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Home My WebLink About2019-05-28 Retirement Board Minutes FR O Town of Reading a� Meeting Minutes J''nmxvoe",h° Board - committee - commission - council: Contributory Retirement Board Date: 2019-05-28 Time: 4:05 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 Carol Roberts David Gentile )oseph Coughlin Members - Not Present: Sharon Angstrom Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Board Assistant Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday May 28,2019 The Reading Retirement Board held a regular session meeting on May 28, 2019 in The Conference Room at 2 Haven Street,Unit 307, Reading, Massachusetts. The meeting was called to order at 4:05 P.M. by Chairman Thomas Clough in the presence of members David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin, Assistant Board Administrator Elaine Kelly, Francesco Daniele (PRIM) and Anthony Tranghese (FIA). Carol Roberts was approved by the Chairman, prior to the meeting, to participate remotely due to geographical distance. Sharon Angstrom was unable to attend. SPECIAL ITEM • Francesco Daniele from PRIM and Tony Tranghese from FIA provided the Board with a current update. • DAVID GENTILE motioned to table the internal re-organization to the June 25, 2019 regular session meeting in an effort to give all Board members the opportunity to participate. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS MINUTES • Minutes from the Much 26, 2019 regular session were signed by all members, except Joseph Veno who was unable to attend. • JOSEPH COUGHLIN moved to accept the minutes from the April 23, 2019 regular session. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye VOTED: (3-0-1) ABSTAINED: DAVID GENTILE • JOSEPH COUGHLIN moved to accept the minutes from the April 23,2019 executive session. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye VOTED: (3-0-1) .ABSTAINED: DAVID GENTILE APPROVAL OF NEW MEMBERS,RETIREMENTS,TRANSFERS,AND REFUNDS • DAVID GENTILE moved to approve the following new members: Olivia McElwain Librarian Date of hire—04/29/19 9%+2% - Gr. I (Library) Date of membership—04/29/19 (possible non-membership make-up) Brandon Kelso Computer Tech Date of hire—05/08/19 9%+2% Gr. I (Technology) Date of membership—05/08/19 Thomas Vassil Civil Engineer Date of hire—05/13/19 9%+2% Or. I (DPW) Date of membership—04/25/16 (transfer from Barnstable) (possible buyback) Anabela Batista Sr. Admin Asst. Date of hire—05/13/19 9%+2% Or. I (Admin Services -HR) Date of membership—8/24/15 (transfer from Essex) SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS • DAVID GENTILE moved to approve the correction of the contribution rate for member Danny Ruiz from 9%+2% to 8%+2%, which was approved in error at the January 24, 2019 regular board meeting. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS • DAVID GENTILE moved to approve the following retirement applications: Scott Williams Technician 05/28/19 32 yrs, 0 mths Option C (RMLD) Corinne Fisher Librarian 06/28/19 39 yrs, 6 mths Option A (Library) Joseph Coughlin Custodian 06/28/19 20 yrs, 3 mths Option C (Facilities) SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS • DAVID GENTILE moved to approve the final calculation for the following retirements approved by PERAC: Raymond Graves 06/30/2018 42 yrs,2 mths Option A (Superannuation) Yearly: $67,433.52 Monthly: $ 5,619.46 Rachid Kourbali 10/11/2015 5 yrs, 6 mths Option C (Accidental Disability) Yearly: $29,401.68 Monthly: $ 2,450.14 SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • DAVID GENTILE moved to approve the request from eligible member to purchase military service for creditable service: John Faulkenstrom Navy-USN 1/2/75-12/15/78 3 years, 1I months, 14 days The total purchase amount is$14,843.24. John will make a lump sum payment. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS • DAVID GENTILE moved to approve the May 2019 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) ' UNANIMOUS ' • DAVID GENTILE moved to approve the May 2019 wire transfer from MMDT to Reading Co-op in the amount of$1,046,812.55. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye. CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS 1 APPROVAL OF INVOICES TO BE PAID • DAVID GENTILE moved to approve the following warrant#AP052019B totaling$277.69: National Grid $ 30.64 Admin Expense—Heat/Gas Reading Municipal Light Dept $ 78.57 Admin Expense-Electric Cannon Financial Services $ 168.48 Service Contracts-Copier SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS • DAVID GENTILE moved to approve the following warrant#AP052019 totaling$1,050,895.43: Commonwealth of Mass. $ 592.86 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,747.88 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 92,689.07 Federal Tax Deductions Reading Credit Union $ 45,510.83 Credit Union Deductions May Retirement Allowances $ 844,166.29 Net Retiree Payroll Town of Reading Treasurer $ 42,939.95 Hlth,Life,&Dental Ins. Deductions Town of Reading Treasurer $ 16,949.69 May Staff Salary/& Benefits GWT Realty $ 2,977.17 Rent Law Office of Attorney Sacco $ 1,165.00 Legal Expenses Formax $ 689.00 Service Contracts—Sealer/Folder Check#6115 dated 2/29/18 in the amount of$6,483.78 was voided and replaced with check #6200 dated 5/13/19 in the amount of$6,483.78. Payment for Section 3-8-c Reimbursement to Lexington Retirement Board was lost. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS INFORMATION/OUESTIONS • Joseph McDonald, who worked for the School Department and retired on August 14, 1992, passed away on May 20, 2019. He chose Option B at his retirement but there are no remaining funds. • Received a check in the amount of $5,500 from MIIA for Rachid Kourbali's Workers' Compensation Lump Sum Agreement. • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly statement& fund performance for period ending April 30,2019 General Ledger Trial Balance as of April 30, 2019 Cash Receipts, Adjustments, and Disbursements as of April 30, 2019 Bank Reconciliation for the month ending April 30,2019 Reading Co-op Bank Statement for the month ending April 30, 2019 MMDT Bank Statement for the month ending April 30,2019 • The next regular board meeting is scheduled for Tuesday, Jane 25, 2019 at 4:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. Linda Boumival, Actuary from KMS Actuaries, will present various funding schedules. MEMORANDUMS& LETTERS RECEIVED PERAC Memo#16/2019—Cash Book Submissions PERAC Pension Newsflash—PERAC Appoints General Counsel OLD & NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • DAVID GENTILE moved to adjourn this open session at 5:45 pm. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: THOMAS CLOUGH Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS Chairman Thomas A. Glough,2" appointed Sharon M. Angstrom, Ex Officio CIC j�- �3 Rd-� C oberts,, 1"appointed )id A. Gentild, 1"elected YosepV. Qodghlin,2" ected i