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Home My WebLink About2019-02-19 Retirement Board Minutes F Town of Reading Meeting Minutes RECE'IVE'D TOWN CLERK REA 1I *:: ^, MA. Board - committee - commission - Council: gr- Contributory Retirement Board 2019 MAY -2 PM 12; 29 Date: 2019-02-19 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: Thomas Clough, Chairman Joseph Veno Sharon Angstrom 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 I 1 1686 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday February 19, 2019 The Reading Retirement Board held a regular session meeting on February 19, 2019 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 December 18, 2018 regular session were signed by all board members. • SHARON ANGSTROM moved to accept the minutes from the January 24, 2019 regular session meeting. SECONDED BY: JOSEPH VENO VOTED: (4-0-0) ABSTAINED: DAVID GENTILE • SHARON ANGSTROM moved to accept the minutes from the February 13, 2019 special session meeting. SECONDED BY: CAROL ROBERTS VOTED: (3-0-0) ABSTAINED: JOSEPH VENO DAVID GENTILE APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new member: Jeffrey Beaulieu Custodian Date of hire—2/11/19 9%+2% Gr. I (School) Date of membership—2/11/19 SECONDED BY: JOSEPH VENO VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Jane Parenteau To Worcester Reg'I Ret Board $253,298.76 25 years, 10 mths, 26 days (RMLD) 1687 Brendan Sweeney To State Retirement Board $5,780.06 1 year, 3 nabs, 29 days (Operations) SECONDED BY: JOSEPH VENO VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Alyssa Bryan Terminated 4/20/17 3 years, 0 mths (Police) Total deductions& interest $ 8,812.27 Less 20% Federal Taxes $ 0.00 Net refund(Rollover) $ 8,812.27 SECONDED BY: JOSEPH VENO VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the request from eligible member to purchase prior non- membership service for creditable service: Janine Brassard Reading 6/30/03-8/15/04 1 year, 1 month, & 16 days (pro-rated) The principal purchase cost is $4,269.67. Janine will begin payroll deductions of$50.00 with the March 8, 2019 pay period. SECONDED BY: JOSEPH VENO VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the February 2019 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: JOSEPH VENO VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to table the approval of the February 2019 wire transfer from MMDT to Reading Co-op to the March 26, 2019 regular meeting agenda. SECONDED BY: JOSEPH VENO VOTED: (5-0-0) UNANIMOUS 1688 SHARON ANGSTROM moved to approve an additional $250 paid to Pension Technology Group to include the upload of Transfer documents into PensionPro. SECONDED BY: JOSEPH VENO VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP022019A totaling$693.27 NEOFUNDS $ 643.59 AdminExpense—Postage National Grid $ 49.68 Admin Expense—Heat/Gas SECONDED BY: JOSEPH VENO VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP022019 totaling $1,429,799.41: Commonwealth of Mass. $ 562.95 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,747.88 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 79,727.48 Federal Tax Deductions Reading Credit Union $ 45,251.00 Credit Union Deductions Feb Retirement Allowances $ 811,717.68 Net Retiree Payroll Town of Reading Treasurer $ 44,767.65 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 11,283.02 Feb Staff Salary/& Benefits GWT Realty $ 2,977.17 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier Andover Retirement Board $ 4,773.13 Section 3(8)(c) Reimb for 2018 Arlington Retirement Board $ 2,582.29 Section 3(8)(c) Reimb for 2018 Barnstable County Retirement Bd $ 2,083.28 Section 3(8)(c) Reimb for 2018 Braintree Retirement Board $ 7,510.16 Section 3(8)(c) Reimb for 2018 Cambridge Retirement Board $ 15,466.54 Section 3(8)(c) Reimb for 2018 Lexington Retirement Board $ 6,483.78 Section 