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2007-09-26 Retirement Board Minutes
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2007-09-26 Retirement Board Minutes
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V <br />MINUTES OF THE READING RETIREMENT BOARD MEETING <br />Wednesday, September 26, 2007 <br />The Reading Retirement Board held a regular session meeting on September 26, 2007, in The Lower Level <br />Conference Room, 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 Gail <br />LaPointe, Richard Foley, Daniel Seferian, Francis Driscoll, and Board Administrator, Colleen Loughlin. Also <br />present were Jane Fiore, Gerald Fiore, and Nancy Giannone. <br />APPROVAL OF MISCELLANEOUS ITEMS <br />• FRANCIS DRISCOLL moved to approve request from eligible member to purchase prior Boston service for <br />creditable service: <br />Jane Fiore Boston Retirement 6/4/69-6/29/71 3 years, 1 month <br />5/17/72-6/12/73 <br />SECONDED BY: RICHARD FOLEY <br />VOTED: (5-0-0) UNANIMOUS <br />Originally the Board was told from Barbara Phillips, Legal Dept. at PERAC, to allow the member to <br />complete the buyback and then argue with Boston for their board to accept liability. However, <br />Boston sent a letter that PERAC wrote in reference to another member from Medford that was also <br />trying to buyback some time worked with Boston City Hospital that stated Boston would not be <br />liable for the time worked because this particular person was not a member of the Boston Retirement <br />Board. But, we clearly know that Jane Fiore was a member of the Boston Retirement Board. Derek <br />Moitoso, from PERAC, issued a' verbal opinion that liability looks to fall on Boston. Based on our <br />regulations, we should allow the member to complete the buyback and then the decision may have to <br />go to DALA to see who would have to accept liability. <br />INFORMATION/QUESTIONS/OTHER ITEMS <br />Nancy Giannone, an educational assistant, attended this meeting to discuss the issue that she has increased her <br />hours this school year bringing her to a total of 1692 hrs/year. Normally anyone over 1690 is required to join <br />the Reading Retirement System, but Nancy's situation is unique. At this point, Nancy has not been put into <br />the system, because the member is contemplating whether she should reduce her hours. She has <br />approximately 12 years of creditable service with the Massachusetts Teacher's Retirement Board. After <br />attending the board meeting, Nancy decided to leave her hours at 1692 and join the Reading Retirement <br />System. <br />MINUTES <br />• Regular session minutes for the July 25, 2007 meeting were signed by all board members. <br />• FRANICS DRISCOLL moved to accept the August 22, 2007 regular session minutes as written. <br />SECONDED BY: RICHARD FOLEY <br />=~VOTED: (5-0-0) UNANIMOUS, <br />
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