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Home My WebLink About2018-03-27 Retirement Board Minutes o�N Of-I? �c Town of Reading Meeting Minutes ((._ c�fij iCrrj � RL� f' E t 5,�r A. 1 Board - Committee - Commission - Council: 11 JUL 19 PM 12: 58 Contributory Retirement Board Date: 2018-03-27 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-Joseph Veno Thomas Clough Sharon Angstrom Carol Roberts David Gentile Members - Not Present: Others Present: Colleen Loughlin, Elaine Kelly, Atty. Michael Sacco Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday March 27, 2018 The Reading Retirement Board held a regular session meeting on March 27, 2018 in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 5:00 P.M. by Chairman Joseph Veno in the presence of members Thomas Clough, Sharon Angstrom, Carol Roberts, David Gentile and Board Administrator Colleen Loughlin. Atty Michael Sacco was also present. EXECUTIVE SESSION (5:00 PM) • SHARON ANGSTROM moved to enter into executive session to discuss the case of Lisa Palermo and to admit Attorney Sacco and to return to open session to continue the meeting. SECONDED BY: CAROL ROBERTS ROLL GALL VOTE: JOSEPH VENO Aye THOMAS CLOUGH Aye SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS Board has given Atty. Michael Sacco authority to go for 50/50'end result regarding the 3`d party claim. Atty. Sacco left the Executive Session meeting at 5:35 PM. OPEN SESSION (5:35 PM) APPROVAL OF MINUTES • Minutes from the December 19, 2017 regular session were signed by all board members. • Minutes from the January 23, 2018 regular session were signed by all board members, except for Joseph Veno and Thomas Clough who were not present. 0 Minutes from February 7, 2018 special session were signed by all board members, except Joseph Veno who was not present. 1,612 a • SHARON ANGSTROM moved to accept the February 12, 2018 special session minutes, as amended. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON.ANGSTROM moved to accept the February 20, 2018 regular session minutes, except Joseph Veno who was not present. SECONDED BY: CAROL ROBERTS VOTED: (4-0-1) ABSTAINED: JOSEPH VENO • SHARON ANGSTROM moved to accept the March 5, 2018 regular session minutes. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: James Morley Custodian Date of hire—2/26/18 9%o +2% Gr. I (School) Date of membership—2/26/18 Stephen Pelland Patrolman Date of hire—3/4/18 9%+2% Gr: 4 (Police) Date of membership—3/4/18 Paul Peoples Patrolman Date of hire—3/5/18 9%+2% Gr. 4. (Police) Date of membership—3/5/18 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Victoria Cummings Sr..Administrator 06/29/18 30 years, 4 mths Option A (Police) Raymond Graves Sr. Meter Tech 06/30/18 . 42 years, 2 mths Option A (RMLD) Marianne Fabbri Purchasing Asst 05/29/18 20 years, 6 mths Option A (RMLD) Michael Belmonte Firefighter 03/27/18 24 years, 9 mths Option C (Fire) .16.1 3 SECONDED BY: CAROL.ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve final calculations for the following retirements approved -by PERAC: John Edson Police 01/06/18 10 years, 1 mth Option A (Superannuation) Annuity: $ 4,153.20 Pension: $ 10,463.88 Yearly: $ 14,617.08 Monthly: $ 1,218.09 Ann Gentile Public Services 01/05/18 11 years, 2 mths Option B (Superannuation) Annuity: $ 3,303.96 Pension: $ 5,968.68 Yearly: $ 9,272.64 Monthly: $ 772.72 Thomas Ward DPW 01/02/18 46 years, 2 mths Option A (Superannuation) Annuity: $ 11,681.16 Pension: $ 47,524.68 Yearly: $ 59,205.84 Monthly: $ 4,933.82. Joel Thornton RMLD 01/05/18 41 years, 4 mths Option_C (Superannuation) Annuity: $ 14'011.20 Pension: $ 47,749.32 Yearly:. $ 61,760.52 Monthly: $ 5,146.71 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Angela Serrano Resigned 2/23/18 1 year, 3 mths (Facilities) Total deductions & interest $ 5,303.14 Less 20% Federal'Taxes $ 1,060.63 Net refund (Cash) $ 4,242.51 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID SHARON ANGSTROM moved to approve the following warrant 4AP032018A totaling $115.74: RMLD $ 75.58 Admin Expense—Electric National Grid $ 40.16 Admin Expense—Heat/Gas SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant#AP032018 totaling $1,000,304.82: Commonwealth of Mass. $ 560.61 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,613.13 State.Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 80,217.45 Federal Tax Deductions Reading Credit Union $ 48,571.00 Credit Union Deductions March Retirement Allowances $ 763,168.06 Net Retiree Payroll Town of Reading Treasurer $ 61,782.64 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 10,884.30 March Staff Salary & Benefits Law Offices of Michael Sacco $ 800.