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Home My WebLink About2021-08-25 Retirement Board Minutes0° Town of Reading 3 �: Meeting Minutes O�JD: IM('00.�� Board - Committee - Commission - Council: Retirement Board Date: 2021-08-25 Time: 9:35 AM r<�CEIVED TOWN CLERK 2021 NOV 10 PN 1227 Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: General Business Attendees: Members - Present: David Gentile Carol Roberts Joseph Coughlin John Halsey Members - Not Present: Version: Final Sharon Angstrom Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 18 8 7 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday August 25, 2021 The Reading Retirement Board held a regular session meeting on August 25, 2021 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:35 A.M. by Chairman David Gentile with board members Carol Roberts, Joseph Coughlin, John Halsey, Board Administrator Colleen Loughlin acrd Assistant Board Administrator Elaine Kelly, Sharon Angstrom was unable to attend. MINUTES • Minutes from the June 23, 2021 regular session were signed by all board members. • Minutes from the June 23, 2021 special session were signed by all board members. The agenda was taken out of order to accommodate the late arrival of John Halsey. • CAROL ROBERTS moved to table the approval of the minutes from the August 9, 2021 special session to the September 22, 2021 Board meeting, by lack of a quorum of votes. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS • CAROL ROBERTS moved to table the approval of the minutes from the August 9, 2021 executive session to the September 22, 2021 Board meeting, by lack of a quorum of votes. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the following new members: Robert Weiden Credit/Collections Date of hire— 7/26/21 9%+ 2% Gr. I IRM LD) Manager Date of membership— 7/26/21 Renee Simonetti Admin Asst Date of hire — 8/9/21 9%+ 2% Gr. 1 (School) Date of membership — 8/9/21 Transfer from Essex Jackson Johnson Laborer Date of hire -8/16/21 9%+2% Gr.I (DPW) Date of membership — 8/16/21 Jason Jacoby (R -MLD) SECONDED BY: VOTED: 1888 - -,"` Lineworker Date of hire — 8/23/21 9%+2% Gr.4 Date of membership — 8/23/21 JOSEPH COUGHLIN (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following retirement application: Kim Honetschlager GIS Administrator 10/05/21 22 yrs, 1 mth Option C (IT) SECONDED BY: VOTED: JOSEPH COUGHLIN (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following transfer of funds to other system: Kerry Meisinger To Essex Regional Retirement Bd $144,856.53 15 years, 2 months (School) SECONDED BY: VOTED: JOSEPH COUGHLIN (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following refund of accumulated deductions: Vanessa Kraft Resigned 6/25/21 7 months (School) Total deductions & interest $2,957.46 Less 20% Federal Taxes $ 591.49 Net Refund (Cash) $2,365.97 SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve the August 2021 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: JOSEPH COUGFILIN VOTED: (3-0-0) UNANIMOUS �Rts Its y —= • CAROL ROBERTS moved to approve the August 2021 wire transfer from MMDT to Reading Co- op in the amount of $915,318.40. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • CAROL ROBERTS moved to approve the following warrant #AP082021 totaling $1,290,061.27: Commonwealth of Mass. $ 643.03 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,557.88 State Tax Deductions Internal Revenue Service $ 92,353.92 Federal Tax Deductions Reading Credit Union $ 49,152.00 Credit Union Deductions Aug Retirement Allowances $ 894,909.60 Net Retiree Payroll Town of Reading Treasurer $ 67,714.30 Filth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,106.60 Aug Staff Salary & Benefits GWT Realty $ 3,045.00 Rent Law Office of Michael Sacco $ 450.00 Legal Expense - Misc Canon Financial Services $ 168.48 Service Contracts — Copier Reading Municipal Light Dept $ 100.86 Admin Expense — Electric National Grid $ 26.44 Admin Expense—Heat/Gas W.B. Mason Co. Inc. $ 165.46 Admin Expense— Supplies Essex Regional Retirement Bd $ 144,856.53 Transfer to Other System — K. Meisinger Quadient, Inc. $ 155.43 Admin Expense — Ink Cartridge Norfolk County Retirement Sys $ 5,722.61 Section 3(8)(c) Reimb for 2020 KMS Actuaries, LLC $ 13,500.00 Professional Sery - Actuarial Services Flyers Unlimited $ 61.50 Admin Expense — business cards Bret Bennett, Jr. $ 372.75 Return of Erroneous Deductions Internal Revenue Service $ 41.42 Return of Erron Ded-10% Fed Taxes Vanessa Kraft - $ 2,365.97 Return of accumulated deductions Internal Revenue Service $ 591.49 Return of aecum ded-20% Fed Taxes SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-0) UNANIMOUS John Halsey joined the meeting at 9:45 AM. 1890 -� INFORMATION/QUESTIONS • As of August 19, 2021, the balance in the MMD'f account is $8,423,156.49. • JOSEPH COUGHLIN moved to transfer ST6M from MMDT to PRIM. The Board will send a letter to the town Treasurer directing him to do so. