2001-11-28 Retirement Board Minutes

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The Reading Retirement Board held a meeting on NOVEMBER 28, 2001, in the Accounting and Finance Department Office, Town Hall, Reading, Massachusetts. The meeting was called to order at 6:01 P.M. Minutes from the August 29, 2001 meeting were signed by the board members. Minutes from the September 26, 2001 (7:00 A.M.) meeting were signed by the board members. Minutes from the September 26, 2001 (4:00 P.M.) meeting were read and accepted. Minutes from the September 28, 2001 meeting were read and accepted. Minutes from the October 5, 2001 meeting were read and accepted. Minutes from the October 17, 2001 meeting were read and accepted. Minutes from the October 24, 2001 meeting were read and accepted. Approved new membership: Linda Whyte Jessica Cassidy Dana Ballou Mark Russell Michael Lynch Robert Kennedy Kristi Lyman Donald Sullivan Thomas Schibilio Dorothy Ambrefe Michael Fitzgerald Michelle Lloyd Approved refunds: Susan Walsh Reading Housing Authority 08/29/01 8 %+ 2% Saugus Human Services 10/15/01 9 % +2% Firefighter 10/22/01 9%+2% RMLD - Station Operator 10/29/01 7% Danvers Dispatcher (Full -time) 11 /01 /01 9%+2% Laborer 11/5/01 9%+2% Dispatcher (Full -time) 1115101 9%+2% Dispatcher (Full -time) 11/12/01 9%+2% RMLD- Elec/MechMaint 11/15/01 9 % +2% Human Services 11/19/01 9%+2% Police Officer 11/25/01 9 %+ 2% State Police Officer 11/26/01 9 %+ 2% Lexington Rollover $892.61 Reviewed and approved the following vouchers 2001 Voucher # 74 Town of Reading Treasurer $385,382.06 Nov retiree payroll 75 Town of Reading Treasurer $ 1,167.27 Nov adman. Salary 76 The Segal Company $ 11,500.00 Actuarial Valuation 77 Vanguard (Susan Walsh) $ 892.61 Refund (Rollover) Susan Perry transferred to a new position as Secretary/Coordinator for the Facilities Department from part -time Educational Assistant. As of 10/8 she was scheduled to work 35 hours per week in this position. As of 11/12 a revised Personnel Action Form stated that she will be working 34.5 hours per week. Susan does not want to contribute to the Retirement System because she is concerned about not getting her spouse's Social Security should he pass away. Previously, the Reading Retirement Board decided, and PERAC approved, 35 hours a week or more is considered full - time. (See approval by PERAC, letter dated 3/24/00). The contract for this position is 37.5 hours per week and 52 weeks per year. The Board members voted to require her to join the Reading Retirement System because the contract states that her position is full -time and also because she worked 70 hours in the pay period following the revised PAF. Tony Gentile is retiring January 18, 2002 and has requested that two separate periods of vacation be counted toward his retirement: 1. In March of 1989, two weeks of vacation were guaranteed to Tony upon retirement (as part of a group of employees who lost some vacation time during a transition). - 2. 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. 770