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Home My WebLink About2021-06-23 Retirement Board Minutesru Town of Reading : V s Meeting Minutes TO'''JN CLERK READING, VA. J9IPCOPry R� Board - committee - commission - Council: 2021 NOV 10 PH 12: 27 Contributory Retirement Board Date: 2021-06-23 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 Elaine Kelly - Asst Board Administrator Linda Bournival-KMS Actuaries Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1$15 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday June 23, 2021 The Reading Retirement Board held a regular session meeting on June 23, 2021 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:40 A.M. by Chairman David Gentile with board members Sharon Angstrom, Carol Roberts, Joseph Coughlin, John Halsey, Board Administrator Colleen Loughlin, Assistant Board Administrator Elaine Kelly and Linda Boumival, KMS Actuaries. SPECIAL ITEM • SHARON ANGSTROM moved to approve funding schedule E-3. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS Linda Boumival from KMS Actuaries presented the actuarial valuation. Funding Schedule E-3 shows the hnvestment Return Rate at 7.0% to be fully funded in Fiscal Year 2031. The agenda was taken out of order to accommodate the early departure of the Chairman David Gentile. APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to accept the amendment to Mark Segalla's Disability Application to include the Ordinary Disability Application. SECONDED BY: CAROL ROBERTS VOTED: (4-0-1) ABSTAINED: JOHN HALSEY , • SHARON ANGSTROM moved to approve a regional medical panel for Mark Segalla on both the accidental and ordinary disability claims. SECONDED BY: CAROL ROBERTS VOTED: (4-0-1) ABSTAINED: JOHN HALSEY The Reading Retirement Board received from Attorney Michael Sacco a review and opinion regarding the accidental disability application for Mark Segalla. 1876''- • SHARON ANGSTROM moved to approve to conduct an evidentiary hearing for Eric Blackman. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS _ The Reading Retirement Board received from Attorney Michael Sacco a review and opinion regarding the involuntary accidental disability application for Eric Blackman. • SHARON ANGSTROM moved to approve the June 2021 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the June 2021 wire transfer from MMDT to Reading Co- op in the amount of $1,212,557.11. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS Chairman David Gentile left the regular session meeting at 11:45 am. Co -Chairperson Carol Roberts directed the remainder of the regular session. MINUTES • Minutes from the March 24, 2021 executive session were signed by all board members. • Minutes from the April 21, 2021 regular session were signed by all board members. • SHARON ANGSTROM moved to accept the minutes from the May 19, 2021 regular session. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-1) ABSTAINED: JOHN HALSEY APPROVAL OF NEW MEMBERS RETIREMENTS. TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Amy O'Brien Date of hire -6/8/21 9%+2% Gr.I (E1derQiuman Services) Date of membership -6/8/21 1877 -- Frank Falco (DPW -Water) Amy Ken (IT) Robert Smith (Police) Shiloh Clark (Police) Benjamin Moffett (Police) Michelle Roach (School) SECONDED BY: VOTED: Date of hire — 6/7/21 Date of membership — 6/7/21 Date of hire — 6/21/21 Date of membership — 6/21/21 Date of hire— 6/28/21 Date of membership — 6/28/21 Transfer from Arlington Date of hire— 6/28/21 Date of membership — 6/28/21 Date of hire — 7/19/21 Date of membership — 7/19/21 Date of hire— 7/20/21 Date of membership 7/20/21 JOSEPH COUGHLIN (4-0-0) UNANIMOUS 9%+2% Gr.1 9%+2% Gr.1 9%+2% Gr. 4 9%+2% Gr.4 9%+2% Gr.4 9%+2% Gr.I • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Christopher Schweitzer To Middlesex Ret Board $18,094.57 2 years, 9 months (School) SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refunds of accumulated deductions: Robert Deane Resigned 06/04/21 6 years, 7 months (School) Total deductions & interest $30,286.14 Less 20% Federal Taxes $ 6,057.23 Net Refund (Cash) $24,228.91 Denise Mattioli Resigned 06/03/21 2 years, 7 months (Finance) Total deductions & interest $8,361.27 Less 20% Federal Taxes $ 1672.25 Net Refund (Cash) $6,689.02 M SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS SHARON ANGSTROM moved to approve the final calculation for the following retirements approved by PERAC: Robert Beck Fire 03/07/21 30 yrs, 0 mths Option C (Superannuation) Yearly: $56,498.76 1,557.88 Monthly: $ 4,708.23 Mark Dwyer Fire 03/31/21 32 yrs, 7 mths Option C (Superannuation) Yearly: $88,466.76 Credit Union Deductions Monthly: S 7,372.23 SECONDED BY: JOSEPH COUGHLIN Town of Reading Treasurer VOTED: (4-0-0) UNANIMOUS Hlth, Life, & Dental Ins. Deductions APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP062021 totaling $1,269,187.44: Commonwealth of Mass. S 643.80 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,557.88 State Tax Deductions Internal Revenue Service $ 91,353.37 Federal Tax Deductions Reading Credit Union $ 49,242.00 Credit Union Deductions June Retirement Allowances $ 891,201.66 Net Retiree Payroll Town of Reading Treasurer $ 68,032.25 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,106.62 June Staff Salary & Benefits GWT Realty $ 3,045.00 Rent Law Office of Michael Sacco, $ 475.00 Legal Expense - Mise Canon Financial Services $ 168.48 Service Contracts — Copier Reading Municipal Light Dept $ 96.96 Admin Expense — Electric National Grid S 25.57 Admin Expense — Heat/Gas Sharecare S 97.84 Medical Records — E. Blackman Town of Reading $ 45.00 Admin Expense — DD stock W.B. Mason Co., Inc. $ 142.50 Admin Expense — Supplies Mass Teachers' Retirement Bd. $ 93,397.26 Section 3-8-c Reimbursement for 2020 Robert Deane S 24,228.91 Refund of accumulated deductions Internal Revenue Service $ 6,057.23 Refund of accum. ded. — 20% fed taxes Denise Mattioli $ 6,689.02 Refund of accumulated deductions Internal Revenue Service $ 1,672.25 Refund of accum. ded. — 20% fed taxes Quadient Leasing USA, Inc. $ 514.98 Service Contracts — Postage Machine MACRS $ 100.00 Education & Training— MACRS 2021 Virtual Conference 1679 "- Flyers Unlimited $ 180.00 Admin Expense— Printed Envelopes Middlesex County Retirement $ 18,094.57 Transfer to Other System — C. Schweitzer Daniel Lecccse $ 17.36 Return of erroneous deductions Internal Revenue Service $ 1.93 10% Federal taxes SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • The Annual Affidavits were mailed June 1, 2021. To date, we have received 346 of 378. • Maureen Knight, who worked for Community Services and retired on August 11, 2017, passed away on June 5, 2021. She chose Option A at her retirement. • Evilo Livingstone, Section 101 Survivor of Fred Livingstone, passed away on May 27, 2021. • As of lune 16, 2021, the balance in the MMDT account is $3,871,045.94. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - State Retirement Board All Section 3(8)(c) Reimbursements have been paid to the Reading Retirement • Copies of the following Reading Retirement Board reports were emailed for review The PRIT fund's monthly statement & fund performance for period ending May 31, 2021 General Ledger Trial Balance as of May 31, 2021 Cash Receipts, Adjustments, acrd Disbursements as of May 31, 2021 Bank Reconciliation for the month ending May 31, 2021 Reading Co-op Bank Statement for the month ending May 31, 2021 MMDT Bank Statement for the month ending May 31, 2021 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday, July 21, 2021 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. 1880 MEMORANDUMS & LETTERS RECEIVED PERAC Memo #16/2021 —Coronavirus Reopening Memo PERAC Letter — Approval Letter for the proposed supplemental regulation of the Reading Retirement Board's Policy for Conducting Elections OLD BUSINESS NEW BUSINESS • SHARON ANGSTROM moved to table the discussion regarding the Retirement Office Policies and Procedures to the August 25, 2021 Board meeting. The Board will review the current Policies and Procedures Handbook and the Administrator will provide a current Performance Review to the Board. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve carry over vacation time from 2020 into the fiscal year. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 12:20 PM: SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS Chairman David A. Gentile, 1" elected M- Sharon M. Angstrom, Ex Of o Vice Chairman Carol B. Roberts, 1"appointed