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Joseph Sveistys's PERAC re- evaluation has been completed and it was determined he <br />cannot come back to work. <br />A letter was received from PERAC informing the Board that due to excess earnings in <br />2009, 2010 and 2011, James Weston's disability pension benefit will be modified. James <br />has the right to request a hearing within 30 days. When the final notice is received from <br />PERAC, the pension will have to be stopped completely and there will be no further <br />garnishment to recoup the amount due. Noting that at the end of 2012 the over earnings <br />due for repayment will exceed $80,000 it was agreed to forward the matter to Attorney <br />Mike Sacco to handle. <br />PIMCO representatives will be attending the November meeting for an annual review. <br />The Vanguard balance as of 9/30/12 is $2,794,623. <br />The board voted unanimously to grant Maggie a 3.00% increase retroactive to 7/1/12. <br />A motion made, second and approved unanimously to adjourn meeting at 10:30. <br />The next meeting will be held November 28, 2012, 8:00 AM at Cary Memorial Library. <br />Robert W. Cunha, Chairman <br />Robert Addelson, Ex Officio Member <br />Michael McNabb, Appointed Member <br />Joseph Foley, Elected Member <br />Alan Fields, Appointed Member <br />