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Home My WebLink About2017-11-21 Retirement Board Minutes OWN OFR 4A Town of Reading Meeting Minutes 9� TOWN CLERK 63'9.lHCORQ�� i`S Pk I e I tr' �1t I A. Board - Committee - Commission - Council: 2018 AR -4 M12: 31 Contributory Retirement Board Date: 2017-11-21 Time: 4:00 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-Joseph Veno Thomas Clough Sharon Angstrom Carol Roberts David Gentile Members - Not Present: Others Present: Colleen Loughlin, Elaine Kelly, Paul Todisco and Francesco Daniele (PRIM) Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday,November 21, 2017 The Reading Retirement Board held a regular session meeting on November 21, 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 Joseph Veno in the presence of members Thomas Clough, Sharon Angstrom, Carol Roberts, David Gentile, Board Administrators Colleen Loughlin and Elaine Kelly. Paul Todisco and Francesco Daniele from PRIM were also in attendance. SPECIAL ITEM • Paul Todisco and Francesco Daniele from PRIM attended the meeting to discuss the performance of the PRIT fund. Francesco opened. the meeting by stating that they had a strong 3`a quarter performance. He went on to say that there were several personnel changes at PRIM that have strengthened PRIM's overall expertise. MINUTES • SHARON ANGSTROM moved to accept the October 24, 2017 regular session.minutes. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • Regular session minutes from the September 26, 2017 meeting were signed by all board members. APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Emmanuel Agouridis Distribution Date of hire - 10/30/17 9%+2% Gr. 1 (RMLD) Engineer Date of membership - 01/03/03 (Transfer from Peabody) Edward McCarthy Lead Date of hire - 11/06/17 9% +2% Gr. 4 (RMLD) Technician Date of membership— 12/13/10 (Transfer from Danvers) SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS 1587 = a' • SHARON ANGSTROM.moved to approve the following refunds of accumulated deductions: Michelle Lamson Resigned 6/7/16 Add'1 Deductions from Contract Settlement (RMLD) Total deductions & interest $ 69.97 Less 20% Federal Taxes $ 13.99 Net refund (Cash) $ 55.98 Justin Mclaughlin Resigned 9/18/15 3 years, 6 mths (DPW) Total deductions &interest $ 18,477.42 Interest forfeited $ 179.39 Less 20% Federal Taxes $ 3,659.61 Net refund (Cash) $ 14,638.42 William Born Resigned 6/13/07 7 years, 9 mths (DPW) Total deductions & interest $ 47,184.66 Interest forfeited $ 10,480.42 Net refund (rollover) $ 36,704.24 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Joel Thornton Sr. Meter Technician 01/04/18 41 years, 4 months Option C (RMLD) Darlene Foley Admin Secretary 11/24/17 14 years, 5 months Option A (Public Services) SECONDED BY: CAROL ROBERTS VOTED: . (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the Reading Retirement Board Supplemental Regulation regarding credit card use and meal allotment and send to PERAC for approval. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS f • Approval for calendar year 2018 Budget will be tabled for December meeting. t 1588 APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP112017A totaling $616.89: National Grid $ 20.30 Admin Expense—Heat/Gas RMLD $ 65.39 Admin Expense—Electric NEOPOST $ 396.30 Admin Expense—Postage ' Neopost USA Inc. $ 134.90 Service Contract—Postage Rental SECONDED.BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant#AP112017 totaling $1,024,159.48: Commonwealth of Mass. $ 581.71 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,613.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 90,827.26 Federal Tax Deductions Reading Credit Union $ 50,176.00 Credit Union Deductions Nov Retirement Allowances $ 712,631.83 Net Retiree Payroll Town of Reading Treasurer $ 59,293.15 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 9,930.55 Nov Staff Salary &Benefits Law Offices of Michael Sacco $ 1,736.00 Legal Expense-Miscellaneous GWT Realty $ 2,870.00 Rent. Cannon Financial Services $ 168.48 Service Contracts—Copier Kingsbury Press $ 189.51 Admin Expense— 1099R forms KMS Actuaries, LLC $ 12,500.00 Actuarial Services—Valuation& GASB 67 & GASB 68 Flyers Unlimited $ 221.50 Admin Exp—Envelopes &business cards Justin Mclaughlin $ 14,638.42 Refund to Member Michelle Lamson $ 55.98 Refund to Member Reading Co-Operative Bank $ 36,704.24 Refund to Member—W. Born Rollover . Internal Revenue Service $ 3,673.60 Ref. to Mem-20% Fed Tax-M. Lamson &J.Mclaughlin Pension Technology Group $ 24,315.00 Admin Expense,— Support&Hosting Services/WebPortal Colleen Loughlin $ 14.18 Travel—Mileage Reimb—PERAC training Elaine Kelly $ 22.52 Travel—Mileage Reimb—PERAC tram tolls from MACRS Conference''; `"' Carol Roberts $ 14.55 Travel—Mileage Reimb—PERAC training Sharon Angstrom $ 14.18 Travel—"Mileage Reimb—PERAC training Pension Benefit.Information $ 500.00 Service Contracts—PBI—obituaries t SECONDED BY: CAROL ROBERTS ` VOTED: (5-0-0.) UNANIMOUS 1589 ' INFORMATION/QUESTIONS • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FYI is $5,964,366. • Received the Actuarial Valuation as of January 1, 2017 from KMS Actuaries. Copy forwarded to all board members. • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly statement & fund performance for period ending Oct 31, 2017. General Ledger Trial Balance as of October 31, 2017., Cash Receipts, Adjustments, and Disbursements as of October 31, 2017. Bank Reconciliation for the month ending October 31, 2017. - Reading Co-op Bank Statement for the month ending October 31, 2017. MMDT Bank Statement for the month ending October 31, 2017. • The next board meeting is scheduled for Tuesday, December 19, 2017 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading MA. MEMORANDUMS & LETTERS RECEIVED PERAC-Schedule 7 Fee Report PERAC Memo 33/2017—New Fraud Prevention Poster The Board received letter from Reading Veterans' Services Officer thanking Board Members and Staff for the donation to the Reading Veteran's Memorial Trust Fund in memory of Linda Driscoll. OLD & NEW BUSINESS • Board meeting dates for 2018 were finalized. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 5:50 P.M. SECONDED BY: CAROL ROBERTS j VOTED: (5-0-0)UNANIMOUS 1590 Cha' an, roseph R. Veno, 2° elected Sharon M. Angstrom, Ex Officio R . PqL-�� Carol B. Roberts, 1"appointed Vice.Chairman, Thomas . Clough, 2° appointed rr David A. Gentile, 1"elected_