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Home My WebLink About2021-05-19 Retirement Board MinutesFR Town of Reading RECEIVED Meeting Minutes TOWN CLERK MA. 'P'ID: IM(OP READIDIG, - �1 Board - committee - commission - council: 2921 SEP 30 PH 1;05 Contributory Retirement Board Date: 2021-05-19 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 Members - Not Present: John Halsey Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday May 19, 2021 The Reading Retirement Board held a regular session meeting on May 19, 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 David Gentile remotely via Zoom with board members Sharon Angstrom, Carol Roberts, Joseph Coughlin, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. John Halsey was unable to attend. MINUTES • Minutes from the March 24, 2021 regular session will be signed by all board members. • SHARON ANGSTROM moved to accept the minutes from the March 24, 2021 executive session. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (3-0-1) ABSTAINED: JOSEPH COUGHLIN • SHARON ANGSTROM moved to accept the minutes from the April 21, 2021 regular session. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS • SI IARON ANGSTROM moved to approve the following new members: Robert Bailey Date of hire — 04/26/21 9%+2% Gr.I (School) Date of membership — 09/9/19 Transfer from Medford [J 1868 ' -. Maxwell Madden Date of hire — 5/3/21 9%+2% Gr.4 CAROL ROBERTS (Fire) Date of membership — 5/3/21 Aye $ 2,900.67 Roberta Maillett RMLD Christopher Hunt Date of hire — 5/3/21 9%+2% Gr.4 $35,541.72 (Fire) Date of membership — 5/3/21 $ 2,961.81 John Chavier Date of hire— 5/4/21 9%+ 2% Gr. 1 (RMLD) Date of membership — 5/4/21 Jennifer Riley Date of hire — 5/10/21 9%+2% Gr.I (Finance) Date of membership — 5/10/21 Erica Morse Date of hire — 5/17/21 9%+ 2% Gr. 1 (RMLD) Date of membership 5/17/21 Lorrin Taliaferro Date of hire — 5/24/21 9%+2% Gr.I (Public Safety) Date of membership — 5/24/21 Kathryn Geoffrion-Scannell Date of hire — 10/03/08 9%+2% Gr. 1 (Library) Date of membership — 5/10/21 SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the final calculation for the following retirements approved by PERAC: Linda Engelson School 01/26/21 24 yrs, 7 mths Option C (Superannuation) Yearly: $34,808.04 Monthly: $ 2,900.67 Roberta Maillett RMLD 01/09/21 20 yrs, 6 mths Option C (Superannuation) Yearly: $35,541.72 Monthly: $ 2,961.81 1869' - SECONDED BY: .JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Matthew Smith To Wakefield Ret Board $16,779.41 4 years, I month, 25 days (DPW - Water) SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the Election Policy adopted by the Stoneham Retirement Board SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the May 2021 wire transfer from PRIM to MMDT in the amount of $750,000.00. SECONDED BY: CAROL ROBERTS =1870 ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS SHARON ANGSTROM moved to approve the May 2021 wire transfer from MMDT to Reading Co- op in the amount of $1,041,908.37. SECONDED BY: CAROL ROBERTS ROLL. CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP052021 totaling $1,136,279.65: Commonwealth of Mass. S 643.80 Commonwealth of Mass. $ 1,507.88 Internal Revenue Service $ 91,529.01 Reading Credit Union $ 48,071.00 May Retirement Allowances $ 887,214.04 Town of Reading Treasurer $ 67,008.64 Town of Reading Treasurer $ 18,162.63 GWT Realty $ 3,045.00 Law Office of Michael Sacco $ 167.00 Canon Financial Services $ 168.48 Reading Municipal Light Dept $ 71.11 National Grid $ 28.65 Formax $ 683.00 Wakefield Retirement System $ 16,779.41 USPS $ 1,200.00 Thomson Reuters— West $ 188.00 SECONDED BY: CAROL ROBERTS RHA Health Ins. Deductions State Tax Deductions Federal Tax Deductions Credit Union Deductions Net Retiree Payroll Hlth, Life, & Dental Ins. Deductions May Staff Salary & Benefits Rent Legal Expense - Misc Service Contracts — Copier Admin Expense — Electric Admin Expense — Heat/Gas Service Contracts — Sealer/Folding Machine Transfer to Other System — M. Smith Admin Expense — Postage Admin Expense — Ch. 32 inserts "18 71 ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye DAVID GENTILE. Aye VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • As of May 13, 2021, the balance in the MMDT account is $3,837,978.49. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Worcester Retirement Board - Boston Retirement Board - Essex Regional Retirement Board • A transfer amount of $14,112.09 dated 4/30/21 was received from the Lynn Retirement System for Bret Bennett. The Lynn Retirement System will accept liability for 2 years and 2 months of creditable service. • The Annual Affidavits will be mailed to our retirees the week of June 1, 2021, with a turnaround date of June 18, 2021. The Retirement office staff will include a notification to our retirees in the mailing of the May payroll, as well as on their check or notice of deposit, that the Annual Affidavits will be mailed to them in June. School Superintendent John Doherty has given the Retirement Office staff permission to conduct a possible "drive thru" process to be held in the High School parking lot and asks that we keep him informed on how we want to proceed. Superintendent Doherty is retiring as of June 30, 2021, therefore, the Retirement Office has asked him to provide us with the contact information for his replacement, since the "drive thru" process would be conducted after his departure. This process will optimistically aid in making it more convenient for the retirees to complete the Annual Affidavit requirement. • Upon approval of the COLA at the June 23, 2021 Board meeting, the Retirement office staff will include a notification of the COLA to our retirees in the mailing of the June payroll, as well as on their check or notice of deposit. • The Board received a copy of the Notice of Receipt of Appeal for Janet Walsh regarding her reinstatement date. 1872 Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fiend's monthly statement & fund performance for period ending Apr 30, 2021 Bank Reconciliation for the month ending Apr 30, 2021 Reading Co-op Bank Statement for the month ending Apr 30, 2021 MMDT Bank Statement for the month ending April 30, 2021 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday, June 23, 2021 at 9:30 AM, with remote participation, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PEP -AC Memo 415/2021 —Implementation of Paid Family Medical Leave ("PFMI") PERAC Pension News #57 Fiducient Advisors — Monthly Performance Update — March 2021 OLD BUSINESS NEW BUSINESS SHARON ANGSTROM moved to approve adding the verbiage from the March 4, 1991 Supplemental Regulations for Membership to the existing regulations dated March 28, 2017. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: 817ARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS March 4 1991 — Membership Anyone employed by the Town of Reading or the Reading Housing Authority on or after July 1, 1991, as part-time, provisional, part-time temporary, temporary provisional, seasonal, or intermittent employee, shall not be eligible to join the Reading Retirement System. X873 March 28, 2017—Membership Anyone employed by the Town of Reading or the Reading Housing Authority, whose total service for their primary position equals or exceeds 1,690 scheduled hours per year shall be enrolled in the Reading Retirement System. The primary position is defined as the position with the highest number of hours. It may not be combined with any other position. 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 Ave JOSEPH COUGHLIN Ave CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS Chairman David A. Gentile, I" elected Sharon M. Angstrom, Ex Offibp /Vice C�haii/rma/Jn �1C%arol B. Roberts, 1" appointed Vosep . C ghlin, 2P elected John R. Halsey, 2"d appointed (ABSENT)