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HomeMy WebLinkAbout2022-02-23 Retirement Board MinutesTown of Reading Meeting Minutes Board - committee - commission - Council: Date: 2022-02-23 Building: Reading Retirement Administration Address: 2 Haven Street Unit 307 Purpose: General Business Attendees: Members - Present: David Gentile Sharon Angstrom Carol Roberts Joseph Coughlin John Halsey Members - Not Present: Time: 9:30 AM Location: Conference Room Session: Open Session Version: Final Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 MINUTES OF OF THE READING RETIREMENT BOARD MEETING Wednesday February 23, 2022 The Reading Retirement Board held a regular session meeting on February 23, 2022 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 and Assistant Board Administrator Elaine Kelly. Sharon Angstrom received permission from the Chairman, prior to the meeting, to participate remotely. OPEN SESSION MINUTES • Minutes from the December 22, 2021 regular session were signed by all board members. • Minutes from the January 6, 2022 special session were signed by all board members. • SHARON ANGSTROM moved to accept the minutes from the January 27, 2022 regular session. SECONDED BY: JOHN HALSEY ROLL CALL VOTE: SHARON ANGSTROM Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (4-0-1) ABSTAINED: CAROLROBERTS APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Franccina Greene Admin Asst Date of hire — 01/24/22 9%+ 2% Gr. 1 (School) Student Svcs. Date of membership — 01/24/22 Lindsey Gartner Firefighter/ Date of hire — 01/24/22 9%+ 2% Gr. 4 (Fire) Paramedic Date of membership 01/24/22 Remo Turchi Laborer Date of hire -02/03/22 9%+2% Gr.I (DPW -Sewer) Date of membership — 07/01/19 Rehire Eric Guazzaloca Sr. Operator Date of hire — 02/07/22 9%+2% Gr.I (DPW -Water) - Date of membership -03/20/17 Katelyn Finnegan Finance/Business Date of hire — 2/7/22 9%+2% Or.I (School) Analyst Date of membership -2/27/17 Transfer from Stoneham SECONDED BY: Fidel Maltez Town Manager Date of hire — 2/14/22 9%+ 2% Gr. 1 (Admin Svcs) Date of membership — 04/24/17 Transfer from Chelsea CAROL ROBERTS Aye Jennifer Velazquez Health Inspector Date of hire — 2/22/22 9%+ 2% Gr. 1 (Health) Date of membership — 2/22/22 SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye DAVID GENTILE Aye CAROL ROBERTS Aye VOTED: (5-0-0) UNANIMOUS JOHN HALSEY Aye SHARON ANGSTROM moved to approve the final JOSEPH COUGHLIN Aye following retirement approved by PEP AC. DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS Fire 01/11/22 • SHARON ANGSTROM moved to approve the following retirement application Robert LeLacheur Town Manager 02/25/22 16 yrs, 5 mths Option C (Admin Svcs) SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS SHARON ANGSTROM moved to approve the final calculation for the following retirement approved by PEP AC. Eric Blackman Fire 01/11/22 23 yrs, 3 mths Option C (Accidental Disability) Yearly: $74,834.04 Monthly: $ 6,236.17 194 2., SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Steven Ballard To Andover Retirement Bd $10,048.66 2 years, I month (Highway) SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refunds of accumulated deductions: Shawn Intorcio Resigned 11/24/21 2 years, 2 months (RMLD) Total deductions & interest $27,347.95 Less 20% Federal Taxes $ 0.00 Net Refund (Rollover) $27,347.95 Michael Denaro Resigned 01/06/22 11 months (Police) Total deductions & interest $ 4,267.93 Less 20% Federal Taxes $ 853.59 Net Refund (Cash) $ 3,414.34 SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS E APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the February 2022 wire transfer from PRIM to MMDT in the amount of $750,000.00 (wire transfer occurs the 21 ° of every month). SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS John Halsey had a question regarding transfers; he asks if the Treasurer, Endri Kume, is the one that manages every transfer? Sharon Angstrom stated that the Treasurer or the Assistant Treasurer are the two people that can perform this task. This is a set amount that the Board has decided on that comes out every month to help us fund our pensions and so PRIM is authorized at the beginning of each calendar or fiscal year to transfer this amount automatically every month, which is renewed annually. • SHARON ANGSTROM moved to approve the February 2022 wire transfer from MMDT to Reading Coop in the amount of $1,264,511.29. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-") UNANIMOUS Sharon Angstrom stated that MMDT is not the account where the monthly payroll checks are cut from, therefore the funds are transferred to the Reading Co-op to fund the monthly payroll. MMDT has a higher interest rate so the extra funds are kept there to get the maximum amount of interest APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP022022 totaling $1,402,581.14: Commonwealth of Mass. $ 1,016.34 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,557.88 State Tax Deductions 1944 =- Intemal Revenue Service S 95,304.14 Federal Tax Deductions Reading Credit Union $ 51,341.00 Credit Union Deductions Feb Retirement Allowances $ 920,393.06 Net Retiree Payroll Town of Reading Treasurer $ 67,586.50 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,530.52 Feb Staff Salary & Benefits GWT Realty $ 3,083.00 Rent Law Office of Michael Sacco $ 988.00 Legal Expense - Misc Canon Financial Services $ 168.48 Service Contracts — Copier Reading Municipal Light Dept $ 81.54 Admin Expense — Electric National Grid $ 75.17 Admin Expense — Heat/Gas W.B. Mason Co. Inc. $ 322.40 Admin Expense— Supplies Middlesex County Retirement $ 33,526.74 Section 3(8)(c) Reimbursement for 2021 Quincy Retirement Board $ 4,751.33 Section 3(8)(c) Reimbursement for 2021 Peabody Retirement Board $ 5,154.71 Section 3(8)(c) Reimbursement for 2021 Woburn Retirement Board $ 4,861.05 Section 3(8)(c) Reimbursement for 2021 Saugus Retirement Board $ 4,664.40 Section 3(8)(c) Reimbursement for 2021 Cambridge Retirement Board $ 23,924.69 Section 3(8)(c) Reimbursement for 2021 Wellesley Retirement Board $ 2,497.34 Section 3(8)(c) Reimbursement for 2021 Winchester Retirement Board $ 22,772.50 Section 3(8)(c) Reimbursement for 2021 Malden Retirement Board $ 3,140.34 Section 3(8)(c) Reimbursement for 2021 MTRS $ 100,337.62 Section 3(8)(c) Reimbursement for 2021 Canon Solutions $ 281.25 Admin Expense — Maintenance on copier Flyers Unlimited $ 160.00 Admin Expense—Envelopes Schwab IRA $ 27,347.95 Return of Accum Deductions—S. Intorcio Coen Business/Yingsbury Press $ 171.81 Admin Expense — Ballot Envelopes Andover Retirement Board $ 10,048.66 Transfer to Other System — S. Ballard Michael DeNaro $ 3,414.35 Return of accumulated deductions Internal Revenue Service $ 853.59 Return of ace ded-20% Fed Tax- DeNaro SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS John was looking for clarification of the 3(8)(c) bills; Employees who worked in Reading at one time and then transferred to another community, eventually where they retired from. Reading needs to accept liability for the time the member worked for the Town of Reading. 191.5 J INFORMATION/QUESTIONS • Jane Cann, who worked for the School Dept. and retired on June 22, 2008, passed away on February 14, 2022. She chose Option C at her retirement. Her spouse, Robert Cann, will receive a monthly allowance of $539.59, which is 2/3rds of the amount Jane was receiving at the time of her death. • Mike Dwyer from Wainwright Investment left me a message. He's following up with the Board as he sees we are still in PRIT. Mentioned that he's helping Saugus get out of PRIT. Wants to feel the temperature of the Board with regards to the risks of the Private Equity Fund. Wainwright Investment was a candidate for our Financial Consultant years ago. He was aware of the RFP in which we were considering doing something different with PRIT. The Board feels that it will not be necessary to have Mike Dwyer from Wainwright Investment follow up with the Board in regards to PRIT and the Private Equity Fund. The Reading Retirement System is under contract with Fiducient Advisors, as their financial consultant and the Board does not feel the need to engage another firm. The Assistant will notify the Administrator of the Board's decision. Sharon states that PRIT performs well long term and satisfies our needs. She feels that as we get closer to being fully funded our level of risk that we want to take might be different and that's what we're addressing with Fiducient Advisors. PRIT is performing where they need to be. • As of February 17, 2022, the balance in the MMDT account is $3,263,606.23. • A transfer amount of $32.28 dated 1/31/22 was received from Danvers Retirement System for Adetokunho Solaria. There is no additional liability. • A transfer amount of $3,733.02 dated 1/28/22 was received from the State Retirement System for Michael Denaro. The State Retirement System will accept liability for 11 months and 23 days. • Craig Owen, who worked for the RMLD and retired on June 23, 2012, passed away on February 6, 2022. He chose Option C at his retirement. His spouse, Patricia Owen, will receive a monthly allowance of $2,091.47, which is 2/3rds of the amount Craig was receiving at the time of his death. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. Somerville Retirement Board Natick Retirement Board Marlborough Retirement Board Gloucester Retirement Board Salem Retirement Board Medford Retirement Board Arlington Retirement Board Taunton Retirement Board Lawrence Retirement Board Mass Teachers' Retirement Board 1946''- - Beverly Retirement Board - Concord Retirement Board • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending Jan 31, 2022 PRIM Board Quarterly update — Fourth Quarter 2021 Bank Reconciliation for the month ending Jan 31, 2022 Reading Coop Bank Statement for the month ending Jan 31, 2022 MMDT Bank Statement for the month ending Jan 31, 2022 Bank Reconciliation for wire amount with current balance of bank accounts • The next special session is scheduled for Monday, February 28, 2022 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, March 23, 2022 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED OPEB Summary Report — 12/2021 PERAC Memo #8/2022 — Actuarial Data Fiducient Advisors Monthly Performance Update — December 2021 OLD BUSINESS • The Board had requested a total cost of the legal expenses incurred and any outstanding invoices regarding the appeal process for the denied Stipend requested by Town Treasurer. To date, based on the work performed on the Stipend matter, the total cost of the legal expenses incurred is $1,553.00. The Board had a general discussion regarding the Treasurer's stipend appeal. Sharon Angstrom wanted to confirm that this would be a future agenda item to discuss and possibly reconsider. She states that Endri asked for this vote to be reconsidered so she wants to confirm that there will be a discussion regarding this matter. The Chairman confirmed that this is an agenda item for the March 23, 2022 Board meeting. • The Administrator had an annual review of our Insurance Binder with Patricia Sullivan. Notary Services not related to the business of the named insurance will not be covered. If you wanted to purchase additional liability called Professional Liability it will be between $900 - $1100 a year. (Exhibit) Does the Board want to limit the Notarization to notary services related to the business of the named Insurance? The board had a general discussion and agreed that the Retirement office will limit the notarizing of documents to Retirement business. The Board asks that the Retirement office notify retirees of the new policy. • SHARON ANGSTROM motioned to limit the Notarization to notary services related to Retirement business of the named insurance and to notify retirees of such policy. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • Continued discussion regarding various Retirement office topics. • The Administrator's Performance Review The Board had a general discussion regarding the Administrator's perfomrance review. The chairman mistakenly thought that the Administrator would be at the February 23, 2022 Board meeting, however she was not in attendance due to a medical note. The Administrator informed the Chairman that she will return in April. The Board agreed that the Performance Review should be conducted in person when the Administrator is able to attend. Sharon Angstrom asked if 2 members of the Board could meet with the Administrator, to go over the performance review prior to the April Board meeting, so that the process would not be delayed. The Chairman stated that Arty. Sacco advises that the complete performance review process must be done at an open session meeting. • SHARON ANGSTROM motioned to schedule the Administrator's Performance Review for the next available opportunity that the Administrator will be present. SECONDED BY: JOSEPH COUGHLIN 1948 ' ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS Assistant Administrator's Performance Review conducted on February 9, 2022. The Board had a general discussion regarding the Assistant Administrator's Performance Review, which was conducted on February 9, 2022, by the Administrator and the Chairman. The Administrator is willing to entertain any questions the Board may have; however, she has informed the Chairman that she is not available until the April 27, 2022 Board meeting. The Chairman recapped the sequence of events; the performance review was conducted on February 0 with the Chairman, Administrator and Assistant Administrator present. The evaluation forms were filled out by both Cullen and Elaine prior to the meeting. Elaine was upset at the overall review and asked if she was allowed to further comment, other than her verbal disagreement already. The Chairman explained that there is a section on the form that allowed this. Elaine advised she would do this and she was not going to sign the review. Elaine was requested by Colleen to submit her comments to her by Tuesday, February 15, which Elaine submitted as requested. The Administrator then emailed the Assistant's