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Home My WebLink About2018-12-18 Retirement Board Minutes ra Town of Reading Meeting Minutes HECEIVED TOWN CLERKIL& =a„„<eP.oa"� READING, MA. Board - committee - commission - council: 2919 MAR I I PM 1: 32 Contributory Retirement Board Date: 2018-12-18 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 Sharon Angstrom Carol Roberts David Gentile Members - Not Present: Others Present: Stephan Georgacopoulos, Pension Technology Group Colleen Loughlin-Board Administrator Elaine Kelly - Board Assistant Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 1673 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday,December 18, 2018 The Reading Retirement Board held a regular session meeting on December 18,2018 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, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Stephan Georgacopoulos from Pension Technology Group (PTG) was also present. David Gentile joined the meeting at 5:15 P.M. SPECIAL ITEM Stephan Georgacopoulos from Pension Technology Group (PTG) attended the meeting to discuss the document scanning process. Tom Clough would like the Administrator and the Assistant Administrator to see a demonstration of the scanning system before moving forward. The Administrator has stated that she has seen a demo in the past. Tom would also like to invite Dan Faucette from Morgan Records (the company who would conduct the scanning) to the Retirement Office to give an estimate of the cost of the document scanning project. Stephan left the meeting at 5:25 P.M. MINUTES • Minutes from the October 23, 2018 regular session were signed by all board members. • SHARON ANGSTROM moved to accept the minutes from the November 27,2018 regular session. SECONDED BY: CAROL ROBERTS VOTED: (4-0-1) ABSTAINED: JOSEPH VENO • SHARON ANGSTROM moved to accept the minutes from the December 13, 2018 special session. SECONDED BY: CAROL ROBERTS VOTED: (4-0-1) ABSTAINED: JOSEPH VENO APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Joan Clark Clerk Date of hire— 11/26/18 9%+2% Gr. 1 (Assessors) Date of membership— 11/26/18 Kammy Demello Health Date of hire— 12/03/18 9%+2% Gr. 1 (Public Services) Inspector . Date of membership— 12/03/18 . J 1674 Suzanne Richardson Administrative Date of hire— 12/10/18 9%+2% Gr. I (Accounting) Assistant Date of membership- 12/10/18 Richard Price Maintenance Date of hire— 12/03/18 9%+20/o Gr. 1 (Facilities) Technician Date of membership— 12/03/18 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • JOSEPH VENO moved to approve Rachid Kourbali's"Accidental Disability Retirement." The Reading Retirement Board received the Medical Panel Clarification for Rachid Kourbali. The next step is for the Board to approve or deny Rachid's disability application, draft the statement of facts, and,if approved,send to PERAC for their approval. SECONDED BY: SHARON ANGSTROM VOTE: (4-1-0) OPPOSED: CAROL ROBERTS • SHARON ANGSTROM moved to approve request from eligible member to purchase prior non- membership service for creditable service: Joan Clark Reading 8/28/07-1125/18 7 years and 4 months(pro-rated) The principal purchase cost is $16,478.48. Joan will rollover funds from ICMA and will begin payroll deductions of$114.00 with the January 11,2019 pay period. SECONDED BY: CAROL ROBERTS VOTE: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve Atty. Sacco to review and update the Reading Retirement Board Supplemental Regulations. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS The Administrator will contact Arty. Michael Sacco. • SHARON ANGSTROM moved to approve the November 2018 wive transfer from MMDT to Reading Co-op in the amount of$6,511.64. J SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS 1675 • SHARON ANGSTROM moved to approve the December 2018 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the December 2018 wire transfer from MMDT to Reading Co-op in the amount of$838,173.86. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP122018A totaling$284.90: Reading Municipal Light Dept $ 74.59 Admin Expense—Electric National Grid $ 41.83 Admin Expense—Heat/Gas Cannon Financial Services $ 168.48 Service Contracts- Copier • Review and approve the following warrant#AP 122018 totaling$990,386.14: 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 $ 80,195.89 Federal Tax Deductions Reading Credit Union $ 45,259.00 Credit Union Deductions Dec Retirement Allowances $ 803,040.53 Net Retiree Payroll Town of Reading Treasurer $ 44,139.07 Hlth,Life,&Dental Ins. Deductions Town of Reading Treasurer $ 10,841.37 Dec Staff Salary/&Benefits Law Offices of Michael Sacco $ 50.