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Home My WebLink About2019-10-22 Retirement Board Minutes Fp Town of Reading ? Meeting Minutes Board -t°Committee - Commission - Council: R� Contributory Retirement Board 12: 07 Date: 2019-10-22 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: Sharon Angstrom Carol Roberts David Gentile Joseph Coughlin Members - Not Present: Thomas Clough 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 Tuesday October 22, 2019 The Reading Retirement Board held a regular session meeting on October 22, 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 Co-Chairperson Sharon Angstrom in the presence of members Carol Roberts, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin, Asst Board Administrator Elaine Kelly and Endri Kume, Town Treasurer. Chairman Thomas Clough was unable to attend. SPECIAL ITEM • CAROL ROBERTS moved to table the discussion regarding PERAC's response to the clarification of the role of the custodian of the funds. This special item will be added to the November monthly meeting agenda in an effort to allow all board members to be present. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS Note: Endri Kume left the meeting at 5:05 PM. MINUTES • Minutes from the August 27, 2019 regular session were signed by all board members. • JOSEPH COUGHLIN moved to accept the minutes from the September 24, 2019 regular session. SECONDED BY: DAVID GENTILE VOTED: (3-0-1) ABSTAINED: CAROL ROBERTS • CAROL ROBERTS moved to accept the minutes from October 9, 2019 special session. SECONDED BY: DAVID GENTILE VOTED: (3-0-1) ABSTAINED: JOSEPH COUGHLIN APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the following new members: Shawn Intorcio Resource Planning Date of hire—09/19/19 9% +2% Gr. 1 (RMLD) Engineer Date of membership- 09/19/19 Justin Former Control Room Date of hire— 09/23/19 9% +2% Gr. 4 (RMLD) Operator Date of membership—09/23/19 Samantha Salkin Outreach Date of hire— 10/07/19 9% +2% Or. I (RCASA) Coordinator Date of membership— 10/07/19 Katherine Steir Admin Asst. Date of hire— 10/07/19 9% + 2% Gr. 1 (Police) Date of membership— 10/07/19 Steven Guerrette Custodian Date of hire— 10/11/16 9%+ 2% Or. 1 (School) Date of membership— 10/15/19 (possible make-up) Danielle Collins Nutrition Director Date of hire- 10/16/19 9%+2% Gr. I (School) Date of membership—07/01/15 (transfer from Methuen) Richard Fedele Leader Lineman Date of hire- 10/16/19 9%+2% Gr. 4 (RMLD) Date of membership— 1/31/00 (transfer from Wakefield) SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve the October 2019 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the October 2019 wire transfer from MMDT to Reading Co- op in the amount of$1,054,534.66. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to table the approval of the 2020 Calendar Year Budget to the November monthly board meeting in an effort to allow all board members to be present. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the request from eligible member to purchase prior non- membership service for creditable service: Eileen Barrett Reading Retirement Board 7/1/07-6/23/19 7 years, 5 mths The total principal purchase amount is $37,502.82. Eileen Barrett will purchase this creditable service with a pre-tax rollover check. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • CAROL ROBERTS moved to approve the following warrant#AP 102019A totaling $511.13: Reading Municipal Light Dept $ 88.60 Admin Expense - Electric National Grid $ 22.53 Admin Expense—Heat/Gas NEOFUNDS $ 400.00 Admin Expense- Postage SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following warrant 4AP102019 totaling $1,063,222.92: 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 $ 86,520.45 Federal Tax Deductions Reading Credit Union $ 47,424.83 Credit Union Deductions Oct Retirement Allowances $ 834,201.08 Net Retiree Payroll Town of Reading Treasurer $ 61,978.36 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 11,372.00 Oct Staff Salary/ & Benefits GWT Realty $ 2,977.17 Rent Law Office of Attorney Sacco $ 1,125.00 Legal Expenses Cannon Financial Services $ 168.48 Service Contracts—Copier W.B. Mason Co., Inc. $ 37.97 Admin Expense—supplies Quincy Retirement Board $ 4,751.33 Section 3(8)(c) Reimb for 2018 Brookline Retirement Board $ 103.69 Section 3(8)(c) Reimb for 2018 Fiduciary Investment Advisors $ 8,750.00 Investment Consultant Fees—Quarterly SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTION S • The Board has changed the monthly board meetings from Tuesday to Wednesday at 9:30 AM effective 12/18/19. • The Administrator has been asked to make a retirement presentation to a few members of the Fire Department. Anticipating to schedule for end of October/beginning of November. • A transfer amount of$7,583.11 dated 9/30/19 was received from the Marblehead Retirement Board for Jorge Sanchez. The Marblehead Retirement System will accept liability for 6 months of creditable service and the Haverhill Retirement System will accept liability for 1 year and 7 months of creditable service. • A total of 367 Annual Affidavits were mailed to the retirees on 9/25/19. We have received 311 with 56 remaining. The second notice was mailed 10/17/19. • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly statement & fund performance for period ending September 30, 2019 General Ledger Trial Balance as of September 30, 2019 Cash Receipts, Adjustments, and Disbursements as of September 30, 2019 Bank Reconciliation for the month ending September 30, 2019 Reading Co-op Bank Statement for the month ending September 30, 2019 MMDT Bank Statement for the month ending September 30, 2019 • The next regular board meeting is scheduled for Tuesday, November 26, 2019 at 5:00 pm in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. Anthony Tranghese from Fiduciary Investment Advisors has been invited to attend the November meeting. Anthony will join the meeting via a conference call. MEMORANDUMS & LETTERS RECEIVED PERAC Memo#22/2019—Tobacco Company List PERAC Memo #23/2019— Mandatory Retirement Board Member Training—4" Quarter 2019 O'Leary v. CRAB, Lexington Retirement Board, and PERAC Fiduciary Investment Advisors - Preliminary Flash Report—August 31, 2019 OLD &NEW BUSINESS • Discussion of adding a co-signature to the PRIT transfer forms was tabled to the November monthly board meeting in an effort to allow all board members to be present. • The Board scheduled the monthly board meeting dates for 2020. _ • Town Meeting is scheduled for Tuesday 11/12/19 at 7:00 pm in the High School Auditorium. A - representative from the Reading Retirement Board will do a presentation requesting to raise the COLA base from $12,000 to $14,000. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • CAROL ROBERTS moved to adjourn this open session at 6:15 pm: SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS Chairman Thomas A. Clough, 2"d appointed (ABSENT) 9Jn" M_(L. A4z Sharon M. Angstrom, (E��x OO i�fft�o �'rtk � IJ - Q 0�Jj Carol B. Roberts, 1"appointed David A. Gentile, I"elected Xl F�Q,�� l (rte , � lti�>r � jseph J. o hlm, 2"d e� ted