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Home My WebLink About2021-04-21 Retirement Board Minutes IVED Town of Reading TOWNECLERK 0 5a Meeting Minutes READING` 6 A . 2121 JUL 22 PM 12: 25 Board - committee - Commission - Council: Contributory Retirement Board Date: 2021-04-21 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: David Gentile Sharon Angstrom Carol Roberts Joseph Coughlin John Halsey Members - Not Present: Others Present: Colleen Loughlin - Board Administrator Minutes Respectfully submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1857 . MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday April 21, 2021 The Reading Retirement Board held a regular session meeting on April 21, 2021 remotely in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:31 A.M. by David Gentile remotely via Zoom with board members Sharon Angstrom, Carol Roberts, Joseph Coughlin, John Halsey, and Board Administrator Colleen Loughlin. SPECIAL ITEM The Reading Retirement Board held an internal re-organization and welcomed its' newly appointed board member John Halsey. • JOSEPH COUGHLIN moved to nominate DAVID GENTILE as Chairman. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to nominate CAROL ROBERTS as Vice Chairman. SECONDED BY: JOHN HALSEY ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS k 1858 ' '- MINUTES • Minutes from the February 17, 2021 regular session will be signed by all board members at a later date. • SHARON ANGSTROM moved to accept the minutes from the March 24, 2021 regular session. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (3-0-2) ABSTAINED: JOSEPH COUGHLIN JOHN HALSEY • SHARON ANGSTROM moved to TABLE the minutes from the March 24, 2021 executive session to the May 19, 2021 Board meeting, in an effort to provide more information from the executive session. SECONDED BY: JOHN HALSEY ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (3-0-2) ABSTAINED: JOSEPH COUGHLIN JOHN HALSEY APPROVAL OF NEW MEMBERS, RETIREMENTS,TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Kevin McBride Control Date of hire—03/29/21 9%+ 2% Gr. I (RMLD) Room Date of membership—03/29/21 Operator Bret Bennett Building Date of hire—04/1221 9%+2% Or. 1 (Public Svcs) Commissioner Date of membership—04/1221 Transfer from Lynn f' X859 " ' SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications: Daniel Leccese Custodian 06/05/21 20 yrs, 0 mths Option C (School) SECONDED BY: JOHN HALSEY ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Edward Mathews To Wakefield Ret Board $ 9,392.81 11 months, 13 days (RMLD) SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the following retirements approved by PERAC: Frederic MacKinnon DPW 01/02/21 35 yrs, 3 mths Option A (Superannuation) Yearly: $49,542.00 Monthly: $ 4,128.50 1860 " George Strazzere DPW 01/03/21 46 yrs, 8 mths Option B (Superannuation) Yearly: $71,388.12 Monthly: $ 5,949.01 Peter Ducey RMLD 01/07/21 34 yrs, 5 mths Option C (Superannuation) Yearly: $86,877.36 Monthly: $ 7,239.78 Patrick Wallace Fire 01/08/21 32 yrs, 5 mths Option A (Superannuation) Yearly: $65,575.56 Monthly: $ 5,464.63 Paul Guarino Fire 01/09/21 33 yrs, 4 mths Option C (Superannuation) Yearly: $90,860.76 Monthly: $ 7,571.73 William Seldon RMLD 01/09/21 38 yrs,4 mths Option C (Superannuation) Yearly: $99,753.48 Monthly: $ 8,312.79 Michael Carroll RMLD 01/10/21 33 yrs, 7 mths Option C (Superannuation) Yearly: $75,126.24 Monthly: $ 6,260.52 Lorraine Barry Library 01/16/21 23 yrs, 7 mths Option B (Superannuation) ' Yearly: $43,100.64 Monthly: $ 3,591.72 David Savio Police 02/12/21 26 yrs, 5 mths Option B (Superannuation) Yearly: $45,369.36 Monthly: $ 3,780.78 Christopher Voegelin Police 02/10/21 37 yrs, 7 mths Option B (Superannuation) Yearly: $67,853.76 Monthly: $ 5,654.48 l 1861 = ' Julie Johnston Reading 10/31/20 23 yrs, 8 mths Option A (Superannuation) Housing Yearly: $40,657.56 Authority Monthly: $ 3,388.13 Kathleen Miksis Library 05/22/20 36 yrs, 10 mths Option C (Superannuation) Yearly: $41,785.56 Monthly: $ 3,482.13 Kenneth Hughes School 10/03/20 18 yrs, 1 mth Option C (Superannuation) Yearly: $18,414.00 Monthly: $ 1,534.50 SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Robert Toussaint,Jr. Terminated 07/05/19 9 months and 26 days (Police) Total deductions&interest $4,394.81 Less 20%Federal Taxes 878.96 Net Refund(Refund) $ 3,515.85 SECONDED BY: JOHN HALSEY ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS K f862 - APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve to vote on a COLA increase for FY 2022, which begins on July 1, 2021 and ends June 30,2022, which is reflected in the January 1, 2019 actuarial valuation, at the June 23, 2021 Board meeting. It is limited to a maximum amount of 3% of $14,000. According to the provisions of Chapter 127 of the Acts of 1999,the Reading Retirement Board must annually notify the proper legislative body 30 days before a publicly posted meeting where the Reading Retirement Board decides whether to elect to grant an increased COLA. