2001-12-19 Retirement Board Minutes

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785 The Reading Retirement Board held a meeting on DECEMBER 19, 2001, in the Accounting and Finance Department Off-ice, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:03 P.M. Minutes from the September 26, 2001 (4:00 P.M.) meeting were signed by the board members. Minutes from the September 28, 2001 meeting were signed by the board members. Minutes from the October 5, 2001 meeting were signed by the board members. Minutes from the October 17, 2001 meeting were signed by the board members. Minutes from the October 24, 2001 meeting were signed by the board members. Minutes from the November 28, 2001 meeting were read and accepted. There were no new members this month. Approved retirement application: Anthony Gentile Firefighter 2/1/2002 Reviewed and approved the following vouchers: 2001 Voucher # 78 Town of Reading Treasurer 79 Town of Reading Treasurer 35 years 8 months Option B $384,707.22 Dec retiree payroll $ 2,487.53 Dec admin. Salary Tony Gentile is retiring February 1, 2002 and has requested that two separate periods of vacation be counted toward his retirement: a) In March of 1989, two weeks of vacation was guaranteed to Tony.upon retirement (as part of a group of employees who lost some vacation time during a transition). b) This year Tony was paid for two weeks of vacation he had earned this year, which is allowed per his contract. The Board members requested that the Administrator contact PERAC to get their opinion on both issues because a discrepancy was discovered between PERAC's regulations (15.03 (2d)) and a memo from PERAC dated June 28, 2000. The regulation states that amounts paid for unused vacation should not be included in regular compensation. The memo states that payments made as a result of an annual vacation purchase policy should be included in regular compensation. The Board Administrator contacted Sandor Zapolin, the lawyer at PERAC. He agreed with the Board members that the two weeks of vacation relating to March 1989, which was guaranteed upon retirement cannot be counted as regular compensation, but the two weeks of vacation earned this year for which Tony was paid can be counted as regular compensation. The retirement deduction for the two vacation weeks of regular compensation was deducted from Tony's paycheck for November 23, 2001. The Board members voted to allow the two weeks of vacation earned this year, for which Tony was paid, to be counted as regular compensation and to have retirements deductions taken from it. The affidavits for three of the four retirees who were sent second notices on November 9, 2001 have been returned. They are from Gael Desmond, Myrtle Waelde and Gerald Hoyt. A third notice was sent on December 11 by certified mail, return- receipt requested, to John Louanis. Upon return of the mail receipt, if the affidavit has still not been returned, the Board Administrator will attempt to call John or his son.