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Home My WebLink About2021-07-21 Retirement Board MinutesUi Members - Not Present: Carol Roberts Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 Town of Reading RECEIVED Meeting Minutes TOWN CLERK REAPING, MA. Iz-k Board - committee - commission - council: 2021 NOV 10 FM 12: 27 Retirement Board Date: 2021-07-21 Time: 9:32 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 Joseph Coughlin John Halsey Members - Not Present: Carol Roberts Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 1882 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday July 21, 2021 The Reading Retirement Board held a regular session meeting on July 21, 2021 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:32 A.M. by Chairman David Gentile with board members Sharon Angstrom, Joseph Coughlin, John Halsey, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Carol Roberts was unable to attend. SPECIAL ITEM The Evidentiary Hearing regarding the Involuntary Accidental Disability Application of Eric Blackman was cancelled in order to allow for Fire Chief Gregory Bums to attend, as he was on vacation. The Administrator will coordinate dates and times with the parties involved to schedule an executive session to be held sometime in early August 2021. MINUTES • Minutes from the May 19, 2021 regular session were signed by all board members, except John Halsey who was unable to attend. • SHARON ANGSTROM moved to accept the minutes from the June 23, 2021 regular session. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to accept the minutes from the June 23, 2021 special session. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Danna Heggarty Housing Mgr/ Date of hire -5/17/21 9%+2% Gr.I (RHA) Admin Asst Date of membership — 5/17/21 Shuang Shen Nurse Date of hire— 1/4/21 9%+2% Gr. 1 (Public Health) Date of membership — 6/21/21 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Rom Holzer To MWRA Retirement Board $18,80L87 1 yr, 3 mths, 21 days (RMLD) SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refunds of accumulated deductions: Margaret Ploch Resigned 08/01/11 1 year, 10 months (School) Total deductions & interest $ 6,009.53 Less 20% Federal Taxes $ 0.00 Net Refund (Rollover) $ 6,009.53 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the July 2021 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the July 2021 wire transfer from MMDT to Reading Co- op in the amount of $1,098,997.89 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID SHARON ANGSTROM moved to approve the following warrant #AP072021 totaling $1,158,303.13: Commonwealth of Mass. $ 643.03 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,557.88 State Tax Deductions Internal Revenue Service $ 92,388.40 Federal Tax Deductions Reading Credit Union $ 49,232.00 Credit Union Deductions July Retirement Allowances $ 895,44T47 Net Retiree Payroll Town of Reading Treasurer $ 68,070.73 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,106.60 July Staff Salary & Benefits GWT Realty $ 3,045.00 Rent Law Office of Michael Sacco $ 809.00 Legal Expense - Misc Canon Financial Services $ 168.48 Service Contracts — Copier Reading Municipal Light Dept $ 110.57 Admin Expense— Electric National Grid S 25.57 Admin Expense — Heat/Gas Fidelity Management Trust Co. $ 6,009.53 Return of accumulated ded-M. Ploch Fidueient Advisors $ 8,75090 investment Consultant Fee MWRA Retirement System $ 18,801.87 Transfer to Other System — R. Holzer MITA Property & Casualty Group$ 1,137.00 Admin Exp- Property, Casualty, & Workers Comp Insurance SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS INFORMATION/QUESTIONS • Accidental disability retiree Paul Sheridan and Mark Spataro received a "Notification of Termination" from PERAC for failure to file the 2020 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan and Mr. Spataro regarding this issue to allow them to schedule a hearing to review why they failed to meet the proper requirements. No response from Mr. Sheridan. Absent a response, Mc Sheridan's entire disability retirement shall continue to be terminated. Mr. Spataro has since complied with PERAC, providing all the necessary documentation, therefore, his disability retirement is in good standing and will not be terminated. • A transfer amount of $5,405.98 dated 6/30/21 was received from the Medford Retirement System for . Robert Bailey. The Medford Retirement System will accept liability for 1 year, of creditable service. . As of July 14, 2021, the balance in the MMDT account is $3,626,524.42. • To date, we have received 374 of 376 Annual Affidavits. . Copies of the following Reading Retirement Board reports were emailed for review The PRIT fund's monthly statement & fund performance for period ending June 30, 2021 General Ledger Trial Balance as of lune 30, 2021 Cash Receipts, Adjustments, and Disbursements as of June 30, 2021 Bank Reconciliation for the month ending June 30, 2021 Reading Co-op Bank Statement for the month ending June 30, 2021 MMDT Bank Statement for the month ending June 30, 2021 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday, August 25, 2021 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #17/2021 —Follow Up: Certain Coronavirus Emergency Measures Extended PERAC Memo #18/2021 — Updated Member and Beneficiary Application for Distribution of Accumulated Total Deductions Forms PERAC Memo # 19/2021 — Mandatory Retirement Board Member Training -3`d Quarter, 2021 PERAC Memo 420/2021 — Tobacco Company List PERAC 2020 Investment Report Fiducient Advisors — Monthly Performance Update May 2021 OLD BUSINESS NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 10:10 AM: SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS 1886 ,A Q4L' -- hairman David A. Gentile, I m elected &"t M� Sharon M. Angstrom, Ex Offig Vice Chairman Carol B. Roberts, I" appointed (ABSENT) *�A4L_ L�osephV. Cghlin, 2nected John 'K. Halsey I" apointed ; 1