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