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Home My WebLink About2020-05-20 Retirement Board Minutes a Town of Reading RECEIVED Meeting Minutes TOWN CLERK RE;;') , . MA. w180% -5 AM I I: 35 Board - committee - commission - council: Contributory Retirement Board Date: 2020-05-20 Time: 9:45 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: Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 783 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday May 20, 2020 The Reading Retirement Board held a regular session meeting on May 20, 2020 remotely in The Conference Room at 2 Haven Street,Unit 307, Reading, Massachusetts. The meeting was called to order at 9:45 A.M. by Chairman Thomas Clough remotely via Zoom with board members Sharon Angstrom, Carol Roberts, David Gentile, Joseph Coughlin and Asst Board Administrator Elaine Kelly. APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to nominate Thomas Clough to serve as the Chairman of the Reading Retirement Board SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-1) ABSTAINED: THOMAS CLOUGH • SHARON ANGSTROM moved to nominate David Gentile to serve as the Vice Chairman of the Reading Retirement Board SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (4-0-1) ABSTAINED: DAVID GENTILE 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. • Minutes from the February 24, 2020 regular session will be signed, at a later date, by all board members,except Thomas Clough and David Gentile who were unable to attend. 1784 = >� • Minutes from the March 25, 2020 regular session will be signed, at a later date, by all board members. • SHARON ANGSTROM moved to accept the minutes from the April 22, 2020 regular session SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to accept the minutes from the May 7, 2020 special session SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new member Alexandra Pizzimenti Firefighter/ Date of hire—04/21/20 9%+ 2% Gr. 4 (Fire) Paramedic Date of membership— 04/21/20 SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (5-0-0) UNANIMOUS 17 85 `- ' • SHARON ANGSTROM moved to approve the following transfer of funds to other system Judith Perkins To New Bedford Ret Board $87,238.37 22 years, 1 month (Human Resources) SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the May 2020 wire transfer from PRIM to MMDT in the amount of$750,000.00 SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENITLE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the May 2020 wire transfer from MMDT to Reading Co- op in the amount of$1,115,969.93 SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (5-0-0)UNANIMOUS 17:86 • SHARON ANGSTROM moved to approve the RFP for actuarial services SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (5-0-0)UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP052020 totaling $1,124,778.00 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 $ 84,910.37 Federal Tax Deductions Reading Credit Union $ 46,431.83 Credit Union Deductions May Retirement Allowances $ 819,548.08 Net Retiree Payroll Town of Reading Treasurer $ 59,100.30 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 17,912.21 May Staff Salary & Benefits GWT Realty $ 3,045.64 Rent Law Office of Attorney Sacco $ 75.00 Legal Expenses Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 63.50 Admin Expense—Electric National Grid $ 30.00 Admin Expense—Heat/Gas Nqw Bedford Retirement System $ 87,238.37 Transfer to Other System-J. Perkins Thomson Reuters $ 164.00 Admin Expense- Chapter 32 Inserts Wakefield Retirement System $ 1,479.88 Section 3(8)(c)Reimbursement for 2019 Quadient Finance USA, Inc. $ 1,000.00 Administrative Expense - Postage SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (5-0-0) UNANIMOUS J787 ! aA INFORMATION/QUESTIONS • A transfer amount of$1,627.36 dated 4/30/20 was received from the Middlesex County Retirement Board for Stephen Bowker, Jr. The Middlesex County Retirement System will accept liability for 3 months +23 days of creditable service. • Loretta Cavagnaro, who worked for the RMLD and retired on June 1, 2010, passed away on May 9, 2020. She chose Option C at her retirement. Her spouse, Robert Cavagnaro, will receive a monthly allowance of$4,006.24, which is 2/3rds of the amount Laurie was receiving at the time of her death. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement: • Boston Retirement Board • State 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 April 30, 2020 Bank Reconciliation for the month ending April 30, 2020 Reading Co-op Bank Statement for the month ending April 30, 2020 MMDT Bank Statement for the month ending April 30, 2020 • The next regular board meeting is scheduled for Wednesday, June 24, 2020 at 9:30 AM in the Conference Room at 2 Haven Street, Unit 307, Reading,MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #22/2020—Delayed FY21 Appropriations OLD & NEW BUSINESS The Board discussed the topic regarding the staffing of the Retirement Office amid the COVID 19 pandemic. The Board feels strongly that safety is first and foremost. Based on that premise, they recommend that the office continue to remain closed to the general public. The Board is looking for input from the Administrators as to whether or not they should continue staffing the office with only one person during a given week. This was the policy put in place by the Board when the Governor's Shelter in Place order became effective. The Administrators will discuss and give their recommendation to the Board. 1788 iA OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT SHARON ANGSTROM moved to adjourn this open session at 10:33 AM: SECONDED BY: DAVID GENTILE ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (5-0-0) UNANIMOUS Chairman Thomas A. Cloug2"d appointed Sharon M. Angstrom, Ex Offid Carol B. Roberts, Isla pointed a�G,,hl,, lted . r lL ( �Af (tip oseph Cc lin,2�� ed