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Home My WebLink About2018-05-22 Retirement Board Minutes Fq Town of Reading 's Meeting Minutes R 'eaaIMOR 1 ..\ Board - Committee - Commission - Council: Contributory Retirement Board 11111 OC t -4 PN 12: 51 Date: 2018-05-22 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 Joseph Veno Carol Roberts David Gentile Members - Not Present: Sharon Angstrom Others Present: Colleen Loughlin-Board Administrator Elaine Kelly-Asst. Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1627 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, May, 22, 2018 The Reading Retirement Board held a regular session meeting on May 22, 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 Joseph Veno, Carol Roberts, David Gentile and Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Sharon Angstrom was not able to attend. MINUTES • Minutes from the March 27, 2018 regular session were signed by all board members. • JOSEPH VENO moved to accept the April 24, 2018 regular session minutes. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to accept the May 7, 2018 special session minutes. SECONDED BY: DAVID GENTILE VOTED: (3-0-1) ABSTAINED: JOSEPH VENO APPROVAL OF NEW MEMBERS, RETIREMENTS,TRANSFERS, AND REFUNDS • JOSEPH VENO moved to approve the following new members: Susan Murphy Executive Date of hire—5/7/18 9%+2% Gr. 1 (Police) Assistant Date of membership-6/17/13 (Transfer from Belmont) Alexander Rozycki Sr. Civil Eng Date of hire-5/21/18 9% +2% GrA (Engineering) Date of membership— 5/21/18 SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to approve the following transfer of funds to other system: Charles Desrosiers,Jr. To Haverhill Retirement Board $3,179.46 11 mths (DPW—Parks& Forestry) SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS 4628 • JOSEPH VENO moved to approve the following retirement applications: Joanne Fitzpatrick Admin Asst. 08/03/18 11 years, 6 mths Option A (Finance) Elsbeth Licari Collector 07/13/18 24 years, 0 truths Option A (Treasurer) SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • JOSEPH VENO moved to approve a COLA increase for FY 2019, which begins on July 1, 2018 and ends June 30, 2019, which is reflected in the Jan 1, 2017 actuarial valuation. It is limited to a maximum amount of 3%of$12,000. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to approve the RFP for legal services as edited at this meeting. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to deny request to submit payments to Plymouth County Retirement Association (PCRA)via ACH rather than by check for the purpose of 3/8/c expenditures. The request also encompasses authorization to allow for electronic debits by PCRA for any credit errors. SECONDED BY: DAVID GENTILE, VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • JOSEPH VENO moved to approve the following warrant#AP052018A totaling $617.92 NEOFUNDS $ 617.92 Admin Expense—Postage SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS 1629 r • JOSEPH VENO moved to approve the following warrant#AP052018 totaling$971,654.47: 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 $ 79,457.27 Federal Tax Deductions Reading Credit Union $ 48,801.00 Credit Union Deductions May Retirement Allowances $ 759,251.44 Net Retiree Payroll Town of Reading Treasurer $ 61,399.86 Hhh, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 10,905.78 May Staff Salary & Benefits Law Offices of Michael Sacco $ 575.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier FORMAX $ 656.00 Service Contracts — Formax (Sealer/Folding) DoubleTree Hotel Hyannis $ 357.44 Travel Expense—MACRS Spring Conference Colleen Loughlin, Petty Cash $ 77.65 Administrative Expense—Postage National Grid $ 23.22 Administrative Expense—Heat/Gas Reading Municipal Light Dept $ 68.74 Administrative Expense—Electric Haverhill Retirement Board $ 3,179.46 Transfer to Other System—C. Desrosiers, Jr. Flyers Unlimited $ 164.30 Administrative Expense—Envelopes SECONDED BY: DAVID.GENTILE VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • Board updated signatures for the Treasurer. • Discussion was tabled to wait for Sharon Angstrom regarding possible Town health insurance premium reimbursement for FYI 9. • Margaret Plansky, who was determined to have overearnings for 2015, has made final payment to the Reading Retirement Board. Reimbursement of$29,605.56 is complete. • George O'Brien, who worked for the Reading School Department and retired on February 18, 1993, passed away on May 11, 2018. He chose Option B at his retirement but there are no remaining funds in his annuity. He retired on accidental disability retirement, but there is no spouse to receive the section 101 benefits. • Patricia Baltier, who worked for the Reading School Department and retired on August 31, 1985, passed away on April 13, 2018. She chose Option A at her retirement. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending April 30, 2018. General Ledger Trial Balance as of January 31, 2018, February 28, 2018, March 31, 2018, and April 30, 2018. 1630 Cash Receipts, Adjustments, and Disbursements as of January 31, 2018, February 28, 2018, March 31, 2018, and April 30, 2018. - Bank Reconciliation for the month ending April 30, 2018. Reading Co-op Bank Statement for the month ending April 30, 2018. MMDT Bank Statement for the month ending April 30, 2018 • There is a special board meeting scheduled for Tuesday, June 19, 2018 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, June 26, 2018 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA MEMORANDUMS &LETTERS RECEIVED Memo from Attorney Sacco regarding update on Vernava Decision and PERAC Memorandum#17 OLD & NEW BUSINESS The Retirement Administrator and Assistant Administrator request signatures from the Board, as references,to complete the application for appointment to the office of Notary Public. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • JOSEPH VENO moved to adjourn this open session at 6:20 pm. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS Chairman, Thomas A. Clough, 2" appointed l 7e Chairman, Joseph R. Veno, 2" elected Sharon M. Angstrom, Ex Officio (-," �I`n_P>. j' C B. Roberts, " app rated D id . G&ntile, l"elected