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Home My WebLink About2018-02-20 Retirement Board Minutes OWN OF R��i 1. Town of Reading Meeting Minutes TOWn'. CLERK Board - Committee - Commission - Council: Contributory Retirement Board 201E APR 25. PIM 3' (8 Date: 2018-02-20 Time: 5:00 PM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: General Business Version: Final Attendees: Members - Present: Chairman-Thomas Clough Sharon Angstrom Carol Roberts David Gentile Members - Not Present: Joseph Veno Others Present: . Colleen Loughlin, Elaine Kelly Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page i 1 7604 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday February 20, 2018 The Reading Retirement Board held a regular session.meeting on February 20, 2018 in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 1:45 P.M. by Vice Chairman Thomas Clough in the presence of members Sharon Angstrom, Carol Roberts, David Gentile, Board Administrators Colleen Loughlin and Elaine-Kelly. Chairman Joseph Veno was not present. Peter Lydecker of FINCOM was also present during the interview process. SPECIAL ITEM INTERVIEWS FOR INVESTMENT CONSULTANT WERE CONDUCTED AS FOLLOWS: 1. Meketa Investment Group—2:00 pm 2. FIA Fiduciary Investment Advisors—3:00 pm 3. Wainwright Investment Counsel, LLC—4:00 pm • SHARON ANGSTROM motioned to exclude Wainwright Investment Counsel, LLC from the RFP candidate selection process for the Investment Consultant. 4 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS The Board will review all material presented by the top 2 Investment Consultant candidates, Meketa Investment Group and FIA Fiduciary Advisors for any potential additional questions. The Retirement Administrator will call for references with questions from the Board. Finalization of the Investment Consultant selection process will be decided at the March 5, 2018 special session meeting. APPROVAL OF NEW MEMBERS,RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Matthew Spinale Laborer Date of hire— 1/22/18 9%+2% Gr. I (DPW) Date of membership— 1/22/18 Karen Hammond Sr. Admin Asst Date of hire-2/5/18 9% +2% Gr. 1 (Fire) Date of membership—2/5/18 Amanda Beatrice Sr. Admin Asst. Date of hire—2/5/18 9%+2% Gr. 1 (Public Services) Date of membership—2/5/18 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS t • SHARON ANGSTROM moved to approve the following retirement application: Jeanne Foti Executive Asst 03/03/18 27 years, 6 months Option C (RMLD) SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the REVISED final calculation for the following retirement approved by PERAC: Kenneth Evans RMLD 07/30/16 27 years, 2 mths Option B (Superannuation) Annuity: $ 17,405.16 Pension: $ 59,922.72 Yearly: $ 77,327.88 Monthly: $ 6,443.99 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP022018A totaling $515.31 RMLD $ 75.64 Admin Expense—Electric NEOFUNDS . $ 403.70 Admin Expense—Postage National Grid $ 35.97 Admin Expense—Heat/Gas SECONDED BY: CAROL ROBERTS VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant#AP022018 totaling $1,078,046.42 Commonwealth of Mass. $ 560.61 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,61.3.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support. Internal Revenue Service $ 79,237.56 Federal Tax Deductions Reading Credit Union $ 49,061.00 Credit Union Deductions Feb Retirement Allowances $ 757,357.38 Net Retiree Payroll Town of Reading Treasurer $ 61,207.08 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 11,530.06 Feb Staff Salary &Benefits 1.606 a Law Offices of Michael Sacco $ 650.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier W.B. Mason Co $ 45.14 Admin Expense— Supplies Mass Teachers' Retirement Bd-- $- 75666.20 --Section-3(8)(c)-Reimb-for--20-17 Lexington Retirement Board $ 2,701.57 Section 3(8)(c) Reimb for 2017 Malden Retirement Board $ 3,140.34 - Section 3(8)(c) Reimb for 2017 Saugus Retirement Board $ 4,664.40 Section 3(8)(c) Reimb for 2017 Brookline Retirement Board $ 103.69 Section 3(8)(c) Reimb for 2017 Cambridge Retirement Board $ 15,466.54 Section 3(8)(c)Reimb for 2017 Wellesley Retirement Board $ 2,497.34 Section 3(8)(c) Reimb for 2017 Arlington Retirement Board $ 2,582.29 Section 3(8)(c) Reimb for 2017 Amity Insurance Agency $ 5,246.00 Fiduciary Insurance Renewal Expert Laser Services $ 152.52 Administrative Expense—printer repair SECONDED BY: CAROL ROBERTS VOTED: (4-0-0)UNANIMOUS INFORMATION/QUESTIONS/OTHER ITEMS • SHARON ANGSTROM moved to approve the clarification of the step and COLA increase for retirement staff in the February 12, 2018 Minutes. SECONDED BY: CAROL ROBERTS VOTED: (470-0)UNANIMOUS The Board discussed and approved the salary evaluation at the February 12, 2018 meeting. This was a separate issue from the merit and COLA adjustment that seems to have gotten scrambled in the assessment. The Administrator and Assistant Administrator were brought to the median effective 1/1/18 which does not include the step or COLA increase for 2018. It simply brought the administrator's salaries to the median. This is a completely separate issue from the step and COLA increase which was not eliminated by Board vote. There seems to be some confusion that salary evaluation, COLA adjustment, and merit increases are all one and the same topic. • SHARON ANGSTROM moved to approve a new medical panel for Rachid Kourbali's "Application for Disability Retirement." SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS The results of the second Medical Panel were submitted to Attorney Sacco requesting his opinion regarding Rachid Kourbali's April 5, 2016 Application for Disability Retirement. The Panel neglected to answer any of the questions that were drafted by Attorney Michael Sacco. Attorney Sacco would s like permission of the Board to contact PERAC to request a new medical panel examination. 1607 SHARON ANGSTROM moved to authorize Attorney Sacco to send a letter to the Town regarding what appears to be a statutory violation both with respect to the reimbursement and denial of treatment that has been done outside of the confines of the Section 10013 committee. SECONDED-BY:-- --- ---CAROL-ROBE-RTS - -- --—— - --- - - --- VOTED: (4-0-0) UNANIMOUS Chapter 41 Section 10013 went to Town Meeting and was accepted on 4/14/83 Article 5. Section 10013 specifically relates to the indemnification of retired police officers and firefighters. The panel consists of(a) the chairman of the retirement.board of the city or town, (b) the city solicitor, town counsel or other officer having similar -duties or a person designated in writing by such solicitor, counsel or officer to act for him, and (c) such physician as the city or town manager or, if there is none, the mayor or selectmen in writing appoint. • The next board meeting is scheduled for Monday March 5, 2018 at 4:30 PM in the Conference Room at 2 Haven Street, Unit 307, Reading. OLD & NEW BUSINESS The 5th Board Member position interviews will be scheduled for March 5, 2018 at a special session meeting. The Board members will compose questions for the candidates and then forward their questions to the Retirement Office where they will be consolidated by the Retirement staff and forwarded to the Board prior to the March 5, 2018 meeting. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:40 PM . SECONDED BY: CAROL ROBERTS (4-0-0) UNANIMOUS 1.600 Chairman, Joseph R..Veno, 2° elected =-- - --- -. __ - - --- --- -- -- ----Sharon M._AngstromEx O cio Carol B. Roberts, 1St appointed f' Vice firman, Thomas Clough; 2° appointed David A. Lentil , 1St elected i j 6 i