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Home My WebLink About2018-09-25 Retirement Board Minutes � Fq O Town of Reading Meeting Minutes iL C e V, 1 C!E6 Board - committee - commission - council: Y019 JAM Contributory Retirement Board 16 PM 12. 30 Date: 2018-09-25 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 - Board Assistant Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page i 1 16w9 - , MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, September 25,2018 The Reading Retirement Board held a regular session meeting on September 25, 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, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Sharon Angstrom was unable to attend. MINUTES • Minutes from the July 24, 2018 regular session were signed by all board members, except Joseph Veno who was not present. • Minutes from the August 14, 2018 special session were signed by all board members, except Joseph Veno who was not present. • JOSEPH VENO moved to accept the minutes from the August 21,2018 regular session meeting. SECONDED BY: DAVID GENTILE VOTED: (3-0-1) ABSTAINED: CAROL ROBERTS APPROVAL OF NEW MEMBERS,RETIREMENTS,TRANSFERS,AND REFUNDS • JOSEPH VENO moved to approve the following new member: Craig Smith Computer Tech Date of hire— 8/21/18 9%+2% Or. I (School) Date of membership—8/21/18 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to approve the final calculation for the following retirements approved by PERAC: Karen Sawyer School - IT 07/01/18 10 years, 0 months Option A (Superannuation) Yearly: $ 9,266.88 Monthly: $ 772.24 16 � 0 ' a Sharon Thomas Elder Services 06/30/18 18 years, 11 months Option A (Superannuation) Yearly: $ 20,995.08 Monthly: $ 1,749.59 Victoria Cummings Police 06/28/18 30 years,4 months Option A (Superannuation) Yearly: $43,479.12 Monthly: $ 3,623.26 Marianne Fabbri RMLD 05/28/18 20 years, 7 months Option A (Superannuation) Yearly: $ 30,051.60 Monthly: $ 2,504.30 Joanne Fitzpatrick Finance 08/03/2018 11 years, 6 months Option B (Superannuation) Yearly: $ 12,880.08 Monthly: $ 1,073.34 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS - APPROVAL OF MISCELLANEOUS ITEMS • JOSEPH VENO moved to approve the request for the Administrators to attend the MACRS Fall Conference being held on September 30 — October 3, 2018 at the Sheraton Springfield Hotel in Springfield,MA. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to table the 2019 Calendar Year Budget to the next regular board meeting scheduled for October 23,2018,to allow for all Board members to be present. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to approve Colleen Loughlin as the Election Officer for the election of the second elected member. Joseph Veno's term as board member expires on March 31, 2019. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS ..J 1651 tI • JOSEPH VENO moved to approve a Correction of Error Interest Rate as the 10 year Treasury Note Rate which will be determined on January I't of the year that the interest will be applied and apply that rate for all years that are impacted. The intent of the Board was not to utilize a different rate for each year but to use the interest rate at the time interest needs to be paid and to use that same rate for each year that would be applicable. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to request that Attorney Michael Sacco resubmit a clarification request from the 2"a Medical Panel regarding Rachid Kourbali's Application for Disability Retirement. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to approve Theresa Garey, surviving spouse of Herbert Garey, an Accidental Death Benefit. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to approve Kimberly Megan, wife and beneficiary of David Ericson, for 12(2)(d)benefits. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • JOSEPH VENO moved to approve the following warrant#AP082018C totaling$230.09 Direct Deposit#3620593 issued to Barbara Ross was rejected from the Bank. Check#5886 replaces Direct Deposit#3620593 for a gross amount of$230.09. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to approve the following warrant#AP092018A totaling$534.53: NEOPOST $ 400.00 Admin Expense—Postage Reading Municipal Light Dept $ 112.83 Admin Expense—Electric ' National Grid $ 21.70 Admin Expense—Heat/Gas - 1652 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH VENO moved to approve the following warrant#AP092018 totaling$998,404.35: Commonwealth of Mass. $ 562.95 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,808.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 80,185.02 Federal Tax Deductions Reading Credit Union $ 46,040.00 Credit Union Deductions Sept Retirement Allowances $ 804,833.22 Net Retiree Payroll Town of Reading Treasurer $ 44,135.97 Hlth, Life,&Dental Ins. Deductions Town of Reading Treasurer $ 10,841.35 Sept Staff Salary&Benefits Law Offices of Michael Sacco $ 75.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier W.B. Mason Co., Inc. $ 161.13 Administrative Expense- supplies CPS Printing $ 281.50 Admin Expense—Retirement materials KMS Actuaries, LLC $ 3,500.00 Actuarial Services MailFinance(NEOPOST) $ 379.98 Service Contract-Postage MACRS $ 640.00 Education&Training-2018 MACRS Fall Conference Sheraton Springfield $ 350.43 Travel Expense—MACRS Fall Conf 2018 Colleen Loughlin,Petty Cash $ 46.10 Administrative Expense—Postage *+$7.08 difference from last petty cash payment(used wrong worksheet) SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • PERAC conducted an audit of the Reading Retirement System for the period beginning January 1, 2013 to December 31, 2016. The PERAC Audit Unit would like to see more documentation and confirmation correspondence to support the audit trail associated with wire transfer transactions relating to the Massachusetts Municipal Depository Trust (MMDT) and the Reading Co-operative Bank transfers. PERAC is requesting a formal Board authorization for these wire transfers. • Received a copy of the DALA Dismissal on Ms. Laura Demone. J • Received a Notice of Receipt of Appeal regarding Charles Tirone. Member was denied the ability to purchase non-membership service in Boxford as it was part-time service. 16.53 ' x:. • Edward Haradon, who worked for the Department of Public Works Highway and Equipment and retired on May 1, 2000,passed away on September 7, 2018. He chose Option A at his retirement, so therefore, all benefits cease upon his death. • David Ericson, who worked for the Light Department, passed away on September 13, 2018. His spouse, Kimberly Ericson is eligible to receive a survivor benefit under MGL Chapter 32, § 12(2)(d). • Copies.of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement& fund performance for period ending August 31,2018. General Ledger Trial Balance as of August 31,2018 Cash Receipts,Adjustments, and Disbursements as of August 31, 2018. Bank Reconciliation for the month ending August 31,2018. Reading Co-op Bank Statement for the month ending August 31,2018. MMDT Bank Statement for the month ending August 31, 2018 • There is a special board meeting scheduled for Tuesday, October 9, 2018 at 3:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. Paul Todisco will be present to discuss the long term strategy of PRIT and the Board will make a decision on the Legal RFP. • The next regular board meeting is scheduled for Tuesday, October 23, 2018 at 5:00 pm in the Conference Room at 2 Haven Street,Unit 307,Reading, MA MEMORANDUMS& LETTERS RECEIVED PERAC Memo#25 —Allowable Earnings Determination, Pursuant to G.L. c. 32, 91A PERAC Memo #26—Regular Compensation Status of Payments Made in Lieu of Unused Leave Time PERAC Memo#27—Direct Deposit Scam PERAC Memo#28—Mandatory Retirement Board Member Training—4'a Quarter 2018 Email from Attorney Michael Sacco regarding PERAC Memo#26/2018 OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING 1654 ADJOURNMENT • JOSEPH VENO moved to adjourn this open session at 6:35 pm. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS C an,Thomas A. Cough. 2 appointed V e Chdirman, Joseph R.Veno,2d elected Sharon M. Angstrom,Ex Officio c6usb2 -k74 Caro—I B. Roberts, I"appointed �aG � avid A. Gentile, 151 elected