2002-12-18 Retirement Board Minutes

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837 The Reading Retirement Board held a meeting on DECEMBER 18, 2002, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:05 P.M. Robert Ripley attended this meeting because PERAC did not approve his accidental disability retirement application. They determined that his injury did not occur while in the performance of his duties. Mr. Ripley brought in a letter written by his attorney explaining in more detail why Mr. Ripley was performing his duties at the time of his injury. The Board voted to re -affirm their previous vote on October 23, 2002 to approve the accidental disability retirement application of Robert Ripley. They asked the Board Administrator to send a letter to PERAC notifying them of the vote and to include a copy of the attorney's letter. Minutes from the October 23, 2002 meeting were signed by all board members except Joseph Veno. Minutes from the November 20, 2002 meeting were read and accepted by all board members except Joseph Veno. The Board approved an additional amount for a refund for Election of Benefits under G.L. c.32, § 12(2)(d) for Jean E. Talbot, beneficiary of record of John Talbot, for interest calculated through October 31, 2002, the date of the refund, rather than through August 16, 2002, the date of death of John Talbot. Revised Amt Original Amt Amount Owed Total deductions and interest $34,546.13 $34,432.45 $113.68 Less 20% federal income taxes 6,909.23 6.886.49 22.74 Net refund (cash withdrawal) $27,636.90 $27,545.96 $ 90.94 Approved transfers to other systems Linda Bemat To Lawrence Retirement System $ 78,912.86 12 years 4 months Michael Colford To Saugus Retirement System $ 41,910.77 14 years 9 months Reviewed and approved the following vouchers: 2002 Voucher # 72 Town of Reading Treasurer $412,054.25 Dec. retiree payroll 73 Town of Reading Treasurer $ 2,588.25 Dec. admin. Salary 74 Jean E. Talbot $ 90.94 Add'1 refund of interest (cash) 75 Town of Reading Treasurer $ 22.74 20% Fed taxes -Jean Talbot 76 Lawrence Retirement System $, 78,912.86 Trsf to other system (Bernat) ` 77 Saugus Retirement System $ 41,910.77 Trsf to other system ( Colford) 78 Town of Reading Treasurer $ 2,623.00 FY03 Banking, postage, envelopes A transfer of $11,428.33, dated 12/13/02, was received from the Quincy Retirement System for Christopher Reilly, Town Planner. Quincy will accept liability for 2 years and 10 months of service for the period 12/17/99 - 11/1/02. PERAC's Disability Unit has evaluated William Hadley for possible return to service. The internal nurse case manager has determined that he is unable to perform the essential duties of his job. The Reading Retirement System has received $151,428.82 from the State for the COLA reimbursement for the period 7/1/02 - 12/31/02. The Board voted to accept liability for six months of creditable service, upon proper repayment to the State Retirement System, for former employee, Donald Nadeau. Donald worked for the Town of Reading during the period of 12/20/89- 6/30/90 as a full -time interim conservation administrator but did not become a member of the Reading Retirement System _until his permanent position began on 7/1/90. The Board voted to adopt the "Procedures for Releasing Information About Members of the Town of Reading Retirement System" The Board discussed whether or not to recalculate Section 12(2)(d) survivor benefits for Veterans allowance. Per Ralph White's newsletter, there may be a question about a surviving spouse's rights to the Veterans allowance. The Veterans allowance is for the Veteran. It may not pertain to the Veteran's spouse. PERAC has already approved the recalculation allowances for the surviving spouses. The Board decided to hold off on the recalculation for now. They will revisit this issue in a month or two.