HomeMy WebLinkAbout2017-08-29 Retirement Board MinutesQ OF RSO,
1. k Town of Readi.ng
Meeting Minutes
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Board - Committee - Commission - Council:�,�
Contributory Retirement Board
N11 DEC 4 t
Date: 2017-08-29 Time: 4:00 PM
Building: Reading Retirement Administration Location: Conference Room
Address: 2 Haven Street Unit 307 Session: Open Session
Purpose: Special Version: Final
Attendees: Members -.Present:
Chairman Joseph Veno, Thomas Clough, Carol Roberts, David Gentile
Members - Not Present:
Sharon Angstrom
Others Present:
Colleen Loughlin, Elaine Kelly, Officer Laura Bullis, Chief Mark Segalla,
Deputy Chief David Clark, Attorney Michael Sacco
Minutes Respectfully Submitted By: Elaine Kelly_
Topics of Discussion:
SEE ATTACHED
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1572
1VIINIJTES OF THE READING RETIREMENT BOARD MEETING
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i1 r. [j I.►' a r1 ; S S - Tuesday, August 29, 2017
n�r ®3 lied' The Reading�klt't neWt Board he d a Special Meeting on August 29, 2017 in The Conference
Room, at 2 Haven Street, Unit 307, Reading, Massachusetts.
The meeting was called to order at 4:00 P.M. by Chairman Joe Veno in the presence of members
Thomas Clough, Carol Roberts, David Gentile, Board Administrators'Colleen Loughlin and Elaine
Kelly, Officer Laura Bullis, Chief Mark Segalla, Deputy Chief David Clark, and Attorney Michael
Sacco. Sharon Angstrom was unable to attend.
EXECUTIVE SESSION (4:03)
• CAROL ROBERTS moved to enter into executive session for the purpose of evidentiary hearing
regarding the involuntary accidental disability application of Laura Bullis as well as the litigation
strategy regarding Lisa Palermo v. Andover Small Engine Service and.to return to open session
to continue the meeting.
SECONDED W: . DAVID GENTILE
ROLL CALL VOTE: CAROL ROBERTS
Aye
DAVID GENTILE
Aye
THOMAS CLOUGH
Aye
JOSEPH VENO
Aye
VOTED
(4-0-0) UNANIMOUS
Please let the record show that Officer Laura Bullis, Chief Segalla and Deputy Chief David Clark
left the meeting at 4:25 pm.
OPEN SESSION (5:15 PM)
Attorney Michael Sacco had a discussion with the Board regarding the performance of PRIT.
NOT GIVING INVESTMENT ADVICE. PERAC used to send out performance report ranking
by system of all investments when PRIT was on top. Years ago, Boards were considered leaving
money on the table if they weren't invested in PRIT.. In 2007 legislature forced Boards to go
into PRIT if not 65% funded or not performing within 2% of the PRIT Fund in the previous 10
years. Annually Attorney Sacco sends out investment performance numbers. A memo was sent
to his clients in June 2017 regarding the performance of the PRIT Fund. Attorney Sacco just
wanted to remind Boards that it's their fiduciary responsibility to show what they have been
doing to monitor the performance of PRIT. Boards also need to defend the decision to remain. ,in
PRIT when they have not done well in the last 10 years. Some Boards have decided to exit the
PRIT fund. Should the Board consider the due diligence exercise to hire an investment
consultant, the Board would have to draft an RFP for an investment consultant. The Investment
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Consultant will review the assets and liabilities and help to determine if the.Board should be in
the PRIT fund or use their sleeves, which is outside of the CORE fund.
APPROVAL OF MISCELLANEOUS ITEM
CAROL ROBERTS moved to approve the request from Administrators to attend the PERAC
Emerging Issues Forum on September 14, 2017 at Holy Cross, Worcester, MA.
SECONDED: DAVID GENTILE
VOTED: (4-0-0). UNANIMOUS
APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS
• CAROL ROBERTS moved to approve the following retirement application:
William Jordan
(DPW - Cemetery)
SECONDED BY:
VOTED:
ADJOURNMENT
Foreman 9/1/17
DAVID GENTILE
(4-0-0) UNANIMOUS
34 years, 6 months . Option C
• CAROL ROBERTS moved to adjourn this open session at 5:40 P.M.
SECONDED BY: DAVID GENTILE
VOTED: (4-0-0) UNANIMOUS
C irman, Jo eph R. Veno, 2 Id elected
Sharon M. Angstrom, Ex Officio
Carol B. Roberts, l" appointed
Vice h 'rman, Thomas A / lough, 2° appointed.
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Davi A. Gentile, 1St elected