2003-09-24 Retirement Board Minutes

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LOOM Robert Toussaint, custodian for the schools, has submitted an application for accidental disability. His application is not yet complete but we have received the completed Physician's Statement and the Physician's Narrative. The board administrator is in the process of getting everything that is needed. The board voted to table this issue. A letter was received from PERAC notifying the board that Charles Johnson, Jr. has exceeded the amount of earnings he is allowed for 2002 pursuant to G.L. c. 32, § 91A. The board is instructed to notify Charles of the amount of the refund he owes to the retirement board. If the refund is not received by October 13 his retirement allowance will be suspended beginning with his October check. To avoid the suspension he can either pay this amount on or before October 13 or request a hearing on the suspension by filing a written request within 15 days of his receipt of the notification. A letter was sent to Charles on September 22, 2003 by certified mail, retum- receipt requested. Affidavits were mailed to all retirees with the September checks. The board administrator attended a class given by PERAC regarding the Early Retirement Incentive Program. After that a timeline with important cutoff dates was constructed for the Town Manager. The application for the schedule bond for the Reading Contributory Retirement Board, as required by PERAC, was signed by all members and staff and sent to Mark Bailey at Hastings - Tapley Insurance Agency. The estimated cost is $805. Johnena Matthews, who was the manager of a school cafeteria and retired on June 20, 1975, passed away on 9/12/03. She chose Option A at her retirement. Reading Retirement System - Items reviewed: General Ledger Trial Balance as of August 31, 2003. Bank Reconciliation for'the month ending August 31, 2003. PRIT's monthly account statement and fund performance for period ending August 31, 2003. Memos received: PERAC - Memo #28/2003, dated August 25, 2003 — New investment forms - to be completed by investment managers and consultants doing business with Massachusetts public retirement systems. PERAC - Memo #29/2003, dated September 9, 2003 — $300 benefit for veterans selecting Option C - CRAB has upheld PERAC's position and ruled that the $300 benefit for veterans is to be added to the member's retirement allowance, after the allowance has been calculated, no matter what option was selected. Upon the member's death the Option C survivor will receive 2 /3rds of the member's total allowance, including 2 /3rds of the veteran benefit. PERAC - Memo #30/2003, dated September 15, 2003 — Cost of living increase for supplemental dependent allowance paid to accidental disability retirees. Beginning July 1, 2003 the allowance increases from $576.24 to $593.52 for each eligible child. MACRS — Memo dated September 3, 2003 — Option C veterans — This is a notice that there was no appeal of CRAB's ruling as discussed in PERAC's Memo # 29 above. Retired State, County & Municipal Employees - Memo dated September 3, 2003 — Local government ERI's. Ralph White would like all boards to notify the association if an ERI is approved. Retired State, County & Municipal Employees - Memo dated September 10, 2003 — Local ERI update. Update of which governmental units have approved the ERL Retired State, County & Municipal Employees - Memo dated September 10, 2003 — DALA ruling on spousal benefit repeal. Retired State, County & Municipal Employees - Memo dated September 15, 2003 — Spousal benefit update. CRAB will review DALA's ruling in the Margaret Thompson v. State Board of Retirement.