The URL can be used to link to this page

Home My WebLink About2020-02-24 Retirement Board Minutes A Town of Reading KECE1VE: D Meeting Minutes R 0VIN CLERK MiA. ek- JJ0.U.[p0. 1121kii''i -5 AMIE: 35 Board - Committee - Commission - Council: Contributory Retirement Board Date: 2020-02-24 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 Joseph Coughlin Members - Not Present: Thomas Clough David Gentile Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1759 MINUTES OF THE READING RETIREMENT BOARD MEETING Monday February 24, 2020 The Reading Retirement Board held a regular session meeting on February 24, 2020 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 10:00 A.M. by Sharon Angstrom in the presence of members Carol Roberts, Joseph Coughlin, Board Administrator Colleen Loughlin and Asst Board Administrator Elaine Kelly. Thomas Clough and David Gentile were unable to attend. SPECIAL ITEM • CAROL ROBERTS moved to accept the assignment of the current Fiduciary Investment Advisors account to ajoint venture between FIA and DiMeo Schneider& Associates, L.L.C. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS MINUTES • Minutes from the December 18, 2019 regular session were signed by all board members, except Sharon Angstrom who was unable to attend. • CAROL ROBERTS moved to accept the minutes from the January 22,2020 regular session. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS,AND REFUNDS • CAROL ROBERTS moved to approve the following new members: Brian Catanzano Patrol Officer Date of hire-01/13/20 9% +2% Gr. 4 (Police) Date of membership—01/13/20 Maria Naeopoulos Patrol Officer Date of hire—01/13/20 9%+2% Gr. 4 (Police) Date of membership—01/13/20 Shawn Flanagan Laborer Date of hire—01/20/20 9%+2% Gr. 1 (DPW) Date of membership—01/20/20 Stephen Bowker Tree Climber II Date of hire—02/17/20 9%+ 2% Gr. 1 (DPW) Date of membership-02/17/20 Transfer from Middlesex 17'6 0 ; Angela Bennett Accounting Date of hire— 2/24/20 9%+ 2% Gr. 1 (School) Assistant Date of membership—2/24/20 SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following transfer of funds to other systems: Matthew Berger To Norfolk County Ret Board $72,140.82 12 years, 11 months (Fire) Jane Bums To Andover Retirement Board $11,049.22 1 year, 6 months (Elder Services) Danny Ruiz To Middlesex County Ret Bd $ 6,144.53 1 year, 11 months (Fire) SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following refund of accumulated deductions: Craig Smith Terminated 06/07/19 9 months (School) Total deductions & interest $ 4,445.54 Less 20%Federal Taxes $ 0.00 Net Refund (Rollover) $4,445.54 Timothy Morelli Terminated 09/20/19 8 years, 3 months (DPW) Total deductions & interest $34,370.24 Less 20% Federal Taxes $ 0.00 Net Refund (Rollover) $34,370.24 Kristen Grover Terminated 06/27/19 1 year, 10 months (Public Svcs) Total deductions & interest $10,499.26 Less 20%Federal Taxes $ 2,099.85 Net Refund (Cash) $ 8,399.41 SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS 7761 : >+ APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve the Administrator's request to carry over 8.75 vacation hours in addition to the allowable 2 weeks from 2019. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS e • CAROL ROBERTS moved to approve the February 2020 wire transfer from PRIM to MMDT in t(fg amount of$750,000.00. 1 SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the February 2020 wire transfer from MMDT to Reading Co- op in the amount of$1,144,283.87. