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9 3 5 <br />MINUTES OF THE READING RETIREMENT BOARD MEETING <br />THURSDAY, JUNE 23, 2005 <br />The Reading Retirement Board held a regular session meeting on June 23, 2005, in the Accounting and Finance <br />Department Office, Town Hall, Reading, Massachusetts. <br />The meeting was called to order at 6:00 P.M. by Chairman Joseph Veno in the presence of members Richard <br />Foley, Elizabeth Klepeis, Francis Driscoll, and Daniel Seferian, and board administrator Karen DeAngelis. Others <br />present at the meeting were retired member Donald Stead and his attorney Joseph Sandulli. <br />At this meeting the Reading Retirement Board conducted a hearing with Donald Stead and his attorney, Joseph <br />Sandulli. At the hearing, Mr. Stead's attorney submitted a Position Statement to the Board wherein he set out his <br />arguments as to why Mr..Stead should not be required to refund his retirement allowance for the years 2001, <br />2002, and 2003 to the Board, as instructed to do by PERAC. These arguments, elaborated in his Position <br />Statement, are as follows: <br />1. Income from real estate rental is not earned income <br />2. The request for the refund is untimely <br />3. The Board cannot apply a PERAC regulation retroactively <br />Should PERAC reject these arguments, Mr. Stead alternatively requested that the Board waive the required refund <br />pursuant to G.L. c.32, s.20(5)(c)(3). <br />ELIZABETH KLEPEIS moved to request a determination from PERAC as to Mr. Stead's entitlement to <br />retain his retirement allowance for the years at issue in light of the arguments presented and to <br />include a copy of the Position Statement for PERAC: <br />SECONDED BY: DANIEL SEFERIAN <br />VOTED: (5-0) UNANIMOUS <br />MINUTES <br />Regular session minutes for the April 27, 2005 and May 10, 2005 meetings were signed by all board <br />members. <br />RICHARD FOLEY moved to accept the April 12, 2005 regular session minutes as written. Francis Driscoll <br />and Daniel Seferian were not able to attend this meeting. <br />SECONDED BY: ELIZABETH KLEPEIS <br />VOTED: (3 -0 -2) ABSTAINED: FRANCIS DRISCOLL and DANIEL SEFERIAN <br />RICHARD FOLEY moved to accept the May 25, 2005 regular session minutes as written. Elizabeth Klepeis <br />was not able to attend this meeting. <br />SECONDED BY: DANIEL SEFERIAN <br />VOTED: (4 -0 -1) ABSTAINED: ELIZABETH KLEPEIS <br />