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Home My WebLink About2019-09-24 Retirement Board Minutes F Town of Reading Meeting Minutes v ��rcw i� ... '.". ., 'I A. Board - Committee - Commission - Council: Pk Contributory Retirement Board 13 CE 13 PM 12: 31 Date: 2019-09-24 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 Attorney Michael Sacco Town Treasurer, Endri Kume Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday September 24, 2019 The Reading Retirement Board held a regular session meeting on September 24, 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, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin, Asst Board Administrator Elaine Kelly, Arty. Michael Sacco and Endri Kume, Reading Town Treasurer. Carol Roberts was unable to attend. SPECIAL ITEM - The Retirement Board will seek clarification as to the custodian of the funds with respect to the Retirement Board. - The Ex-Officio will be completing a disclosure document regarding the COLA. - The Retirement Board will submit the Funding Schedule K to PERAC for final approval. MINUTES • Minutes from the July 23,2019 regular session were signed by all board members. • SHARON ANGSTROM moved to accept the minutes from the August 27, 2019 regular session. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Cassie Loughman Admin Date of hire—09/03/19 9%+ 2% Gr. 1 (Finance) Secretary Date of membership-09/03/19 Leo Keefe General Date of hire—09/03/19 9%+2% Gr. 4 (RMLD) Line Date of membership—09/03/19 Foreman Daniel Markman Health Date of hire—09/09/19 9%+ 2% Gr. I (Public Services) Inspector Date of membership-09/09/19 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: John Falkenstrom Custodian 9/21/19 10 yrs, 0 mths Option C (School) Mark Segalla Chief 9/13/19 23 yrs, 0 mths Option A (Police) Paula Santarpio Accounting 10/5/19 12 yrs, 0 mths Option B (School) Asst. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Patrick Dawley Resigned 8/20/19 7 year, 3 mths (Police) Total deductions& interest $ 54,970.34 Less 20% Federal Taxes $ 0.00 Net refund (Rollover) $ 50,928.66 Net refund (Cash) $ 4,040.68 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the September 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 September 2019 wire transfer from MMDT to Reading Co-op in the amount of$1,037,832.50. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • JOSEPH COUGHLIN moved to approve the increase of the COLA base from $12,000 to $14,000. SECONDED BY: DAVID GENTILE VOTED: (3-0-1) ABSTAINED: SHARONANGSTROM • SHARON ANGSTROM moved to appoint Elaine Kelly as election officer for the election of the first elected member. David Gentile's term as board member expires on March 31, 2020. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP092019A totaling$841.39 Reading Municipal Light Dept $ 96.94 Admin Expense - Electric National Grid $ 29.47 Admin Expense—Heat/Gas MailFinance $ 514.98 Service Contracts—Postage NEOPOST $ 200.00 Admin Expense— Postage SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant 4AP092019 totaling $1,098,213.40: 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 $ 85,232.33 Federal Tax Deductions Reading Credit Union $ 47,489.83 Credit Union Deductions Sept Retiremerit Allowances $ 826,055.23 Net Retiree Pdyroll Town of Reading Treasurer $ 61,484.85 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 11,327.62 Sept Staff Salary/& Benefits GWT Realty $ 2,977.17 Rent Law Office of Attorney Sacco $ 125.00 Legal Expenses Patrick Dawley $ 4,041.68 Refund to Member- Cash Federal Thrift Savings Plan $ 50,928.66 Refund to Member—Rollover(P. Dawley) Cannon Financial Services $ 168.48 Service Contracts—Copier Colleen Loughlin, Petty Cash $ 91.35 Admin Expense—Postage KMS Actuaries $ 4,000.00 Actuarial Services W.B. Mason Co., Inc. $ 78.64 Admin Expenses—Supplies NEOPOST $ 400.00 Admin Expenses - Postage SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • Barbara Ross, who worked for the Town Clerk's office and retired on April 2, 1982,passed away on September 2, 2019. She chose Option A at her retirement. • Fred Comeau, Option C beneficiary of Mary Comeau(School), passed away August 31, 2019. • A transfer amount of $18,036.71 dated 8/30/19 was received from the Essex Regional Retirement Board for Anabela Batista. The Essex Regional Retirement System will accept liability for 3 years and 7 months of creditable service. • A transfer amount of$30,268.48 dated 8/30/19 was received from the Saugus Retirement Board for Bernardo Garcia Polanco. The Saugus Retirement System will accept liability for 8 years and 5 months of creditable service. • The Retirement Office was notified by PERAC that Johanna Roman was a `no show' for her scheduled appointment with the joint medical panel regarding her Accidental Disability Application. They have assessed a $375 fee. Upon receipt of this fee, PERAC will reschedule the joint medical panel. • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly statement& fund performance for period ending August 31, 2019 General Ledger Trial Balance as of August 31, 2019 Cash Receipts, Adjustments, and Disbursements as of August 31, 2019 Bank Reconciliation for the month ending August 31, 2019 Reading Co-op Bank Statement for the month ending August 31, 2019 MMDT Bank Statement for the month ending August, 2019 • The next regular board meeting is scheduled for Tuesday, October 22, 2019 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED KMS Actuaries - Financial Reporting and Disclosures under GASB 67 and GASB 68 as of 12/31/18 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 6:40 pm. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS Chairman Thom�as AA. �lojug�h, 2"])d��a��p�p��oo�in� ted &Ve�,{�Il� &4 g!4!'6'�'(1J'Y�� Sharon M. Angstrom, Ex Officio Carol B. Roberts, Io appointed (ABSENT) David A. Gentile, 1s`elected J seph . C hlin, 2"d ected