HomeMy WebLinkAbout1999-12-15 Retirement Board Minutes6 ? "
The Reading Contributory Retirement Board held a meeting on December 15, 1999, Accounting
Office, Town Hall, Reading, Massachusetts.
The meeting was called to order at 6:00 P.M.
Minutes from November 23, 1999 meeting were read and accepted.
Minutes from October 20, 1999 meeting were signed by board members.
Elizabeth Klepeis was re-appointed to the position of dAppointed
are January Member
2000 to December
Retirement Board on November 30, 1999 and her term
31, 2002.
Peter Isbell was on a 2 week suspension from December 2, 1997 to December 15, 1997 and a 10
week suspension from December 22, 1997 to March. 6, 1998. At the November 23, 1999
meeting the board suspended their decision with regard to granting creditable service until they
have more information. On December 15, 1999 the board reviewed more information received
from Carol Roberts. They voted to suspend their decision due to lack of information. The board
voted to have Joe Veno discuss this matter with Peter and to finish the discussion at the January
26, 2000 meeting.
RMLD Group Classification: The Retirement Board Administrator sent 7 jab descriptions to
PERAC on December 3, 1999 for their opinion on whether the following 3 should be classified
under Group IV: Manager of Projects, Electrical Mechanical Maintenance Worker and Electric
Maintenance Manager.
According to Beth Antonio, at the RMLD, Mike Carroll was promoted from a Meter
Reader (Group I) to a Meter/Tech Reader (Group IV).
Peter Hodges has been promoted from an `Electrical Mechanical Maintenance Worker' to
an `Operational Assistant in Facilities' under Mr. Blomley. The board voted to classify this new
position, Operational Assistant in Facilities, as a Group I position.
The board voted to have a letter sent to Mr. Leonard Rucker informing him that we sent a
letter to PERAC requesting a legal opinion on the group classification of the three positions and
are awaiting their response.
The board voted to have a letter sent to Beth'Ellen Antonio stating that all new employees
of the RMLD, that are members of the Reading Retirement System must come to the Retirement
Office to sign the appropriate forms and to make any changes to their retirement file.
Voted to approve the 3% COLA provision as contained in Chapter 127, Acts of 1999 retroactive
to July 1, 1999. This Act allows, by local option, a COLA in excess of the percentage increase
allowed by Ch. 32, up to a maximum of 3% (on the first $12,000 of the retirement allowance,
1.3% was paid on 7/l/99, 1.7% will be due if it is approved). The Board also voted to
recommend this COLA to the Town for the warrant of the spring 2000 Town Meeting.
The `Proposed Supplementary Regulations' was sent to PERAC for approval on November 25,
1999.
Stephen Kazanjian, of the RMLD, informed me on December 7, 1999 that Richard Murch was
paid $33,360 for work performed after his retirement. He retired on January 8, 1999. He was
paid $23,360 for consulting work performed January through April 1999 and $10,000 in
September for a software program he wrote. His earnings from re-employment, in any calendar
year, when added to his retirement allowance, were not greater than the salary currently being
paid for the position from which he retired. The current salary for this position is $95,000 and
his pension and re-employment earnings were $92,200.
PERAC's internal nurse case manager has determined that Dennis Farrell is unable to perform
the essential duties of his job.
`Thank You' letters to Bradley Jones, Paul Casey and Robert Tisei were signed by the board
members.
On December 8, 1999 Barbara Phillips sent a letter to the Board acknowledging receipt our
request for an opinion from PERAC regarding group classification. They are analyzing this
matter and a written response will be forwarded as soon as they have completed a review of all
pertinent facts and statutes.
Approved PERAC authorized retirement calculations:
Elaine Margossian
Option A
Annuity
1,983.60
Pension
5,277.24
Yearly
7,260.84
Monthly
605.07
Joseph LaMonica 12(2)(d) survivor benefit (he remarried on June 12, 1999)
Annuity
468.48
Pension
394.68
Yearly
881.16
Monthly
73.43
Approved refunds:
Susan Pymm
rollover $619.28
Approved new membership for:
Thomas Roberto Dispatcher 9%
6`9
Reviewed and approved December Vouchers:
~i
1999 Voucher # 91 Town of Reading Treasurer $341,160.99 Payroll
92 Town of Reading Treasurer $2,873.32 Ret Admin pay
93 Susan Pymm $619.28 rollover
94 MACRS $200.00 annual dues
95 Reading Co-Op $25.00 account debited
Distributed `PRIM Board Quarterly Review' and `Reading Profile'
Net 1 year return 21.42%
Net 1999 3rd quarter return -1.34%
Total Assets 9/30/99 $52,914,180.15
Meeting adjourned 7:30 P.M.
Present: Boissoneau, Foley, Klepeis, Seferian, Veno and Cotter.
Hen J. Boissoneau, Ist elected
Richard P. Foley, Ex Officio
Eliza th W. Klepeis, 1" al pointed
se R. Ven~o,, 2°elected
f4 f
Daniel B. Seferian, 2 appointed