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Home My WebLink About2021-03-24 Retirement Board Minutes Town of Reading RECEIVED a, Meeting TOWN CLERK g Minutes a` READING, MA. °aa:wcoav°" L C- 2621 JUL 22 PM 12: 25 Board - Committee - Commission - Council: Contributory Retirement Board Date: 2021-03-24 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 Members - Not Present: Joseph Coughlin Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator John Halsey Atty. Michael Sacco Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 1848 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday March 24,2021 The Reading Retirement Board held a regular session meeting on March 24, 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, Board Administrator Colleen Loughlin, Asst Board Administrator Elaine Kelly, Atty. Michael Sacco and John Halsey. Joseph Coughlin was unable to attend. MINUTES • Minutes from the January 20, 2021 regular session will be signed by all board members at a later date. • SHARON ANGSTROM moved to accept the minutes from the February 17,2021 regular session. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS,TRANSFERS,AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Miguel Andino Jr. Laborer- Date of hire—03/22/21 9%+2% Or. 1 (DPW) Sewer Dept. Date of membership-03/22/21 Daniel West Laborer Date of hire—06/24/03 9%+2% Gr. 1 (DPW) Parks Date of membership—03/22/21 Donald Tapley Cemetery Date of hire— 11/09/20 9%+2% Gr. I (DPW) Date of membership—3/22/21 I( X849 =- SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Robert Beck Firefighter/ 03/07/21 30 yrs, 0 mths Option C (Fire) EMT *Robert Beck was originally approved at the November 25, 2020 Board meeting with a retirement date of 3/6/21. Please note his date of retirement is 3/7/21. James Flanagan Equip Operator 04/14/21 29 yrs, 10 mths Option C (DPW) SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS • The following refund of accumulated deductions was tabled to the April 21, 2021 Board meeting: Edward Mathews To Wakefield Ret Board $9,392.18 11 months, 13 days (RMLD) • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Kyle Sargent Resigned 03/20/15 5 months (DPW) Total deductions& interest $1,519.60 Less 20%Federal Taxes $ 303.92 Net Refund(Cash) $1,215.68 1850 SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the Annual Statement for PERAC for calendar year ended December 31, 2020. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve David Savio's"Accidental Disability Retirement" SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS The Reading Retirement Board received from PERAC the Medical Panel Certificate &report by the regional medical panel for David Savio. The next step is for the Board to send to PERAC for their approval. • SHARON ANGSTROM moved to approve the request from eligible member to purchase military service for creditable service: Eric Guazzaloca Marine Corp. 10/12/04-10/11/08 4 years 1 The total purchase amount is $13,662.5 t. Eric will make payment through payroll deductions. 1851 i '- SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the request from eligible member to purchase non- membership service for creditable service: Benjamin Trites Reading Retirement Board 7/1/07-6/30/13 2 years, 3 months The total principal purchase amount is$11,097.72. Benjamin will make payment through rollovers. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the request from eligible member to purchase buyback service for creditable service: Kerry Valle State Retirement Board 12/17/01-1223/06 5 years, 7 days The total principal purchase amount is$28,250.13. Kerry will make payment through a rollover. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS 1852 ,; SHARON ANGSTROM moved to approve the request from eligible member to purchase buyback service for creditable service: Edward McCarthy Reading Retirement Board 12/13/10-09/26/18 6 years, 9 months The total principal purchase amount is $75,889.13. Ed will make payment through a rollover. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the Much 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 THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the March 2021 wire transfer from MMDT to Reading Coop in the amount of$1,145,218.47. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS • f 1853 A. APPROVAL OF INVOICES TO BE PAID • SHARON AGSTROM moved to approve the following warrant#AP032021 totaling$1,207,816.82. Commonwealth of Mass. $ 643.80 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,582.88 State Tax Deductions Internal Revenue Service $ 91,356.90 Federal Tax Deductions Reading Credit Union $ 47,421.00 Credit Union Deductions Mar Retirement Allowances $ 884,451.36 Net Retiree Payroll Town of Reading Treasurer $ 68,009.94 Hlth, Life, &Dental Ins. Deductions Town of Reading Treasurer $ 12,106.67 Mar Staff Salary& Benefits GWT Realty $ 3,045.00 Rent Law Office of Michael Sacco $ 276.80 Legal Expense-Misc Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 62.82 Admin Expense—Electric National Grid $ 38.12 Admin Expense—Heat/Gas Quadient Leasing USA $ 514.98 Service Contracts—Postage Machine Town of Reading $ 79.50 Service Contracts—Fax Quadient Finance, USA $ 1,000.00 Admin Expense—Postage Melrose Retirement Board $ 15,557.51 Section 3(8)(c)Reimb for 2020 Middlesex County Retirement Bd $ 33,538.74 Section 3(8)(c)Reimb for 2020 Worcester County Retirement Bd $ 409.50 Section 3(8)(c)Reimb for 2020 Stoneham Retirement Board $ 10,862.66 Section 3(8)(c)Reimb for 2020 Braintree Retirement Board $ 7,510.16 Section 3(8)(c)Reimb for 2020 Barnstable County Retirement Bd $ 1,153.42 Section 3(8)(c) Reimb for 2020 Cambridge Retirement Board $ 23,924.69 Section 3(8)(c) Reimb for 2020 Arlington Retirement Board $ 2,582.29 Section 3(8)(c) Reimb for 2020 Kyle Sargent $ 1.215.68 Return of accumulated deductions Internal Revenue Service $ 303.92 Return of accum ded—Fed Taxes SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS INFORMATION/OUESTIONS • Discussion on Board having an election policy. The Retirement Office will gather samples of election policies from other Boards, as well as a template from Arty. Sacco that he has put together,to help assist the Reading Retirement Board in establishing a current election policy. • Anne Feltch, Section 101 Survivor of Donald Feltch, who worked for the RMLD and retired on February 28, 1978, passed away on February 15,2021. • Michael O'Donnell, Sr, who worked as a Custodian for the School Department and retired on March 24, 2005, passed away on February 10, 2021. He chose Option C at his retirement. His wife, Marjorie O'Donnell, will receive a monthly allowance of$1,094.73, which is 2/3rds of the amount Michael was receiving at the time of his death. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Somerville Retirement Board - Lexington Retirement Board - Taunton Retirement Board - Stoneham Retirement Board - Arlington Retirement Board - Medford Retirement Board - Middlesex County Retirement Board - Mass Teachers' 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 Feb 28, 2021 Bank Reconciliation for the month ending Feb 28, 2021 Reading Co-op Bank Statement for the month ending Feb 28, 2021 MMDT Bank Statement for the month ending Feb 28, 2021 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday, April 21, 2021 at 9:30 AM, remote participation, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS& LETTERS RECEIVED PERAC Memo#11/2021 —Benefit Calculation Submissions via PROSPER DiMeo Schneider&Associates, LLC—Quarterly Investment Review—4" Qtr DiMeo Schneider&Associates, LLC—Monthly Preliminary Flash Report—January 31, 2021 PERAC Memo#12/2021 —Tobacco Company List OLD & NEW BUSINESS • SHARON ANGSTROM moved to approve the Section 101 survivor benefit payment to Barbara Cress in the gross amount of$10,822.97. This payment will be retro-active from January 21, 2020 to March 31, 2021. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING • SHARON ANGSTROM moved to exit Open Session SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to enter into Executive Session SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0)UNANIMOUS 1856 EXECUTIVE SESSION Evidentiary hearing regarding the Accidental Disability Retirement Application of Mark Segalla, was conducted in executive session. Arty. Michael Sacco presided over the hearing. • SHARON ANGSTROM moved to exit Executive Session SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 11:27 AM: SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye THOMAS CLOUGH Aye VOTED: (4-0-0) UNANIMOUS Chairman Thomas A. Clough,2nd appointed SUC44�h "- OA Sharon M. Angstrom, Ex Officio IJ B. Robe , 151 pointed avid A. Gen ile, 181 elected ` Joseph J. Coughlin, 2 elelected (ABSENT)