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier W.B. Mason Co., Inc. $ 152.26 Admin. Expenses—supplies Woburn Retirement Board $ 4,485.20 Section 3(8)(c) Reimb for 2017 Norfolk County Retirement Bd $ 5,722.61 Section 3(8)(c) Reimb for 2017 Wakefield Retirement Board $ 1,479.88 Section 3(8)(c) Reimb for 2017 Barnstable County Ret. Board $ 2,083.28 Section 3(8)(c) Reimb for 2017 Boston Retirement Board $ 8,679.94 Section 3(8)(c)Reimb for 2017 Angela Serrano $ 4,242.51 Refund to Member Internal Revenue Service $ 1,060.63 Ref to Member—20% Fed7ax—A. Serrano Town of Reading $ 129.00 Admin Expense—DD/Check stock Cynthia Keenan $ 97.87 Refund—erroneous deductions Internal Revenue Service $ 10.88 Refund 10% Federal Tax—C. Keenan SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS 4 1615 ' a APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to decide to vote on a COLA increase for FY 19, which begins on Jul} 1, 2018 and ends on June 30, 2019 on May 22, 2018. It is limited to a maximum amount of 3% of $12,000. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the lease for an upgrade NEOPOST Postage Meter: SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve request from eligible member to purchase prior creditable service from the City of Woburn: Elaine Kelly Woburn I/1/77-11/15/80 3 years, 10 months The total principal purchase amount is $10,884.35. Elaine Kelly will start payroll deductions of $100.00/pay period starting April 6, 2018. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • The Chairman signed the contract for Fiduciary Investment Advisors (FIA). • A COLA reimbursement of$69,724.80.from the State for the period 7/1/17-12/31/17 was received on 3/13/18. • Laura DeMone, who worked for the RMLD and retired on September 18, 2015, passed away on February 21, 2018. She chose Option A at her retirement. • Anita Murray, who worked for the Reading School Department and retired on March 1, 1997, passed away on February 22, 2018. She chose Option A at her retirement. • Robert Ripley, Sr., who worked for DPW and retired on December 6, 2002, passed away on 3/21/18. His wife predeceased him. He chose Option C at his retirement. • A check was received from the following Boards for full payment of its- Section 3(8)(c) reimbursement: - Arlington Retirement Board - Concord Retirement Board 161 6 - a - Everett Retirement Board - Lexington Retirement Board. - Medford Retirement Board Middlesex County Retirement System Peabody Retirement Board Taunton Retirement Board - Wakefield Retirement Board - Winchester Retirement Board Worcester Retirement Board • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement &fund performance for period ending Feb 28, 2018. Bank Reconciliation for the month ending Feb 28, 2018. Reading Co-op Bank Statement for the month ending Feb 28, 2018. MMDT Bank Statement for the month ending Feb 28, 2018 • The next board meeting is scheduled for Tuesday April 24, 2018 at 5:00 PM in the Conference Room at 2 Haven Street, Unit 307, Reading. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #13/2018—Mandatory Ethics Training PERAC Memo #14/2018 —Interest Payments in Certain Situations PERAC Memo #15/2018-Tobacco Company List Letter from Attorney Sacco addressed to Town Manager regarding M.G.L. c. 41, § 10013 Letter from Attorney Sacco addressed, to Attorney Parsons at. PERAC regarding a request for New Regional Medical Panel for Rachid Kourbali. OLD & NEW BUSINESS • The Retirement Board will table the job description for the Retirement Administrator and Assistant Retirement Administrator for the April board meeting. • Gallagher Fiduciary Advisors and Meketa Investment Group were looking for feedback/insight from the Retirement Board as to why they weren't chosen. Meketa Group was looking for feedback on how to strengthen their firm and Gallagher Fiduciary Advisors would like to know if it was fee related, experience, or other? Tom Clough will handle forwarding the feedback to Gallagher Fiduciary Advisors and Meketa Investment Group. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE 1.61 7 ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:20 pm. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS Chai an, Joseph R. Veno, 2° elected pall Sharon M. Angstrom, Ex Offici F Carol B. Roberts, 1St appointe airman, Thoma A. Clough, 2ndappointed avid A. Gentile, 1St elected