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • CAROL ROBERTS moved to approve the following warrant#AP022020 totaling$1,271,821.20: 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 $ 85,147.78 Federal Tax Deductions Reading Credit Union $ 46,874.83 Credit Union Deductions Feb Retirement Allowances, 31824,025.05 Net Retiree Payroll Town of Reading Treasurer $ 59,741.33 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 11,786.02 Feb Staff Salary & Benefits GWT Realty $ 3,095.41 Rent Law Office of Attorney Sacco $ 100.00 Legal Expenses Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 69.65 Admin Expense—Electric National Grid $ 73.28 Admin Expense—Heat/Gas Neopost $ 800.00 Admin Expense—postage Brookline Retirement System $ 103.69 Section 3(8)(c) Reimb for 2019 Malden Retirement System $ 3,140.34 Section 3(8)(c) Reimb for 2019 Braintree Retirement System $ 7,510.16 Section 3(8)(c) Reimb for 2019 Peabody Retirement System $ 5,154.71 Section 3(8)(c) Reimb for 2019 Winchester Retirement System $ 22,772.50 Section 3(8)(c) Reimb for 2019 Cambridge Retirement System $ 27,237.46 Section 3(8)(c) Reimb for 2019 Wellesley Retirement System $ 2,497.34 Section 3(8)(c) Reimb for 2019 1762 , 1, Lexington Retirement System $ 6,483.78 Section 3(8)(c) Reimb for 2019 W.B. Mason Co., Inc. $ 208.90 Admin Expense—Supplies Norfolk County Retirement System $ 72,140.82 Transfer to Other Systems-M. Berger Andover Retirement System $ 11,049.22 Transfer to Other Systems—1. Bums Town of Reading $ 141.00 Admin Exp—Direct Dep Forms& Checks Sharecare Health Data Services $ 59.40 Medical Expense—P. Dudley Worcester County Retirement Syst $ 409.50 Section 3(8)(c) Reimb for 2019 Melrose Retirement System $ 13,552.67 Section 3(8)(c) Reimb for 2019 Arlington Retirement System $ 2,582.29 Section 3(8)(c) Reimb for 2019 Middlesex County Retirement Bd $ 6,144.53 Transfer To Other System-D. Ruiz Amity Insurance Agency, Inc. $ 5,607.00 Fiduciary Insurance Kristen Grover $ 8,399.41 Refund to Member- Cash Internal Revenue Service $ 2,099.85 Refund to Member— Federal Taxes FMTC(FBO Craig Smith) $ 4,445.54 Refund to Member—Rollover C. Smith Bank of America(FBO T. Morelli) $ 34,370.24 Refund to Member—T. Morelli Leonardo Physical Therapy $ 25.00 Medical Records—P. Dudley Colleen Loughlin, Petty Cash $ 88.68 Admin Expense - postage SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS INFORMATION/QUESTIONS • The Board briefly discussed implementing an election policy. The Board agreed to have the Assistant Administrator, as the Election Officer, gather information from surrounding towns regarding their election policy. It was tabled to the March 25, 2020 Board meeting. • George Cress, who worked for the Reading Fire Dept. and retired on February 10, 1978, passed away on January 20, 2020. He retired on an Accidental Disability. He chose Option B at his retirement but there are no remaining funds.. • Joseph Boyan, who worked for the RMLD and retired on February 2, 2002, passed away on January 29, 2020. He chose Option A at his retirement. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Mass Teachers' Retirement Board - Newton Retirement Board - Fall River Retirement Board - Lawrence Retirement Board - Natick Retirement Board - Gloucester Retirement Board - Stoneham Retirement Board - Taunton Retirement Board - - Concord Retirement Board 1763 '- > Everett Retirement Board - Medford Retirement Board - Somerville Retirement Board Salem Retirement Board Beverly Retirement Board Worcester Retirement Board Saugus Retirement Board • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement& fund performance for period ending January 31, 2020 Bank Reconciliation for the month ending January 31, 2020 Reading Co-op Bank Statement for the month ending January 31, 2020 MMDT Bank Statement for the month ending January 31, 2020 • The next regular board meeting is scheduled for Wednesday, March 25, 2020 at 9:30 AM in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #10/2020-2020 Interest Rate set at 0.1% PERAC Memo #11/2020—Payment Required for Service Credited under G.L. c. 32,4(2)(b) PERAC Pension News #54—February 2020 PERAC Memo #12/2020—IRS Determination Letters for Fill-In Form OLD & NEW BUSINESS 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: (3-0-0) UNANIMOUS 1764 = > Chairman Thomas A. Clough, 2°d appointed (ABSENT) Sharon M. Angstrom, Ex icio Carol B. Roberts, 1st appointed David A. Gentile, 191 elected (ABSENT) o phJ.PougMin, 2"d e cted L e