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • The Reading Retirement Board will use Stoneham's Election Policy Template, making changes if necessary. Approval of the Election Policy will be at the May 19, 2021 Board meeting. • SHARON ANGSTROM moved to approve the April 2021 wire transfer from PRIM to MMDT in the amount of$750,000.00. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the April 2021 wire transfer from MMDT to Reading Co-op in the amount of$1,035,400.43. SECONDED BY: JOSEPH COUGHLIN �_I X863 =- ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant#AP032021A totaling$10,165.20: Town of Reading Treasurer $ 10,165.20 Net Retiree Payroll The Board approved to release a special payroll for Barbara Cress, Section 101 survivor benefit; retroactive payment from January 21, 2020 to March 31, 2021 at the March 24, 2021 Board meeting for a gross amount of$10,822.97. The gross amount was reduced by the overpayment that was issued to retiree George Cress. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON moved to approve the foflowing warrant#AP042021 totaling$1,232,472.82: Commonwealth of Mass. $ 643.80 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,507.88 State Tax Deductions Internal Revenue Service $ 91,084.75 Federal Tax Deductions Reading Credit Union $ 47,421.00 Credit Union Deductions Apr Retirement Allowances $ 883,357.73 Net Retiree Payroll Town of Reading Treasurer $ 68,655.76 Hltb, Life,& Dental Ins. Deductions Town of Reading Treasurer $ 12,106.68 Apr Staff Salary&Benefits GWT Realty $ 3,045.00 Rent Law Office of Michael Sacco $ 5,168.00 Legal Expense-Misc Canon Financial Services $ 168.48 Service Contracts—Copier Reading Municipal Light Dept $ 76.98 Admin Expense—Electric National Grid $ 29.54 Admin Expense—Heat/Gas W.B. Mason Co., Inc. $ 145.34 Admin Expense—supplies Wakefield Retirement Board $ 1,479.88 Section 3(8)(c)Reimb for 2020 Wakefield Retirement Board $ 9,392.81 Transfer to Other Systems—E. Mathews Boston Retirement Board $ 25,861.70 Section 3(8)(c)Reimb for 2020 DiMeo Schneider&Associates $ 8,750.00 Investment Consultant Fee Town of Reading $ 952.36 Furniture&Equipment—File Cabinet Robert Toussaint,Jr. $ 3,515.85 Return of Accumulated deductions Internal Revenue Service $ 878.96 Refund—20% Federal Tax (Toussaint) Essex Regional Retirement Board $ 68,205.32 Section 3(8)(c)Reimb for 2020 Harmeling Physical Therapy $ 25.00 Medical records—E. Blackman SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0)UNANIMOUS INFORMATION/QUESTIONS I I • As of April 15, 2021, the balance in the MMDT account is$3,907,895.21. • Peggy Campbell has officially resigned from the cleaning position as of April 6, 2021. • A transfer amount of$67,523.10 dated 3/31/21 was received from the Essex Regional Retirement System for Noah Clark. The Essex Regional Retirement System will accept liability for 11 yews and 8 months of creditable service. • Agnes Lindgren, who worked for the Reading Public Schools and retired on July 9, 1999, passed away on Much 21,2021. She chose Option A at her retirement. • George Turner, who worked for the Fire Department and retired on July 3, 1987, passed away on Much 22,2021. He chose Option B at his retirement but there are no remaining funds. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Wakefield Retirement Board - Woburn Retirement Board - Worcester Regional Retirement Board - Marlborough Retirement Board Cambridge Retirement Board 1865 = - • The Board has determined how they would like to handle the annual affidavits this year, as they are required to be completed every other year and the Board waived them last year due to COVID. The Retirement office staff will mail the Annual Affidavits, along with a notification to all retirees of the COLA. This will happen after the COLA has been approved by the Board at the June 23, 2021 Board meeting. The Retirement Office will gather information regarding a possible "drive thin" for the convenience of the retirees and the completion of the Annual Affidavits. A request will be made to the School Superintendent to ask permission to use the High School parking lot for this process. The Board will be updated at the May 19, 2021 Board meeting. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement& fund performance for period ending March 31, 2021 Bank Reconciliation for the month ending March 31, 2021 Reading Co-op Bank Statement for the month ending March 31,2021 MMDT Bank Statement for the month ending March 31,2021 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday, May 19, 2021 at 9:30 AM, remote participation, in the Conference Room at 2 Haven Street, Unit 307,Reading, MA. MEMORANDUMS& LETTERS RECEIVED PERAC Memo#13/2021 —2020 Annual Statement of Earned Income Filing(91 A) PERAC Memo#14/2021 —Mandatory Retirement Board Member Training—2nd Quarter 2021 OLD& NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjoum this open session at 11:00 AM: SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS r �l. .18.6.6 - Chairman DaN4d A. Gentile I"elected Sharon M. �IAngstrom, Ex Offic Vice Chairman Carol B. Roberts, I"appointed I t ughlin, elected . Halsey, app inted I f