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Home My WebLink About2021-02-17 Retirement Board Minutes R Town of Reading RECEIVEDTOWN CLERK Meeting Minutes e r READING, MA. L(; 2621 JUL 22 PM 12: 25 Board - committee - commission - council: Contributory Retirement Board Date: 2021-02-17 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 John Halsey Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page i 1 1841 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday February 17, 2021 The Reading Retirement Board held a regular session meeting on February 17, 2021 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, Asst Board Administrator Elaine Kelly, and John Halsey. SPECIAL ITEM The Board interviewed the sole candidate for the open `5" Member Retirement Board' position, via mom. The Board voted on this special agenda item at the conclusion of this Board meeting, permitting the candidate to remain at the Board meeting. MINUTES • Minutes from the December 16, 2020 regular session will be signed by all board members at a later date. • SHARON ANGSTROM moved to accept the minutes from the January 20, 2021 regular 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 APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Samantha LaPierre Executive Date of hire-01/19/21 9%+2% Or. I (School) Assistant Date of membership-01/19/21 Brian Hatch Director Date of hire—02/01/21 9% +2% Gr. I (RMLD) Information Date of membership—02/01/21 Technology 1842 Jeremiah Haynes Cemetery Date of hire—02/15/21 9%+2% Gr. I (DPW) Date of membership—02/15/21 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 SHARON ANGSTROM moved to approve the following refunds of accumulated deductions: Annmarie Foley Resigned 11/13/20 5 years (School) Total deductions& interest $26,087.34 Less 20%Federal Taxes $ 0.00 Net Refund(Rollover) $26,087.34 Meghan Ebbitt Resigned 7/10/20 1 year,2 mths (Library) Total deductions&interest $7,042.61 Less 20%Federal Taxes $1.408.52 Net Refund(Refund) $5,634.09 Suzanne Richardson Resigned 11/18/20 1 year, 8 mths ' (Finance- Aocting) Total deductions&interest $ 6,767.93 Less 20%Federal Taxes $ 0.00 Net Refund (Rollover) $ 6,767.93 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 February 2021 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 THOMAS CLOUGH Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the February 2021 wire transfer from MMDT to Reading Co-op in the amount of$1,042,782.67. 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 • SHARON ANGSTROM moved to approve the February 2021 wire transfer from MMDT to Reading Co-op in the amount of$5,980.00 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 It was noted that the ending balance in the MMDT account at the end of January 2021 is approximately 3.3M. 1844 The Board has agreed to allow Board's legal counsel to be involved in the reinstatement process of Janet Walsh(RMLD). APPROVAL OF INVOICES TO BE PAID SHARON AGSTROM moved to approve the following warrant#AP022021 totaling$1,225,807.92: Commonwealth of Mass. $ 570.65 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,582.88 State Tax Deductions Internal Revenue Service $ 97,498.04 Federal Tax Deductions Reading Credit Union $ 47,492.00 Credit Union Deductions Feb Retirement Allowances $ 902,909.18 Net Retiree Payroll Town of Reading Treasurer $ 66,426.30 Hlth,Life, &Dental Ins. Deductions Town of Reading Treasurer $ 12,106.68 Feb Staff Salary& Benefits GWT Realty $ 3,045.00 Rent Law Office of Michael Sacco $ 1,307.00 Legal Expense- Mise Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 76.19 Admin Expense—Electric National Grid $ 58.44 Admin Expense—Heat/Gas W.B. Mason Co., Inc. $ 106.00 Admin Expense-supplies Winchester Retirement Board $ 22,772.50 Section 3(8)(c)Reimb for 2020 Lexington Retirement Board $ 6,483.78 Section 3(8)(c)Reimb for 2020 Saugus Retirement Board $ 4,664.40 Section 3(8)(c) Reimb for 2020 Malden Retirement Board $ 3,140.34 Section 3(8)(c) Reimb for 2020 Quincy Retirement Board $ 4,751.33 Section 3(8)(c) Reimb for 2020 Woburn Retirement Board $ 4,673.13 Section 3(8)(c)Reimb for 2020 Frederic MacKinnon $ 87.95 Refund to Member—erroneous deductions Internal Revenue Service $ 9.77 Refund to Member— 10% Fed Tax TD Ameritrade FBO S. Richardson $ 6,767.93 Refund to Member—Rollover Fidelity IRA—FBO A. Foley $ 26,087.34 Refund to Member—Rollover Meghan Ebbit ' $ 5,634.09 Refund to Member—Cash Internal Revenue Service $ 1,408.52 Refund to Member 20% Fed Tax-M. Ebbit Amity Insurance $ 5,980.00 Fiduciary Insurance SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye THOMAS CLOUGH Aye !I! VOTED: (5-0-0) UNANIMOUS ._J 1845 > INFORMATION/OUESTIONS • Carolyn Murch, Option C Beneficiary of Richard Murch, who worked for the RMLD and retired on January 8, 1999,passed away on January 31, 2021. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Fall River Retirement Board - Peabody Retirement Board - Lawrence Retirement Board - Salem Retirement Board - Concord Retirement Board - Beverly Retirement Board - Gloucester Retirement Board - Newton Retirement Board - Winchester Retirement Board - Natick Retirement Board - Everett Retirement Board - Saugus Retirement Board - Danvers 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 January 31, 2021 Bank Reconciliation for the month ending January 31,2021 Reading Co-op Bank Statement for the month ending January 31, 2021 MMDT Bank Statement for the month ending January 31,2021 • The next regular board meeting is scheduled for Wednesday, March 24, 2021 at 9:30 AM, remote participation,in the Conference Room at 2 Haven Street, Unit 307, Reading,MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo#5/2021 —PROSPER SFI Online Submission PERAC Memo#6/2021 —2021 Interest Rate set at 0.1% PERAC Memo#7/2021 —Buyback and Make-up Repayment Worksheets PERAC Memo#8/2021 —Required Minimum Distribution:Now Age 72 For This Year's Notifications PERAC Memo#9/2021 —Actuarial Data 1 1846 PERAC Memo#10/2021 —Forfeiture of Retirement Allowance for Dereliction of Duty by Members PERAC Memo—Biennial Review of Calculations for Board Accepting Waiver PERAC Pension Newsflash—Richard D. MacKinnon Jr. Appointed to Commission Notice of Receipt of Appeal—Johanna Roman NOTE: John Halsey left the open session meeting OLD & NEW BUSINESS • SHARON ANGSTROM moved to accept John Halsey as the Retirement Board's 5'Member SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye JOSEPH COUGHLIN Aye VOTED: (4-0-1) ABSTAINED: THOMAS CLOUGH OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT, , • SHARON ANGSTROM moved to adjourn this open session at 10:17 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 J 1847 ' > Chairman Thomas A. Cl u h, 2"a appointed ,�� "- � Sharon M. Angstrom, Ex O o Roberts, "appointed vid A. Gen de, I'elected ose0h J.d7bughlin, MY elected