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Home My WebLink About2018-07-24 Retirement Board Minutes f'q �� Town of Reading 5 Meeting Minutes psi;"vL'i VEE TOWNCLFRK Board - Committee - commission - Council: Contributory Retirement Board 2H NOV 29 PM 12: 34 Date: 2018-07-24 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 Carol Roberts David Gentile Members - Not Present: Joseph Veno Others Present: Colleen Loughlin-Board Administrator Elaine Kelly - Board Assistant Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 1637 " MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday,July 24, 2018 The Reading Retirement Board held a regular session meeting on July 24, 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, Carol Roberts, David Gentile and Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Joseph Veno was not able to attend. MINUTES • Minutes from the December 19,2017 executive session were signed by all board members. • Minutes from the February 20,2018 regular session were signed by all board members. • Minutes from the March 27, 2018 executive session were signed by all board members. • DAVID GENTILE moved to accept the May 22, 2018 regular session minutes SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) UNANIMOUS ABSTAINED: SHARON ANGSTROM • SHARON ANGSTROM moved to accept the June 26, 2018 regular session minutes SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to accept the July 18,2018 special session minutes SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Andrew MacNichol Staff Planner Date of hire—7/2/18 9%+2% Gr. l (Public Services) Date of membership—7/2/18 1638 Joshua Graciale Police Officer Date of hire—7/8/18 9%+2% Or. 4 (Police) Date of membership—7/8/18 Kevin Downer Custodian Date of hire—7/9/18 9%+2% Or. I (School) Date of membership—7/9/18 Chris Schweitzer Business Date of hire—7/9/18 9%+2% Or. l (School) Assistant Date of membership-7/9/18 Brendan MacEachern Police Officer Date of hire—7/9/18 9%+2% Gr. 4 (Police) Date of membership—7/9/18 Cody Costa Police Officer Date of hire—7/10/18 9%+2% Or.4 (Police) Date of membership—7/10/18 Joshua Griffith Police Officer Date of hire—7/11/18 9%+2% Gr.4 (Police) Date of membership—7/11/18 Jane Burns Administrator Date of hire— 11/3/11 9%+ 2% Gr. I (Elder Services) Date of membership—7/1/18 (eligible to purchase non-membership service) Donna Beaulieu Sr. Admin Asst Date of hire—2/11/08 9%+2% Gr. I (Police) Date of membership—7/30/18 (eligible to purchase non-membership service) Robert Magee Laborer Date of hire—5/8/17 9%+2% Gr. I (DPW—Parks&Forestry) Date of membership—7/16/18 SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Karen Sawyer Computer Tech 7/01/18 10 yrs, 0 mths Option A (School) William Faller Station Operator 8/20/18 30 yrs, 4 mths Option C (RMLD) SECONDED BY: DAVID GENTILE VOTED: (3-0-0) UNANIMOUS j 1639 ' • SHARON ANGSTROM moved to approve the final calculation for the following retirement approved by PERAC: Laura Bullis Police 1/29/18 5 years, 1 mth Option B (Ace Disability) Monthly: $ 5,184.08 Yearly: $62,208.96 SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP072018A totaling$266.16 NEOPOST $ 151.42 Admin Expense—Postage Reading Municipal Light Dept $ 114.74 Admin Expense—Electric SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant#AP072018 totaling$989,095.24 Commonwealth of Mass. $ 562.95 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,638.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 81,405.01 Federal Tax Deductions Reading Credit Union $ 47,831.00 Credit Union Deductions July Retirement Allowances $ 795,133.98 Net Retiree Payroll Town of Reading Treasurer $ 44,432.72 Hlth, Life,&Dental Ins. Deductions Town of Reading Treasurer $ 10,841.36 July Staff Salary &Benefits Law Offices of Michael Sacco $ 451.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier Mass Municipal Association $ 70.00 Advertising—Legal RFP Notice Commonwealth of Mass $ 120.00 Admin Expense—Fee for Notary for Colleen Loughlin and Elaine Kelly Victoria Cummings $ 95.51 Refund to Member—Erroneous Deductions Karen Sawyer $ 664.78 Refund to Member—Erroneous Deductions Commonwealth of Mass $ 84.47 Fed Taxes— 10%Fed Withholdings ($10.61 V. Cummings& $73.86) W.B. Mason Co., Inc. $ 92.76 Administrative Expense—supplies MIIA Property&Casualty Ins. $ 1,108.00 Administrative Expense—Property, Casualty & WC Insurance i 1640 SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • Discussed and review proposals for legal services. Since two firms submitted proposals, board agreed to set up interviews with both legal firms. • Reviewed MIIA schedules to verify its accuracy. • Discussed MHA Cyber Liability. Board Administrator will discuss with IT Department as well as Pension Technology Group to determine the need for this insurance. • The Board received reimbursement of$640.00 from MACRS for the registration to the 2018 Spring MACRS Conference that Sharon Angstrom and Colleen Loughlin did not attend as the funeral services for former Board Member, Francis Driscoll coincided with the Conference. • M. Therese Blamire, who worked for the School Dept. and retired on August 27, 1997,passed away on June 17, 2018. She chose Option B at her retirement. There are no remaining funds in her account. • Willard Nichols, who worked for the Fire Dept. and retired on June 22, 1984,passed away on July 9, 2018. He chose Option A at his retirement. • John Thiffault, who worked as a Custodian for the School Dept. and retired on November 4, 2005, passed away on July 9, 2018. He chose Option C at his retirement. His spouse, Linda Thiffault, will receive a monthly allowance of$882.83, which is 2/3rds of the amount John was receiving when he died. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement& fund performance for period ending June 30,2018. General Ledger Trial Balance as of June 30,2018 Cash Receipts, Adjustments,and Disbursements as of June 30, 2018. Bank Reconciliation for the month ending June 30, 2018. Reading Co-op Bank Statement for the month ending June 30, 2018. MMDT Bank Statement for the month ending June 30, 2018 • There is a special board meeting with FIA and interviews for Legal RFP scheduled for Tuesday, August 14,2018 at 3:00 pm in the Conference Room at 2 Haven Street,Unit 307, Reading, MA • The next regular board meeting is scheduled for Tuesday, August 21, 2018 at 4:00 pm in the Conference Room at 2 Haven Street,Unit 307, Reading, MA ,i 1641 . MEMORANDUMS& LETTERS RECEIVED PERAC Memo #20/2018—PROSPER and Compliance with the 91 A Process PERAC Memo#21/2018—Mandatory Retirement Board Member Training—3rd Quarter 2018 Attorney Sacco Memo to Clients on Gomes and Vemava 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 6:00 pm. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS e�� Chairman,Thomas A. Clotigh,2" appointed� Vice Chairman,Joseph R. Veno,2" elected A a to Iq n H 0.l V '� Sharon M. Angstrom,Ex Otricio . Roberts, 1"`appointed 44 avid A. Gentile, 1"elected 1