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2019-06-25 Retirement Board Minutes
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2019-06-25 Retirement Board Minutes
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MINUTES OF THE READING RETIREMENT BOARD MEETING <br /> Tuesday June 25, 2019 <br /> The Reading Retirement Board held a regular session meeting on June 25, 2019 in The Conference <br /> Room at 2 Haven Street,Unit 307,Reading,Massachusetts. <br /> The meeting was called to order at 4:00 P.M. by Chairman Thomas Clough in the presence of members <br /> Sharon Angstrom, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin, Assistant <br /> Board Administrator Elaine Kelly and Linda Boumival, KMS Actuaries. Carol Roberts was unable to <br /> attend. <br /> SPECIAL ITEM <br /> • Linda Boumival, KMS Actuaries, provided the Board with various funding schedules. Linda will do <br /> several revisions to the funding schedules she provided, including one to Schedule E(fully funded in <br /> 2029) lowering the interest rate to 7.5% and maintaining an annual appropriations increase of 5%, in <br /> an effort to determine the necessary increase in year one (2021). The Board will be voting on a <br /> funding schedule by the July or August board meeting. Linda left the meeting at approximately 6:00 <br /> Pon. <br /> • JOSEPH COUGHLIN moved to nominate TOM CLOUGH as Chairman of the Reading Retirement <br /> Board. <br /> SECONDED BY: DAVID GENTILE <br /> VOTED: (4-0-0) UNANIMOUS <br /> • DAVID GENTILE moved to nominate SHARON ANGSTROM as Vice Chairman of the Reading <br /> Retirement Board. <br /> SECONDED BY: JOSEPH COUGHLIN <br /> VOTED: (4-0-0) UNANIMOUS <br /> MINUTES <br /> • Minutes from the April 23, 2019 regular session were signed by all members, except David Gentile <br /> who was unable to attend. <br /> • Minutes from the April 23, 2019 executive session were signed by all members, except David <br /> Gentile who was unable to attend. <br /> • DAVID GENTILE moved to accept the minutes from the May 28,2019 special session. <br /> SECONDED BY: JOSEPH COUGHLIN <br /> VOTED: (3-0-1) ABSTAINED: SHARON ANGSTROM <br />
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