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Home My WebLink About2020-08-26 Retirement Board Minutes A Town of Reading E C E 1 N ' u Meeting Minutes T MAIN CLERK .; A. 2 i PM 3:R4- Board - Committee - Commission - Council: Contributory Retirement Board Date: 2020-08-26 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 Carol Roberts David Gentile Joseph Coughlin Members - Not Present: Sharon Angstrom Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By;. Elaine Kelly Topics of Discussion: Page 1 1 I-802 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday August 26, 2020 The Reading Retirement Board held a regular session meeting on August 26, 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 Carol Roberts, David Gentile, Joseph Coughlin, Board Administrator Colleen Loughlin and Asst Board Administrator Elaine Kelly. Sharon Angstrom was unable to attend. MINUTES • Minutes from the June 24,2020 regular session will be signed by all board members at a later date. • CAROL ROBERTS moved to accept the minutes from the July 22, 2020 regular session. SECONDED BY: DAVID GENTILE ROLL CALL VOTE: CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMASCLOUGH Aye VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS.TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the following new member: Melissa Seldon Librarian Date of hire—08/03/20 9%+ 2% Gr. I (Library) Date of membership—08/03/20 SECONDED BY: DAVID GENTILE ROLL CALL VOTE: CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS f APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve the August 2020 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: DAVID GENTILE ROLL CALL VOTE: CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS • CAROL ROBERTS moved to approve the August 2020 wire transfer from MMDT to Reading Co- op in the amount of$741,364.86. SECONDED BY: DAVID GENTILE ROLL CALL VOTE: CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS • DAVID GENTILE moved to approve sending a letter from the Board to the Treasurer instructing him to move 4.5MM from MMDT to PRIM as soon as reasonably possible. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS 1804 0 APPROVAL OF INVOICES TO BE PAID CAROL ROBERTS moved to approve the following warrant#AP082020 totaling $1,039,297.59: 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 $ 86,031.32 Federal Tax Deductions Reading Credit Union $ 46,761.00 Credit Union Deductions Aug Retirement Allowances $ 827,754.87 Net Retiree Payroll Town of Reading Treasurer $ 59,439.48 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 11,878.26 Aug Staff Salary & Benefits GWT Realty $ 3,045.64 Rent Law Office of Michael Sacco $ 451.60 Legal Expense- Mise Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 114.95 Admin Expense—Electric National Grid $ 24.27 Admin Expense—Heat/Gas Psychological Care Associates $ 6.50 Medical Records—M. Segalla SECONDED BY: DAVID GENTILE ROLL CALL VOTE: CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS . Discussion 6f purchasing a new conference table was had. The Board has agreed that the Retirement Office needs to purchase a new conference table. The Administrator will start the process. . Discussion of upcoming evidentiary hearings. IT can set up a computer with webcam in the retirement conference room to allow board members to participate remotely but also be included in the hearings for disabilities. Attorney Sacco, member, member's attorney, and retirement staff would be in the office. . The Board has unanimously agreed to require an `in person' Medical Panel appointment for those members submitting a Disability Retirement Application, rather than a teleconference appointment. . The Board has agreed to hold off on sending out the Annual Affidavits until the State of Emergency Order is lifted. It will be decided at that time whether or not the notarization of the affidavits will be required. The Retirement Office will notify the retirees in September's payroll. • Robert Flynn, who worked for the Police Department and retired on January 13, 2007, passed away on July 22, 2020. He chose Option C at his retirement. His spouse, Pamela Flynn, will receive a monthly allowance of$2,677.45, which is 2/3rds of the amount Robert was receiving at the time of his death. • James Blomley Jr, who worked for the RMLD and retired on February 10, 2005, passed away on July 28, 2020. He chose Option A at his retirement. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2020 General Ledger Trial Balance as of July 31, 2020 Cash Receipts, Adjustments, and Disbursements as of July 31, 2020 Bank Reconciliation for the month ending July 31, 2020 Reading Co-op Bank Statement for the month ending July 31, 2020 MMDT Bank Statement for the month ending July 31, 2020 • The next regular board meeting is scheduled for Wednesday, September 23, 2020 at 9130 AM, remote participation, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Investment Report—2019 Email dated July 29, 2020 from Attorney Michael Sacco regarding the 2019 Investment Returns 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 10:21 AM: SECONDED BY: DAVID GENTILE ROLL CALL VOTE: CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS 1.8 0 6 Chairman Thomas A. Clo gh 2"d appointed Sharon'M.-Angstrom,Ex Officio (ABSENT) �C . Robe s, 1"appointed Da avidA. G ntile, I`elected eph Jj Co lin, 2nd elgted