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH COUGHLIN moved to accept the minutes from the July 21, 2021 regular session SECONDED BY: JOHN HALSEY VOTED: (3-0-1) ABSTAINED: CAROL ROBERTS • All 2021 Annual Affidavits have been received. • Eleanor Keefe, Section 101 Survivor of Frederick Keefe, passed away on July 24, 2021. • Barbara Cress, Section 101 Survivor of George Cress, passed away on August 16, 2021. • On July 21, 2021, PERAC notified this board that Laura M Bullis was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that she is unable to perform the essential duties of her job. • A transfer amount of $62,880.31 dated 7/30/21 was received from the Arlington Retirement System for Robert Smith. The Arlington Retirement System will accept liability for 8 years and 6 months of creditable service. • The Board received PERAC approval of the revised funding schedule recently adopted for the Reading Retirement System for FY22. The schedule assumes payments are made in equal installments on August I and December 31 of each fiscal year. The revised schedule reflects a reduction in the investment return assumption from 7.5% to 7.0% and an adjustment to the fully generational mortality assumption. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2021 General Ledger Trial Balance as of July 31, 2021 Cash Receipts, Adjustments, and Disbursements as of July 31, 2021 Bank Reconciliation for the month ending July 31, 2021 Reading Co-op Bank Statement for the month ending July 31, 2021 MMDT Bank Statement for the month ending July 31, 2021 Bank Reconciliation for wire amount with current balance of bank accounts 1891. • The next regular board meeting is scheduled for Wednesday, September 22, 2021 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo 421/2021 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors PERAC Memo #22/2021 — Reinstatement to Service under G.L. c.32 § 105 PERAC Memo #23/2021 — 91 A PROSPER Tasks Division of Administrative Law Appeals — Charles Tirone's appeal is dismissed. Fiducient Advisors — Monthly Performance Update — June 2021 PERAC Memo 7/27/21 — Approval of Funding Schedule MassPRIM Release — MassPRIM reports highest fiscal year return in history PERAC Memo #24/2021 — Important Amendment to G.L. 32, Section 100 — On July 29, 2021, Governor Charles Baker signed H. 3973, An Act Making Appropriations for Fiscal Year 2021 to Provide for Supplementing Certain Existing Appropriations and for Certain Other Activities and Projects as Chapter 29 of the Acts of 2021. This Act, while a supplemental budget, also amends General Law Chapter 32, Section 100. Section 9 of the Act amends Section 100 to provide that is a police officer is killed or sustains injuries in their death while engaged in the performance of their duties while at the scene of an emergency, the officer's spouse shall be eligible for benefits. This change brings the language relative to police officers in line with the language relative to firefighters. OLD BUSINESS NEW BUSINESS • The Board had a discussion regarding the Retirement Office Policy and Procedures, aka The Employee Handbook. The Board reviewed the current Employee Handbook and the Administrator provided a current Performance Review to the Board, as well as several examples from surrounding Retirement Offices. It was deemed, by the Board, that there were some needed changes to the handbook that required the Board's attention. 1) Carol Roberts will take charge of the Employee Handbook, tightening things up as well as being more specific to the Retirement Office. If any Board or staff member has any additions or deletions they would like to submit for discussion, they will submit them to Carol Roberts. IBUZ 2) John Halsey, along with Sharon Angstrom and the Administrator Colleen Loughlin, will work on enhancing the current Performance Review Form and making changes where appropriate. Each have been provided with examples from surrounding Retirement Systems, in an effort to incorporate relevant parts of them to the revised edition for the Reading Retirement Office. 3) The Board discussed implementing a Retirement Board Policy and Procedure Handbook. John Halsey will gather examples from the various Town of Reading Boards and the Administrator will gather information from various surrounding Retirement Systems regarding their specific town Board policies, if any. The above line items will be on the September Agenda for discussion. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • CAROL ROBER'IS moved to adjourn this open session at 11:30 AM: SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS 44'u aiman David A. Gentile, 1" elected Sharon M. Angstrom, Exx� Officio (ABSENT) Vice Chairman Carol B. Roberts, I" appointed Zes � . C ghlm, 2 elected Joh�Halsey, 2jd ap ointed