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Home My WebLink About2020-07-22 Retirement Board Minutes Town of Reading i�t C E I V E u Meeting Minutes TOWN CLERK Board - committee - commission - council: 921 Nu`v -5 AM H: 35 Contributory Retirement Board Date: 2020-07-22 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: 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 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday July 22, 2020 The Reading Retirement Board held a regular session meeting on July 22, 2020 remotely 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 remotely via Zoom with board members Sharon Angstrom, Carol Roberts, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin and Asst Board Administrator Elaine Kelly. SPECIAL ITEM • SHARON ANGSTROM moved to award the Actuarial contract to KMS Actuaries, LLC. 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 MINUTES • Minutes from the May 20, 2020 regular session will be signed by all board members at a later date. • Minutes from the May 20, 2020 special session will be signed by all board members at a later date. • SHARON ANGSTROM moved to accept the minutes from the June 24, 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 1798 - � APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following retirement application: Mark Uvanni Manager of Info 06/30/20 22 yrs, 3 mths Option C (RMLD) Technology 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 the July 2020 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: CAROL ROBERTS ROLL CALI.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 July 2020 wire transfer from MMDT to Reading Co- op in the amount of$948,812.08. 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 - 1799 ' J' APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant 4AP072020 totaling $1,060,799.02: 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 $ 86,697.05 Federal Tax Deductions Reading Credit Union $ 46,983.83 Credit Union Deductions July Retirement Allowances $ 836,390.76 Net Retiree Payroll Town of Reading Treasurer $ 59,404.02 Hhh, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 13,965.53 July Staff Salary& Benefits GWT Realty $ 3,045.64 Rent Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 110.56 Admin Expense—Electric National Grid $ 27.73 Admin Expense—Heat/Gas Fiduciary Investment Advisors $ 8,750.00 Investment Consultant Fees MIIA Property & Casualty Group $ 1,169.00 Admin Expense—Property &Casualty Ins. W.B. Mason Co., Inc. $ 34.99 Admin Expense—supplies Hallmark Health System $ 50.21 Medical Expense—D. Savio Commonwealth Print Services $ 380.00 Admin Expense—Retirement Guides 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 INFORMATION/OUESTIONS • A COLA reimbursement of$71,797.32 from the State for the period 1/1/20-6/30/20 was received on 6/26/20. • A transfer amount of$38,481.66 dated 6/30/20 was received from the Middlesex County Retirement Board for Sean Donahue. The Middlesex County Retirement System transferred 7 years of creditable service. (Lowell —2 years 11 months; Reading— 3 years 8 months; Middlesex—5 months + 12 days). '. 1800 - , • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY21 is $7,603,181. The Board requested to reduce the FY21 appropriation from the amount shown in the funding schedule approved on December 11, 2019. • Barbara Adams, who worked for the Police Dept. and retired on May 5, 1989, passed away on June 22, 2020. She chose Option A at her retirement. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2020 General Ledger Trial Balance as of June 30, 2020 Cash Receipts, Adjustments, and Disbursements as of June 30, 2020 Bank Reconciliation for the month ending June 30, 2020 Reading Co-op Bank Statement for the month ending June 30,2020 MMDT Bank Statement for the month ending June 30, 2020 • The next regular board meeting is scheduled for Wednesday, August 26, 2020 at 9:30 AM in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo 423/2020 - Tobacco Company List PERAC Memo #24/2020 — PROSPER Security Update — PERAC's IT department recently ran a simulated phishing security test to determine what the PROSPER application vulnerability would be if a real phishing attack were to happen to all users. You may have received an email from "Employee Appreciation PERAC perks starbuckscommunityrewmds com" with a subject "Thank you from PERAC." 10% of PROSPER users fell for this attack. Fiduciary Investment Advisors—Preliminary Flash Report—May 31, 2020 . PERAC Memo#25/2020—Mandatory Retirement Board Member Training—3rd Quarter 2020 PERAC Memo #26/2020—Reinstatement to Service under G.L. c. 32 105 PERAC Pension News—No. 55 OLD & NEW BUSINESS • Discussion of Affidavits for 2020 was tabled for the July 22, 2020 board meeting. The Retirement Office reached out to PERAC for their recommendation as to whether we should mail out the affidavits this year w/no requirement to be notarized or to postpone until 2021, in an effort to have the affidavits notarized at that time. _ i 1801 yi PERAC suggests that Boards delay sending the affidavits out until after the State of Emergency has ended. This may be this fall or it may mean waiting until 2021. The Board will follow PERAC's recommendation in delaying the mailing of the affidavits until the State of Emergency has ended and will re-address this issue at the September board meeting. • Discussion regarding the Bereavement Policy, as stated in the Employee Handbook. Carol Roberts will review the Employee Handbook to help clarify the misinterpretation of the 5 bereavement days given for family members. Given the current circumstances of the COVID pandemic, the Board will approve both the Administrator and Asst Administrator to take their allotted bereavement days at their discretion. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 10:57 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) UN—ANIIMOUS Chairman -.u'm�I/A�'/-Alouigh, 2nd appointed Sharon M. Angstrom, Ex Offi C, k t� kyr I B. Robert's, I"appointed avid A. Gentile, 1"elected A �Ev_ �M .Wseph .. Co hlin, 2nd e cted