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Home My WebLink About2019-07-23 Retirement Board Minutes F Town of Reading Meeting Minutes � C : f ✓�D Board - Committee - Commission - Council: TP HIS OCT 28 PP. 2: 16 Contributory Retirement Board Date: 2019-07-23 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 Joseph Coughlin Members - Not Present: Others Present: Colleen Loughlin - Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday July 23, 2019 The Reading Retirement Board held a regular session meeting on July 23, 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, Joseph Coughlin, and Board Administrator Colleen Loughlin. MINUTES • Minutes from the May 28, 2019 special session were signed by all board members, except Sharon Angstrom who was unable to attend. Carol Roberts was approved by the Chairman, prior to the meeting, to participate remotely due to geographical distance. • Minutes from the May 28, 2019 regular session were signed by all board members, except Sharon Angstrom who was unable to attend. Carol Roberts was approved by the Chairman, prior to the meeting, to participate remotely due to geographical distance. • SHARON ANGSTROM moved to accept the minutes from the June 25, 2019 regular session, to include the modifications by Tom Clough that were emailed. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-1) ABSTAINED: CAROL ROBERTS APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Zachary Burton Senior Power Date of hire —06/19/19 9%+2% Gr. 1 (RMLD) Supply Date of membership— 06/19/19 Analyst Kyle Sowyrda Laborer Date of hire- 07/01/19 9%+2% Gr. I (DPW-Cemetery) Date of membership—07/01/19 Remo Turchi Laborer Date of hire—06/18/18 9%+ 2% Or. I (DPW-Water) Date of membership—07/01/19 (possible make-up payment) Emily Dalton Laborer Date of hire— 10/22/18 9% + 2% Gr. 1 (DPW-Parks/Forestry) Date of membership-07/01/19 (possible make-up payment) Catherine Zannino Librarian Date of hire-05/09/17 8%+ 2% Gr. 1 (Library) Date of membership— 10/5/92 (Transfer from Boston) Eileen Barrett Librarian Date of hire—06/24/19 9%+ 2% Gr. 1 (Library) Date of membership—04/25/05 (possible make-up payment) Jorge Sanchez Custodian Date of hire- 7/8/19 9% +2% Gr. l (Town) Date of membership—7/8/19 Jeffrey Tran Computer Tech Date of hire— 7/15/19 9%+ 2% Gr. 1 (School) Date of membership—7/15/19 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Jo-Ann Moriarty Secretary 8/1/19 12 yrs, 10 mths Option B (School) Maureen Hanifan Admin 9/22/19 25 yrs, 7 mths Option B (RMLD) Corinne Fisher Librarian 6/29/19 39 yrs, 6 mths Option A (Library) *Corinne Fisher was originally approved at the May 28, 2019 board meeting with a retirement 'date of 6/28/19. Please nate her date of retirement is 6/29/19. SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Robert Snow Resigned 7/6/18 1 year, 3 mths (Facilities) Total deductions & interest $ 7,456.19 Less 20% Federal Taxes $ 0.00 Net refund (Rollover) $ 7,456.19 Susan Murphy Resigned 6/20/19 5 years, l 1 mths (Police) Total deductions Fc interest $ 40,528.72 Less 20% Federal Taxes $ 8,105.74 Net refund (Cash) $ 32,422.98 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve request from eligible member to purchase prior creditable service from the State Board of Retirement, in which he took a refund: Thomas Vassil State Retirement Board 7/6/04-8/16/06 2 years, 21 days The total principal purchase amount is $11,368.12. Thomas Vassil will purchase this creditable service with a pre-tax rollover check. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve Jonathan Reid's "Application for Ordinary Disability Retirement"contingent upon missing documentation from Winchester Hospital. Attorney Michael Sacco sent a review and opinion regarding the ordinary disability application for Jonathan Reid. The next step is for the Board to approve the application to move to a medical panel or deny Jonathan's application. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to table the approval of the COLA Base funding schedule until next month. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the Administrator's request to attend the PERAC Administrators' Training being held August 15, 2019 at Double Tree Hilton in Danvers, MA. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • 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: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the June 2019 wire transfer from MMDT to Reading Co- op in the amount of$982,670.30: SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP072019A totaling$735.34: National Grid $ 25.13 Admin Expense—Heat/Gas Reading Municipal Light Dept $ 110.21 Admin Expense - Electric NEOFUNDS $ 600.00 AdminExpense—Postage SECONDED BY: CAROL.ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP072019 totaling $1,089,740.22: Commonwealth of Mass. $ 596.99 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,747.88 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 85,965.02 Federal Tax Deductions Reading Credit Union $ 47,289.83 Credit Union Deductions July Retirement Allowances $ 827,329.88 Net Retiree Payroll Town of Reading Treasurer $ 61,618:06 Hlth, Life, & DentalIns. Deductions Town of Reading Treasurer $ 11,283.31 July Staff Salary/& Benefits GWT Realty $ 2,977.17 Rent Law Office of Attorney Sacco $ 200.00 Legal Expenses Cannon Financial Services $ 168.48 Service Contracts—Copier Fidelity Management Trust Co. $ 7,456.19 Refund to Member(Rollover) R. Snow MIIA Property &Casualty Group $ 1,111.00 Admin Expense—Property & Casualty Ins. Susan Murphy $ 32,422.98 Refund to Member Internal Revenue Service $ 8,105.74 Refund to Member-20% Fed Tax(S. Murphy) SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • A COLA reimbursement of$62,910.22 from the State for the period 1/1/19-6/30/19 was received on 6/27/19. • William High, who worked for the Engineering Department and retired on February 1, 2006, passed away on June 28, 2019. He chose Option A at his retirement. • A transfer amount of $17,775.87 dated 06/28/19 was received from the Barnstable County Retirement Board for Thomas Vassil. The Barnstable County Retirement System will accept liability for 5 months of creditable service and Somerville will accept liability for I year and 9 months of creditable service. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2019 General Ledger Trial Balance as of June 30, 2019 Cash Receipts, Adjustments, and Disbursements as of June 30, 2019 Bank Reconciliation for the month ending June 30, 2019 Reading Co-op Bank Statement for the month ending June 30, 2019 MMDT Bank Statement for the month ending June 30, 2019 • The next regular board meeting is scheduled for Tuesday, August 27, 2019 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo 419/2019—Mandatory Retirement Board Member Training—3rd Quarter 2019 PERAC Memo #20/2019—Reinstatement to Service under G.L. c. 32 § 105 OLD & NEW BUSINESS • Discussion of increasing the COLA Base, already discussed • Discussion of transferring funds from MMDT to PRIT. Tom will have conversation with Endri Kume, Treasurer OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:20 pm. SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS C Chairman'fhomas A. CI ugh, 2i' appointed Sharon M. Angstrom, Ex Offi o Ca . Roberts, I°" appointed 1 D vid A. entile,�1"elected ��osepl ghlin, 2"d lected