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Sharecare Health Data Services $ 59.51 Medical Records—J.Roman W.B. Mason Co.,Inc. $ 67.60 Administrative Expense-supplies • Review and approve the following warrant#AP012019A totaling$24,449.00: Pension Technology Group $ 24,209.00 Service Contracts—PTG Town of Reading Police Dept. $ 240.00 Administrative Expense—Parking Pass SECONDED BY: CAROL ROBERTS VOTE: (5-0-0) UNANIMOUS - I 1676 INFORMATION/QUESTIONS • Claire O'Brien, who worked for the RMLD and retired on September 30, 1992, passed away on November 28, 2018. She chose Option B at her retirement but there were no remaining funds in her annuity.Payments ceased upon her death. • Kathryn Johnson, ex-wife of Charles Johnson Jr,passed away on November 27, 2018. Charles,who worked for the DPW and retired on April 29, 1993 on an Accidental Disability, chose Option B at his retirement. Kathryn was receiving a portion of Charles' retirement allowance in accordance with a DRO on file with the Retirement Office. • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly statement&fund performance for period ending Nov 30,2018. General Ledger Trial Balance as of Nov 30,2018 Cash Receipts,Adjustments, and Disbursements as of Nov 30,2018. Bank Reconciliation for the month ending Nov 30,2018. Reading Co-op Bank Statement for the month ending Nov 30, 2018. MMDT Bank Statement for the month ending Nov 30,2018 • The next regular board meeting is scheduled for Tuesday, January 22, 2019 at 5:00 pm in the Conference Room at 2 Haven Street,Unit 307, Reading, MA MEMORANDUMS & LETTERS RECEIVED PERAC Pension News, No. 50—PERAC Executive Director Retiring; 2018 Commonwealth Valuation Study; PERAC Awroves Legislative Filings for 2019-2020; Commissioner Sullivan Appointed Undersecretary; 50 Edition Of The PERAC Pension News; Emerging Issues Forum Goes Into Overtime This Year; PERAC Board Administrators Meeting Held PERAC Memo #33/2018 — CRAB's Order of Partial Stay Regarding Regular Compensation Status of Payments Made in Lieu of Unused Leave Time PERAC Memo#34/2018—Tobacco Company List OLD & NEW BUSINESS • Anthony Tranghese from Fiduciary Investment Advisors (FIA) attended a special meeting on December 13, 2018, at the Retirement office to; review the portfolio proposals that had previously been provided to the Board and to finalize a decision on which portfolio to proceed. It was decided, at that special session,to approve the portfolio in which 85%of the current investment portfolio will remain invested as is with the PRIT fund and the remaining 15%can be reallocated within the PRIT sleeve of funds. The Board will finalize with FIA and PRIT. 1677 ..tla . • SHARON ANGSTROM moved to approve the commitment of$3 million to the PRIT Private Equity Vintage Year 2019 Portfolio Program(PEVY2019). SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the Investment Policy Statement as written. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the FIA Amendment to Contract pending Any. Sacco's review. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • The Assistant Board Administrator updated the Board on the return of the Annual Affidavits. To date, the retirees have returned their signed and notarized affidavit, with the exception of two. One affidavit was re-issued to the retiree because it had not been notarized. It is forthcoming. The other is a local resident, in which many attempts have been made to reach him, with no success. The retiree risks the potential suspension of his retirement allowance. David Gentile will make an attempt to contact the retiree. • David Gentile inquired about the status of Lisa Palermo's Accidental Disability settlement. The Administrator will research when the settlement was awarded and how much of that settlement would come back to the Reading Retirement System. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:25 pm. SECONDED BY: JOSEPH VENO VOTED: (5-0-0), UNANIMOUS t 1678 o /7 Chai an, Thomas A. el ugh,2-d appointed Vile Chairman,Joseph R. Veno,2" elected Sharon M. Angstrom, '^lEx/'Offici ( C"'rrr �, I ` G{' C . Roberts 1"a pointed t Da id A. Gen le, V elected