111.44 from $3,331.20 annually
passed away on February 9, 2000. PERAC approval is pending.
Herbert Maine's allowance popped up to $24,213.72 from $20,022.12 annually.
away on January 28, 2000.
Approved retirement applications:
David E. Rourke RMLD Option B March 3, 2000
William F. Campbell III Fire Option B June 30, 2000
Approved new membership:
William Marks RMLD 9%
Approved refunds:
Peter Cole rollover to an IRA $8,451.07
interest not refunded $245.43
Reviewed and approved the
2000 Voucher # 09
10
11
12
13
following vouchers:
Town of Reading Treasurer
Town of Reading Treasurer
3(8)(C) Reimbursements
Corporate Express
American Express Trust Co.
Her husband
His wife passed
$341,074.44
$2,873.32
$42,212.83
$7.49
$8,451.07 rollover Cole
Approved and signed the `Annual Statement of the Financial Condition of the Reading Retirement
System to PERAC for the Year Ended December 31, 1999'.
PERAC is reviewing the status of Charles W. Johnson Jr. 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.
Matthew Faucette began his buyback of 1 year and 4" months as a seasonal laborer in March of 1999.
The February 4, 2000 deduction was the last. He has paid $1,200.00 (701/o) of the $1,708.08. He should
not have been allowed to buy this time back because he was contributing to Social Security at the same
time. The Board voted to refund the $1,200:00 plus 5% interest for a total refund of $1,260.00. The
check was dated February 29, 2000.
Mr. Leon Whitehouse passed away on January 28, 2000 and Samuel Bertwell passed away on February 2,
2000.
Paul Todisco informed the Retirement Board Administrator that the target rate of return was 8.44%. This
information was faxed to PERAC along with the actuarial rate of return assumption of 8%.
Distributed `The Voice of the Retired Public Employees'.
Distributed `Reading Profile' and `Quarterly Review':
Net Annualized Return Since Inception 12.59%
Net Return One-Year 22.86%
Net Return 4`h Quarter 14.02%
December 31, 1999 Balance $61,467,276
The PRIM Client Conference is Wednesday May 17, 2000 at Bentley College. Capital Guardian's Chief
Investment Officer, David Fisher, will deliver the keynote speech.
The Board voted to invite Paul Todisco, from PRIM, to the March 29, 2000 Retirement Board meeting to
discuss the PRIT Fund. He last met with the Board on September 22, 1999.
"'w'idows' Pension Equity Project-A Study of Eight States' Public Pension Systems and Provisions
Affecting Ll'omen. " The study was prepared by the Gerontology Institute of the University of
Massachusetts.
The Board voted to review for the next meeting the issue of spouses signature on the Retirement
Application if Option A or B is selected and the new retiree is married.
Scheduled board meetings: Wednesday March 29 7:30 A.M.
Wednesday April 26 7:30 A.M.
Wednesday May 31 7:30 A, M.
Meeting adjourned 8:15 A.M.
Present: Boissoneau, Foley, Klepeis, Seferian, Veno and Cotter.
Hen issoneau, 1st elected
Richard P. Foley, Ex Officio
Daniel B.
1' appointed