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Home My WebLink About2018-01-23 Retirement Board Minutes OWN OF R0' Town of Reading 1` , - p Meeting Minutes TOWN CLERK READING, N e39,rxcua4°� Board - Committee - Commission - Council: 2016 APP, -4 PM IZ'. 31 Contributory Retirement Board Date: 2018-01-23 Time: 5:10 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: Sharon Angstrom Carol Roberts David Gentile Members - Not Present: Chairman-Joseph Veno Thomas Clough Others Present: Colleen Loughlin, Elaine Kelly Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 MINUTES OF THE READING RETIREMENT BOARD.MEETING Tuesday, January 23, 2018 The Reading Retirement Board held a regular session meeting on January 23, 2018 in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 5:10 P.M. by Sharon Angstrom in the presence of members Carol Roberts, David Gentile, Board Administrators Colleen Loughlin and Elaine Kelly. Chairman Joseph Veno and Thomas Clough were not present. MINUTES • Regular session minutes from the November 21, 2017 meeting were signed by all board members except Joseph Veno and Thomas Clough who were not present. APPROVAL OF NEW MEMBERS,RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Christopher'Smith Firefighter/ Date of hire- 1/12/18 9%+2% Gr. 4 (Fire) Paramedic Date of membership— 1/12/18 Nicholas DeRoche Firefighter/ Date of hire—1/14/18 9%+2% Gr. 4 (Fire) Paramedic Date of membership— 1/14/18 SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP 122017A totaling $71.03 RMLD $ 71.03 Admin Expense—Electric SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant#AP012018 totaling $1,080,889.08 Commonwealth of Mass. $ 583.01 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,613.13 State Tax Deductions Commonwealth of Mass.. $ 1,467.69 Child Support 1557 a Internal.Revenue Service $ 77,380.70 Federal Tax Deductions Reading Credit Union $ 49,423.00 Credit Union Deductions Jan Retirement Allowances $ 745,320.58 Net Retiree Payroll Town of Reading Treasurer $ 60,267.48 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 10,224.24 Jan Staff Salary & Benefits Law Offices of Michael Sacco $ 912.00 Legal Expense-Miscellaneous GWT Realty $ 2,870.00 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier National Grid $ 39.91 Admin Expense—Heat/Gas W.B. Mason Co $ 146.41 Admin Expense—Supplies W.B. Mason Co. $ 311.60 Furniture & Equip—Date/Time Stamp MACRS $ 400.00 2018 Annual Dues Andover Retirement Board $ 4,773.13 Section 3(8)(c) Reimb for 2017 Braintree Retirement Board $ 7,510.16 Section 3(8)(c) Reimb for 2017 Essex Regional Board $ 67,997.86 Section 3(8)(c) Reimb for 2017 Lawrence Retirement Board $ 8,473.55 Section 3(8)(c) Reimb for 2017 Peabody Retirement Board $ 2,975.99 Section 3(8)(c) Reimb for 2017 Somerville Retirement Board $ 799.47 Section 3(8)(c) Reimb for 2017 Stoneham Retirement Board $ 10,862.66Section 3(8)(c) Reimb for 2017 Winchester Retirement Board $ 22,772.50 Section 3(8)(c) Reimb for 2017 Winthrop Retirement Board $ 3,355.53 Section 3(8)(c) Reimb for 2017 Town of Reading Police Dept $ 240..00 Parking Pass SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS INFORMATION/QUESTIONS • An appointment has been scheduled for Mr. Rachid Kourbali on 1/18/18 @ 3:00 pm with the previous medical panel that saw Mr. Kourbali in 2016. Mr. Kourbali has been notified. • PERAC has notified the Retirement Board that Mr. Kourbali has completed the medical panel review. • Carol Roberts has been appointed to the Reading Retirement Board through 12/31/2020 by the Board of Selectmen. • Virginia DiGregorio, Option C beneficiary of Ernest DiGregorio (RMLD), passed away January 15, 2018. • A transfer amount of$55,460.62 dated 12/14/17 was received from the Massport Retirement Board for Edward F. McCarthy. The Massport Retirement System will accept liability for 2 years, 8 months and 24 days of creditable service. 1'598 a • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement& fund performance for period ending Dec 31, 2017. General Ledger Trial Balance as of Dec 31, 2017. Cash Receipts, Adjustments, and Disbursements as of Dec 31, 2017. Bank Reconciliation for the month ending Dec 31, 2017. Reading Co-op Bank Statement for the month ending Dec 31, 2017. MMDT Bank Statement for the month ending Dec 31, 2017. • The next board meeting is scheduled for Tuesday, February 7, 2018 at 4:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading. MEMORANDUMS & LETTERS RECEIVED PERAC Memo 41/2018 —2018 Limits under Chapter 46 of the Acts of 2002 PERAC Memo 42/2018—2018 Limits under Section 23 of chapter 131 of the Acts of 2010 PERAC Memo 43/2018—COLA Notice PERAC Memo #4/2018—Tobacco.Company List PERAC Memo 45/2018—Mandatory Retirement Board Member Training— ISt Quarter 2018 APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to table the discussion of the timing of the pay increase for staff to a time when there is at least 4 or 5 board member.present. SECONDED BY: DAVID GENTILE VOTED: (3-0-0)UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:45 PM SECONDED BY: CAROL ROBERTS VOTED: (3-0-0)UNANIMOUS " 199 a' Chairman, Joseph R. Veno, 2" elected haron A Angst om, Ex Okficio 1R o Carol B. Roberts, 1St appointed Vice- hairman, homas A. Clough, 2" appointed David A. Gentile, I"elected r ti