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Home My WebLink About2021-11-24 Retirement Board MinutesOrR Town of Reading I�� ..�: Meeting Minutes (e�'+�xcoxo'�� Board - Committee - Commission - Council: Retirement Board Date: 2021-11-24 Time: 9:30 AM RECEIVED TOWN CLERK READING, MA. P. 2022 APR -6 PM 1:47 Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: Version: Final Attendees: Members - Present: David Gentile Carol Roberts Sharon Angstrom Joseph Coughlin John Halsey Members - Not Present: Others Present: Colleen Loughlin Elaine Kelly Eric Blackman Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1907-" MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday November 24, 2021 The Reading Retirement Board held a regular session meeting on November 24, 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, Assistant Board Administrator Elaine Kelly and Eric Blackman. MINUTES • Minutes from the August 9, 2021 regular session were signed by all board members, except Carol Roberts and John Halsey who were unable to attend. • Minutes from the August 9, 2021 executive session were signed by all board members, except Carol Roberts and John Halsey who were unable to attend. • Minutes from the September 22, 2021 executive session were signed by all board members, except John Halsey who recused himself and Sharon Angstrom who was unable to attend. • CAROL ROBERTS moved to approve the amended minutes from the September 22, 2021 regular session. SECONDED BY: JOSEPH COUGHLIN VOTED: (4-0-1) ABSTAINED: SHARON ANGSTROM • SHARON ANGSTROM moved to approve the minutes from the October 20, 2021 regular session. SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS NOTE: The agenda was taken out of order to accommodate the attendance of Eric Blackman for the vote of the Involuntary Disability Retirement Application. APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the Involuntary Accidental Disability Retirement Application of Eric Blackman. SECONDED BY: JOHN HALSEY VOTED: (5-0-0) UNANIMOUS NOTE: Eric Blackman left this open session at 9:45 AM 1908 - APPROVAL OF NEW MEMBERS RETIREMENTS. TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Brent Getchell Lineworker Date of hire — 10/18/21 9%+ 2% Gr. 4 (RMLD) Date of membership — 02/09/08 Deputy Chief 01/29/22 43 yrs, 3 mths (Fire) Transfer from Concord Brett McCoy Custodian Date of hire —10/18/21 9%+ 2% Gr. I (School) Date of membership — 03/23/20 Stephen Murphy Firefighter 02/26/22 31 yrs, 4 mths Transfer from Essex Christopher Pedro IT Support Date of hire — 10/18/21 9%+2% Gr.1 (School) (5-0-0) UNANIMOUS Date of membership — 10/18/21 Jean Abreu Custodian Date of hire —11/8/21 9%+ 2% Gr. I (School) Date of membership — 11/8/21 Austin Stearns Customer Date of hire — 11/9/21 9%+ 2% Gr. I (RMLD) Assistant Date of membership — 11/9/21 Adetokunbo Solarin Director Date of hire -11/15/21 9%+2% Gr.I (Health) Date of membership — 11/15/21 Transfer from Danvers SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications Laurie Ann Sylvia Operational 02/15/22 40 yrs, 5 mths (RMLD) Assistant Paul Jackson Deputy Chief 01/29/22 43 yrs, 3 mths (Fire) Brian Hansen Mechanical Maint 01/15/22 32 yrs, 0 mths (RMLD) Worker Stephen Murphy Firefighter 02/26/22 31 yrs, 4 mths (Fire) SECONDED BY: CAROL ROBERTS JII VOTED: (5-0-0) UNANIMOUS Option C Option C Option C Option C 1909 °- • SHARON ANGSTROM moved to approve the final calculation for the following retirement approved by PERAC: Kim Honetschlager IT (Superannuation) SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS 10/05/21 22 yrs, I mth Option C Yearly: $42,557.04 Monthly: $ 3,546.42 • SHARON ANGSTROM moved to approve die following refund of accumulated deductions: Donald Tapley Terminated 09/27/21 (DPW) Total deductions & interest Less 20% Federal Taxes Net Refund (Refund) Samantha Salkin Resigned 07/16/21 (RCASA) Total deductions & interest Less 20% Federal Taxes Net Refund (Rollover) SECONDED BY: CAROL ROBERTS VOTED: (5-") UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS 6 months $ 2,137.34 $ 427.47 $ 1,709.87 1 years, 9 months, 9 days $ 9,712.47 $ 0.00 $ 9,712.47 • SHARON ANGSTROM moved to approve the November 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 November 2021 wire transfer from MMDT to Reading Coop in the amount of $1,036,812.12. SECONDED BY: CAROL ROBERTS VOTED: (5-M) UNANIMOUS • SHARON ANGSTROM moved to approve the 2022 Calendar Year Budget of $414,493.00. SECONDED BY:. CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS u 1910 • SHARON ANGSTROM moved to approve the participation in the Private Equity Vintage Year (PEVY) 2022 program and approve a $4M distribution to the PEVY 2022 Fund SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP112021 totaling $1,152,258.67: Commonwealth of Mass. Commonwealth of Mass. Intemal Revenue Service Reading Credit Union Nov Retirement Allowances Town of Reading Treasurer Town of Reading Treasurer GWT Realty Law Office of Michael Sacco Canon Financial Services