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Home My WebLink About2019-12-18 Retirement Board Minutes FR ` Town of Reading Meeting Minutes ��''�dcoasoa s Board - Committee - Commission - Council: �- Contributory Retirement Board :d2tl JL� � 2 07 Date: 2019-12-18 Time: 9:30 AM 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 Carol Roberts David Gentile Joseph Coughlin Members - Not Present: Sharon Angstrom Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Endri Kume - Town Treasurer Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday December 18,2019 The Reading Retirement Board held a regular session meeting on December 18, 2019 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:30 A.M. by Chairman Thomas Clough in the presence of members Carol Roberts, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin, Asst Board Administrator Elaine Kelly and Town Treasurer Endri Kume. Sharon Angstrom was unable to attend. MINUTES • Minutes from the October 22, 2019 regular session were signed by all board members, except Thomas Clough who was unable to attend. • CAROL ROBERTS moved to accept the minutes from the November 26, 2019 regular session. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-1) ABSTAINED: DAVID GENTILE APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the final calculation for the following retirement approved by PERAC: Maureen Hanifan RMLD 09/22/19 25 yrs, 7 mths Option B (Superannuation) Yearly: $ 53,177.64 Monthly: $ 4,431.47 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following refund of accumulated deductions: Daniel Holmberg Terminated 4/22/19 3 yrs, 9 mths (RMLD) Total deductions&interest $ 12,744.26 Less 20% Federal Taxes $ 2,548.85 Net refund (Cash) $ 10,195.41 SECONDED BY: JOSEPH COUGHLIN - VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to deny Jonathan Reid's "Application for Ordinary Disability Retirement." SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the amended 2020 Calendar Year Budget for an additional $2,500 totaling $416,900.00 (this item amount was previously omitted from the total). SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the December 2019 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the December 2019 wire transfer from MMDT to Reading Co-op in the amount of$752,181.32. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • CAROL ROBERTS moved to approve the following warrant 4AP122019 totaling $1,070,462.36: 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 Dec Retirement Allowances $ 830,402.20 Net Retiree Payroll Town of Reading Treasurer $ 61,736.91 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 11,327.65 Dec Staff Salary &Benefits GWT Realty $ 2,977.17 Rent Law Office of Attorney Sacco $ 3,976.00 Legal Expenses W.B. Mason Co., Inc. $ 80.97 Admin Expense—supplies Canon Financial Services $ 168.48 Service Contracts—Copier Daniel Holmberg $ 10,195.41 Refund to member Internal Revenue Service $ 2,548.85 Ref to member-20% Fed Tax (D. Holmberg) Fiduciary Investment Advisors $ 8,750.00 Investment Consultant Fees Pension Benefit Information $ 500.00 Service Contracts—death notifications Reading Municipal Light Dept $ 66.00 Admin Expense—Electric MailFinance $ 514.98 Service Contracts—Postage Machine National Grid $ 73.00 Admin Expense—Heat/Gas Neopost $ 400.00 Admin Expense—postage SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following warrant#AP012020A totaling $29,370.00: Pension Technology Group $ 29,250.00 Service Contracts—PTG Town of Reading Police Dept. $ 120.00 Administrative Expense—Parking Pass 6 months SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTION S • A transfer amount of $165,703.38 dated 11/21/19 was received from the Wakefield Retirement Board for Richard Fedele. The Wakefield Retirement System will accept liability for 19 years and 8 months of creditable service. • A transfer amount of$37,005.91 dated 11/21/19 was received from the Methuen Retirement Board for Danielle Collins. The Methuen Retirement Board will accept liability for 2 years and 2 months ofbreditable service. The Middlesex County Retirement Board will accept liability for 2 years and 1 month of creditable service. • A transfer amount of$61.89 dated 11/22/19 was received from the Lawrence Retirement Board for Thomas Ferris, Jr. The Lawrence Retirement Board is not accepting additional service as his account was transferred June 30, 2017. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending November 30, 2019 General Ledger Trial Balance as of November 30, 2019 Cash Receipts, Adjustments, and Disbursements as of November 30, 2019 Bank Reconciliation for the month ending November 30, 2019 Reading Co-op Bank Statement for the month ending November 30,2019 MMDT Bank Statement for the month ending November 30, 2019 • The next regular board meeting is scheduled for Wednesday, January 22, 2020 at 9:30 AM in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED Attorney Michael Sacco Memo— Staff Announcements Attorney Michael Sacco Memo—Treasurer Stipend Attorney Michael Sacco Memo — "Gomes Case" — Plymouth Retirement Board v. Contributory Retirement Appeal Board, Supreme Judicial Court PERAC Memo 425/2019—New Fraud Prevention Poster OLD & NEW BUSINESS • The Board agreed that they will continue with the same process that is in place regarding the Retirement Board warrant approval. • The Board discussed the purchase of a new Folder/Sealer Machine in 2020. • The Retirement Office decided to follow suit with the Town of Reading regarding the office hours on Tuesday 12/31/19(New Year's Eve). OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • CAROL ROBERTS moved to adjourn this open session at 10:45 am: SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS i- � /' // / Chairman Thomas A. Cl gh, 2nd appointed Sharon M. Angstrom, Ex Officio (ABSENT) �„Y e Carol B. Roberts, I"appomted /cam �At David A. Gentile, I"elected a� (�eph J ou n, 2"d elect