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Home My WebLink About2019-03-26 Retirement Board Minutes pV�N PR AO Town of Reading 5 Meeting Minutes RECEIVED x P ` TOWN CLERK XJPIXCOPO�a READING, MA. Board - Committee - Commission - Council: Sf' Contributory Retirement Board 2111 AUG 13 PM 1. 41 Date: 2019-03-26 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 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 1694 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday March 26, 2019 The Reading Retirement Board held a regular session meeting on March 26, 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, Sharon Angstrom, Carol Roberts, David Gentile, Board Administrator Colleen Loughlin, Assistant Board Administrator Elaine Kelly and Joseph Coughlin. Joseph Veno was unable to attend. MINUTES • Minutes from the January 24, 2019 regular session were signed by all members, except David Gentile who was unable to attend. • Minutes from the February 13, 2019 special session were signed by all members, except Joseph Veno and David Gentile who were unable to attend. • SHARON ANGSTROM moved to accept the minutes from the February 19, 2019 regular session. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to accept the minutes from the March 13, 2019 special session. SECONDED BY: CAROL ROBERTS VOTED: (3-0-1) ABSTAINED: THOMAS CLOUGH APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Ashley Auld Firefighter/ Date of hire—2/18/19 9%+2% Gr.4 (Fire) Paramedic Date of membership—2/18/19 (possible non-membership make-up) AdamO'Doherty Firefighter/ Date ofhire—2/19/19 9%+2% Or. 4 (Fire) Paramedic Date of membership—2/19/19 Marckendy Vernet Firefighter/ Date of hire—2/20/19 9%+2% Gr. 4 (Fire) Paramedic Date of membership—2/20/19 William Madden Firefighter/ Date of hire—2/21/19 9%+2% Or. 4 _ � (Fire) Paramedic Date of membership-2/21/19 1695 ' Pavel Bondarev IT Date of hire—3/18/19 9% +2% Or. I (School) Date of membership—3/18/19 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: James Green Leader Lineman 06/11/19 33 yrs, 4 mths Option C (RMLD) Petra Clement Sr. Admin Asst 06/28/19 16 yrs, 0 mths Option B (Human Resources) Beth Ellen Antonio HR Manager 06/08/19 25 yrs, 3 mths Option C (RMLD) SECONDED BY: CAROL ROBERTS VOTE: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Matthew Knowles To Danvers Retirement Board $13,302.31 2 years, 7 mths, 24 days (School) Benjamin Thivierge To Belmont Retirement Board $16,939.81 3 years, 0 mths, 7 days (RMLD) Nicole Janey To Chelsea Retirement Board $ 7,492.66 1 year, 7 mths, 7 days (Police Dispatch) ' SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Julianne DeAngelis Resigned 1/31/19 6 years,4 mths (RCASA) Total deductions& interest $ 25,562.99 Less 20%Federal Taxes $ 0.00 Net refund(Rollover) $ 25,562.99 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS 1696 APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve Johanna Roman's "Application for Disability Retirement." The Reading Retirement Board received from Attorney Michael Sacco a review and opinion regarding the disability application for Johanna Roman. The next step is for the Board to approve the application and conduct an evidentiary hearing prior to requesting PERAC to convene a medical panel. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the request from eligible member to purchase prior non- membership service for creditable service: Charles Tirane Reading 7/25/11-5/10/15 2 years & 7 months(pro-rated) The principal purchase cost is$14,133.01. Chuck will rollover funds from ICMA account. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the Board Administrators to attend the PERAC PROSPER Update training being held on March 21,2019 in Danvers,MA. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve that the board will vote on a COLA increase for FY 2020 at the May 28, 2019 regular board meeting. This begins on July 1, 2019 and 'ends lune 30, 2020. It is limited to a maximum amount of 3%of$12,000. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to review, approve, and sign the Annual Statement for PERAC for calendar year ended December 31, 2018. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the February 2019 wire transfer from MMDT to Reading Co-op in the amount of$562,637.28. 16971 SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the March 2019 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 approve the March 2019 wire transfer from MMDT to Reading Co-op in the amount of$1,123,548.77. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP032019 totaling $1,220,891.31 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 $ 82,470.12 Federal Tax Deductions Reading Credit Union $ 45,951.00 Credit Union Deductions March Retirement Allowances $ 814,868.07 Net Retiree Payroll Town of Reading Treasurer $ 43,811.60 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 11,283.01 March Staff Salary/& Benefits GWT Realty $ 2,977.17 Rent Cannon Financial Services $ 168.48 Service Contracts—Copier Law Offices of Michael Sacco $ 3,508.00 Legal Services Danvers Retirement Board $ 13,302.31 Transfer to Other System—M. Knowles Belmont Retirement Board $ 16,939.81 Transfer to Other System—B. Thivierge Chelsea Retirement Board $ 7,492.66 Transfer to Other System—N.Laney Norfolk County Retirement Board $ 5,722.61 Section 3(8)(c)Reimb for 2018 Middlesex County Retirement Bd $ 31,111.58 Section 3(8)(c)Reimb for 2018 Woburn Retirement Board $ 4,485.20 Section 3(8)(c)Reimb for 2018 Worcester County Retirement Bd $ 237.85 Section 3(8)(c)Reimb for 2018 Stoneham Retirement Board $ 10,862.66 Section 3(8)(c)Reimb for 2018 Wakefield Retirement Board $ 1,479.88 Section 3(8)(c) Reimb for 2018 Boston Retirement Board $ 8,679.94 Section 3(8)(c)Reimb for 2018 Essex Regional Retirement Board $ 68,205.32 Section 3(8)(c)Reimb for 2018 Melrose Retirement Board $ 6,281.97 Section 3(8)(c)Reimb for 2018 Wellesley Retirement Board $ 2,497.34 Section 3(8)(c)Reimb for 2018 Flyers Unlimited $ 164.30 Admin Expense—envelopes 1698 Pension Technology Group $ 9,000.00 Professional Services—Scanning National Financial Services $ 25,562.99 Refund of Ace. Deductions—J. DeAngelis Rollover National Grid $ 48.92 Admin Expense—Heat/Gas SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • A transfer amount of$693.31 dated 2/15/19 was received from the State Retirement Board for Erika McNamara. The State Retirement System will accept liability for I month and 4 days of creditable service. • A transfer amount of$40,608.54 dated 2/28/19 was received from the Middlesex County Retirement Board for Cheryl Tavares. The Middlesex County Retirement System will accept liability for 15 years and 4 months of creditable service. • A transfer amount of $25,013.23 dated 1/1/19 was received from the Essex Regional Retirement Board for Erika Ballard. The Essex Regional Retirement System will accept liability for 9 years and 3 months of creditable service. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement: - Peabody Retirement Board - Worcester Retirement Board - Middlesex County Retirement Board - Taunton Retirement Board - Lexington Retirement Board - Wakefield 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 Feb 28, 2018. Reading Co-op Bank Statement for the month ending Feb 28,2018. MMDT Bank Statement for the month ending Feb 28, 2018 • The next regular board meeting is scheduled for Tuesday, April 23, 2019 at 4:00 pm in the Conference Room at 2 Haven Street,Unit 307, Reading, MA i 1699 MEMORANDUMS & LETTERS RECEIVED OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 5:50 pm. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS Chairman, Thomas A. Clg gh, 2" appointed Vice Chairman,Joseph R. Veno, 2" elected M- aw - Sharon M. Angstrom,Ex O/Icio nC B. Roberts, 1"appointed vid A. Gentile, 1"elected