The URL can be used to link to this page

Home My WebLink About2021-10-20 Retirement Board Minutes0� OPq 9' Town of Reading (� ,�{ Meeting Minutes e, �P' INCOPp� Board - Committee - Commission - Council: Retirement Board Date: 2021-10-20 Time: 9:30 AM RECEIVED TOWN CLERK READING, MA. 2022 APR -6 PH 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 Sharon Angstrom Joseph Coughlin John Halsey Members - Not Present: Others Present: Colleen Loughlin Elaine Kelly Version: Final Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday October 20, 2021 The Reading Retirement Board held a regular session meeting on October 20, 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 Sharon Angstrom, Carol Roberts, Joseph Coughlin, John Halsey, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. MINUTES • Minutes from the August 25, 2021 regular session were signed by all board members, except Sharon Angstrom who was unable to attend. • SHARON ANGSTROM moved to approve the minutes from the August 9, 2021 special session. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-2) ABSTAINED: CAROL ROBERTS JOHN HALSEY • SHARON ANGSTROM moved to approve the minutes from the August 9, 2021 executive session. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-2) ABSTAINED: CAROL ROBERTS JOHN HALSEY • JOHN HALSEY moved to approve the minutes from the September 22, 2021 regular session SECONDED BY: CAROL ROBERTS VOTED: (4-0-1) ABSTAINED: SHARON ANGSTROM • JOHN HALSEY moved to table the motion to approve the minutes from the September 22, 2021 regular session, in an effort to clarify language contained in the minutes. SECONDED BY: CAROL ROBERTS VOTED: (4-0-1) ABSTAINED: SHARON ANGSTROM • CAROL ROBERTS moved to approve the minutes from the September 22, 2021 executive session. SECONDED BY: JOSEPH COUGHLIN VOTED: (3-0-2) ABSTAINED: SHARON ANGSTROM JOHN HALSEY 1902 :� APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Meghan McCabe Librarian Date of hire — 9/27/21 9%+ 2% Gr: 1 (Library) Date of membership — 9/27/21 Transfer from Essex Krystal Mellonakos-Garay Outreach Date of hire —10/4/21 9%+ 2% Or. 1 (Police) Coordinator Date of membership — 10/4/21 SECONDED BY: JOSEPH COUGHLIN VOTED: (5-M) UNANIMOUS • SHARON ANGSTROM moved to approved the following transfer of funds to other system: Christopher Marion To Wakefield Retirement Bd $17,905.31 4 years, 5 months (Water) Eric Guamaloca To Andover Retirement Board $17,146.81 4 years, 4 months (DPW) SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the October 2021 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the October 2021 wire transfer from MMDT to Reading Coop in the amount of $1,139,789.22 SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the participation in the Private Equity Vintage Year (PEVY) 2022 program and approve a $3M distribution to the PEW 2022 Fund I SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS • JOHN HALSEY moved to table the motion, to a more appropriate time, to approve the participation in the Private Equity Vintage Year (PEVY) 2022 program and approve a $3M distribution to the PEVY 2022 Fund. The Board will consult with Anthony Tranghese, Fiducient Advisors to confirm distribution amount. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to table the 2022 Calendar Year Budget for Board approval. SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP102021 totaling $1,171,627.16: Commonwealth of Mass. $ 1,016.34 Commonwealth of Mass. $ 1,557.88 Internal Revenue Service $ 92,665.32 Reading Credit Union $ 48,681.00 Oct Retirement Allowances $ 897,885.74 Town of Reading Treasurer $ 67,160.28 Town of Reading Treasurer $ 18,162.57 GWT Realty $ 3,045.00 Law Office of Michael Sacco $ 3,753.00 Canon Financial Services $ 168.48 Reading Municipal Light Dept $ 87.79 National Grid $ 27.35 W.B. Mason Co. Inc. $ 58.13 MACRS $ 200.00 MA General Physicians (MGPO) $ 35.00 Wakefield Retirement System $ 17,905.31 Quadient Finance USA $ 1,000.00 Shenouda Corp. $ 20.16 Eric Guazzaloca $ 1,051.00 Andover Retirement Board $ 17,146.81 SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS RHA Health Ins. Deductions State Tax Deductions Federal Tax Deductions Credit Union Deductions Net Retiree Payroll Hlth, Life, & Dental Ins. Deductions Oct Staff Salary & Benefits Rent Legal Expense - Misc Service Contracts — Copier Admin Expense — Electric Admin Expense — Heat/Gas Admin Expense — Supplies Education & Training — 2021 MACRS Fall Virtual Conf (Elaine & Colleen) Medical Records — P. Dudley Transfer to Other Systems — C. Marion Admin Expense — Postage Medical Records — P. Dudley Refund of partial Military Purchase Transfer to Other System—E. Guazzaloca 1904 "- INFORMATION/QUESTIONS • Received letter from Attorney Richard Heavey addressed to CRAB appealing the denial of his client Mark Segalla's Application for an Accidental Disability from the Reading Retirement Board. • As of October 18, 2021, the balance in the MMDT account is $3,786,874.11. • A transfer amount of $57,002.05 dated 08/27/21 was received from the Boston Retirement System for Allyson Dowds. The total creditable service transferred was 9 years and 2 months as the Boston Retirement System will accept liability for 4 years, 5 months, and 7 days and the State Retirement System will accept liability for 4 years, 8 months, and 23 days of creditable service. • A transfer amount of $9,113.01 dated 09/30/21 was received from the Essex Regional Retirement System for Joseph Bialecki. The Essex Regional Retirement System will accept liability for 1 year and 4 months of creditable service. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending Sept 30, 2021 General Ledger Trial Balance as of Sept 30, 2021 Cash Receipts, Adjustments, and Disbursements as of Sept 30, 2021 Bank Reconciliation for the month ending Sept 30, 2021 Reading Coop Bank Statement for the month ending Sept 30, 2021 MMDT Bank Statement for the month ending Sept 30, 2021 Bank Reconciliation for wire amount with current balance of bank accounts • Scheduled meeting dates for 2022 • The next regular board meeting is scheduled for Wednesday, November 24, 2021 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #25/2021 — Tobacco Company List PERAC Memo #26/2021 — Mandatory Retirement Board Member Training — 4" Quarter 2021 PERAC Memo #27-2021 —Appropriation Data Due October 31, 2021 Fiducient Advisors — Monthly Performance Update — August 2021 I ] 1905 '' Email from Francesco Daniele at PRIT — If your Board wishes to participate in the PEVY 2022 program, please provide a written response on letterhead informing PRIM of your decision stating that the Board has voted to participate, along with the specific dollar amount that was approved. The deadline for notifying PRIM of an intention to participate in the upcoming PEVY 2022 portfolio is December 15, 2021, OLD BUSINESS NEW BUSINESS • Employee Benefits — The Retirement Administrator presented a narrative to the Board requesting the incorporation of a number of benefits that are offered to other peer community Retirement Systems, such as Longevity and Sick Time Buyback. There are other numerous benefits that are available to other retirement systems but these are not representative of more than half of those polled and seem to be characteristic of that individual system. The Board will take these requests under careful consideration • The Retirement Board will conduct a salary/benefit survey with peer communities within the first quarter of calendar year 2022, to be retroactive to January 1, 2022, if applicable. Carol Roberts will develop the questionnaire for the survey, which will be emailed to peer communities, with assistance from the Retirement office staff. • Separate Tax ID Number — The Retirement Administrator continues to research information. • Separate IT server from the Town — This continues to be a work in progress, as the Chairman and Administrator gather information. The Board Chairman suggested holding a meeting with the IT director to answer any questions or concerns the Board members and Retirement staff may have. • Section 100B Committee — The Retirement office will implement a practice of notifying all I I IF Accidental Disability retirees (Police/Fire) of the 100B Committee, in which prior approval is required for the continued coverage of medical expenses by the Town of Reading for a related injury that continues into retirement. • Employee Evaluation — It is suggested that the Administrator position conduct its evaluation process, with all 5 Board members contributing, in an Open Session format. The evaluation forms would be submitted to one designated Board member and consequently documented for review, prior to the review process. It is also suggested that the same evaluation form be used for the Assistant Administrator position. This evaluation form will be completed by the Administrator and the evaluation process will be held, to also include a designated Board member. The Board would like to document this process in the soon to be, newly revised Employee Handbook. Sharon Angstrom will forward a copy of recent Town of Reading's Evaluation Fomes to John Halsey for review, in order to expedite the completion of this Retirement office topic. 11 • Exempt vs Non -Exempt Position - Carol Roberts requested a correction be made to the verbiage in the September 22, 2021 minutes, used to describe Atty. Sacco's viewpoint regarding this office topic. The Assistant Administrator will listen to the recording of the September Board meeting and if necessary, will implement an addendum for Board approval. Carol Roberts will contact Arty. Sacco for further explanation and advice. A determination will be made at the November Board meeting. Vacation Time — After reviewing the existing policy in the current Employee Handbook, Carol Roberts brought before the Board, the possible implementation of an accrual -based policy as opposed to the present practice of advancing vacation time at the start of the calendar year. Members of the Board determined that the existing practice of advancing vacation time will remain in effect for the current Administrator and Assistant Administrator positions, however, implementation of an accrual -based policy will be included in the revised Employee Handbook for any future incoming Retirement office personnel. Carol Roberts will work on the wording for this revision and present to the Board members at the November Board meeting. • Employee Handbook —Updating and revising remains a continued effort lead by Carol Roberts. • Discussions will continue regarding various Retirement office topics. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING • SHARON ANGSTROM moved to adjourn this open session at 12:17 P.M. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNAN S Ch9inumbavid A. Gentile, 1't elected 31 4s_,11 M �0u0\___ Sharon M. Angstrom, Ex fficio