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Home My WebLink About2018-11-27 Retirement Board Minutes 0� Of'R AO Town of Reading Meeting Minutes RECEIVED ''"" ��''pp TOWN CLERK*e- aa� READING, MA. Board - Committee - Commission - Council: 2019 MAR I I PM 1: 31 Contributory Retirement Board Date: 2018-11-27 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 1 1 1664 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday,November 27, 2018 The Reading Retirement Board helda regular session meeting on November 27, 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, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Joseph Veno was unable to attend. MINUTES • Minutes from the September 25, 2018 regular session were signed by all board members, except Sharon Angstrom who was not present. • Minutes from the October 9, 2018 special session were signed by all board members. • SHARON ANGSTROM moved to accept the minutes from the October 23, 2018 regular session meeting. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS,RETIREMENTS,TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Denise Maccioli Clerk Date of hire— 10/31/18 9%+2% Gr. I (Collector) Date of membership— 10/31/18 Jacquelyn LaVerde Administrative Date of him— 10/29/18 9%+2% Or. I (Operations) Assistant Date of membership— 11/30/15 Logan Hughes Laborer Date of hire—05/14/18 9%+2% Gr. 1 (DPW) Date of membership— 10/22/18 Stephen Bowker Jr. Laborer Date of hire—08/20/18 9%+2% Or. I (DPW) Date of membership— 10/22/18 Charles Underhill Director Date of hire— 11/5/18 9%+2% Gr. 1 (RMLD) Integrated Date of membership—6/2/08 Services i 1665 ' > Erika Ballard Administrative Date of hire— 11/15/18 9%+2% Or. I (Police) Assistant Date of membership- 10/14/08 (Transfer from Essex) Mark Dupell Building Date of hire— 11/12/18 9%+2% Or. I (Public Services) Commissioner Date of membership— 11/12/18 (Reinstatement) SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Scott Hanson Lead Lineman 02/09/19 32 yrs, 8 mths Option C (RMLD) Deborah Malonson Admin Asst 01/04/19 21 yrs, 9 mths Option C (DPW) SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Ashley Waring To Arlington Retirement Board $11,676.01 1 year, 7 mths (Library) SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Edward McCarthy Resigned 9/26/18 6 years, 9 mths (RMLD) Total deductions &interest $ 69,275.40 Less 20%Federal Taxes $ 0.00 Net refund (Rollover) $ 69,275.40 SECONDED BY CAROL ROBERTYS VOTE: (4-0-0) UNANIMOUS _ 1 1666 • SHARON ANGSTROM moved to approve the final calculation for the following retirement approved by PERAC: Jeff Zager DPW 10/01//2018 30 years,4 mths Option C (Superannuation) Yearly: $ 86,401.44 Monthly: $ 7,200.12 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the following member-survivor benefit approved by PERAC: Kimberly Megan RMLD 09/12/2018 12 years, 11 mths Option D (member survivor benefit) Yearly: $ 31,378.32 Monthly: $ 2,614.86 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the Corrections of Errors Regulation. SECONDED BY: CAROL ROBERTS VOTE: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the November 2018 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to table the approval of the November 2018 wire transfer from MMDT to Reading Co-op to the December 18,2018 regular session meeting: SECONDED BY: CAROL ROBERTS JVOTED: (4-0-0) UNANIMOUS 1667 "t' • SHARON ANGSTROM moved to approve the salary increase for the Board Administrator/Assistant Administrator,a one step(2%) increase plus an additional 2%COLA,to be effective 1/1/19. This decision was based on further research done by Carol Roberts in response to a recent salary survey conducted by the Retirement Office geared to peer communities. Seven communities are based on a fiscal year, while four communities are based on a calendar year. The average, for the most recent increase, is 3.75%. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to invite FIA back to review and accept, for 2019, one of the investment proposals presented by FIA to the Reading Retirement Board. The Administrator will coordinate a date and time that works for everyone. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the 2019 Calendar Year Budget for$404,590.00. