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Home My WebLink About2019-11-26 Retirement Board Minutes Fq Town of Reading Meeting Minutes �'O AItgpAo� , Board - committee - commission - Council: Contributory Retirement Board Date: 2019-11-26 Time: 5:08 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 Joseph Coughlin Members - Not Present: David Gentile Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Endn Kume - Town Treasurer Anthony Tranghese - FIA (remotely) Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday November 26, 2019 The Reading Retirement Board held a regular session meeting on November 26, 2019 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 5:08 P.M. by Chairman Thomas Clough in the presence of members Sharon Angstrom, Carol Roberts, Joseph Coughlin, Board Administrator Colleen Loughlin, Asst Board Administrator Elaine Kelly and Town Treasurer, Endri Kume. Anthony Tranghese from FIA joined via a conference call. David Gentile was unable to attend. SPECIAL ITEM • Anthony Tranghese from FIA joined the meeting via a conference call and gave a brief overview and update to the Board. The Board will vote to approve the $3M distribution to the 2020 Vintage Year Private Equity Fund. • The Town Treasurer presented a request to receive a stipend. The Board will wait for PERAC's response regarding the Town Treasurer's role as Custodian of the Funds, as well as, Arty. Sacco's response to specific questions asked by the Board regarding the stipend, to respond to the treasurer's request. The Board has requested the Town Treasurer to present to the Board a synopsis of his duties and responsibilities as the Treasurer/Custodian of the Funds as related to the Retirement System. In the event that all questions and requests have been received, this will be added to the December agenda. A vote will take place when all of the Board members are in attendance. MINUTES • Minutes from the September 24, 2019 regular session were signed by all board members, except Carol Roberts who was unable to attend. • Minutes from the October 9, 2019 special session were signed by all board members, except Joseph Coughlin who was unable to attend. • SHARON ANGSTROM moved to accept the minutes from the October 22, 2019 regular session. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-1) ABSTAINED: THOMAS CLOUGH APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Richard Belmonte Community Date of hire— 10/29/19 9%+2% Gr. 1 (School) Services Date of membership— 10/29/19 Coordinator (re-hire) Steven DeBay Firefighter/ Date of hire— 11/04/19 9% + 2% Gr. 4 (Fire) Paramedic Date of membership— 11/04/19 Julie MacDonald Administrative Date of hire- 11/04/19 9% + 2% Gr. I (DPW) Assistant Date of membership- 11/04/19 (transfer from Stoneham) Christopher Nelson Community Date ofhire— 11/18/19 9% +2% Gr. 1 (School) Education Date of membership— 11/18/19 (transfer from Winchester) SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the following retirement approved by PERAC: Mark Segalla Police 09/13/19 23 yrs, 0 mths Option A (Superannuation) Yearly: $ 63,328.92 Monthly: $ 5,277.41 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Daniel Follis Terminated 11/8/19 9 yrs, 8 mths (RMLD) Total deductions &interest $ 92,965.45 Less 20% Federal Taxes $ 18.593.09 Net refund (Cash) $ 74,372.36 Sandra Calandrella Terminated 10/25/19 8 yrs, 3 mths (School) Total deductions & interest $ 70,439.02 Less 20% Federal Taxes $ 14,087.80 Net refund (Cash) $ 56,351.22 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Benjamin Thivierge To Belmont Retirement Board $14.86 Retro payment (RMLD) (contract negotiations) (Original transfer of funds was forwarded on 3/31/19-No additional liability for service) Sean Donahue To Middlesex City Retirement $35,173.69 3 years, 8 months, & 10 days (Human Resources) (Total Service 6 years, 7 months) SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the November 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 November 2019 wire transfer from MMDT to Reading Co-op in the amount of$1,260,446.75. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the 2020 Calendar Year Budget in the amount of $414,400.00. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the new Funding Schedule N, which includes the $14,000 COLA base increase. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS ' • CAROL ROBERTS moved to approve the salary increase for the Board Administrator/Assistant Administrator, a one step (2%) increase plus an additional 2% COLA, to be effective January 1, 2020. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the transfer of$3M to the 2020 Vintage Year Private Equity Fund. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP 112019A totaling $277.15: Reading Municipal Light Dept $ 83.54 Admin Expense- Electric National Grid $ 25.13 Admin Expense—Heat/Gas Canon Financial Services $ 168.48 Service Contracts - Copier SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following warrant #AP112019 totaling $1,262,551.11: Commonwealth of Mass. $ 596.99 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,737.88 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 86,067.35 Federal Tax Deductions Reading Credit Union $ 46,874.83 Credit Union Deductions Nov Retirement Allowances $ 832,063.39 Net Retiree Payroll Town of Reading Treasurer $ 61,209.21 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 16,949.94 Nov Staff Salary & Benefits GWT Realty $ 2,977.17 Rent Law Office of Attorney Sacco $ 600.00 Legal Expenses Coen Business Forms/Kingsbury Press $ 210.86 Admin Expense— 1099R forms W.B. Mason Co., Inc. $ 161.94 Admin Expense—supplies KMS Actuaries, LLC $ 9,500.00 Actuarial Expenses—January 1,2019 Actuarial Valuation Renaissance Alliance Insurance $ 3,540.84 Administrative Expense—Insurance Middlesex County Retirement Bd $ 35,173.69 Transfer to Other Systems—S. Donahue Daniel Follis $ 74,372.36 Return of accumulated deductions Internal Revenue Service $ 18,593.09 Return of ace ded—20%Fed Tax (D. Follis) Belmont Retirement System $ 14.86 Transfer to Other System-B. Thivierge Sandra Calandrella $ 56,351.22 Return of accumulated deductions Internal Revenue Service $ 14,087.80 Retumof ace ded-20%Fed Tax(Calandrella) SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • Audrie Cameron, who worked for the Town Clerk's office and retired on April 26, 1985, passed • away on November 2, 2019. She chose Option A at her retirement. • Russell Carter, who worked for the Fire Dept. and retired on July 20, 1985, passed away on November 12, 2019. He chose Option A at his retirement. • All 367 Annual Affidavits have been received. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending October 31, 2019 General Ledger Trial Balance as of October 31, 2019 Cash Receipts, Adjustments, and Disbursements as of October 31, 2019 Bank Reconciliation for the month ending October 31, 2019 Reading Co-op Bank Statement for the month ending October 31, 2019 MMDT Bank Statement for the month ending October 31, 2019 • The next regular board meeting is scheduled for Wednesday, December 18, 2019 at 9:30 AM in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Pension News#53 PERAC Memo#24/2019—Appropriation Data Due October 31, 2019 OLD & NEW BUSINESS • Discussion regarding the addition of a co-signature to the PRIT transfer forms was tabled to the December monthly meeting. • The Retirement Office will close at 12:00 noon on Tuesday December 24, 2019 in observance of the Christmas holiday and resume business hours on Thursday December 26, 2019 at 8:00 AM. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 7:45 pm: SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS Chairman Thomas A. Clouuh,�2n° appointed �,:I o " 0 I)A Sharon M. Angstrom, Ex Offitib Carol B. Roberts, 1" appointed David A. Gentile, I"elected (ABSENT) (11osepyJ. Voughtin, 2'%elected