comments, along with further rebuttal comments to the Chairman. The Chairman stated that the Administrator's comments were submitted after the Assistant's comments to her review were submitted to the Administrator. Sharon feels that there hasn't been enough of that one on one with the Assistant to make sure everything about a certain topic is understood. Sharon feels that this has been a struggle from the beginning and feels the Assistant has put up with a lot. Sharon asked if the document the Board received was shared with the Assistant. The Chairman states that this document was not shared with the Assistant. John Halsey feels that the Board is venturing into a different persons' review and thinks that the Board needs to stay within the Board's agenda item. John said he was shocked by what he saw and disturbed by how this came out and thinks it's something they need to take up when they begin the process of finalizing the Board's review, which has an impact on lots of things that are covered by Executive Session. Carol went over the timeline of the Assistant's reviews; 2/7/18 there was a 6 -month signed review with 7 meets and 7 exceeds. In 2019 there was an unsigned review that was never given to the Assistant and just shared recently. On 11/24/2020 there was a meeting with some notes, but no review. In 2021 calendar year there's no review until the 2/9/22 review. 1949 Joseph Coughlin concurred with John and Sharon stating that he was shocked reading the documents that he received in the email. He didn't see the point and felt like it was a case of really piling it on, saying it was unnecessary and it was handled poorly. The Assistant stated that she felt the odds have been stacked against her since she started. She doesn't feel like the Administrator wants her or anybody here. She was not happy to learn of the 53 pages submitted to the Chairman. She states that she's a wreck every day she comes to work and feels like the Administrator is trying to get her fired. The Chairman didn't feel the review was hostile. He noted that it was clear and evident that the Assistant was disappointed by the ratings she received. He felt that the strategy and some of the plans that were put in place was a start to the process of moving forward. The Assistant stated that she felt her performance review was very hostile. She stated that she never felt more disrespected and humiliated by a supervisor. John Halsey asked the Assistant to characterize the environment. The Assistant states that it is a very stressful environment. The Chairman asked how the Board wanted to proceed at this point, reminding the Board that they have the option to go into Executive Session to discuss pay strategy and negotiate compensation in relation to the Assistant. • JOHN HALSEY motioned to move into Executive Session with the intent to return to Open Session SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS EXECUTIVE SESSION • The Board moved into Executive Session to discuss negotiation strategy and compensation in regards to the Assistant Administrator. Sharon Angstrom was approved by the Chairman, prior to the meeting, to participate remotely. Sharon Angstrom confirmed with the Chairman that she was the only person present and that no one was within ear shot of this executive session. The hearing was recorded and is considered to be a part of the minutes. The Assistant was excused from this Executive Session. 1950 • SHARON ANGSTROM motioned to approve a 2% Step Increase for the Assistant Administrator, retroactive to January 1, 2022. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS John Halsey stated that it has come to the Board's attention that there's a difficult working environment among our employees that we need to address as soon as possible. John suggested that the Chairman and/or the Vice Chair meet with the Administrator, to bring the Board's concerns directly to the Administrator's attention. The Chairman and the Vice Chair agree to meet with the Administrator and would set up a meeting as soon as possible. The Chairman and the Vice Chair will discuss their meeting with the Administrator with the Board members at the March 23, 2022 regular board meeting. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING • SHARON ANGSTROM moved to adjourn this open session at 11:50 AM: SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye JOSEPH COUGHLIN Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS 00) k� Chairman David A. Gentile, 1p"/elected � ,� , v�rtW/ilwdt - Shazon M. (A�ngstrom,(E�x O(lffici -I-' C01 � \z lr�',p^�`'� Vice Chairman Carol B. Roberts, 1" appointed Joseph J. Coughlin, 2nd elected (N longer a Board member as of 3/31/22) J Is ,2 appoint,