The URL can be used to link to this page

Home My WebLink About2019-08-27 Retirement Board Minutes F Town of Reading a Meeting Minutes Board - Committee - Commission - Council: Contributory Retirement Board t� 0--1' 19 PH 12: 31 Date: 2019-08-27 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 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday August 27, 2019 The Reading Retirement Board held a regular session meeting on August 27, 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 June 25, 2019 regular session were signed by all board members, except Carol Roberts who was unable to attend. • SHARON ANGSTROM moved to accept the minutes from the July 23, 2019 regular session. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS,TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Bernardo Garcia Polanco Custodian Date of hire—07/22/19 9%+ 2% Gr. 1 (School) Date of membership—01/14/13 (transfer from Saugus) Jaculen Maglio Secretary Date of hire-07/30/19 9%+2% Gr. I (School) Date of membership— 07/30/19 Maureen Sullivan Asst. Date of hire—08/05/19 9% + 2% Gr. 1 (RMLD) Materials Date of membership—08/05/19 Manager Brian Bianchi Jr. Operator Date of hire-08/12/19 9%+2%Gr. I (DPW-Water) Date of membership—06/01/10 Steven Ballard Jr. Technician Il Date of hire-08/21/19 9% +2% Gr. l (DPW-Highway) Date of membership-08/21/19 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the retirements approved by PERAC: Corinne Fisher Library 06/29/19 39 yrs, 7 mths Option A (Superannuation) Yearly: $ 57,387.96 Monthly: $ 4,782.33 Petra Clement Human Resources 06/28/19 16 yrs, 10 mths Option B (Superannuation) Yearly: $ 20,042.40 Monthly: $ 1,670.20 Joseph Coughlin Town Custodian 06/29/19 20 yrs, 3 mths Option C (Superannuation) Yearly: $ 20,586.60 Monthly: $ 1,715.55 James Green RMLD 06/11/19 33 yrs, 4 mths Option C (Superannuation) Yearly: $ 81,694.08 Monthly: $ 6,80T84 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM motioned to approve to move funds from MMDT to PRIM over a 3-month period with equal installments, leaving $3M in MMDT. SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the August 2019 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the August 2019 wire transfer from MMDT to Reading Co-op in the amount of$704,116.40. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to accept Funding Schedule K with the intent to increase the COLA base, pending approval at Town Meeting. SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP082019A totaling$316.76: Reading Municipal Light Dept $ 107.15 Admin Expense - Electric National Grid $ 25.13 Admin Expense—Heat/Gas Cannon Financial Services $ 168.48 Service Contracts - Copier Neopost USA Inc. $ 16.00 Admin Expense—Postage Tapes SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP082019 totaling $1,038,766.68: 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 $ 85,035.47 Federal Tax Deductions Reading Credit Union $ 47,339.83 Credit Union Deductions Aug Retirement Allowances $ 824,845.89 Net Retiree Payroll Town of Reading Treasurer $ 61,092.10 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 11,283.29 Aug Staff Salary/ &Benefits GWT Realty $ 2,977.17 Rent ' Law Office of Attorney Sacco $ 1,625.00 Legal Expenses Colleen Loughlin $ 15.37 Travel—PERAC Admin Training Barnstable County Retirement Sys. $ 45.00 Section 3(8)(c) Reimb for 2018 Mark Segalla $ 625.50 Refund to Member—Erroneous Ded Internal Revenue Service $ 69.50 10%Federal Taxes—M. Segalla SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • Barbara Webb chose Option C at her retirement and her spouse has passed away. PERAC has included in their records the payment of an Option A retirement allowance to Barbara Webb (Option C "pop-up"), effective as of June 9, 2019. • Suzanne Reardon chose Option C at her retirement and her spouse has passed away. PERAC has included in their records the payment of an Option A retirement allowance to Suzanne Reardon (Option C"pop-up"), effective May 14, 2019. • Mark Segalla is being reimbursed $695.00 less 10% federal withholdings ($69.50) net $625.50 for erroneous deductions taken from payment "in lieu of notice." Payment that is contingent upon retirement, no matter how it is described, is excluded from"regular compensation." • Retiree Paul Sheridan and Joseph Cummings III received a "Notification of Termination' from PERAC for failure to file their 2018 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan regarding this issue. No response from Mr. Sheridan. His retirement allowance will still continue to be terminated. Joseph Cummings III passed away in 2019 and the death certificate was filed with PERAC. • Received memo from PERAC regarding G.L. c. 32, § 91A. PERAC enclosed a Verification of Information Report that lists disability retirees who have reported earnings in an amount that may result in an adjustment to their disability retirement allowance. The board administrator reviewed the report and updated the necessary changes to the annuity, pension, dependency, and/or worker compensation offset amounts, and sent a request to department heads for the annual current salary. Data was returned to PERAC on July 25, 2019. • Received First Pre-Hearing Order in the matter of Charles Tirone. • A transfer amount of$1,817.64 dated 7/31/19 was received from the Lexington Retirement Board for Julie.Mercier. The Lexington Retirement System will accept liability for 2 months of creditable service. • A transfer amount of$25,623.19 dated 7/31/19 was received from the Danvers Retirement Board for Erin Schaeffer. The Danvers Retirement System will accept liability for 4 years 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 July 31, 2019 General Ledger Trial Balance as of July 31, 2019 Cash Receipts,Adjustments, and Disbursements as of July 31, 2019 Bank Reconciliation for the month ending July 31,2019 Reading Co-op Bank Statement for the month ending July 31, 2019 MMDT Bank Statement for the month ending July 31, 2019 • The next regular board meeting is scheduled for Tuesday, September 24, 2019 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #21 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors. Any retirement system which has accepted the supplemental dependent allowance provided for in G.L. c. 32 § 7(2)(a)(iii), or which has accepted the provisions of G.L. c.32, § 22D (under which the supplemental dependent allowance is also deemed to have been accepted), shall pay an annual amount of$952.32 beginning July 1, 2019 for each eligible child as defined in G.L. c.32, § 7(2)(a)(iii). PERAC Administrators' Training Agenda PERAC 2018 Annual Report Fiduciary Investment Advisors Quarterly Investment Review—Second Quarter 2019 OLD & NEW BUSINESS • The Board Administrator requested a legal opinion from PERAC regarding the exact functions of the Custodian of the Funds for the Reading Retirement System. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING The Reading Retirement Board will make a presentation at the FINCOM Meeting on September 11, 2019. Tom Clough will present at Town Meeting in November. The Board will present materials such as `The Voice' article that lists Retirement Boards and what COLA base has been approved. The Board will also show the number of retirees that will be impacted by the COLA base increase and how long it's been at $12,000. FINCOM will be presented with the section of the law allowing retirement boards to increase the COLA base in increments of$1,000. The funding schedule that has been adopted illustrates the increase in the unfunded liability. ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:15 pm. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS Chairman Thomas A. Clough, 2"d appointed Sharon M. Angstrom, Ex Officio j] 12t�.� Car B. Roberts, 1" appointed Car ak David A. Gentile, 1"elected seph JUCmighlin, 2nd oTected