3(8)(c) Reimb for 2018 Malden Retirement Board $ 3,140.34 Section 3(8)(c) Reimb for 2018 Mass Teachers Retirement Board $ 88,035.99 Section 3(8)(c)Reimb for 2018 Peabody Retirement Board $ 5,154.71 Section 3(8)(c) Reimb for 2018 Saugus Retirement Board $ 4,664.40 Section 3(8)(c) Reimb for 2018 Winthrop Retirement Board $ 3,355.53 Section 3(8)(c) Reimb for 2018 State Retirement Board $ 5,780.06 Transfer to Other Systems—B. Sweeney Worcester Reg'1 Retirement Board $ 253,298.76 Transfer to Other Systems—J. Parenteau MACRS $ 600.00 Admin Expense—2019 MACRS dues Pension Technology Group $ 8,750.00 Professional Services - Scanning Betterment FBO Alyssa Bryan $ 8,812.27 Refund of Accumulated Deductions Rollover—Alyssa Bryan Town of Reading $ 86.00 Admin Expenses—Direct Deposit Stock W.B. Mason Co., Inc. $ 217.99 Admin Expense—supplies Amity Insurance Agency $ 5,486.00 Fiduciary Insurance Renewal Reading Municipal Light Dept $ 75.79 Admin Expense - Electric Town of Reading $ 3,816.39 Furniture & Equipment—2 Printers SECONDED BY: JOSEPH VENO VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • Received a copy of the Public Employee Retirement Administration Commission's (PERAC) report on the examination of the Reading Retirement System as of January 1, 2013 to December 31, 2016. • Thelma Moran, who worked for the School Department and retired on August 26, 1983, passed away on January 25, 2019. She chose Option A at her retirement. • Frank Hadley, who worked as a Lineman for the RMLD and retired on June 1, 2010,passed away on January 22, 2019. He chose Option C at his retirement. His spouse, Clare Hadley, will receive a monthly allowance of$2,920.94, which is 2/3rds of the amount Frank was receiving when he died. • Joseph Cummings III, who worked for the Fire Department and retired on May 31, 1985, passed away on January 11, 2019. He chose Option B at his retirement, but there are no remaining funds in his annuity. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement: - Newton Retirement Board - Fall River Retirement Board - Lawrence Retirement Board - Somerville Retirement Board - Stoneham Retirement Board - Gloucester Retirement Board - Beverly Retirement Board - Natick Retirement Board - Andover Retirement Board - Medford Retirement Board - Arlington Retirement Board - Woburn Retirement Board 1690 - Salem Retirement Board - Saugus Retirement Board - Cambridge Retirement Board - Everett Retirement Board - Mass Teachers' Retirement Board - Winchester Retirement Board • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly statement& fund performance for period ending Jan 31, 2018. General Ledger Trial Balance as of Jan 31, 2018 Cash Receipts,Adjustments, and Disbursements as of Jan 31, 2018. Bank Reconciliation for the month ending Jan 31, 2018. Reading Co-op Bank Statement for the month ending Jan 31, 2018. MMDT Bank Statement for the month ending Jan 31, 2018 • The next regular board meeting is scheduled for Tuesday, March 26, 2019 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA MEMORANDUMS & LETTERS RECEIVED PERAC Memo Biennial Review of Calculations for Board Accepting Waiver PERAC Instruction Form - Retirement Board Member Statement of Financial Interests for Calendar Year 2018 PERAC—Statement of Financial Interests for Calendar Year 2018 PERAC Memo #8/2019-2019Interest Rate set at 0.1% PERAC Memo #9/2019—Accounting Changes PERAC Memo#10/2019—Administrative Reminders PERAC Memo #11/2019—Workers' Compensation Data Match in PROSPER OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING 1691 ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 5:30 pm. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS ChaiThomas A. C ugh, 2" appointed , Vic hairman, Joseph R. Veno, 2" elected qV� M q� Sharon M. Angstrom, ExuOfficio 4 R 1c U. kj B. Robe ts, 1" appointed David A. G tile, 1" elected