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Home My WebLink About2021-09-22 Retirement Board Minuteso� OFq Q' Town of Reading 0��.. �b Meeting Minutes Board - Committee - Commission - Council: Retirement Board Date: 2021-09-22 Time: 9:30 AM RECEIVED TOWN CLERK READING, MA. rnk- 2022 APR -6 PM 1:46 Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: Attendees: Members - Present: David Gentile Carol Roberts Joseph Coughlin John Halsey Members - Not Present: Sharon Angstrom Others Present: Colleen Loughlin Elaine Kelly Atty. Michael Saco Version: Final Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1694 i MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday September 22, 2021 The Reading Retirement Board held a regular session meeting on September 22, 2021 in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:30 A.M. by Chairman David Gentile with board members Carol Roberts, Joseph Coughlin, John Halsey, Board Administrator Colleen Loughlin, Assistant Board Administrator Elaine Kelly and Atty. Michael Sacco. Sharon Angstrom was unable to attend. OPEN SESSION • JOSEPH COUGHLIN moved to enter into Executive Session SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: CAROL ROBERTS Aye JOSEPH COUGHLIN Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (4-0-0)UNANIMOUS EXECUTIVE SESSION • The deliberation portion of the Accidental/Ordinary Disability Retirement Application of Mark Segalla was held, which was conducted in executive session, as requested by the member. Any. Michael Sacco presided over this session. John Halsey recused himself from this Executive Session. OPEN SESSION John Halsey re -joined this open session at 10:15 A.M. SPECIAL ITEMS • The; Reading Retirement Board voted unanimously (3-0-0), in Executive Session, to deny the Accidental Disability Application of Mark Segalla. I The Reading Retirement Board voted unanimously (3-0-0), in Executive Session, to approve the Ordinary Disability Application of Mark Segalla. A discussion of various Retirement office topics was guided by Arty. Sacco, as listed below 1. Separate Tax ID number for the Reading Retirement Board — Atty. Sacco opened the discussion by clarifying that the Retirement Board is its own separate and distinct legal entity and therefore, having its own Tax ID number is in the best interest of the Board. As the custodian of the Retirement funds, the Town Treasurer's role would remain the same. The Board Administrator will research the process to obtain a separate Tax ID number. 2. Should the Reading Retirement Board have its own IT server apart from the Town, with new email addresses for the Board members — this will ensure more security and privacy of the records and will guard the server against any security breaches. The Retirement Board Chairman David Gentile will pursue a meeting with the Town of Reading's IT Manager to explore the options that the Board might have in making this change. Carol Roberts has expressed interest in attending this meeting as well. The Board Administrator will initiate contact with the IT Manager to arrange a mutual time for all. The Board Chairman will report back at the October Board meeting. 3. Section 100B Committee (111F Police/Fire) - in the event that a Police Officer or a Firefighter retires for an Accidental Disability, their medical coverage related to that injury continues into retirement. From a practical standpoint, he/she would need to get prior approval of that treatment plan from the 100B committee, which consists of the Chairman of the Retirement Board, Town's legal counsel and Town's medical provider, so long as it is considered reasonable and related treatment. The Retirement Office staff should reiterate to these retirees, at the time of his/her retirement, that their medical coverage, related to the same injury for which he/she retired, continues into retirement, upon the approval of this 100B committee. 4. Employee Evaluation — Arty. Sacco stated that if the entire Board has individual input into the Board Administrator's evaluation, this most be conducted in Open Session, unless it is a contract negotiation. If that's the case, this would be held in Executive Session. If the Chairman of the Board evaluates the Administrator, this is not required to be conducted in Open Session, however, if or when the Board approves any increase as a result of this evaluation, this needs to be conducted in Open Session. The Board Administrator would evaluate the Assistant Board' Administrator. 