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Home My WebLink About2020-01-22 Retirement Board Minutes Town of Reading _ RNCtiVE j Meeting Minutes cA-AC C [RF Ri ^!6, MA. Board - Committee - Commission - Council: 1,X21 NOY D P. i�5 Contributory Retirement Board Date: 2020-01-22 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: Sharon Angstrom Carol Roberts David Gentile Joseph Coughlin Members - Not Present: Thomas Clough Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I I 1754 � z MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday January 22, 2020 The Reading Retirement Board held a regular session meeting on January 22, 2020 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:30 A.M. by Sharon Angstrom in the presence of members Carol Roberts, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin and Asst Board Administrator Elaine Kelly. Thomas Clough was unable to attend. MINUTES • Minutes from the November 26, 2019 regular session were signed by all board members, except David Gentile who was unable to attend. • CAROL ROBERTS moved to accept the minutes from the December 18, 2019 regular session. SECONDED BY: DAVID GENTILE VOTED: (3-0-1) ABSTAINED: SHARON ANGSTROM APPROVAL OF NEW MEMBERS RETIREMENTS. TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the following new members: Timothy Scouten Laborer Date of hire— 12/30/19 9%+ 2% Gr. I (DPW-Highway) Date of membership— 12/30/19 Janet Walsh Human Resources Date of hire-9/26/19 9% +2% Gr. I (RMLD) . Director Date of membership- 12/23/19 (Reinstatement) SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following retirement applications: William Keenan Custodian 02/12/20 37 yrs, 7 mths Option C (School) Glenn D'Agata Equipment Operator 04/02/20 12 yrs, 0 mths Option C (DPW) SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS 1765 ' CAROL ROBERTS moved to approve the final calculation for the following retirements approved by PERAC: John Falkenstrom School 09/21/19 10 yrs, 0 mths Option C (Superannuation) Yearly: $ 7,543.80 Monthly: $ 628.65 Paula Santarpio School 10/05/19 12 yrs, 0 mths Option B (Superannuation) Yearly: $ 16,095.36 Monthly: $ 1,341.28 SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve the January 2020 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 January 2020 wire transfer from MMDT to Reading Co- op in the amount of$868,869.16. SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID CAROL ROBERTS moved to approve the following warrant#AP012020 totaling$1,061,126.31: Commonwealth of Mass. $ 559.77 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,687.88 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 85,407.61 Federal Tax Deductions Reading Credit Union $ 46,874.83 Credit Union Deductions Jan Retirement Allowances $ 829,682.06 Net Retiree Payroll Town of Reading Treasurer $ 61,065.72 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 11,739.88 Jan Staff Salary & Benefits GWT Realty $ 2,927.40 Rent Law Office of Attorney Sacco $ 581.00 Legal Expenses 17*5 6 Canon Financial Services $ 168.48 Service Contracts— Copier Reading Municipal Light Dept $ 70.91 Admin Expense—Electric National Grid $ 68.40 Admin Expense—Heat/Gas Neopost $ 400.00 Admin Expense—postage Fred Pryor Seminars $ 398.00 Education & Training MACRS $ 600.00 Dues & Publication (2020 Annual Dues) Winthrop Retirement System $ 3,355.53 Section 3(8)(c) Reimb for 2019 Andover Retirement System $ 4,773.13 Section 3(8)(c) Reimb for 2019 Lawrence Retirement System $ 8,473.55 Section 3(8)(c)Reimb for 2019 Somerville Retirement System $ 799.47 Section 3(8)(c) Reimb for 2019 Quadrant Health Strategies $ 25.00 Medical Records—P. Dudley SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • Discussion regarding a potential make-up for a member that can't provide payroll records. The Methuen Retirement System was able to provide documentation of his W-2 amount. In this case,the member was a seasonal employee,therefore, The Reading Retirement System will not accept liability. • A COLA reimbursement of$62,100.08 from the State for the period 7/1/19-12/31/19 was received on 12/24/19. • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY21 is $7,886,618. • A transfer amount of$40,041.09 dated 12/31/19 was received from the Stoneham Retirement Board for Julie MacDonald. The Stoneham Retirement System will accept liability for 10 years and 11 months of creditable service. • A transfer amount of $117,180.54 dated 12/31/19 was received from the Winchester Retirement Board for Christopher Nelson. The Winchester Retirement System will accept liability for 18 years and 1 month of creditable service. • John Bilieki, who worked for the Police Dept. and retired on April 3, 1976, passed away on January 9, 2020. He retired on an Accidental Disability. He chose Option A at his retirement. • Maureen Zaya, who worked for the School Dept. and retired on July 24, 2015, passed away on January 9, 2020. She chose Option A at her retirement. • Nomination papers were submitted by Endri Kume. • Nomination papers were submitted by David Gentile. 1757 ) . Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement &fund performance for period ending December 31,2019 General Ledger Trial Balance as of December 31, 2019 Cash Receipts,Adjustments, and Disbursements as of December 31, 2019 Bank Reconciliation for the month ending December 31, 2019 Reading Co-op Bank Statement for the month ending December 31, 2019 MMDT Bank Statement for the month ending December 31, 2019 . The next regular board meeting is scheduled for Wednesday, February 19, 2020 at 9:30 AM in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo#26/2019—2019 Disability Data PRIM Annual CAFR Report Fiduciary Investment Advisors Flash Report—November 30, 2019 PERAC Memo#1/2020—Tobacco Company List PERAC Memo #2/2020—2018 Comparative Analysis Fee Report PERAC Memo 43/2020—Mandatory Retirement Board Member Training— 1" Quarter 2020 PERAC Memo#4/2020—Investment Consultant RFPS PERAC Memo #5/2020—2020 Limits under Chapter 46 of the Acts of 2002 PERAC Memo#6/2020—2020 Limits under Section 23 of Chapter 131 of the Acts of 2010 PERAC Memo #7/2020—COLA Notice PERAC Memo #8/2020—Actuarial Data PERAC Memo 99/2020—Buyback and Make-up Repayment Worksheets Statement of Financial Interests for Calendar Year 2019 Worksheet/Instructions for Fill-In Form 1 ,758 OLD & NEW BUSINESS • Conference call with Anthony Tranghesc from Fiduciary Investment Advisors to discuss the merge was tabled to the February 19, 2020 monthly meeting. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • CAROL ROBERTS moved to adjourn this open session at 9:50 am: SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS Chairman Thomas A. Clough, 2nd appointed(ABSENT) Sharon M. Angstrom,Ex Officio nn Carol B. Roberts, I"appointed " 'J L favid A. Gentile, 1"elected (,Iosep ighlin, 2 ' lected