2007-12-19 Retirement Board Minutes

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• Paul Janes, Building Maintenance in the School Dept., has made a lump sum payment of $4,936.67 to purchase 1 year, 11 months, and 14 days of military service. His purchase was approved at the September 24, 2003 Board Meeting. • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY09 is $3,600,826. • The Board received notice from PERAC that the revised funding schedule recently adopted has been approved. The schedule assumes payments are made July 1 and January 1 each fiscal year. • Accidental Disability Retiree, Donald Stead,, has requested a letter explaining why his pension is being withheld, how much he has paid, and what is the remaining balance due. He explained that he was not in agreement with his previous lawyer and will be submitting another appeal. • The next board meetings will be January 23, 2008, February 26, 2008 and March.26, 2008 in the Lower Level Conference Room. MEMORANDUMS & LETTERS RECEIVED PERAC - Memo #44/2007 - Superannuation Retirement Pension Calculator - PERAC is pleased to provide visitors with a link on PERAC's website (www.mass.gov/perac) to the superannuation retirement, pension calculator (www.mass.gov/treasury/retcalbene.htm) developed by the State Board of Retirement. PERAC - Memo #45/2007 - Chapter 162 of the Acts of 2007, Amending the Heart Law - Chapter 162 of the Acts of 2007 amended the so-called Heart Law (G.L. c.32, § 94) to add to those members entitled to the benefit of the presumption any employee of a county correctional facility whose regular or incidental duties require the care, supervision or custody of prisoners, criminally insane persons or defective delinquents. PERAC - Memo #46/2007 - Status of Date of Birth and Annuity Account Balances as Public Records - The Supervisor of Public Records has determined that due to current trends in the Legislature, specifically G.L. c.93, § 50, and identity theft concerns, an individuals date of birth may be withheld from disclosure. The Supervisor has also determined that the mandatory contributions to a member's annuity account and the interest credited to the account are akin to payroll records and are public records. If a members chooses to make additional contributions to his annuity account [see G.L. c.32, § 22(1)(g)], the amounts of these voluntary additional contributions may be withheld from release. PERAC - Memo - Appropriation for Fiscal Year 2009 PERAC - Memo - Approval of Funding Schedule OLD & NEW BUSINESS ADJOURNMENT FRANCIS DRISCOLL moved to adjourn this open session at 6:30 P.M.