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Home My WebLink About2018-10-23 Retirement Board Minutes � f'q .,� Town of Reading _ Meeting Minutes e Board - Committee - Commission - council: 2919 JAN 16 PM 12: 30 Contributory Retirement Board Date: 2018-10-23 - 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 Joseph Veno Carol Roberts David Gentile Members - Not Present: Others Present: Colleen Loughlin-Board Administrator Elaine Kelly - Board Assistant Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1657 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday, October 23, 2018 The Reading Retirement Board held a regular session meeting on October 23, 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, Sharon Angstrom, Carol Roberts, David Gentile, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. MINUTES • Minutes from the August 21, 2018 regular session were signed by all board members, except Carol Roberts who was not present. • JOSEPH VENO moved to accept the minutes from the September 25,2018 regular session meeting. SECONDED BY: CAROL ROBERTS VOTED: (4-0-1) ABSTAINED: SHARON ANGSTROM • JOSEPH VENO moved to accept the minutes from the October 9,2018 special session meeting. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS Ic APPROVAL OF NEW MEMBERS, RETIREMENTS,TRANSFERS, AND REFUNDS • JOSEPH VENO moved to approve the following new members: Patrick Sullivan Dispatcher Date of hire— 10/13/18 9%+2% Gr. 1 (Police) Date of membership— 10/13/18 Michael Penta Dispatcher Date of hire— 10/15/18 9%+2% Gr. I (Police) Date of membership— 10/15/18 William McDaniel Dispatcher Date of hire— 10/14/18 9%+2% Gr. I (Police) Date of membership— 10/14/18 SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS ._ 1 1558 • JOSEPH VENO moved to approve the following retirement application: Regina Saunders Public Safety 1/4/19 34 yrs,2 mths Option C (Police) SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to approve the following transfer of funds to other system: Erica McNamara To State Retirement Board $78,706.32 10 years, 7 mths (RCASA) SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to withdraw the motion to approve the following transfer of funds to other system: Erica McNamara To State Retirement Board $78,706.32 10 years, 7 mths (RCASA) Upon discussion,this member may not have left employment with the Town of Reading, so issue will be tabled upon review at the November 27, 2018 meeting. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to approve the final calculation for the following retirement approved by PERAC: William Faller RMLD 08/20/2018 30 years, 4 mths Option C (Superannuation) Yearly: $46,351.44 Monthly: $ 3,862.62 SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • JOSEPH VENO moved to approve the Administrators request to attend the PERAC Training being held at PERAC in Somerville at 10 am on November 29m Smoothing, Spiking and Other Actuarial Mysteries and on December 27" Chapter 32 in a Nutshell. 1 SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS 1659 ' ' • JOSEPH VENO moved to approve the engagement contract for legal services. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to approve the October 2018 PRIM wire transfer to MMDT in the amount of $750,000.00. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to approve the October 2018 wire transfer from MMDT to Reading Coop in the amount of$1,081,963.64. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to table the 2019 Calendar Year Budget to the November 27,2018 board meeting in an effort to gather more information. SECONDED BY: SHARON ANGSTROM VOTED: - (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • JOSEPH VENO moved to approve the following warrant#AP102018A totaling$546.17: NEOPOST $ 444.98 Admin Expense—Postage Reading Municipal Light Dept $ 79.49 Admin Expense—Electric National Grid $ 21.70 Admin Expense—Heat/Gas SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to withdraw the motion to approve the following warrant 4AP102018A totaling$546.17: NEOPOST $ 444.98 Admin Expense—Postage Reading Municipal Light Dept $ 79.49 Admin Expense—Electric National Grid $ 21.70 Admin Expense—HeatlGas SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS T. 1660 } • JOSEPH VENO moved to approve the following warrant#AP102018A totaling$946.17: NEOPOST $ 844.98 Admin Expense—Postage Reading Municipal Light Dept $ 79.49 Admin Expense—Electric National Grid $ 21.70 Admin Expense—Heat/Gas SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to approve the following warrant#AP102018 totaling$1,079,714.54: Commonwealth of Mass. $ 562.95 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,775.