5. Exempt vs Non -Exempt Position — Atty. Sacco states that the classifications are based on duties and salary. He continued by defining the major difference between the two as being the overtime component, that being; if an employee exceeds the 37.5 hour/week requirement, they are to be paid at an overtime rate and are classified as Non -Exempt. The Administrator stated that overtime has never been an issue in the Reading Retirement office. Atty. Sacco recommended* that the Administrator and Assistant Administrator positions be classified as non-exempt. ' Carol Roberts would like to make this an agenda item for the October Board meeting to share Arty. Sacco's email regarding this topic. *Amendment: Per Arty. Sacco, "the Board does not need to get hung up on whether or not the positions are exempt or non-exempt It is fine to label both positions as non-exempt and move `I forward from there". 6. Vacation Time — Carol Roberts suggests having a discussion regarding the present practice of advancing vacation time versus an accrual -based policy. She noted that the existing wording in the present Employee Handbook needs to be adjusted. Atty. Sacco talked about the advantages and disadvantages. This item will be an ongoing discussion at future Board meetings. Atty. Sacco left this open session at 11:30 A.M. 7. Employee Handbook — Carol Roberts continues to adjust the current Employee Handbook, welcoming any suggestions for additions and/or deletions to the handbook from Board members and/or Retirement office staff. Anyone with suggestions is urged to email them to Carol Roberts. Office topics will be ongoing discussions at future Board meetings, which will also include the Employee Evaluation process/forms and the possible implementation of a Retirement Board Policy Handbook, which will be orchestrated by John Halsey. The Board members, as well as the Board Administrator, agree that all Board members should have the opportunity to add comments to the Administrator's annual review. The Board is interested in having the Administrator do a self-evaluation and having it incorporated into the review process. The Board is possibly interested in the same opportunity, with respect to the Assistant Administrator's annual review, by sending their comments to the Administrator. MINUTES • Minutes from the July 21, 2021 regular session were signed by all board members, except Carol Roberts who was unable to attend. • JOSEPH COUGHLIN moved to table the minutes from the August 9, 2021 regular session to the October 20, 2021 Board meeting, by lack of a quorum of votes. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • JOSEPH COUGHLIN moved to table the minutes from the August 9, 2021 special session to the October 20, 2021 Board meeting, by lack of a quorum of votes. SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the minutes from the August 25, 2021 regular session. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBtRS, RETIREMENTS, TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the following new members: Zakeery Vieweg Laborer Date of hive — 8/23/21 9%+ 2% Gr. 1 (DPW) Date of membership — 8/23/21 Jacqueline Alberto Clerk Date of hire — 9/7/21 9%+2% Gr.1 (Collector) Date of membership — 9/7/21 _ Joseph Desiderio Jr. Floater Date of Erre — 8/30/21 9%+ 2% Gr. 4 (RMLD) Lineworker Date of membership — 8/30/21 Ryan Noftle Floater Date of hire — 8/30/21 9%+ 2% Gr. 4 (RMLD) Lineworker Date of membership — 8/30/21 Michael Dimare Lineworker Date of hire — 8/27/21 9%+2% Gr.4 (RMLD) Date of membership — 8/27/21 Andrew Goetschius HR & Payroll Date of hire — 9/7/21 9%+ 2% Or. 1 (Schools) Assistant Date of membership -9/7/21 Matthew Bernard Lineworker Date of hire — 9/14/21 9%+ 2% Gr. 4 (RMLD) Date of membership — 9/14/21 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-M) UNANIMOUS • CAROL ROBERTS moved to table the following transfer of funds to other system to the October 20, 2021 Board meeting: Eric Guazzaloca To Andover Retirement Bd $18,197.81 4 years, 8 months (Water) Table transfer and liabilityfor next month until the partial purchase of military service is refunded to member. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS .I ' :1 • CAROL ROBERTS moved to approve the following refund of accumulated deductions: Eric Bagby Resigned 6/19/21 6 years, I month (Fire) Total deductions & interest $48,185.87 X1,557.88 Less 20% Federal Taxes $ 0.00 $ Net Refund (Rollover) $48,185.87 SECONDED BY: JOSEPH COUGHLIN 48,681.00 VOTED: (4-0-0) UNANIMOUS $ APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve the September 2021 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the September 2021 wire transfer from MMDT to Reading Co-op in the amount of $1,180,703.81. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to elect ELAINE KELLY as the election officer for the election of the second elected member. Joseph Coughlin's term as board member expires on March 31, 2022. He will not be seeking re-election. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0A) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • CAROL ROBERTS moved to approve the following warrant #AP092021 totaling $1,223,717.24 (revised): Commonwealth of Mass. $ ' 643.03 RHA Health Ins. Deductions Commonwealth of Mass. $ X1,557.88 State Tax Deductions Internal Revenue Service $ 92,353.63 Federal Tax Deductions Reading Credit Union $ 48,681.00 Credit Union Deductions Sept Retirement Allowances $ 920,557.34 Net Retiree Payroll Town of Reading Treasurer $ 41,750.65 Mill, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,106.61 Sept Staff Salary & Benefits GWT Realty $ 3,045.00 Rent Law Office of Michael Sacco $ 1,575.00 Legal Expense - Misc 1899 `° Canon Financjal.,$ervices $ 168.48 Service Contracts — Copier Reading Municipal Light Dept $ 106.00 Admin Expense — Electric National Grid $ 26.44 Admin Expense — Heat/Gas W.B. Mason Co. Inc. $ 154.23 Admin Expense — Supplies State Retirement Board $ 52,201.10 Section 3(8)(c) Reimbursement for 2020 Hamreling Physical Therapy $ 25.00 Medical Records — P. Dudley Charles Schwab Rollover IRA $ 48,185.87 Return of accumulated tied — E. Bagby Quadient Leasing USA, Inc. $ 514.98 Service Contracts — Postage Machine Onsite Therapy Solutions $ 65.00 Medical Records — P. Dudley • Removing the following transfer to next month after the partial purchase of military service. Andover Retirement Board $ 18,19Z81 Transfer to Other System—E. Guazzaloca SECONDED BY: JOSEPH COUGHLIN VOTED: (4-04) UNANIMOUS • Received the municipal acknowledgment signature page from Attorney Sacco, Attorney Collins, Holly Authier and Noelle Sacco for the Conflict of Interest. • Board members updated the signature page for the Treasurer. • As of September 19, 2021, the balance in the MMDT account was $3,243,780.09. • Lisa Palermo chose Option C at her retirement on August 29, 2014 and her spouse passed away on August 22, 2021. Calculation (Option C "pop-up") was sent to PERAC for approval. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending August 31, 2021 General Ledger Trial Balance as of August 31, 2021 Cash Receipts, Adjustments, and Disbursements as of August 31, 2021 Bank Reconciliation for the month ending August 31, 2021 Reading Co-op Bank Statement for the month ending August 31, 2021 MMDT Bank Statement for the month ending August 31, 2021 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday, October 20, 2021 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. i 1900'° MEMORANDUMS & LETTERS RECEIVED Fiducient Advisors — Quarterly Investment Review — Second Quarter 2021 Fiducient Advisors — Monthly Performance Update — July 2021 PERAC - 7`n Member Position OLD BUSINESS NEW BUSINESS ROBERTS moved to approve the Administrator and Assistant Administrator to attend the 2021 Virtual Fall Conference on October 4 — October 5, 2021. Registration fee is $100 per SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-0) UNANIMOUS ADJOURNMENT • CAROL ROBERTS moved to adjourn this open session at 12:35 P.M. SECONDED BY: JOSEPH COUGHLIN VOTED: (4A-0) UNANIMOUS /7 hairman Davi A. Gentile, 1" elected Sharon M. Angthsstro /m,, Ex Officio (ABSENT) Vice ,, Chair/manpCarol B. Roberts, I° appointed Ahs sh J Cghlin, 2 elected 0.1 J s f nd ppomted