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Home My WebLink About2019-01-24 Retirement Board Minutes Fe Town of Reading Meeting Minutes RECEIVED TOWN CLERK READING, MA.,,;,, Board - committee - commission - council: 2019 APR -3 PM 4: 28 Contributory Retirement Board Date: 2019-01-24 Time: 4:00 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 Members - Not Present: David Gentile Others Present: Elaine Kelly - Board Assistant Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 1679 MINUTES OF THE READING RETIREMENT BOARD MEETING Thursday,January 24,2019 The Reading Retirement Board held a regular session meeting on January 24, 2019 in The Conference Room, at 2 Haven Street,Unit 307,Reading, Massachusetts. The meeting was called to order at 4:00 P.M. by Chairman Thomas Clough in the presence of members Joseph Veno, Sharon Angstrom, Carol Roberts, and Assistant Board Administrator Elaine Kelly. David Gentile was not able to attend. MINUTES • Minutes from the November 27, 2018 regular session were signed by all board members, except Joseph Veno who was unable to attend. • Minutes from the December 13, 2018 special session were signed by all board members, except Joseph Veno who was unable to attend. • SHARON ANGSTROM moved to accept the minutes from the December 18, 2018 regular session meeting. SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Cheryl Tavares Admin Date of hire—01/02/19 9%+2% Or. I (DPW) Date of membership—01/02/19 (possible non-membership make-up) Danny Ruiz Firefighter/ Date of hire—01/02/19 9%+2% Or. 4 (Fire) Paramedic Date of membership—01/02/2019 (possible non-membership make-up) SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS 1680 • SHARON ANGSTROM moved to approve the following retirement application: Thomas Doyle Laborer 01/26/19 31 yrs,4 mths Option B (DPW) SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve final calculation for the following retirements approved by PERAC: Joanne Power Police 08/31/18 21 yrs, 3 mths Option A (Superannuation) Yearly: $23,491.92 Monthly: $ 1,957.66 SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the response issued to PERAC regarding the draft of PERAC's Audit for January 1,2013 to December 31,2016. SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the January 2019 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the January 2019 wire transfer from MMDT to Reading Co-op in the amount of$944,467.83. SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID 1681 = • SHARON ANGSTROM moved to approve the following warrant#AP012019B totaling$526.67: NEOFUNDS $ 406.21 Admin Expense—Postage National Grid $ 51.05 Admin Expense—Heat/Gas Reading Municipal Light Dept. $ 69.41 Admin Expense—Electric SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP012019 totaling $1,026,671.46: 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 $ 79,607.09 Federal Tax Deductions Reading Credit Union $ 44,896.00 Credit Union Deductions Jan Retirement Allowances $ 805,801.54 Net Retiree Payroll Town of Reading Treasurer $ 44,658.28 Hlth,Life,&Dental Ins. Deductions Town of Reading Treasurer $ 11,147.66 Jan Staff Salary/&Benefits Law Offices of Michael Sacco $ 650.00 Legal Expense-Miscellaneous GWT Realty $ 2,927.40 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier Sharecare Health Data Services $ 147.58 Medical Records—Johanna Roman NEOPOST $ 165.00 Admin Expense—postage supplies Fred Pryor Seminars $ 398.00 Education&Training W.B. Mason Co.,Inc. $ 253.14 Admin Expense—supplies Winchester Retirement System $ 22,772.50 Section 3(8)(c)Reimb for 2018 Lawrence Retirement System $ 8,473.55 Section 3(8)(c)Reimb for 2018 Somerville Retirement System $ 799.47 Section 3(8)(c)Reimb for 2018 SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS INFORMATION/OUESTI ONS • Nomination papers were submitted by Joseph Coughlin. • A COLA reimbursement of$65,815.27 from the State for the period 6/30/18-12/31/18 was received on 12/27/18. • All affidavits have been received for calendar year 2018. 1682 = +i • Eleanor Kashian, who worked for the Reading Retirement Board and retired on February 5, 1999, passed away on December 23, 2018. She chose Option B at her retirement, but there are no remaining funds. • A transfer amount of$114,700.03 dated 11/30/18 was received from the Danvers Retirement Board for Charles Underhill. The Danvers Retirement System will accept liability for 10 years and 4 months of creditable service. • A transfer amount of $11,918.42 dated 12/31/18 was received from the Middlesex County Retirement Board for Jacquelyn LaVerde. The Middlesex County Retirement System will accept liability for 2 years, 10 months, and 26 days of creditable service. • Received the municipal acknowledgment signature page from Attorney Sacco,Attorney Collins, Gina Lucido and Noelle Sacco for the Conflict of Interest. • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly statement& fund performance for period ending Dec 31, 2018. General Ledger Trial Balance as of Dec 31,2018 Cash Receipts,Adjustments,and Disbursements as of Dec 31,2018. Bank Reconciliation for the month ending Dec 31,2018. Reading Co-op Bank Statement for the month ending Dec 31,2018. MMDT Bank Statement for the month ending Dec 31,2018 • The next regular board meeting is scheduled for Tuesday, February 19, 2019 at 5:00 pm in the Conference Room at 2 Haven Street,Unit 307,Reading, MA MEMORANDUMS & LETTERS RECEIVED PERAC Memo#35/2018—2018 Disability Data PERAC Memo#1/2019—840 CMR 10:10(3)& 10:15(4)-Annual Review of Medical Testing Fee PERAC Memo #2/2019—Mandatory Retirement Board Member Training— I"Quarter 2019 PERAC Memo#3/2019—2019 Limits under Chapter 46 of the Acts of 2002 PERAC Memo#4/2019- 2019 Limits under Section 23 of Chapter 131 of the Acts of 2010 PERAC Memo 45/2019 — COLA Notice - The Social Security Administration has announced that the latest Cost of Living Adjustment (COLA) is 2.8%. The COLA which any such system may grant, pursuant to Chapter 32, Section 103(c)and effective July 1,2019 will thus be 2.8%. Pursuant to Section 103(1), a Retirement Board, with proper notice to the legislative body, may elect to increase this percentage up to 3%,at a duly called meeting. 1683 ' s PERAC Memo 46/2019—Actuarial Data PERAC Memo#7/2019—Buyback and Make-up Repayment Worksheets Comprehensive Annual Financial Report(CAFR),the fiscal year 2018 Annual Report of the PRIT Fund. OLD &NEW BUSINESS - • Received cost analysis for scanning retirement files. The cost for scanning, category separation, and upload of member documents to PensionPro is $17,500. The cost for scanning, category separation, and upload of ALL member documents and ALL non-member documents into PensionPro would be $21,500. • SHARON ANGSTROM moved to approve the cost of$17,500 for scanning, category separation and upload of ALL member documents, as well as, an additional $4,000/year for hosting and maintenance paid to PensionPro. SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS NOTE: The Board Administrator was contacted at 4:30 pm, via telephone, to clarify the definition of the `non-member documents'. She will reach out to Stephan at PTG for clarification. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 4:45 pm. SECONDED BY: JOSEPH VENO VOTED: (4-0-0) UNANIMOUS 1684 Charm, 7 A.C ugh, 2" appointed Vita Chairman, Joseph / o, R.Veno,2" elected L!//lY�� VV 1, phae "= Sharon M. Angstrom,Ex officio CrwJ (3 P9-4-� Carol B. Roberts, 1"appointed David A. Gentile, 1"elected