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Home My WebLink About2021-12-07 Retirement Board Minutes0� Of NEgO Town of Reading I� ��• Meeting Minutes Board - Committee - Commission - Council: Retirement Board Date: 2021-12-07 Time: 9:06 AM RECEIVED TOWN CLERK READING, MA. 2022 APR -6 PMI 47 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 -remotely Joseph Coughlin John Halsey Members - Not Present: Others Present: Version: Final Colleen Loughlin Elaine Kelly Kevin Furilla Anthony Tranghese-Fiducient Advisors Laura Strickland -PRIM Atty. Michael Sacco Paul Dudley Atty. Van Iderstine Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1914 ,, MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday December 7, 2021 The Reading Retirement Board held a special session meeting on December 7, 2021 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:06 A.M. by Chairman David Gentile with board members, Carol Roberts, Board Administrator Colleen Loughlin, Assistant Board Administrator Elaine Kelly and Kevin Furilla, IT Manager. Sharon Angstrom was approved by the Chairman, prior to the meeting, to participate remotely. SPECIAL ITEMS • IT Manager addressed the Board in an effort to clarify any questions they may have regarding the possible institution of a separate IT server. The Board members asked a series of questions and will finalize a decision at the December 22, 2021 Board meeting. NOTE: John Halsey joined this open session at 9:15 AM and Joseph Coughlin joined this open session at 9:25 AM. The IT Manager left this open session at 9:45 AM. NOTE: Anthony Tranghese, Fiducient Advisors and Laura Strickland, Pension Reserves Investment Management (PRIM) joined this open session at 9:45 AM. • Laura Strickland discussed the long-term strategy of PRIT. Laura went over PRIM's personal changes, investment strategies and PRIT fund performance. Laura also reported that our portfolio has gown from $128,000,000 in March 2019 to $185,000,000 in September 2021. NOTE., Laura Strickland left this open session at 10:20 AM. • Anthony Tranghese gave a brief overview and update to the Board. Anthony reviewed the Board's investment strategy that was put in place in December 2018. Basically, it was decided to reduce our overall portfolio down to 85% in the PRIT fund and 15% in the PRIT fund sleeves, specifically, the Private Equity Vintage Year (PEVY). Anthony reported that we are on a path to accomplish the goal of being able to move the 85% into a less risky strategy when we are fully funded. NOTE. Anthony Tranghese left this open session at 10:48 AM. • SHARON ANGSTROM motioned to take a brief recess SECONDED BY: CAROL ROBERTS I I 1915 ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye DAVID GENTILE Aye VOTED: (3-0-0) UNANIMOUS NOTE: John Halsey and Joseph Coughlin had stepped out of this open session prior to the motion to take a brief recess. • SHARON ANGSTROM motioned to resume this open session SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS NOTE: Atty. Sacco, Mr. Paul Dudley and Atty. Van Iderstine joined this Open Session at 11:00 AM. The evidentiary, hearing regarding the Accidental Disability Retirement Application of Mr. Paul Dudley, was conducted in open session, as requested by the member and his counsel. Any. Michael Sacco presided over this hearing. Arty. Sacco noted that this hearing was not considered an adversarial proceeding. He clarified that it was to fulfill the fact -fording role as a Board and that this was common practice for most disability applications. Mr. Dudley was sworn in under oath and asked a series of questions by Arty. Sacco regarding the sequence of events surrounding the right foot fracture he sustained on November 17, 2017. There was a general discussion regarding Mr. Dudley's medical history and treatment for this injury. Mr. Dudley testified to the pertinent facts, which the Board accepted. Arty. Van Iderstine was given the opportunity as well, to ask questions regarding Mr. Dudley's injuries, in an effort to help clarify any concems the Board members may have. Arty. Van Iderstine will provide the Retirement office with pertinent. outstanding medical records that were not included with the application. 1916 =- • JOSEPH COUGHLIN moved to approve the "Accidental Disability Retirement Application" medical panel request for Paul Dudley. SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS NOTE: Mr. Dudley and Atty. Van Iderstine left this open session at 11:30 AM. NOTE: The agenda was taken out of order to accommodate the participation of Arty. Michael Sacco OLD BUSINESS • Arty. Sacco•addressed the Board regarding the following items: 1. Exempt vs Non-Exemptjob classification Any. Sacco opined on whether the Administrator's position should be classified as Exempt or Non -Exempt, pointing out that the biggest difference is the issue of overtime. A general discussion was had with Board members asking questions and offering their opinions, as well as the Administrator. Per Arty. Sacco, ultimately, it is the Boards' decision on how to classify this position. Upon further review, the final decision will be fine-tuned in the updated version of the Employee Handbook. The Board has decided to hold off on the Administrator and Asst. Administrator performance reviews until this issue is resolved. The Employee Handbook, job descriptions and employee performance reviews will be discussed further at a special Board meeting to be held on Wednesday, January 5, 2022 at 9:30 AM in the Retirement office conference room. 2. Overview of outstanding Division of Administrative Law Appeals (DALA) cases Endri Kume-Stipend Appeal - Johanna Roman -Accidental Disability Appeal - Mark Segalla-Accidental Disability Appeal - Charles Tirone-Creditable Service Appeal (dismissed July 2021) - Sean Wilson -Military Buyback Appeal (on hold redeployed) u- I NOTE: Arty. Sacco left this open session at 12:15 PM 1919 =- APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP122021A totaling $531.83: Quadient Finance USA, Inc. $ 291.83 Admin Expenses — Postage Town of Reading Police Dept. $ 240.00 Admin Expenses — Annual Parking Pass SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye - DAVID GENTILE Aye VOTED: (5-") UNANIMOUS ADJOURNMENT • SHARON ANGSTROM moved to adjoum this open session at 12:35 PM SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye JOHN HALSEY Aye DAVID GENTILE Aye VOTED: (5-0-0) Vice Chairman Carol B. Roberts, I" appointed . C lin, 2" lected John . als �n° ointed J