HomeMy WebLinkAbout1999-09-22 Retirement Board MinutesThe Reading Contributory Retirement Board held x meeting on September 22, 1999
Conference Room, Town Hall, Reading, Massachusetts.
Meeting called to order at 4:05 P.M.
Paul Todisco, from PRIM, discussed the PRIT Fund's performance through August 1999. He
also explained the funds investment in Real Estate Investment Trusts in the real estate portion of
the fund.
Minutes from August 22, 1999 meeting were read and accepted.
Minutes from July 28, 1999 meeting were signed by board members.
Approved new membership for:
Brian Smith RMLD 9%
Richard Barrett Director of Facilities 90/0
John Jenks Firefighter 9%
Carla Mary Plant Operator 9%
Approved estimated retirement for:
Philip Dole Firefighter September 1, 1999
Yearly $35,680.32
Monthly $2,973.36
PERAC approved pension will be on the October 1999 agenda.
Approved refunds/transfers:
Michael Lombardo
Mary McEachern
Maureen Stephens
Susan Phelan
Loretta Milot
Lois Steele
Reviewed and apl
#1999 66
67
68
69
70
71
72
73
74
75
76
77
Refund
$26,566.54
Refund
$1,581.87
Refund
$2,139.47
Refund
$469.98
Option B Refund
$19,017.31
Option B Refund
$1,154.56
)roved Vouchers:
Town of Reading Treasurer
Town of Reading Treasurer
Cambridge Savings Bank
GE Savings Program
Lois Steele
Cambridge Savings Bank
A Plus Printing, Inc.
Corporate Express
Hastings-Tapley
Susan Phelan
Town of Reading Treasurer
Rosamond Cotter
$343,222.27
Payroll
$2,873.32
Staff payroll
$26,566.56
Lombardo
$1,581.87
McEachern
$1,154.56
Option B Refund
$2,139.47
Stephens
$240.00
copies
$11.88
office supplies
$1,238.00
bonding
$469.98
refund
$117.49
IRS/Phelan/refund
$40.94
mileage/train
Richard Murdoch, a teacher in Stoneham, had requested credit for the 5 summers he worked for
the Reading Recreation Department. We have no payroll records for the Recreation Department
during those years. He had a letter signed by Marjorie Pacino stating he worked in the summers
of 1966-1970. He also worked for the Public Works Department.4/2/57-8/20/57 (5 months) at
$1.30 per hour. The Board voted to allow the DPW service, but the Recreation Department
service will not be allowed because he was employed as a teacher during that same time period..
The Board reviewed a letter from Leonard Rucker, General Manager of the. RMLD, concerning
Group I and Group IV job listings for 6 RMLD employees. The Board agreed to have the
Retirement Administrator invite Mr. Leonard Rucker to one of their regularly scheduled
meetings.
The Board reviewed the letter from Ted Cohen regarding the Complaint for Judicial Review filed
for Joseph Tine. The board voted not to intervene in this proceeding because the Reading
Retirement Board was not named as a defendant.
The board postponed the establishment of Supplementary Regulations until the October meeting
due to time constraints.
The Board scheduled a special evening meeting on October 13, 1999 to discuss the actuarial
valuation results with Kathy Riley from The Segal Company.
PERAC Memo Update:
#31 Review of Section 90A C and D. These sections allows a city, town or district, which
has accepted the sections to annually increase the retirement allowance of a former employee
to a maximum of 50% of the current salary.
Meeting adjourned 6:05 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian and Cotter.
Henry . B issoneau, 1st elected
/
Richard P. Foley, Ex fficio
EliAa eth W. Klepeis, 1 appointed
oseph R. Veno, 2" elected .
Daniel B. ge r'ia 2° appointed