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2008-03-26 Retirement Board Minutes
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2008-03-26 Retirement Board Minutes
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APPROVAL OF MISCELLANEOUS ITEMS <br />• RICHARD FOLEY moved to approve a 3% COLA increase on the first $12,000 of retirement as funded by <br />our actuarial study for FY09. <br />SECONDED BY: FRANCIS DRISCOLL <br />VOTED: (5-0-0) UNANIMOUS <br />• RICHARD FOLEY moved to approve the attendance of the Board Administrator at the MACRS 2008 Spring <br />Conference (May 31 - June 4, 2008) and the 2008 PERAC Public Pension Institute at UMASS Amherst <br />(August 17 - August 20, 2008). <br />SECONDED BY: FRANCIS DRISCOLL <br />VOTED: (5-0-0) UNANIMOUS <br />• RICHARD FOLEY moved to review, approve, and sign the Annual Statement for PERAC for calendar year <br />ended December 31, 2007. <br />SECONDED BY: FRANCIS DRISCOLL <br />VOTED: (5-0-0) UNANIMOUS <br />RICHARD FOLEY moved to recalculate Marianne Fabrri's buyback for creditable service based on the <br />remainder of eligible time that is available to be bought back. <br />SECONDED BY: FRANCIS DRISCOLL <br />VOTED: (5-0-0) UNANIMOUS <br />Marianne (Baker) Fabbri requested to start up her buyback again. Her original buyback request was approved <br />at the November 28, 2001 meeting. She was buying back a total of 2 years and 4 months of creditable <br />service. The total cost was $3,496.00 and she was paying $27.00 per paycheck starting December 1, 2001. <br />The Board allowed Marianne to stop her deductions for make up payments beginning with P/E 12/5/03. She <br />has a balance of $2,092.00. <br />APPROVAL OF VOUCHERS <br />FRANCIS DRISCOLL moved to approve the following vouchers: <br />2008 Voucher # 27 Deluxe Financial Services, Inc. $ <br />7.50 <br />Administrative Exp-Checks <br />28 Stoneham Retirement Board $ <br />9,271.92 <br />Section 3(8)(c) Reimbursement <br />29 Town of Reading Treasurer $553,394.81 <br />March retiree payroll <br />30 Town of Reading $ <br />132.84 <br />Postage due to Town <br />31 Cambridge Retirement System $ <br />56,240.80 <br />Section 3(8)(c) Reimbursement <br />32 Quincy Retirement System $ <br />4,761.33 <br />Section 3(8)(c) Reimbursement <br />33 Essex Retirement System $ <br />53,270.53 <br />Section 3(8)(c) Reimbursement <br />Voided Voucher #22 due to transposition error - Stoneham Retirement Board - $9,721.92 approved at <br />February 27, 2008 meeting. <br />SECONDED BY: DANIEL SEFERLAN <br />VOTED: (5-0-0) UNANIMOUS <br />
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