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Home My WebLink About2018-06-26 Retirement Board Minutes Fq Town of Reading a Meeting Minutes Board - committee - commission - Council: Contributory Retirement Board 2311 OL' -4 Pt" 12: 51 Date: 2018-06-26 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 David Gentile Members - Not Present: Joseph Veno, Carol Roberts Others Present: Colleen Loughlin-Board Administrator Elaine Kelly-Asst. Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1631 " MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, June 26, 2018 The Reading Retirement Board held a regular session meeting on June 26, 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 Thomas Clough in the presence of members Sharon Angstrom, David Gentile and Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Joseph Veno and Carol Roberts were not able to attend. MINUTES • Minutes from the April 24, 2018 regular session were signed by all board members. • Minutes from the May 7, 2018 special session were signed by all board members. • Minutes from the May 22, 2018 regular session were tabled to the July 24, 2018 regular session board meeting. APPROVAL OF NEW MEMBERS,RETIREMENTS,TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following retirement application: Sharon Thomas Coordinator 06/30/18 18 years, 1 I months Option A (Elder Services) SECONDED BY: DAVID GENTILE VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the following retirements approved by PERAC: Michael Behnonte Fire 03/27/18 27 years, 9 months Option C (Superannuation) Yearly: $ 41,943.24 Monthly: $ 3,495.27 Brian McFadden DPW 04/19/18 10 years, 7 months Option A (Superannuation) Yearly: $ 6,335.40 Monthly: $ 527.95 SECONDED BY: DAVID GENTILE VOTED: (3-0-0) UNANIMOUS 1632 a APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve Supplemental Regulation regarding credit cad use, as amended with the stricken items from PERAC and the stricken item from meal reimbursement. It will be resubmitted to PERAC for final approval. SECONDED BY: DAVID GENTILE VOTED: (3-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant 4AP062018A totaling $516.30: MailFinance $ 379.98 Service Contract—Postage Reading Municipal Light Dept. $ 89.09 Admin Expense- Electric National Grid $ 47.23 Administrative Expense—Heat/Gas SECONDED BY: DAVID GENTILE VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant 9AP062018 totaling $1,027,403.75: Commonwealth of Mass. $ 562.95 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,613.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 79,299.88 Federal Tax Deductions Reading Credit Union $ 47,701.00 Credit Union Deductions June Retirement Allowances $ 777,127.08 Net Retiree Payroll Town of Reading Treasurer $ 43,207.08 Hhh, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 16,309.79 June Staff Salary& Benefits Law Offices of Michael Sacco $ 475.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier Elaine Kelly $ 119.08 Travel Exp—2018 MACRS Spring Conf. State Retirement System $ 56,425.19 Section 3(8)(e) Reimbursement for 2017 Check 45755 dated 5/31/18 in the amount of$357.44 was voided and replaced with check #5767 dated 5/31/18 in the amount of $178.72. Administrator Colleen Loughlin did not attend the MACRS 2018 Spring Conference and the hotel cancelled the room reservation. The Board will also be receiving a reimbursement from MACRS in the amount of$640.00 for the registration fee for Colleen Loughlin and Sharon Angstrom due to cancellation to attend the burial services for Francis Driscoll. SECONDED BY: DAVID GENTILE VOTED: (3-0-0) UNANIMOUS .1633 ' INFORMATION/QUESTIONS • The Town is giving a health insurance premium reimbursement for FYI to all retirees that have health insurance. • Francis Driscoll, who worked for the Fire Dept. and retired on June 19, 2003, passed away on June 1, 2018. He chose Option B at his retirement. The amount of remaining funds in his account is $4,769.64 before taxes. • A transfer amount of$30.194.42 dated 5/21/18 was received from the Belmont Retirement Board for Susan Murphy. The Belmont Retirement System will accept liability for 3 years and I month of creditable service and Lexington will accept liability for I year and 9 months of creditable service. • The Assistant Administrator presented the highlights regarding the recent MACRS Annual Conference • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement& fund performance for period ending May 31, 2018. General Ledger Trial Balance as of May 31, 2018 Cash Receipts, Adjustments, and Disbursements as of May 31, 2018. Bank Reconciliation for the month ending May 31, 2018. Reading Co-op Bank Statement for the month ending May 31, 2018. MMDT Bank Statement for the month ending May 31, 2018 • There is a special board meeting scheduled for Wednesday July 18, 2018 with Fiduciary Investment Advisors(FIA) at 4:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA • The next regular board meeting is scheduled for Tuesday, July 24, 2018 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA MEMORANDUMS & LETTERS RECEIVED PERAC Pension News#49 PERAC Memo #18/2018—V ernava Follow Up: Compliance with PERAC Memoranda PERAC Memo #19/2018 -Tobacco Company List PERAC Investment Report 2017 Memo from Attorney Sacco regarding PERAC Memorandum 418 t6 4 OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 5:50 pm. SECONDED BY: DAVID GENTILE VOTED: (3-0-0) UNANIMOUSI 1w n Chairman, Thomas A. Clough, 2" appointed ce Chaimran, Joseph R. Veno,2" e Vileered Sharon M. Angstrom, Ex Officio Roberts, 1"appointed Ca D vid A. Gentile, I"elected