Reading Municipal Light Dept National Grid Coen Business Forms/ Kingsbury Press Town of Reading Renaissance Alliance Insurance Donald Tapley Internal Revenue Service Fiducient Advisors Fidelity Management Trust Co. $ 1,016.34 RHA Health Ins. Deductions $ 1,557.88 State Tax Deductions $ 92,859.98 Federal Tax Deductions $ 48,681.00 Credit Union Deductions $ 905,155.03 Net Retiree Payroll $ 62,414.14 Hlth, Life, & Dental Ins. Deductions $ 12,108.50 Nov Staff Salary & Benefits $ 3,045.00 Rent $ 100.00 Legal Expense - Mise $ 168.48 Service Contracts — Copier $ 74.13 Admin Expense — Electric $ 23.89 Admin Expense — Heat/Gas $ 241.45 Admin Expense — 1099R forms $ 45.00 Admin Expense — DD forms $ 4,168.04 Admin Expense — Insurance $ 1,709.87 Return of accumulated deductions $ 427.47 Return of accum ded—D. Tapley fed taxes $ 8,750.00 Investment Consultant Fee $ 9,712.47 Return of accum. deductions — S. Salkin SECONDED BY: CAROL ROBERTS VOTED: (5-0-0) UNANIMOUS INFORMATION/OUESTIONS • Exhibit A — a list of outstanding future agenda items was included with the Agenda/Minutes package sent via email to all Board members. (see OLD BUSINESS) • Received email from Attorney Michael Sacco announcing that David LaJeunesse has joined the Firm as a new associate. David is a graduate of Clark University and Western New England University, where he earned his law degree in May 2020. David will be assisting Michael and Chris in servicing their retirement board clients. • A transfer amount of $13,687.11 dated 09/29/21 was received from the Somerville Retirement System for Damn Heggarty. The Somerville Retirement System will accept liability for 3 years of creditable service. • A transfer amount of $97,198.89 dated 10/29/21 was received from the Danvers Retirement System for Matthew Berard. The Danvers Retirement System will accept liability for 10 years and 9 months of creditable service. - • A transfer amount of $2,486.30 dated 10/31/21 was received from the Middlesex County Retirement System for Andrew Goetschius. The Middlesex County Retirement System will accept liability for 1 year, 2 months and 17 days of creditable service. • As of November 16, 2021, the balance in the MMDT account is $3,620,272.45. • Copies of the following Reading Retirement Board reports were emailed for review: - The PRIT fund's monthly statement & fund performance for period ending Oct 31, 2021 General Ledger Trial Balance as of Oct 31, 2021 Cash Receipts, Adjustments, and Disbursements as of Oct 31, 2021 Bank Reconciliation for the month ending Oct 31, 2021 Reading Coop Bank Statement for the month ending Oct 31, 2021 MMDT Bank Statement for the month ending Oct 31, 2021 Bank Reconciliation for wire amount with current balance of bank accounts • A special board meeting is scheduled for Tuesday, December 7, 2021 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA • The next regular board meeting is scheduled for Wednesday, December 22, 2021 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #28/2021 — Buying Back Elected Official Service Time PERAC Memo #29/2021 — Expansion of Post -Retirement Work in the Public Sector PERAC Memo #30/2021 — Investment Fraud Alert PERAC Memo #31/2021 — 2021 Pension Fraud Prevention Campaign PERAC Pension News #58 - October 2021 Fiducient Monthly Performance Update — September 2021 Fiducient Quarterly Investment Review—Third Quarter 2021 f �J +`r 1912 =1i OLD BUSINESS • Separate Tax ID Number — The Retirement Administrator has completed and forwarded the necessary paperwork. • Separate IT server from the Town — This continues to be a work in progress. The Chairman will arrange for the IT manager to attend the December 7, 2021 special session to explain the process to the Board members and answer any questions they may have. • Employee Evaluation — Sharon Angstrom will send the evaluation form to the Board members, who will then forward their comments for the Administrator's performance review to Sharon Angstrom. Sharon Angstrom will pull these together and incorporate them into the Evaluation Form and present at the December 22, 2021 regular session. The Chairman will gather general comments from the Board members regarding the performance review of the Assistant Administrator and forward those comments to the Administrator, who will incorporate those comments into the evaluation form that she will write for the Assistant Administrator's performance review. • Exempt vs Non -Exempt Classification — Carol Roberts will provide more information to Attorney Sacco, who will compose an explanation letter and present to the Board at the December 7, 2021 special session. • Employee Handbook — Updating and revising remains a continued effort lead by Carol Roberts. • Updated 2022 Board meeting schedule NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING • SHARON ANGSTROM moved to adjourn this open session at 11:00 A.M. SECONDEDBY: CAROLROBERTS VOTED: (5-0-0) UNANIMOUS 1913 ala& Ch ' Davi A. Gentile, 1" elected a" Mvoto, Sharon M. Angstrom, Ex 0,FIcio