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Home My WebLink About2019-06-25 Retirement Board Minutes OCH 0!RfgQ Town of Reading a� Meeting Minutes ECEIVE,D CWN CLERK �''ev�ocaae REAMING, MA. Board - Committee - Commission - council: 211' $EP Contributory Retirement Board 26 PM 12. 46 Date: 2019-06-25 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 David Gentile Joseph Coughlin Members - Not Present: Carol Roberts Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Linda Bournival - KMS Actuaries Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday June 25, 2019 The Reading Retirement Board held a regular session meeting on June 25, 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 Sharon Angstrom, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin, Assistant Board Administrator Elaine Kelly and Linda Boumival, KMS Actuaries. Carol Roberts was unable to attend. SPECIAL ITEM • Linda Boumival, KMS Actuaries, provided the Board with various funding schedules. Linda will do several revisions to the funding schedules she provided, including one to Schedule E(fully funded in 2029) lowering the interest rate to 7.5% and maintaining an annual appropriations increase of 5%, in an effort to determine the necessary increase in year one (2021). The Board will be voting on a funding schedule by the July or August board meeting. Linda left the meeting at approximately 6:00 Pon. • JOSEPH COUGHLIN moved to nominate TOM CLOUGH as Chairman of the Reading Retirement Board. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • DAVID GENTILE moved to nominate SHARON ANGSTROM as Vice Chairman of the Reading Retirement Board. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS MINUTES • Minutes from the April 23, 2019 regular session were signed by all members, except David Gentile who was unable to attend. • Minutes from the April 23, 2019 executive session were signed by all members, except David Gentile who was unable to attend. • DAVID GENTILE moved to accept the minutes from the May 28,2019 special session. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-1) ABSTAINED: SHARON ANGSTROM • DAVID GENTILE moved to accept the minutes from the May 28,2019 regular session. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-1) ABSTAINED: SHARON ANGSTROM APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Erin Schaefer Economic Date of hire—06/17/19 9%+2% Or. I (Planning) Development Date of membership—08/25/14 Director (transfer from Danvers) Lauren Gardner Librarian Date of hire—06/10/19 9%+2% Gr. I (Library) Date of membership— 11/16/15 (possible non-membership make-up) Julie Mercier Community Date of hire-06/03/19 9%+2% Gr- 1 (Public Services) Development Date of membership—02/20/09 Director (transfer from Lexington) SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the following retirement approved by PERAC: Suzanne Reardon Elder Svcs 05/14/19 22 yrs, 7 mths Option A (Superannuation) Yearly: $ 19,343.52 " Monthly: $ 1,611.96 *Suzanne chose Option C at her retirement on April 24, 2009 and her spouse passed away on May 13, 2019(Option C pop-up). SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: jKammy Demello To Lexington Ret Board $2,202.98 4 truths,23 days i (Health) ..i SECONDED BY: JOSEPH COUGHLIN - VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM move to approve the following retirement application: Joseph Coughlin Custodian 06/29/19 20 yrs, 3 mths Option C (Facilities) *Joseph Coughlin was originally approved at the May 28, 2019 board meeting with a retirement date of 6/28/19. Please note his date of retirement is 6/29/19. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the June 2019 wire transfer from PRIM to MMDT in the amount of$750,000.00: SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the June 2019 wire transfer from MMDT to Reading Co- op in the amount of$1,017,371.81: SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP062019A totaling$800.81: National Grid $ 26.00 Admin Expense—Heat/Gas Reading Municipal Light Dept $ 91.35 Admin Expense -Electric Cannon Financial Services $ 168.48 Service Contracts—Copier MailFinance $ 514.98 Service Contracts—Postage Machine SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP062019 totaling $1,081,335.43: 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 $ 83,377.05 Federal Tax Deductions Reading Credit Union $ 46,010.83 Credit Union Deductions June Retirement Allowances $ 807,356.74 Net Retiree Payroll Town of Reading Treasurer $ 59,282.56 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 11,327.62 Jun Staff Salary/&Benefits GWT Realty $ 2,977.17 Rent Law Office of Attorney Sacco $ 125.00 Legal Expenses W.B. Mason Co., Inc. $ 137.15 Admin Expenses—supplies State Retirement Board $ 55,909.03 Section 3(8)(c)Reimb for 2018 Record Reproduction Services $ 70.87 Medical Records—Jonathan Reid Lexington Retirement Board $ 2,202.98 Transfer to Other System—K. Demello Fiduciary Investment Advisors $ 8,750.00 Investment Consultant Fees—Quarterly SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS INFORMATION/OUESTIONS • SHARON ANGSTROM moved to deny liability for James Dugan to purchase his non-membership service for the period July 1985-July 1987. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS Former Reading employee, James Dugan, who is now a member of the Woburn Retirement System, is interested in purchasing his non-membership service for the period July 1985-July 1987. Woburn Retirement System would like to know if Reading Retirement Board would accept liability. We have payroll records for this member during 1985-1987; however, there is no documentation to determine his status of employment. Based on payroll records, there are gaps in his pay and he did not contribute to the Reading Retirement System. One could assume that he was part-time, provisional, seasonal, or intermittent as he did not contribute to the Retirement System. • David Bishop, who worked for the Fire Department and retired on March 8, 2002, passed away on June 7, 2019. He chose Option A at his retirement. • Barbara Webb chose Option C at her retirement on July 1, 2006 and her spouse passed away on June 8, 2019. Calculation(Option C "pop-up")was sent to PERAC for approval. • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly statement& fund performance for period ending May 31,2019 General Ledger Trial Balance as of May 31, 2019 Cash Receipts,Adjustments, and Disbursements as of May 31, 2019 Bank Reconciliation for the month ending May 31,2019 Reading Co-op Bank Statement for the month ending May 31, 2019 J MMDT Bank Statement for the month ending May 31,2019 • The next regular board meeting is scheduled for Tuesday, July 23, 2019 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA.. MEMORANDUMS& LETTERS RECEIVED PERAC Memo#17/2019—Tobacco Company List Investment Report 2018 PERAC Memo#18/2019—Audits OLD& NEW BUSINESS • SHARON ANGSTROM moved to direct the Town of Reading Treasurer to transfer funds from MMDT to PRIT in order to reduce the MMDT account to a balance of $3M. The Board will authorize the Treasurer to move the appropriations from MMDT to PRIT on a bi-annual basis, that being September and January. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • The Administrator will ask Linda Boumival to run a schedule with $13,000 and $14,000 COLA Bases, using the same assumption of 7.5%, in order to see the liability. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:55 pm. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS Chairman Thomas A. ClOugh,2"d appointed 3 �ydtyy� Sharon M. Angstrom, x Offici Ch�arro/old�l/B. Roberts, 1"appointed(absent) ��deelected 4��)4 Qdseph al. C ghlin, 2""&rected