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 80,736.68 Federal Tax Deductions Reading Credit Union $ 45,404.00 Credit Union Deductions Oct Retirement Allowances $ 811,727.60 Net Retiree Payroll Town of Reading Treasurer $ 44,357.19 Hlth, Life,&Dental Ins. Deductions Town of Reading Treasurer $ 10,841.37 Oct Staff Salary& Benefits Law Offices of Michael Sacco $ 535.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier W.B. Mason Co.,Inc. $ 238.62 Administrative Expense-supplies Stats Retirement Board $ 78,706.32 Transfer to Other Systems—E. McNamara Flyers Unlimited $ 164.30 Admin Expense—Window Envelopes Colleen Loughlin $ 101.81 Travel—Mileage Reimb—MACRS Fall 2018 Conference—Springfield,MA SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to withdraw the motion to approve the following warrant #AP102018 totaling$1,079,714.54: Commonwealth of Mass. $ 562.95 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,775.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 80,736.68 Federal Tax Deductions Reading Credit Union $ 45,404.00 Credit Union Deductions Oct Retirement Allowances $ 811,727.60 Net Retiree Payroll Town of Reading Treasurer $ 44,357.19 Hlth, Life,&Dental Ins. Deductions Town of Reading Treasurer $ 10,841.37 Oct Staff Salary&Benefits Law Offices of Michael Sacco $ 535.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier 1661 r ,= W.B. Mason Co., Inc. $ 238.62 Administrative Expense- supplies State Retirement Board $ 78,706.32 Transfer to Other Systems—E. McNamara Flyers Unlimited $ 164.30 Admin Expense—Window Envelopes Colleen Loughlin $ 101.81 Travel—Mileage Reimb—MACRS Fall 2018 Conference—Springfield,MA SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • JOSEPH VENO moved to approve the following warrant#AP102018 totaling$1,001,008.22: Commonwealth of Mass. $ 562.95 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,775.13 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 80,736.68 Federal Tax Deductions Reading Credit Union $ 45,404.00 Credit Union Deductions Oct Retirement Allowances $ 811,727.60 Net Retiree Payroll Town of Reading Treasurer $ 44,357.19 Hlth, Life,&Dental Ins. Deductions Town of Reading Treasurer $ 10,841.37 Oct Staff Salary&Benefits Law Offices of Michael Sacco $ 535.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier W.B. Mason Co., Inc. $ 238.62 Administrative Expense-supplies Flyers Unlimited $ 164.30 Admin Expense—Window Envelopes Colleen Loughlin $ 101.81 Travel—Mileage Reimb—MACRS Fall 2018 Conference—Springfield,MA SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS INFORMATION/OUESTIONS • A total of 370 Annual Affidavits were mailed to the retirees on 9/26/18. We have received 294 with 76 remaining. The second notice was mailed 10/18/18. • Phyllis Eldredge, who worked for the RMLD and retired on June 1, 1997, passed away on October 7, 2018. She chose Option A at her retirement. • Mary Polychrones, who worked for the Health Department and retired on August 9, 1985, passed away on September 22, 2018. She chose Option A at her retirement. • Copies of the following Reading Retirement Board reports were emailed for review: I The PRIT fund's monthly statement&fund performance for period ending Sept 30,2018. J General Ledger Trial Balance as of Sept. 30,2018 1662 Cash Receipts, Adjustments, and Disbursements as of Sept 30, 2018. Bank Reconciliation for the month ending Sept 30,2018. Reading Co-op Bank Statement for the month ending Sept 30, 2018. MMDT Bank Statement for the month ending Sept 30,2018 The next regular board meeting is scheduled for Tuesday, November 27, 2018 at 5:00 pm in the Conference Room at 2 Haven Street,Unit 307, Reading, MA MEMORANDUMS & LETTERS RECEIVED PERAC Memo #29—Tobacco Company List PERAC Memo#30—Appropriation Data Due October 31, 2018 PERAC Memo#31 —Disclosure of Compensation Board received a copy of the Request for Clarification for Rachid Kourbali that was submitted to PERAC from Attorney Michael Sacco. OLD & NEW BUSINESS • Scheduled meeting dates for 2019. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • JOSEPH VENO moved to adjourn this open session at 6:30 pm. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS 1663 Chairman,Thomas A. Mough, 2" appointed /� Vicehairm6, 4�os//eph R. Veno,, " a elected �l�We�'r DIY' Sharon M. Angstrom,Ex Offfcio C B. Roberts I"appointed avid A. Gen le, I"elected i