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Home My WebLink About2020-06-24 Retirement Board Minutes F Town of Reading T-,LGE IVED r Meeting Minutes TOWN CLERK ¢ REf,D1NGI FPA. Board - committee - commission - council: 2121 NOV -5 AM 11: 35 Contributory Retirement Board Date: 2020-06-24 Time: 9:35 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 1 1 77 1791y. MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday June 24, 2020 The Reading Retirement Board held a regular session meeting on June 24, 2020 remotely in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:35 A.M. by Chairman Thomas Clough remotely via Zoom with board members Sharon Angstrom, Carol Roberts, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin and Asst Board Administrator Elaine Kelly. MINUTES i • Minutes from the April 22, 2020 regular session will be signed by all board members at a later date. • Minutes from the May 7, 2020 regular session will be signed by all board members at a later date. • SHARON ANGSTROM moved to accept the minutes from the May 20, 2020 regular session. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (5-0-0) UNANIMOUS . • SHARON ANGSTROM moved to accept the minutes from the May 20, 2020 special session. . SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS I ' i7*s 2 APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS,AND REFUNDS SHARON ANGSTROM moved to approve the following retirement application: Kathleen Miksis Librarian 05/22/20 36 yrs, 10 mths Option C (Library) Originally the Board approved her retirement date of 5/21/20 at the March 25, 2020 Board meeting, but member worked on 5/21/20, so her retirement date needed to be changed. SECONDED BY: CAROL ROBERTS 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 request from eligible member to purchase military service for creditable service: Richard Price Army-RA 7/10/90-10/20/94 4 years The total purchase amount is $24,721.01. Richard will make a lump sum payment. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the June 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 DAVID GENTILE Aye , JOSEPH COUGHLIN Aye {f. THOMASCLOUGH Aye VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the June 2020 wire transfer from MMDT to Reading Co- op in the amount of$1,045,120.39. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve The Retirement Administrator be paid out for the carry over vacation time. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (5-0-0)UNANIMOUS ..1794 = a' APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP062020 totaling $1,091,117.97: Commonwealth of Mass. $ 570.65 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,582.88 State Tax Deductions Commonwealth of Mass. $ 1,467.69 Child Support Internal Revenue Service $ 85,599.06 Federal Tax Deductions Reading Credit Union $ 46,581.83 Credit Union Deductions June Retirement Allowances $ 822,567.83 Net Retiree Payroll Town of Reading Treasurer $ 58,935.73 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 11,878.26 June Staff Salary & Benefits GWT Realty $ 3,045.64 Rent Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 93.85 Admin Expense—Electric National Grid $ 22.87 Admin Expense—Heat/Gas Sharecare Health Data Services $ 153.57 Medical Exp—Medical Records D. Savio Sharecare Health Data Services $ 120.03 Medical Exp—Medical Records M. Segalla North Suburban Cardiology Assoc $ 53.50 Medical Exp—Medical Records D. Savio Relyco Sales, Inc. $ 4,146.25 Furniture&Equip—Sealer/Folding Machine Quadient Leasing USA, Inc. $ 514.98 Service Contracts—Postage Machine State Retirement System $ 53,614.87 Section 3-8-c Reimbursement 2019 SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (5-0-0) UNANIMOUS INFORMATION/OUESTIONS • PTG offered an introductory web training to introduce active and retired members to the Employee Self Service (ESS) web portal on June 10, 2020. The Retirement Office will inquire with PTG as to whether PTG will be scheduling another web training for those active members and retirees who were unable to attend. • Discussion of Affidavits for 2020 was tabled for the July 22, 2020 board meeting. The Board - Administrator will seek PERAC's feedback/recommendation regarding the notarizing of the affidavits for 2020, amid the COV ID 19 pandemic. 1795 "1 • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Wakefield Retirement Board • All Section 3(8)(c) Reimbursements have been paid to the Reading 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 May 31, 2020 General Ledger Trial Balance as of Jan 31, 2020,Feb 29, 2020, Mar 31, 2020, Apr 30, 2020, and May 31, 2020. Cash Receipts, Adjustments, and Disbursements as of Jan 31, 2020, Feb 29, 2020, Mar 31,2020, Apr 30, 2020, and May 31, 2020 Bank Reconciliation for the month ending May 31, 2020 Reading Co-op Bank Statement for the month ending May 31, 2020 MMDT Bank Statement for the month ending May 31, 2020 • The next regular board meeting is scheduled for Wednesday, July 22, 2020 at 9:30 AM in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. OLD & NEW BUSINESS • The Retirement Office will remain closed to the general public, amid the COVID 19 pandemic, keeping in line with the Town's protocol. If necessary, the office staff will be available by appointment only. • The Reading Retirement System issued a Request for Proposal for Actuarial Services on June 1, 2020 with a proposal deadline of July 8,2020. Advertising/Notice of RFP was published at least 2 weeks prior to RFP deadline as follows: - Commonwealth's Goods and Services Bulletin—published 6/1/20 - PERAC website—published 5/28/20 - Reading Retirement website—published 5/27/20 Copies of RFP were made available in hard copy (mailed) and an electronic version was available on Reading Retirement Board website. Electronic version was emailed to Herbert Afful, Associate at Segal. Email was sent 5/28/20 to the current actuary (Linda Bournival at KMS Actuaries) letting her know that the RFP was posted online. Electronic version was emailed 6/1/20 to Linda Boumival and Gerald Collins at KMS Actuaries. Electronic version was emailed 6/1/20 to Colin Edgar at Stone Consulting. Electronic version was emailed 6/1/20 to Bryan Falato, Senior Consultant at Aon. Electronic version was emailed 6/2/20 to Amy Morris,Marketing Associate at Hooker& Holcombe. Electronic version was emailed 6/2/20 to George Omondi, CEO of Lepton Actuarial & Consulting. Electronic version was emailed 6/22/20 to Christine O'Neal, Senior Consulting Actuary at TheBenefitPractice. ; 1796 OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 10:19 AM: SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS Chairman Thomas A. Clough, 2"" appointed Sharon M.M. Angstrom, Ex Officio Carol B. Roberts, I"appointed D id A. Gentil , I"elected seph J Co ghlin, 2111i lected