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HomeMy WebLinkAbout2020-03-25 Retirement Board Minutes F 0!', Town of Reading kcCaIVc .' = Meeting Minutes TOWN C0LERK � RcA ' G, "All�B�a'I140P Board - Committee - Commission - Council: as NDY -5 AM 11: 35 Contributory Retirement Board Date: 2020-03-25 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 Sharon Angstrom Carol Roberts David Gentile Joseph Coughlin Members - Not Present: Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 1765 = > MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday March 25, 2020 The Reading Retirement Board held a regular session meeting on March 25, 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 Chairman Thomas Clough via telephone conference call with board members Sharon Angstrom, David Gentile, Carol Roberts, Joseph Coughlin, Board Administrator Colleen Loughlin, and Asst Board Administrator Elaine Kelly. MINUTES • Minutes from the January 22, 2020 regular session will be signed at a later date by all board members, except Thomas Clough who was unable to attend. • SHARON ANGSTROM moved to accept the minutes from the February 24, 2020 regular session. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Abstained THOMAS CLOUGH Abstained VOTED: (3-0-2) ABSTAINED: THOMAS CLOUGH AND DAVID GENTILE APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Edward Mathews Substation Tech Date of hire—03/09/20 9%+2"/o Gr. 4 (RMLD) Date of membership—03/09/20 Vito Laurenzo Laborer Date of hire-03/09/20 9%+2% Gr. 1 (DPW) Date of membership—03/09/20 SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye ` THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS 1-766 = � • SHARON ANGSTROM moved to approve the following retirement applications: Carmen O'Rourke Secretary 06/30/20 27 yrs, 5 mths Option B (School) Kathleen Miksis Librarian 05/21/20 36 yrs, 10 mths Option C (Library) Illeana Napoli Secretary 04/25/20 21 yrs, 7 mths Option A (School) SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Matthew Brown To Essex Regional Ret Board $151,116.68 15 years, 3 months (RMLD) SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye . DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the revised final calculation due to retro pay for the following retirement approved by PERAC: James Green RMLD 06/11/19 33 yrs, 4 mths Option C (Superannuation) Yearly: $82,175.76 Monthly: $ 6,847.98 Scott Hanson RMLD 02/09/19 32 yrs, 7 mths Option C (Superannuation) Yearly: $73,353.96 - Monthly: $ 6,112.83 1767 7 > SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve that the Board vote on a COLA increase for FY2021 at the April 22, 2020 regular board meeting. This begins on July 1, 2020 and ends lune 30, 2021, which is reflected in the January 1, 2019 actuarial valuation. It is limited to a maximum amount of 3%of$14,000. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to TABLE for next month's agenda to review, approve, and sign the Annual Statement for PERAC for calendar year ended December 31, 2019. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to accept Paul Dudley's "Application for Accidental Disability Retirement"and move forward with an evidentiary hearing to be determined at a later date, 1768 ' > SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMASCLOUGH Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the March 2020 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the March 2020 wire transfer from MMDT to Reading Co-op in the amount of$1,241,573.50. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN , Aye . DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant 4AP032020 totaling $1,384,338.20: Commonwealth of Mass. $ 559.77 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,582.88 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 85,566.14 Federal Tax Deductions Reading Credit Union $ 47,086.83 Credit Union Deductions 1769 ' > Mar Retirement Allowances $ 824,472.58 Net Retiree Payroll Town of Reading Treasurer $ 59,634.52 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 11,739.90 Mar Staff Salary & Benefits GWT Realty $ 3,045.64 Rent Law Office of Attorney Sacco $ 1,942.00 Legal Expenses Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 71.23 Admin Expense—Electric National Grid $ 50.90 Admin Expense—Heat/Gas Quadient Finance USA, Inc. $ 1,600.00 Admin Expense—postage Quadient Leasing, USA, Inc. $ 514.98 Service Contracts—Postage Machine Middlesex