2003-05-28 Retirement Board Minutes

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853 PERAC has approved the accidental disability retirement for Perry Ralf. The board administrator has sent the calculations into PERAC. The Board has received the final Audit Report from PERAC for the period January 1, 1998 to December 31, 2001. A lump -sum settlement agreement has been approved by the Department of Industrial Accidents on May 20, 2003 for the worker's compensation case for Robert Ripley. A copy has been sent to PERAC to advise if any offset. George B. Perry, who became a member of the Reading Retirement System in December 1959, brought in copies of his annual statements for the years 1959, 1960, 1970, and 1985. The total in his account as of 12/31/85 is $125.29. George no longer works for the Town of Reading and is not in any other public retirement system in Massachusetts. He does not recall ever withdrawing his funds and there does not seem to be any record of the withdrawal in the board minutes. His membership approval of 12/29/59 is in the minutes book. The board voted to issue George B. Perry a refund of $125.29, inclusive of interest. Joseph Anderson, who worked for building maintenance and retired on September 9, 1983, passed away on 4/26/03. He chose Option B at retirement but there are no funds remaining in his annuity account. The board administrator composed supplementary regulations, as directed by the board at the last meeting, to address the purchase by eligible veterans of their military service as creditable service. The board approved the supplementary regulation as amended and the board administrator will send this to PERAC for their approval. William Russell is eligible to purchase his military service as creditable service. He has submitted two DD214's with service continuing from one DD214 to the other. However, the "date of entry" on one of the DD214's is incorrect. The board accepted William Russell's DD214. He will be allowed to buyback 4 out of his 6 years, the maximum allowed. The board members discussed creating a "Notice of Separation from Service" form for department heads to complete when a member retires or resigns. This will give the retirement board the necessary information to comply with Section 15 - dereliction of duty by members, and Section 10 — resignation, failure of re- election or reappointment, removal or discharge. The board instructed the administrator to design a one page format that contains information that would be useful to them Wayne Harding, RMLD, is applying for a superannuation retirement. He has indicated that he is likely to file for accidental disability. He has been on worker's compensation since November 2002. He would like to receive a superannuation retirement while awaiting approval on the accidental disability retirement. His retirement date will be as soon as possible. The board instructed the administrator to get more information before they can accept the superannuation retirement. John Dawson, Jr., former employee for the DPW, was injured on the job on April 12, 1978. He was on worker's compensation until March 9, 1984. He was paid for vacation, sick and holiday until March 1979. Then he was paid for only holidays and longevity through November 1989 and finally paid only for longevity In November 1990. He had less than 20 years of creditable service and was not 55 years old. He turns 55 on June 29, 2003 and wants to apply for a superannuation retirement. The Town of Reading cannot determine if John was on worker's compensation under Section 34 or 35. Section 34 is total disability, which would allow John to get credit for the time he was on worker's compensation. Section 35 is partial disability, which would not allow John to get credit while on worker's compensation. An estimated retirement allowance under Option A is $2,778.96 per year. This is based on a termination date of March 9, 1984, creditable service of 14 years, 2 months, and accumulated deductions and interest through November 30, 1990. The board instructed the administrator to send John Dawson a certified letter with return receipt requested, asking hum to transmit any and all information he may have relative to his receipt of worker's compensation benefits during the period April 12, 1978 to March 9, 1984. A `Notification of Suspension" has been received from PERAC regarding Paul Sheridan and Paul Vallee. The board administrator will send them a letter and give them an opportunity to be heard by the board. They will have until June 25 to come in for a hearing. Reading Retirement System - Items reviewed: General Ledger Trial Balance as of March 31, 2003. Bank Reconciliation for month ended March 31, 2003. PRIM - Reviewed Monthly Account Statements and PRIT Fund Performance for Periods Ending March 31, 2003 and April 30, 2003.