HomeMy WebLinkAbout1999-04-22 Retirement Board MinutesJ
The Reading Contributory Retirement Board held a 'special meeting on April 22, 1999,
Accounting/Treasurers Office, Town Hall, Reading, Massachusetts.
Meeting called to order at 6:05 P.M.
Annual PRIM meeting with Paul Todisco.
Minutes from meetings on March 24 and April 6 read and accepted.
i
Minutes from February 26, 1999 signed by board members.
Accepted letter of resignation from Stephen Mitchell as 5t4i board member. Board members
noted that Mr. Mitchell served well and also expressed their appreciation.
Voted to approve Dan Seferian as the 5th member of the Reading Retirement Board.
Approved the return of accumulated deductions for:
Alan Allen $ 18,521.85 7 years 3 months (Rollover to Copeland Group)
Joseph Hawkins $ 22,308.33 7 years 8 months (Rollover to Merrill Lynch)
Involuntarily severed from service
Approved new membership for:
Peter Lowell School Custodian, 9%.
Joseph Coughlin Town Hall Custodian, 9%.
Anne Krieg Town Planner, 8% (Danvers).
Thomas Sullivan Maintenance, 9%.
It was recommend that the Retirement Administrator verifies dates of service from other
boards in which new employees have prior service.
Approved the buy back of creditable service:
Peter Isbell $ 298.45, 4 months creditable service.
Approved PERAC retirement calculation for:
Carol Angelo, School Secretary, 18-Feb-99, Superannuation Option B.
Annuity
$ 2;276.88
Pension
$ 6,791.28
Yearly
$ 9,068.16
Monthly
$ 755.68
%J a a
Concetta Leoncello, Adm. Assnt. PAID, 26-Mar-99, Superannuation Option A.
Annuity $ 2,663.28
Pension $ 7,447.32
Yearly $ 10,110.60
Monthly $ 842.55
Reviewed and approved March Vouchers:
Voucher #1999-23 The Copeland Group
$ 18,251.85
#1999-24 Merrill Lynch
$22,308.33
#1999-25 Town of Wakefield (3(8)(C))
$ 10,091.86
# 1999-26 Town of Reading
$ 332,069.64
Pension benefits
#1999-27 Town of Reading
$4,084.98
April retirement payroll
#1999-28 Brooks Interiors Inc.
$ 1,494.24
Retirement office cubicle
Reviewed "Pro-rating Part-Time Service Supplementary Regulations need to be written and
submitted to PERAC. This issue will be further discussed at the next board meeting.
Mr. John Sousa, an automobile mechanic at the RMLD, is retiring on May 31, 1999. He insists
he is a Group IV employee. Chapter 32 states mechanics are Group I employees. His
classification will be confirmed at next board meeting after we receive the current job description
and verification of group from Human Resources at the RMLD.
Reviewed results of Information Technology Audit from PERAC.
Reviewed amended Tine v. Reading Retirement Board ruling. Administrative Magistrate Luick
rescinded her earlier decision and affirmed the decision of the Reading Retirement Board.
Reviewed letters from PRIM, Brad Jones, and Paul Haley regarding FY99 PRIT Appropriations.
Jim Waldman, the Finance Director at PERAC, will attend the next board meeting to discuss the
January 1, 1995-December 31, 1997 PERAC Audit results.
Richard, Beth, Joe, Buzz and Rosamond will attend the "PRIM Board Annual Client
Conference " at Bentley College on May 26.
The MACRS Spring 1999 Agenda is available for anyone that is interested.
Reviewed "PERAC Memo Summary".
Reports from members on meetings attended:
Middlesex Conference: Richard, Joe, Buzz
Segal Round Table: Beth, Richard
Voted to hold future Retirement Board meetings on the forth Thursday of the last full week of
the month at 6:00 P.M.
Confirmed the following dates for upcoming board meetings:
May 27 6:00 P.M.
June 24 6:00 P.M.
Meeting adjourned 8:30 P.M.
Present: Boissoneau, Foley, Klepeis, Seferian, Veno and Cotter.
Henro. Boissonst elected
Richard P. Foley, E fficio
Eliz eth W. Klepeis, ls' a kointed
Jo' seph R. Veno, 2° elected