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Home My WebLink About2021-12-22 Retirement Board MinutesFq Town of Reading z' Meeting Minutes u, vJ Board - Committee - Commission - Council: Retirement Board Date: 2021-12-22 Time: 9:30 AM "'RECEIVED TONIN CLERK READING, MA. 1t 2022 APR -6 PH 1:47 Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: Attendees: Members - Present: David Gentile -remotely 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 1918 -° MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday December 22, 2021 The Reading Retirement Board held a regular session meeting on December 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 Vice -Chair Carol Roberts with board members Sharon Angstrom, Joseph Coughlin, John Halsey, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Chairman David Gentile participated remotely. MINUTES • Minutes from the September 22, 2021 regular session were signed by all board members, except Sharon Angstrom who was unable to attend. • Minutes from the October 20, 2021 regular session were signed by all board members. • SHARON ANGSTROM moved to accept the minutes from the November 24, 2021 regular session. SECONDED BY: JOHN HALSEY ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to accept the minutes from the December 7, 2021 special session SECONDED BY: JOHN HALSEY ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS - Aye VOTED: (5-0-0) UNANIMOUS 1919 APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Matthew Deane GIS Admin Date of hire — 11 /29/21 9%+2% Gr.I (IT) Date of membership — 11/29/21 Ajey Pandey IT Specialist Date of hire —12/6/21 9%+ 2% Gr. I (RMLD) Date of membership — 12/6/21 SECONDED BY: JOHN HALSEY ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the following retirement approved by PERAC: Mark Segalla Police 10/05/21 23 years Option A (Ordinary Disability) Yearly: $93,130.92 Monthly: $ 7,760.91 SECONDED BY: JOHN HALSEY ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other systems: Miguel Andino, Jr. To Peabody Retirement Bd $2,260.57 7 months (Sewer) 1920 ° Daniel Markman To Southbridge Retirement Bd $12,254.08 2 years, I month (Health) (School) Total deductions & interest SECONDED BY: JOHN HALSEY Less 20% Federal Taxes ROLL CALL VOTE: DAVID GENTILE Aye $ 28,443.09 SHARON ANGSTROM Aye 6 years, 2 months JOHN HALSEY Aye $ 33,649.72 JOSEPH COUGHLIN Aye $ 6329.94 CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS JOHN HALSEY • SHARON ANGSTROM moved to approve the following refunds of accumulated deductions Richard Belmonte Terminated 1/15/21 5 years, 2 months (School) Total deductions & interest $ 28,443.09 Less 20% Federal Taxes $ .0.00 Net Refund (Rollover) $ 28,443.09 Katie Mahan Terminated 11/17/20 6 years, 2 months (RMLD) Total deductions & interest $ 33,649.72 Less 20% Federal Taxes $ 6329.94 Net Refund (Cash) $ 26,919.78 SECONDED BY: JOHN HALSEY ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the December 2021 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: JOHN HALSEY 192 1 ROLL CALL VOTE: VOTED: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the December 2021 wire transfer from MMDT to Reading Co-op in the amount of $1,120,768.46. SECONDED BY: JOHN HALSEY ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve request from eligible member to purchase erroneously omitted -retroactive membership for creditable service: Susan Tapley Reading Retirement Board 4/10/95-11/13/97 2 years, 7 months, 3 days The total cost to purchase is $6,732.34. Susan is making a lump sum payment. This cost represents the pension deductions that should have been withheld from her pay at 8% contribution rate. The Administrator recognized when setting Susan Tapley up as a new member on 11/14/97 that she should have been a member of the Reading Retirement System on 4/10/95 based on the hours worked. The contribution rate after July 1, 1996 was 9%. Since she recognized that she was erroneously omitted, she entered Susan into the Retirement System at 8% contribution rate, and notified member of the make-up. There is no record of the member making the make-up payment, but has been contributing at 8% since 1997. This payment of $6,732.34 will make her whole. SECONDED BY: JOHN HALSEY ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP 122021 totaling $1,294,269.67: Commonwealth of Mass. $ 1,016.34 RHA