HomeMy WebLinkAbout2019-11-21 Commissioners of Trust Funds Minutes r
Town of Reading
Meeting Minutes
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Board - committee - Commission - Council:
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Commissioners of Trust Funds
Date: 2019-11-21 Time: 7:00 PM
Building: Reading Town Hall Location: Lower Level Conference Room
Address: 16 Lowell Street Session: Open Session
Purpose: General Business Version: Final
Attendees: Members - Present:
Neil Cohen, John Daly, Elizabeth Klepeis, and Endri Kume
Members - Not Present:
John R Halsey
Others Present:
Minutes Respectfully Submitted By: Endri Kume
Topics of Discussion:
Mr. Cohen called the meeting to order at 7:05 PM.
Open Session for topics not reasonably anticipated 48 hours in advance of the
meeting
None
Meeting Notes
Minutes from October 3rd, 2019, were approved as follows:
On a motion by Ms Kleoeis seconded by Mr. Daly, the Minutes of the 10/3/19 meeting was
approved as amended by a vote of 4-0
Review Cash Flow portfolio,discuss investment changes and Trust Balances
Reports
Mr. Daly informed the Commissioners that we sold 3 positions that were approved in the
last meeting and we made the 151 purchase out of the 3 scheduled. One of the bonds was
called, ThermoFisher and Mr. Lee, the WellsFargo advisor, was still looking for a
replacement. The interest rate was sliding down and according to few analysts, the market
was still holding up. Mr. Daly mentioned that the Cisco and GE market value do not have
significant changes and suggested to hold those positions for now.
Reading Response Program
Ms. Klepeis received an email from Diane Farraher Smith related to the two clients that
were using a massage service. Diane mentioned that because we no longer have a contract
with Hallmark Health, she wanted the Trust Funds to pay the vendor directly and not go
through Hallmark Health for the massage services.
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Ms. Klepeis had a meeting with Elderly Service staff, and they mentioned they were not
aware of it. Mr. Kume said that in October of 2018, he had given a list of all the clients that
were getting services to the Elder Services office to make sure the records were aligned
between the two offices. Ms. Klepeis stated that Elderly Services were under the impression
that this program ended five years ago. Mr. Daly mentioned that there might be a possibility
that these two clients were grandfathered in from the transition with Hallmark Health. Mr.
Cohen asked Mr. Kume to look through the minutes and see if there is any proof that these
two clients were grandfathered in this program. Ms. Klepeis suggested that since this
program should have been canceled a long time ago, we allow the service until the end of
the year. This will allow enough time for the current clients plan accordingly. Mr. Cohen
asked Ms. Klepeis that since Elderly Services doesn't know one of the clients, shouldn't we
stop that service right away? Ms. Klepeis mentioned that the client is over 90 years old and
might pose hardship if we don't provide a period of time for her to plan the transition. Ms.
Klepeis confirmed that both these clients have some level of financial hardship as they are
receiving aid from other programs. The person that is providing the service is agitated, as
these are the only clients that Hallmark sent her. Mr. Cohen stated that we have liability as
we don't know if the persona providing the service maintains a license and insurance. All
these were previously done by Hallmark, so we have significant liability on our hands. Ms.
Klepeis made the following motion:
Terminate the massaae program for the two clients that are receivino massages through a
massage therapist valid 12/31/19, second by Mr. Daly.
Mr. Cohen asked if there was any discussion. Mr. Daly mentioned that this program should
have stopped 5 years ago; however, there is a possibility that they were grandfathered in.
What we need to decide now Is to terminate this immediately or wait until December. Mr.
Cohen suggested to review past minutes and see if there was anything in the minutes that
will indicate that these two clients were grandfathered in or not. After the discussion, the
motion was amended as follows:
On a motion by Mr. Cohen. Mr. Kume will review minutes notes to determine if the clients
were grandfathered in or not and report back The Commissioners will pay for services until
December 31. 2019, and after that the program will terminate effective December 31.
2019, second by Mr. Daly, the motion passed by a vote of 4-0
Next Meeting
The next meeting was scheduled for January 2V, 2020, at 7 PM.
On a motion by Ms. Klepeis seconded by Mr. Daly, the Commissioners voted to adjourn its
meeting at 8:01 p.m. by a vote of 4-0.
Respectfully submitted, Secretary
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