HomeMy WebLinkAbout1999-08-24 Retirement Board MinutesThe Reading Contributory Retirement Board held a meeting on August 24, 1999 Accounting
Office, Town Hall, Reading, Massachusetts.
Meeting called to order at 6:05 P.M.
Ted Cohen attended board meeting. The board expressed their concern about a possible conflict
of interest regarding his representation of both the Board and the Reading Municipal Light
Department.
Minutes from July 28, 1999 meeting were read and accepted.
Minutes from June 23, 1999 meeting were signed by board members.
Approved new membership for:
Susan Pymm School/Secretarv 9%
Steven Perry RMLD 7% (Middlesex)
Peter Lorenzetti School/Electrician 9%
George Tower DPW Water 9%
Approved retirement applications for:
Philip Dole Option A August 31,1999
Approved PERAC authorized Option C "pop-up" for:
John Louanis $1,313.53 "pop-up" to $1,610.67
Approved PERAC authorized retirements for:
Robert Dalton July 23, 1999 DPW Option A
Annuity $3,550.32
Pension $13,110.60
Yearly $16,660.92
Monthly $1,388.41
Approved buy back:
RMLD employee, Paula O'Leary, would like to buy back the 12 years she had worked in
Cambridge. She received a refund of $7,708.27 on April 30, 1981.
Total cost is $18,188.23,
$140.00 per pay period.
Approved refunds/transfers:
Marjorie Gajeski Transfer to Essex Countv
$20,753.54
Paul Adams Putnam Investments
$90.94
Guy LaFleur -Fidelity
$1,795.54
John Raffi Transfer to State
$6,839.93
f'
6 37
Reviewed and approved Vouchers
Voucher #1999 59
Town of Reading Treasurer
$345,790.80
60
Town of Reading Treasurer
$2,841.19
61
Transfer to other systems
$27,593.47
62
Make-up payment refund
$18.45
63
Putnam-Rollover
$90.94
64
Administrative Expense
$89.00
65
FMR Corp-Rollover
$1,795.54
Payroll (gross)
Staff payroll
Isbell
Adams
seminar
LaFleur
Barbara Sullivan, ex-wife of Charles Darby, has requested the name of the Option B beneficiary
that Charles has chosen. Her request was in writing and included her divorce decree. The Public
Records Division has advised us that this information is not public and it should not be released.
Reviewed CRAB's decision on the Motion for Reconsideration, which affirms the Reading
Contributory Retirement Board's "dismissal of Appellant's appeal of his termination pursuant to
G.L.c.32, 16(2)..".
Reviewed list of members who work part time and members who work less than 52 weeks a
year. A corrected list will be presented at the next board meeting, so that the board can establish
Supplementary Regulations regarding membership, creditable service and buybacks.
Discussed list of retirees to whom an annual affidavit is to go out to in September. The list was
passed around so the board members could identify any retiree they have seen or talked to
recently.
Reviewed letter from Paul Todisco, which addressed the Board's concerns regarding real estate
investments. The board decided to have Paul Todisco and George Wilson, from PRIM, attend
the September board meeting.
Reviewed PRIM Board Quarterly Review. As of 6/30/99
Reading Profile: Net Annualized Return Since Inception 1100%
Net Return One Year 12.36%
Net Return Five Years 16.75%
Net Return Calendar Year to Date 9.22%
Net Return Second Quarter 6.45%
Total Assets $53,403,663.52
Board voted to allow for the expenditure of up to $1,250.00 for the bonding of the retirement
board for $500,000.00 with Hastings-Tapely.
Report on meetings attended:
Rosamond Cotter, Retirement Administrator, attended PERAC's "Pension Legal Issues 8r
Investment Overview" on August 24, 1999.
Fall MACRS Conference is October 24-27, 1999 in Springfield.
PERAC Update:
PERAC has sent out revised Retirement and Disability Guides. They are sending out the
revised Survivor's Guide within a few weeks. A Plus Printing quoted $210 for 100 copies
Robert Stalnaker has been appointed to Vice President of Operations and Consulting
Principal for The Retirement Concepts Group, LTD. in Colorado Springs.
PERAC Director Semifinalists: Joseph Connerton, William Farmer, Joann Flaminio,
Joseph Jennings, Leslie Kirwin and Leslie Pendleton.
Next board meeting Wednesday September 22, 1999 4:00 P.M. Conference Room
October meeting was scheduled for Wednesday October 20, 1999 6:00 P.M. 2°d floor.
Meeting adjourned 8:15 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian and Cotter.
Henry J. issoneau, 1st elected
Richard P. Foley, Ex (Rficio
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Eli2a th W. le eis, 1 •c appointed
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Jo ph R. Veno, 2° elected
Daniel B. Seferia an, 2` ppointed