2007-07-25 Retirement Board Minutes

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If a member was involuntarily terminated from service, then he/she should receive 100% of the interest on the accumulated total deductions. The Board agreed to refund the member based on the calculation above. Once RMLD verifies that the member was terminated, then he will be refunded the forfeited interest less 20% federal tax. APPROVAL OF MISCELLANEOUS ITEMS • DANIEL SEFERIAN moved to approve Section 101 of M.G.L. c.32 in lieu of Accidental Death Benefit for Gloria Mullen. Upon review of Richard Mullen's death, which is listed as atherosolerotic cardiovascular disease on his death certificate, the Board determined that the cause of death is not related to the reason for which he retired, which is systematic chondromalacia patella and lateral femoral condyles. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS • DANIEL SEFERIAN moved to approve Section 101 of M.G.L. c.32 in lieu of Accidental Death Benefit for Mary'Doucette. Upon review of Raymond Doucette's death, which is listed as matastatic lung cancer- on his death certificate, the Board determined that the cause of death is not related to the reason for which he retired, which is heart-hypertension. SECONDED BY: FRANCIS DRISCOLL VOTED: (5-0-0) UNANIMOUS APPROVAL OF VOUCHERS • FRANCIS DRISCOLL moved to approve the following vouchers: 2007 Voucher # 52. Town of Reading Treasurer $546,878.73 53 Town of Reading Treasurer $ 3,291.30 54 Thomson West $ 140.00 55 The Graphic Shop $ 112.07 56 Town of Reading Treasurer $ 5,320.27 57 Christopher Chillemi $ 21,281.08 SECONDED BY: DANIEL SEFERIAN VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS July retire payroll July Administrator's Salary Admin.Exp.-MGL Inserts Admin. Expense - Envelopes 20% Fed Tax - C.Chellemi Refund to Member • Discussed regulation that all military service buyback past, present and future are based upon a limit of up to 5 years to pay with no less than $25.00 per pay period. The board agreed that this should be added to the supplemental regulations. Discussed Peter Garchinsky's military buyback. Almost completed (10 years later). Member was allowed to purchase 4 years of military service as creditable service. After review of DD214 with Department of Veteran's Services, he is only entitled to purchase 3 years, 9 months of service. According to M.G.L. Ch. 32 § 20 (2), "when an error exists in the records maintained by the.system or an error is made in computing a f benefit and, as a result, a member or beneficiary receives from the system more or less than the member or beneficiary would have been entitled to receive had the records been correct or had the error not been made, the records or error shall be corrected." The member is allowed to request that the Board waive the repayment or recovery, which would allow him the 4 years of creditable service. The Board Administrator will contact Mr. Garchinsky and explain his options.