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Home My WebLink About2022-03-23 Retirement Board MinutesYREgO Town of Reading (i, Meeting Minutes o Je�IMOPp� Board - committee - Commission - Council: Date: 2022-03-23 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 i 1 12. 00 1904 - MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday March 23, 2022 The Reading Retirement Board held a special session meeting on March 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 Sharon Angstrom, Carol Roberts, Joseph Coughlin, John Halsey and Assistant Board Administrator Elaine Kelly. APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve a 3% COLA increase for FY 2023. This begins on July 1, 2022 and ends June 30, 2023, which is reflected in the July 1, 2021 actuarial valuation. It is limited to a maximum amount of 3% of $14,000. SECONDED BY: CAROL ROBERTS VOTED: (5-") UNANIMOUS As the first appointed member of the Retirement Board, Carol Roberts wanted to notify the Board that she filed her Financial Disclosure with the Town Clerk, which allowed her to participate in the vote. ADJOURNMENT • CAROL ROBERTS moved to adjourn this open session at 9:34 AM SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0).H701o4 1 if CPhairtrum Da id A. Gentile, 1" elected SAU" /t Sharon M. rA''ngstrom, Ex Offlci rn Vice Chairman Carol B. Roberts, I" appointed Joseph J. Coughlin, 2vd elected (N nger a Board member as of 3/31/22) . 9 point OWN Of q fqO c Town of Reading a�u Meeting Minutes a'iarnxvad`' Board - Committee - Commission - Council: Date: 2022-03-23 Time: 9:30 AM T6i�r [ CLcRK A. 7-11- 'C22 OC Ca Ph 2: 06 Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: General Business Version: Final Attendees: Members - Present: David Gentile Sharon Angstrom Carol Roberts Joseph Coughlin John Halsey Members - Not Present: Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion Page I 1 F1955 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday March 23, 2022 The Reading Retirement Board held a regular session meeting on March 23, 2022 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:35 A.M. by Chairman David Gentile with board members Sharon Angstrom, Carol Roberts, Joseph Coughlin, John Halsey and Assistant Board Administrator Elaine Kelly. MINUTES • Minutes from the January 27, 2022 regular session were signed by all board members, except Carol Roberts who was unable to attend. • CAROL ROBERTS moved to table the minutes from the February 23, 2022 regular session. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS Carol Roberts noted that the minutes need to reflect more however, they don't need to be a verbatim conversation therefore, these need to be summarized. Carol says she is happy to help the Assistant summarize these minutes. The Chairman agrees that the minutes need to be more generalized. They have been a work in progress for the past 3 months or so. He supports the motion to table the minutes. • CAROL ROBERTS moved to table the minutes from the February 23, 2022 executive session until the next executive session. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS Carol Roberts noted that from reading the Attorney General's website, the Board can approve executive minutes in open session, but if someone has a question or wants to make a change, you're now discussing it in open session, which can be a problem. • CAROL ROBERTS moved to table the minutes from the February 29, 2022 special session. SECONDED BY: VOTED: SHARON ANGSTROM (5-0-0) UNANIMOUS 1956 APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Sudeshna Chattetjee Director of Equity Date of hire -03/01/22 9%+2% Or.I (Library) &Social Justice Date of membership -03/01/22 Matthew Spinale Laborer Date of hire — 02/25/22 9%+ 2% Gr. 1 (DPW -Highway) Date of membership — 01/22/18 Rehire Robert Ego Line worker Date of hire — 03/07/22 9%+ 2% Or. 4 (RMLD) Date of membership — 06/02/97 Transfer from Danvers Daniel Trant Senior Distribution Date of hire— 03/07/22 8%+ 2% Gr. 4 (RMLD) Engineer Date of membership- 6/26/89 Transfer from Wellesley SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement application: i Coleen O'Brien General Manager 07/01/22 27 yrs, 3 mths Option B (RMLD) SECONDED BY: JOSEPH COUGHLIN VOTED: (5-M) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Brian Bianchi To Wakefield Retirement Bd $42,931.75 10 years, 7 months (Water) Kathryn Sherbet (Assessors) Anna Johnson (School) SECONDED BY: VOTED: To Essex Reg'1 Retirement Bd $1,524.46 6 months To Peabody Retirement Board $25,339.89 4 years, 11 months JOSEPH COUGHLIN (5-0-0) UNANIMOUS 1957 • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Cassie Loughman Resigned 2/17/22 2 years, 5 months (Finance) Total deductions & interest $11,020.67 Less 20% Federal Taxes $ 2.204.13 Net Refund (Cash) $ 8,816.54 SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the