2007-10-24 Retirement Board Minutes

Home Browse Search

• FRANCIS DRISCOLL moved to approve the final calculation for the following retirement: Jane Fiore Health 11/12/01 (Superannuation) Annuity Pension Yearly Monthly 19 years, 1 month $ 6,685.80 $17,182.44 $23,868.24 $ 1,989.02 Option A SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • Although the Board approved the request from Jane Iacopucci, eligible spouse of Leo Iacopucci, to petition for accidental death benefits, the Board had to sign the Disability Transmittal to the Commission and accept the Statement of Facts being submitted to PERAC. APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers:, 2007 Voucher # 74 Town of Reading Treasurer $547,447.52 October retire payroll 75 Town of Reading Treasurer $ 3,291.30 October Administrator's Salary 76 Town of Reading $ 155.03 Admin.Exp - Postage due to Town 77 Marlborough Retirement Board $ 19,199.82 Transfer to Other Systems-T. Richard SECONDED BY: RICHARD FOLEY VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS Accidental Disability retirees Charles Johnson and Robert Buote had excess earnings for 2006. Notification letters were sent out on October 17, 2007 with a deadline of November 14, 2007 to either pay the amount due to the retirement board or to request a hearing. If neither has happened then their retirement allowances will be terminated beginning with the November check until the total amount has been collected. • Charles Johnson called on 10/22/07 and would like to do the same thing as last year when he had excess earnings withhold his monthly retirement allowance with the exception of his health & life insurance deductions until the full amount of $11,565.17 owed to the retirement system has been paid. Charles is still having his monthly retirement allowance, except for health and life insurance, withheld for his excess earnings from 2005, which will not be paid off until approximately February 2008. • The Board may consider a policy for health insurance for accidental disability retirees with excess earnings. • Discussed creditable service calculation for Matthew Kirwin. Matthew was a spare police dispatcher that has requested a refund. He has not filed an application yet, because the administrator has not sent the paperwork. Because he did not work on a regular schedule, it was impossible to use the pro-ration table in the - supplementary regulations for members that went from full time to part time. Since Matthew was a spare dispatcher and his employment was intermittent, he is not allowed to receive creditable service for time worked that was not equivalent to one month. Therefore, he will not receive creditable service for the period 1/1/02-7/6/07.