2008-07-23 Retirement Board Minutes

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APPROVAL OF MISCELLANEOUS ITEMS • The Supreme Judicial Court ruled that the monetary value of the personal use of an employer-supplied ` automobile cannot be included as regular compensation for retirement purposes. All retirement allowances calculated based upon the monetary value of the personal use of an employer-supplied vehicle must be recalculated. Under Pelonzi, all retirees who were overpaid by the systems must repay the systems in full, upon the terms and conditions that each board shall prescribe, consistent with the decision in Pelonzi and the directives contained in PERAC Memo #22/2008. The boards shall set up a fair repayment plan for effected retirees. The boards should provide retirees an optimum amount of time to repay the systems, not to exceed six years (72 months) from the date of notification of the amount owed, unless approved by the Commission. Tabled until next meeting FRANCIS DRISCOLL moved to return the contributions to 2 members/retirees (Gregory Burns - $195.50 and Robert Silva - $511.76) who have paid contributions on the monetary value of the personal use of an employer-supplied automobile. SECONDED BY: GAIL LAPOINTE VOTED: (3-0-0) UNANIMOUS • FRANCIS DRISCOLL moved to accept liability for 2 days (1/25/01 & 1/26/01) that Jeffrey Morris, RMLD Systems Support Specialist, should have been in the Reading Retirement System. SECONDED BY: GAIL LAPOINTE VOTED: (3-0-0) UNANIMOUS The Board received a transfer request from Wakefield Retirement Board for member Jeffrey Morris, RMLD Systems Support Specialist. According to RMLD, Jeffrey Morris became a permanent employee as of Thursday, January 25, 2001 and should have been a member of the Reading Retirement Board. There is a notation in his file that the Town could not split his weekly time between non employee (FICA deduction) and employee (pension deduction) for Thursday and Friday. Per Beth Klepeis, the start date for retirement would be Monday, January 29, 2001. She also notes that when he retires and the two days make a difference, then he can buy them back at that time. • FRANCIS DRISCOLL moved to approve that the Board Administrator is authorized to spend up to $900.00 to purchase a shredder. SECONDED BY: GAIL LAPOINTE VOTED: (3-0-0) UNANIMOUS APPROVAL OF VOUCHERS FRANCIS DRISCOLL moved to approve the following vouchers: 2008 Voucher # 57 July Retirement Allowances $445,286.00 Town of Reading Treasurer $ 48,345.99 Reading Credit Union $ 24,732.00 Commonwealth of Mass. $ 605.34 Internal Revenue Service $ 45,421.46 Commonwealth of Mass. $ 1,900.27 58 Town of Reading Treasurer $ 3,411.59 59 Town of Reading $ 147.27 60 UMass Conference Services $ 174.00 61 Pioneer Investment Mgmt USA $ 52,315.56 FBO Brian Lees Net Retiree payroll Health Insurance Deductions Credit Union Deductions RHA Health Ins. Deductions Federal Tax Deductions State Tax Deductions July Administrator's Salary Postage due to Town PERAC Training Reg. Fee Refund to Member(B.Lees-rollover)