Annual Statement for PERAC for calendar year ended December 31, 2021. SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the March 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 VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the February 2022 wire transfer from MMDT to Reading Co-op in the amount of $1,220,173.97 SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP032022 totaling $1,324,970.05: Commonwealth of Mass. $ 1,016.34 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,557.88 State Tax Deductions Internal Revenue Service $ 95,778.56 Federal Tax Deductions Reading Credit Union $ 51,231.00 Credit Union Deductions Commonwealth of Mass. $ 873.80 Department of Revenue Mar Retirement Allowances $ 927,371.58 Net Retiree Payroll Town of Reading Treasurer $ 70,758.89 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,763.51 Mar Staff Salary & Benefits GWT Realty $ 3,083.00 Rent Law Office of Michael Sacco $ 468.00 Legal Expense - Misc 1958 Canon Financial Services $ 168.48 Service Contracts — Copier Reading Municipal Light Dept $ 74.63 Admin Expense — Electric National Grid $ 65.85 Admin Expense — Heat/Gas Wakefield Retirement Board $ 42,931.75 Transfer to Other System — B. Bianchi Essex Regional Retirement Bd $ 1,524.46 Transfer to Other System - K. Sherbet Amity Insurance $ 6,038.00 Fiduciary Insurance W.B. Mason Co., Inc. $ 222.42 Administrative Expenses — supplies Arlington Retirement Board $ 2,582.29 Section 3-8c Reimbursement for 2021 Cassie Loughman $ 8,816.54 Return of accumulated deductions Internal Revenue Service $ 2,204.13 Return of accum ded — 20% fed tax Peabody Retirement System $ 25,339.89 Transfer to Other System — A. Johnson Wakefield Retirement Board $ 1,479.88 Section 3-8c Reimbursement for 2021 Quadient Leasing $ 514.98 Service Contracts — Postage Machine Lexington Retirement Board $ 6,438.78 Section 3-8-c Reimbursement for 2021 Stoneham Retirement Board $ 10,862.66 Section 3-8-c Reimbursement for 2021 Melrose Retirement Board $ 24,538.66 Section 3-8-c Reimbursement for 2021 Boston Retirement Board $ 25,861.70 Section 3-8c Reimbursement for 2021 Town of Reading $ 158.39 Admin Expenses — Minutes Book Business Management Daily $ 199.00 Admin Expenses — HR Employment Law SECONDED BY: JOSEPH COUGHLIN VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • Election Update — 763 ballots were mailed and we received 326 ballots; 29 ballots were disqualified, 11 having been received after the election. Bob Beck received 228 votes, David Pearson received 49 votes and Endri Kume received 20 votes. There were 190 retirees, 128 active and 8 inactive members having submitted ballots. A notice of the election results was mailed to all members and retirees in a mailing on Monday 3/21/22, along with the notice of the revised Notary Services practices; the Retirement office will no longer provide notarization of non -related retirement office business. The Chairman requested the Assistant to gather information regarding the rules of possibly conducting the election in a different format. • Upon approval of the COLA at the March 23, 2022 Board meeting, the Retirement office will include a notification of the COLA to our retirees on their check or notice of deposit in the June and July payroll. • A transfer amount of $4,368.46 dated 2/28/22 was received from the Essex Regional Retirement System for Brian Sculley. The Essex Regional Retirement System will accept liability for 8 months. 1959 • A transfer amount of $20,205.49 dated 2/24/22 was received from the Andover Retirement System for Eric Guazzaloca. The Andover Retirement System will accept liability for 4 years and 10 months. • A transfer amount of $19,544.49 dated 2/22/22 was received from Barnstable County Retirement System for Guivenson Brizard. The Barnstable County Retirement System will accept liability for 3 years and 5 months. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Lexington Retirement Board - Woburn Retirement Board - Newton Retirement Board - Peabody Retirement Board - Fall River Retirement Board - Everett Retirement Board - Winchester Retirement Board - Stoneham Retirement Board - Cambridge Retirement Board • As of March 17, 2022, the balance in the MMDT account is $2,979,055.40. x • Copies of the following Reading Retirement Board reports will be emailed for review: The PRIT fund's monthly statement & fund performance for period ending Feb 28, 2022 Bank Reconciliation for the month ending Feb 28, 2022 Reading Co-op Bank Statement for the month ending Feb 28, 2022 MMDT Bank Statement for the month ending Feb 28, 2022 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday, April 27, 2022 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Pension News #59 PERAC Memo #9/2022 — Extension of Open Meeting Law Waivers Fiducient Advisors Monthly Performance