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Home My WebLink About2020-12-16 Retirement Board Minutes REyO Town of Reading r EC lV=D Meeting Minutes T WN CLERK o' , REr" D; ING, MA. Wo 9 H21 APR -1 PM 12142 Board - committee - commission - council: contributory Retirement Board Date: 2020-12-16 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: Sharon Angstrom Carol Roberts David Gentile Joseph Coughlin Members - Not Present: Thomas Clough Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Anthony Tranghese-Dimeo Schneider Assoc. John Halsey Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 1827 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday December 16, 2020 The Reading Retirement Board held a regular session meeting on December 16, 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 Vice Chairman David Gentile remotely via Zoom with board members Sharon Angstrom, Carol Roberts, Joseph Coughlin, Board Administrator Colleen Loughlin, Asst Board Administrator Elaine Kelly, Anthony Tranghese of Dimeo Schneider Associates and John Halsey. Chairman Thomas Clough was unable to attend. SPECIAL ITEM Anthony Tranghese from DiMeo Schneider Associates attended, via Zoom, to give the Board a Private Equity review regarding the PRIT VY 2021 Fund. SHARON ANGSTROM moved to commit$3 million to the PRIT Vintage Year 2021 portfolio. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS MINUTES • Minutes from the October 21, 2020 regular session will be signed by all board members at a later date. SHARON ANGSTROM moved to accept the minutes from the November 25, 2020 regular session. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS 1828 APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS SHARON ANGSTROM moved to approve the following new members: Vanessa Kraft Executive Date of hire— 11/23/20 9%+ 2% Gr. I (School-Student Svcs.) Secretary Date of membership— 11/23/20 Keay Meisinger HR Director Date of hire— 12/7/20 9%+2% Or. I (School) Date of membership— 12/7/20 Transfer from State SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS SHARON ANGSTROM moved to approve the following retirement applications: Frederic MacKinnon Equipment 01/02/21 35 yrs, 3 mths Option A (DPW-Sewer) Operator Linda Engelson Admin Asst 01/26/21 24 yrs, 7 mths Option C (School) Mark Dwyer Captain 03/31/21 32 yrs, 7 mths Option C (Fire) SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0) UNANIMOUS I J t 1829 SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Zachary Borton Resigned 04/17/20 9 months (RMLD) Total deductions &interest $7,273.48 Less 20%Federal Taxes $--o 00 Net Refund(Rollover) $7,273.48 SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0)UNANIMOUS SHARON ANGSTROM moved to approve the following transfer of funds to other system: Mark Dupell To Middlesex County Ret Board $15,799.86 1 year, 8 months (Public Svcs.) SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0)UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to deny Johanna Roman's "Application for Accidental Disability Retirement." SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN No VOTED: (3-1-0) _ j 1830 a SHARON ANGSTROM moved to approve a 2% Step increase and a 1.5% COLA increase for the Board Administrator and Assistant Board Administrator for calendar year 2021. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0)UNANIMOUS SHARON ANGSTROM moved to approve the December 2020 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the December 2020 wire transfer from MMDT to Reading Co-op in the amount of$1,085,452.59. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0)UNANIMOUS J 1631 APPROVAL OF INVOICES TO BE PAID SHARON ANGSTROM moved to approve the following warrant 4AP122020 totaling$1,087,178.45: Commonwealth of Mass. $ 570.65 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,582.88 State Tax Deductions Internal Revenue Service $ 86,227.13 Federal Tax Deductions Reading Credit Union $ 46,411.00 Credit Union Deductions Dec Retirement Allowances $ 834,286.89 Net Retiree Payroll Town of Reading Treasurer $ 61,929.04 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 11,693.78 Dec Staff Salary &Benefits GWT Realty $ 3,045.64 Rent Law Office of Michael Sacco $ 5,435.00 Legal Expense-Misc Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 66.31 Admin Expense—Electric National Grid $ 45.45 Admin Expense—Heat/Gas Town of Reading Police Dept. $ 240.00 Admin Expense—Parking Pass Daily Times Chronicle $ 703.50 Admin Expense—Advertising for 5'"member Fidelity Investments $ 7,273.48 Refund to Member(Rollover)Z. Barton Middlesex County Retirement $ 15,799.86 Transfer to Other System-M. Dupell Quadient Leasing $ 514.98 Service Contracts—Postage Machine Pension Benefits Information $ 1,000.00 Service Contracts—Death notifications Town of Reading $ 1,434.38 Admin Expense—Conference Table DiMeo Schneider&Associates $ 8,750.00 Investment Consultant Fee SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye • DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0)UNANIMOUS INFORMATION/QUESTIONS • Mark Segalla's attorney has requested that we schedule Mark's evidentiary hearing for the March 24, 2021 Board meeting. Attorney Sacco is available to attend. The Board does not foresee any conflicts with this date. • The Board received notice from PERAC that the amount to be appropriated for the Reading I Retirement System for FY22 is $8,059,372. i 1832 • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement&fund performance for period ending Nov 30, 2020 General Ledger Trial Balance as of Nov 30,2020 Cash Receipts, Adjustments,and Disbursements as of Nov 30, 2020 Bank Reconciliation for the month ending Nov 30, 2020 Reading Co-op Bank Statement for the month ending Nov 30,2020 MMDT Bank Statement for the month ending Nov 30,2020 • The next regular board meeting is scheduled for Wednesday, January 20, 2021 at 9:30 AM, remote participation, in the Conference Room at 2 Haven Street,Unit 307,Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Pension News#56 OLD& NEW BUSINESS • SHARON ANGSTROM moved to approve the Assistant Administrator to carry over 1 week (37.5 hours) of vacation time to calendar yew 2021, in addition to the 1 week (37.5 hours) that she's allowed to carry over. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0)UNANIMOUS • The Board had a discussion regarding the necessity of hiring a cleaning service to do a "deep cleaning" of the Retirement Office due to the COVID 19 pandemic. The Retirement Office will do some research to obtain quotes for services and will present at the January 20,2021 Board meeting. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING 1 rasa ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 10:48 AM: SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-0)UNANIMOUS Chairman Thomas A. Clough, 2"d appointed(ABSENT) Sharon M. Angstrom, Ex Officio Caro B. Robertshinted f p David A. Gentile, I"elected 06beplO. qVaghlin, 27 elected