HomeMy WebLinkAbout1999-05-27 Retirement Board MinutesDi 4
The Reading Contributory Retirement Board held, a meeting on May 27, 1999,
Accounting/Treasurers Office, Town Hall, Reading, Massachusetts.
Meeting called to order at 6:00 P.M.
Minutes from April 22 meeting read and accepted.
Minutes from March 24, 1999 and April 6, 1999 signed by board members.
Jim Waldman, the Finance Director at PERAC, discussed the results of the 1995-1997 PERAC
Audit. It was found to be necessary for all board members to be bonded for $500,000.
Approved new membership for:
Joyce Ferrazzani
Donald Leiching
Ann Arington
Kathie Rivard
Thomas Pszenny
Michelle Willis
Keith Strong
DPW Administration
9%
RMLD lineman
9%
Secretary Coolidge
9%
Clerk/Collector
9%
Dispatcher
9%
Clerk/Human Service
9%
Custodian
9%
Approved retirement applications for:
Florence Webster April 30, 1999, Superannuation, Option B.
Gael Desmond May 14, 1999, Superannuation, Option A.
Elinor Mello May 28, 1999, Superannuation, Option A.
Approved Option C Pop-up allowance for:
Albert Heselton $88.83 (est.) per month starting 7/1/98.
Approved PERAC retirement calculation for:
Florence Webster
Annuity
Pension
Yearly
Monthly
Approved buy back for:
$ 1,986.36
$ 4,144.56
$ 6,130.92
$ 510.91
Michael Nickerson 7 months 3 days, $726.71, $25 per pay period.
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Approved refunds/transfers for:
Eva Foley
$ 13,038.19
(Transfer to Essex County).
John Barry
$ 18,913.80
Michael Serrentino
$ 53.86
9.54 interest not refunded
Caroline Murdoch
$ 768.57
424.43 interest not refunded
Catherine Butler
$ 19,353.41
Maria Galise
$ 999.78
539.62 interest not refunded
James Spencer
$ 3,086.45
42.91 interest not refunded
Arnetha Haynes
$ 11,075.34
1,083.36 interest not refunded
Reviewed and approved April Vouchers:
Voucher #1999-29
Town of Reading Treasurer
$ 332,142.75
30
Town of Reading Treasurer
$ 2,763.32
31
West Group Payment Center
$ 60.00
32
Brooks Interiors Inc.
$ 250.00
33
Michael Serrentino
$ 53.86
Town of Reading Treasurer
$ 13.47
34
John P. Barry
$ 18,913.80
Town of Reading Treasurer
$ 4,728.45
35
James Spencer
$ 3,086.45
Town of Reading Treasurer
$ 771.61
36
Caroline Murdoch
$ 768.57
Town of Reading Treasurer
$ 192.14
37
Catherine Butler
$ 740.47
Reading Co-Operative
$ 18,612.94
38
Maria Galise
$ 770.28
Fidelity Investments
$ 229.50
39
Putnam Investments (A. Haynes)
$ 9,991.98
40
The Commonwealth of MA
$ 25.00
41
The Corporate Connection
$ 30.79
42
Brookline Retirement Board
$ 155.53
3(8)(C) Reimbursement
43
Essex County Retirement System
$ 13,038.19.
Transfer 6 years, 8 months
Board voted to authorize a 1.3% Fiscal Year 2000 COLA effective July 1, 1999.
Pocket
Chair
IRS
IRS
IRS
IRS
Reviewed letter from Mr. Cohen to the CRAB Chairman requesting they uphold the Magistrate's
Amended decision. Board requested Mr. Cohen's attendance at the next board meeting.
Continued discussion concerning "Pro-rating Part-Time Service "
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Voted to accept Proposal for Actuarial Services for July 1; 1999 ($9,500) and July 1, 2000
($750) from The Segal Company.
Mr. John Sousa, who retired on May 31, 1999 from the RMLD, claimed to be in Group IV.
According to `mechanic' job description at RMLD the board confirmed his group classification
as Group I.
Thomas Doyle worked for the CETA Program in Reading in the 1970's. He now works for MA
Highway and would like to buy back the 2 summers he worked in Reading. Board noted minutes
from November 1974. Board voted to deny this buy back of service in accordance with the
minutes from November 1974.
Reviewed list of disability retirees that received a `notification of suspension' letter from
PERAC for not submitting an annual earnings report: Mullen and Sheridan. Mullen sent the
required documents to PERAC. No reply from Sheridan.
Reviewed "PERAC Memo Summary". Memo concerning delayed buyback of military service
will be on next months' agenda. Supplementary Regulations may need to be drafted.
Reviewed PRIM fax.
Reports from members on meetings attended:
PRIM Client Conference May 26, 1999.
Meeting adjourned 8:10 P.M.
Present: Boissoneau, Foley, Klepeis, Veno, Seferian and Cotter.
Hen J. Boissoneau, 1st elected
Richard P. Foley, Ex Officio
Eliz th W. Klepeis, 1 Appointed
/"¢se~ph R. Veno, 2"° elected
Daniel B. Sefbrian~, 4n' appointed