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP 112018A totaling$100.25: Reading Municipal Light Dept $ 76.85 Admin Expense—Electric National Grid $ 23.40 Admin Expense—Heat/Gas SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • Review and approve the following warrant#AP112018 totaling$1,104,539.60: 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 $ 80,316.18 Federal Tax Deductions Reading Credit Union $ 45,279.00 Credit Union Deductions Nov Retirement Allowances $ 804,585.89 Net Retiree Payroll Town of Reading Treasurer $ 43,896.63 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 16,309.78 Nov Staff Salary/&Benefits Law Offices of Michael Sacco $ 1,845.00 Legal Expense-Miscellaneous GWT Realty - $ 2,927.40 Rent 166 8 ' Cannon Financial Services $ 168.48 Service Contracts—Copier W.B. Mason Co., Inc. $ 158.88 Administrative Expense -supplies Colleen Loughlin $ 32.05 Travel—Mileage Reimb—Admin Training Norwood,MA Elaine Kelly $ 36.08 Travel—Mileage Reimb—Admin Training Norwood,MA Fiduciary Investment Advisors $ 20,000.00 Investment Consultant Fees Melrose Wakefield Hospital $ 75.73 Medical Expense—J. Roman Arlington Retirement Board $ 11,676.01 Transfer to Other System—A. Waring LPL Financial FBO E.McCarthy $ 69,275.40 Refund to Member—E. McCarthy(Rollover) Kingsbury Press/Coen Business $ 209.28 Admin Expense— 1099R Forms Pension Benefit Information, LLC $ 500.00 Service Contracts—death notificafioms Renaissance Alliance Insurance $ 3,442.04 Admin Expense—Errors&Omissions his. SECONDED BY: CAROL ROBERTS VOTE: (4-0-0) UNANIMOUS NOTE: Sharon Angstrom left the meeting @ 6:35 pm INFORMATION/OUESTIONS • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY20 is$6,282,942. • A transfer amount of$455.68 dated 11/15/18 was received from the Wakefield Retirement Board for Patrick Sullivan. The Wakefield Retirement System will accept liability for 1 month of creditable service. • Mario Iacopucci, who worked for the Reading School Dept. and retired on July 31, 1987, passed away on October 23, 2018. He chose Option B at his retirement but there were no remaining funds in his annuity. Payments ceased upon his death. • William Woods Sr., who worked for RMLD and retired on April 5, 1991, passed away on October 31,2018. His beneficiary, wife,predeceased him. He chose Option C at his retirement. • Eloise Shannon, Option C beneficiary of Robert W. Shannon(Fire), passed away October 8,2018. • There are 6 affidavits due. The final notice was mailed on 11/13/18 with a deadline of 12/08/18. • Copies of the following Reading Retirement Board reports will be emailed for review: _ I The PRIT fund's monthly statement&fund performance for period ending Oct 31,2018. JGeneral Ledger Trial Balance as of Oct 31, 2018 1669 ' Cash Receipts,Adjustments, and Disbursements as of Oct 31, 2018. Bank Reconciliation for the month ending Oct 31, 2018. Reading Co-op Bank Statement for the month ending Oct 31,2018. MMDT Bank Statement for the month ending Oct 31, 2018 • The next regular board meeting is scheduled for Tuesday, December 18, 2018 at 5:00 pm in the Conference Room at 2 Haven Street,Unit 307,Reading, MA MEMORANDUMS & LETTERS RECEIVED PERAC Memo#32—Procurement Board received a memo from PERAC regarding the Request for Clarification questions for Rachid Kourbali that were submitted to the Medical Panel. Received notification from Attorney Sacco that was addressed to Division of Administrative Law Appeals (DALA) filing of the Pre-Hearing Memorandum of Law on behalf of the Board and the Board's Exhibits 8-10 regarding Sean Wilson v. Reading Retirement Board. PERAC Pension Newsflash — The Public Employee Retirement Administration Commission (PERAC) has selected PERAC General Counsel and Deputy Director John Parsons, Esq. to succeed Joseph E. Connarton as Executive Director. OLD & NEW BUSINESS • The Transfer of funds to another System for Erica McNamara was tabled at the October 23, 2018 board meeting. It has been confirmed that the member will continue her employment with the Town of Reading and no transfer is required. • Review and discuss whether the Board moves away from PRIT and adopts one of the approaches provided by FIA. • Member is inquiring if she decides to complete a make-up payment through payroll deductions and later decides to use her ICMA funds to pay a portion of cost, would the Retirement Board recalculate the amount due? Board agreed that once the calculation of a make-up cost is calculated,and the member chooses to increase payments or make additional installments,that the make-up would not be recalculated to reduce the bi-weekly payments. The benefit to the member is that the make-up would be done sooner. i 1670 - OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • CAROL ROBERTS moved to adjourn this open session at 7:00 pm. SECONDED BY: DAVID GENTILE VOTED: (3-0-0) UNANIMOUS 777, Chairman,Thomas lough,2" appointed Vice Chairman,Joseph RR�Veno, 2 elected Sharon M. Angstrom, Ex O io Moberts, 1"appointed Da4id A. Gentile, 1"elected J