2012-03-27 Retirement Board Minutes

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Robert Ventura To State Retirement (School — Comp Tech) Gary Carroll To State Retirement (DPW) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS $ 9,481.02 2 years and 8 months $ 286.76 l month • FRANCIS DRISCOLL moved to approve the following retirement application: Nancy Aberman Librarian (Library) SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 1250 7/28/12 31 years, 10 mths Option A • FRANCIS DRISCOLL moved to approve William Van Horn's application for Accidental Disability Retirement. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • FRANCIS DRISCOLL moved to waive an error that was not the result of erroneous information provided by the member according to MA G.L. c.32, § 20(5)(3). Received a response from Wakefield Retirement Board regarding the error on creditable service that Wakefield listed on a letter when Mr. Rich took a refund from their board. A letter dated April 14, 1998 from the Wakefield Retirement Board states that James Rich was a member of the Wakefield Retirement Board for the period March 2, 1976 to November 30, 1985. He took a refund of $9,554.93 on December 4, 1985 for a total of 9 years, 8 months of creditable service. James Rich completed the buyback with the Reading Retirement Board adding 9 years and 8 months of creditable service to his total creditable service. He retired on November 22, 2010. It wasn't until Reading Retirement Board sent the Section 3(8)(c) Reimbursement letter to Wakefield that they realized the error in Mr. Rich's creditable service. Wakefield Retirement Board has informed our board that his creditable service is actually 9 years and 7 months. Reading Retirement Board sent a request to Wakefield Retirement Board asking if they would consider MA G.L. c.32, § 20(5)(3) which would allow their board to waive an error that was not the result of erroneous information provided by the member. Wakefield Retirement Board denied the Board's request. SECONDED BY: RICHARD FOLEY VOTED: (5 -0 -0) UNANIMOUS • Discuss to approve /deny the increase to the minimum monthly allowance contained in G.L. c.32, § 12(2)(d) from $250 to $500. This section becomes effective on February 16, 2012. The local option to increase the minimum allowance must be accepted by a majority vote of the Retirement Board and by the legislative body. Tabled until next meeting.