County Ret System $ 33,220.66 Section 3(8)(c) Reimb for 2019 Mass Teachers Retirement System $ 105,837.27 Section 3(8)(c) Reimb for 2019 Stoneham Retirement System $ 10,862.66 Section 3(8)(c) Reimb for 2019 Woburn Retirement System $ 4,485.20 Section 3(8)(c) Reimb for 2019 Barnstable Retirement System $ 2,083.28 Section 3(8)(c) Reimb for 2019 Saugus Retirement System $ 4,664.40 Section 3(8)(c) Reimb for 2019 Boston Retirement System $ 31,866.07 Section 3(8)(c) Reimb for 2019 Town of Reading Treasurer $ 191.45 Admin Expense- Election Box W.B. Mason Co., Inc. $ 343.71 Admin Expense—Supplies Flyers Unlimited $ 147.00 Admin Expense—Env for Election Ballots Essex Regional Retirement System $ 151,116.68 Transfer to Other System —M. Brown William Keenan $ 14.65 Refund to Member—Erroneous Ded Internal Revenue Service $ 1.63 10% Federal Taxes—W. Keenan SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS INFORMATIONQUESTIONS • An election was held on March 19, 2020 for the first member of the Reading Retirement Board. The official results are as follows: David Gentile 249 votes Frain Kume 67 votes 1770 , David Gentile will continue as the first elected member for another term, which will run April 1, 2020 to March 31, 2023. The staff will collect election policies from other retirement systems in order to provide ideas for this Board to develop an election policy. The Board discussed Endri Know's campaign letter and the majority of the Board were not pleased with his election propaganda. • On March 3, 2020 Endri Kume, Town Treasurer, donated a stamp with the Retirement Board address to the Retirement System. • On February 20, 2020, PERAC notified this board that David T. Ballou was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job. • A transfer amount of$28,461.47 dated 2/27/20 was received from the Minuteman Regional School District Retirement Board for Jaeulen Maglio. The Minuteman Regional School District Retirement System will accept liability for 5 years and 9 months of creditable service. • Loraine Loomis, Option D beneficiary of Roger Loomis,passed away on February 19, 2020. • Mary Cail, Accidental Death beneficiary of Philip Cail,passed away on March 6, 2020. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Arlington Retirement System - Peabody Retirement System - Woburn Retirement System - Middlesex County Retirement System - Danvers Retirement System - Winchester Retirement System - Cambridge Retirement System • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement&fund performance for period ending February 29, 2020 Bank Reconciliation for the month ending February 29, 2020 Reading Co-op Bank Statement for the month ending February 29, 2020 MMDT Bank Statement for the month ending February 29, 2020 • The next regular board meeting is scheduled for Wednesday, April 22, 2020 at 9:30 AM in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo#13/2020—Updated forms on the PERAC Website 1771 �. PERAC Memo #14/2020 — Required minimum Distribution: Still Age 70'h For This Year's Notifications PERAC Memo #15/2020- Coronavirus: Contingency Planning PERAC Memo #16/2020—Coronavirus Update PERAC Memo 917/2020- Coronavirus Impact OLD & NEW BUSINESS • The Board discussed PERAC's response regarding the Custodian of Funds Chapter 32 functions. Sharon Angstrom requested a member from The Department of Revenue to speak with John Parsons, Executive Director at PERAC, but has not heard back. All agreed that the Board should follow PERAC's guidance. DAVID GENTILE moved to advise the Treasurer to transfer funds from MMDT to PRIT leaving a balance of$3MM in the MMDT account. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS • The $oard discussed virus precautions for the office staff during the current health issue. DAVID GENTILE moved to stop public access to the Retirement Office and will review situation at the next board meeting. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS 1772 - , SHARON ANGSTROM moved to have one (1) person in the office following the Governors' orders until April 7, 2020. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 DRS IN ADVANCE OF MEETING ADJOURNMENT CAROL ROBERTS moved to adjourn this open session at 11:15 AM: SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS .��2 � Chairman Thomas A. CI gh, 2"d appointed .. Sharon M. Angstrom, Ex Offici� Carol B. Roberts, I" appointed David A. Gentile, I"elected 6yosephd. CWughtin, 2" elected