2009-12-21-RB-min - Laserfiche WebLink

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MINUTES OF THE DECEMBER 21, 2009 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Michael McNabb, Alan Fields, Rob Addelson, Marguerite Oliva Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 123109 warrant and the December payroll. The October and November minutes were reviewed and signed. New members: (1) Christopher Bouchard, Custodian Request for Retirement: Carmela Bumbaca, Aide, 11/30/09; James Fogg, DPW Foreman, 1/8/10 Deceased Retirees: Dorothea Russo, School Secretary, 12/1/09, Opt. B; Edward O'Brien, Police Sergeant, 12/16/09, Opt. C A hearing was requested by Anthony Previte regarding notification of excess earnings. Anthony Previte, Anthony's accountant, James O'Neal, and Atty. Michael Sacco were present for the meeting. Although there were several issues, the main issue is the settlement for a contract dispute in the amount of $31,000. Five years prior to the settlement, a corporation was dissolved and the contract was in dispute. Mr. O'Brien stated that the settlement was an intangible asset and should not be regarded as income. Anthony was asked to provide copies of the pleadings and settlement agreement. Other issues mentioned revolved around a sub - chapter 5 corporation. Mr. O'Neil cited the case of Boston Retirement Board vs. CRAB. This went before the Mass. Superior Court for a ruling on PERAC's definition of earnings and compensation. There is an issue with the Schedule C filed by Anthony Previte. It relates to a piece of real estate sold two or three years ago. Anthony took back the mortgage and only received interest. Interest income does not have to be reported on Schedule C, it can be reported on Schedule A. Mr. O'Brien mentioned the possibility of filing an amended return. Atty. Sacco asked Mr. O'Neil to provide documentation that the payment was interest rather then earnings. At 9:30 the hearing was suspended until receipt of the requested documents. These are to be received within 30 days. Michael Sacco was asked about the Creedon Summary Judgment. He feels it will probably be dismissed.