Health Ins. Deductions Commonwealth of Mass. $ 1.557.88 State Tax Deductions Internal Revenue Service $ 92,859.98 Federal Tax Deductions Reading Credit Union $ 48,681.00 Credit Union Deductions Dec Retirement Allowances $ 944,127.52 Net Retiree Payroll Town of Reading Treasurer $ 67,846.61 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,106.63 Dec Staff Salary & Benefits GWT Realty $ 3,045.00 Rent Law Office of Michael Sacco $ 4,083.00 Legal Expense - Misc Canon Financial Services $ 168.48 Service Contracts — Copier Reading Municipal Light Dept $ 73.13 Admin Expense—Electric National Grid $ 25.62 Admin Expense—Heat/Gas W.B. Mason Co. Inc. $ 66.04 Admin Expense — Supplies Peabody Retirement System $ 2,260.57 Transfer to Other System — A. Miguel, Jr. Pension Technology Group $ 31,540.00 Service Contracts — Retirement Software 12/1/21-11/30/22 Quadient Leasing $ 514.98 Service Contracts — Postage Machine Pension Benefits Information $ 1,000.00 Service Contracts —Death notifications Fiducient $ 8,750.00 Investment Consultant Fee Southbridge Retirement Board $ 12,254.08 Transfer to Other System — D. Markman Edward Jones Traditional IRA $ 28,443.09 Return of accum deductions - Rollover FBO Richard Belmonte Flyers Unlimited $ 200.00 Administrative Expenses —Envelopes Katie Mahan $ 26,919.78 Return of accumulated deductions Internal Revenue Service $ 6,729.94 Return of account ded Fed Tax — K. Mahan SECONDED BY: JOHN HALSEY ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • As of December 15, 2021, the balance in the MMDT account is $3,560,780.25. It was noted that with the appropriation due at the close of December 2021, the Board will authorize the Treasurer to transfer the excess balance in the MMDT to PRIT in January 2022. 1923. - • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY23 is $8,542,933. • Zeno Memllo, who worked for the School Dept. and retired on June 16, 1995, passed away on November 24, 2021. She chose Option A at her retirement. • Nathalie Nordstrand, Option C survivor of Robert Nordstrand, passed away on December 3, 2021. • A transfer amount of $66,776.88 dated 11/30/21 was received from Concord Retirement System for Jason Jacoby. The Concord Retirement System will accept liability for 7 years and 8 months of creditable service. • A transfer amount of $18,864.61 dated 11/30/21 was received from Essex Regional Retirement System for Renee Simonetti. The Essex Regional Retirement System will accept liability for 5 years and 11 months of creditable service. • Copies of the following Reading Retirement Board reports were emailed for review: The PRff fund's monthly statement & fund performance for period ending Nov 30, 2021 General Ledger Trial Balance as of Nov 30, 2021 Cash Receipts, Adjustments, and Disbursements as of Nov 30, 2021 Bank Reconciliation for the month ending Nov 30, 2021 Reading Co-op Bank Statement for the month ending Nov 30, 2021 MMDT Bank Statement for the month ending Nov 30, 2021 Bank Reconciliation for wire amount with current balance of bank accounts • The next special board meeting is scheduled for Wednesday, January 5, 2022 at 9:30 AM in the conference room • The next regular board meeting is scheduled for Wednesday, January 26, 2022 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #32/2021 — Cybersecurity and Internal Controls PERAC Memo #33/2021 — Tobacco Company List PERAC Memo #34/2021 — 2021 Disability Data PERAC Memo #35/2021 — 940 CMR 10:10(3) & 10:15(1)(c) -Annual Review of Medical Testing Fee 1926 OLD BUSINESS • SHARON ANGSTROM moved to approve the Retirement office staff alternating the Thursday preceding and the Monday following the Christmas and New Year's holiday as their holiday, in lieu of both holidays falling on Saturday. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS This will he an agenda item at the January 6, 2022 special Board meeting. • SHARON ANGSTROM moved to remain, at this time, on the Town of Reading's IT server, in lieu of a possible separate IT server as discussed. SECONDED BY: ROLL CALL VOTE: VOTED: NEW BUSINESS JOSEPH COUGHLIN DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye (5-M) UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 11:00 AM: SECONDED BY: JOHN HALSEY 1925 ROLL CALL VOTE: DAVID GENTILE Aye SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS Vice Chairman Carol B. Roberts, I" appointed