2020-05-07 Retirement Board Minutes

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1780 = , MINUTES OF THE READING RETIREMENT BOARD MEETING Thursday May 7, 2020 The Reading Retirement Board held a special session meeting on May 7, 2020 remotely in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 10:30 A.M. by Chairman Thomas Clough via telephone conference call with board members Sharon Angstrom, Carol Roberts, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin, Asst Board Administrator Elaine Kelly, Town Treasurer Endri Kume, Select Board Member Anne Landry and Anthony Tranghese from Fiduciary Investment Advisors. Anthony Tranghese, the Retirement Board's investment consultant from Fiduciary Investment Advisors attended the May 7th Board meeting to review 2 topics. The first was to provide an update of the current economic market in light of the pandemic. He took us through the volatility that has occurred in the markets over the past 2+ months and the related reasons. He then provided an update from 2 recent PRIM webinars about the impacts of the pandemic on the PRIT portfolio. Generally speaking, it had held up fairly well given the volatility, but there remains considerable uncertainty at this time. He will continue to provide updates to the Board as the impact of the pandemic warrants. • SHARON ANGSTROM motioned to accept the NIA funding schedule for FY21. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTRO Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS This was revisited per the Town Manager's request. The COVID 19 pandemic is likely to impact the projected revenues for FY21 in the form of reduced state aid and other local receipts. The Town Manager had to cut $2.3 million from the general fund budget based on the projected revenue reductions. The funds from reducing the assessment for FY21 will provide funding for COVID expenses in the FY21 budget. . r