Update —January 2022 Pension Technology Group email — update from Rackspace Managed Security (RMS) pertaining to Cyber Threats from Russia. For several years, PTG has been enrolled in the Rackspace Managed 1960 Security Program. Rackspace describes at a very high level some the tasks that the RMS Team will perform to help ensure that PTG's' environments at both of its locations remain secure. PRIM Email on behalf of Michael Trotsky, CFA — We have received a number of questions regarding PRIM and Russia's ongoing conflict in Ukraine, and we wanted to make sure you had Michel Trotsky's statement from Monday concerning the issue below. "While PRIM owns no currently sanctioned securities, we will continue to closely monitor the situation as we understand that the conflict has increased market volatility and geopolitical impacts remain unlatown. With that said, PRIM is well positioned to navigate these volatile markets. The PRIM investment portfolio is a carefully constructed, broadly diversified portfolio that we expect will perform well over the long-term. Our current asset allocation was recently approved at the February 17th meeting of the PRIM Board; it reflects an investment philosophy that has consistently performed strongly in both up, and perhaps, more importantly, down markets." "As of close of day on Friday, February 25ih, the PRIT Fund exposure to Russia was approximately $140 million, which is less than 0.20 percent of the fund." Regarding proactive divestment requests, we reminded those who have asked that this must be done via legislation due to our fiduciary duty to beneficiaries. The situation remains fluid, so we are monitoring the press and the facts as they develop. OLD BUSINESS • Continuation of the existing "stipend litigation" and the Treasurer's request to reconsider the original stipend request. The Board members had a general discussion. Sharon Angstrom, Joseph Coughlin and John Halsey feel there is enough information that supports granting the Treasurer a stipend. Carol Roberts and David Gentile feel that performing work for the Retirement Board, in accordance with the Treasurer's job description, is part of the Treasurer's job. David Gentile and Carol Roberts feel that the legal process needs to move forward with DALA regarding the discretionary vote; John Halsey and Joseph Coughlin agree. • SHARON ANGSTROM moved to start paying the $250/month stipend to the Treasurer pending DALA's decision; this will he revisited at that time. SECONDED BY: JOSEPH COUGHLIN ROLL CALL VOTE: SHARON ANGSTROM Aye JOSEPH COUGHLIN Aye JOHN HALSEY Aye CAROL ROBERTS No DAVID GENTILE No VOTED: (3-2-0) 1961 • Continued discussion regarding various Retirement office topics Job Descriptions — Sharon Angstrom has begun the process by hollering each job description with only the absolute requirements of each position. Carol Roberts and Sharon Angstrom will collaborate together and will meet next week. The Procurement Officer for the town gave Sharon Angstrom a printout from Chapter 30B showing that labor council is exempt from Chapter 30B stating that you don't have to go out to bid for labor council. Sharon reached out to PERAC Legal and explained to them what the Procurement Officer provided, but also told PERAC that Any. Sacco advises that we need to go out to bid. PERAC agreed with Ally. Sacco. The Board agrees that it will be difficult to get anyone to bid on a job that only requires a couple hours of work. NOTE: Sharon Angstrom left this Open Session at 10:52 AM. NEW BUSINESS • PRIM's Cash Transaction Processes and Procedures Webinar — Jennifer Cole, Manager of Client Reporting and Cash Management gave an overview of the new PRIT Fund forms as well as the new document submission deadlines. Those deadlines are listed in the presentation that was providlto all Board Members. Supplemental wire instruction section has been removed. Additional contact information required from the authorized signer. PRIM does not accept typed signatures on any PRIT Fund forms, including the Letter of Incumbency. The Chairman signs off on the Letter of Incumbency in June for fiscal year. Currently, the Chairman, Treasurer and Asst Treasurer are listed as Authorized Representatives which give them the authority to act on behalf of the Board with respect to all cash transactions. PRIT does recommend having more than one "Authorized Representative." All changes to wire instructions require verbal confirmation by a Board or staff member other than the authorized signer listed on the change form. Same day changes to wire instructions will not be accepted. All requests go directly to clientservice(),manension.com. The Board had a general discussion. The PRIT Letter of Incumbency will be added as an agenda item for the May 25, 2022 Board meeting. • Update of 10013 committee and process. The Board had a general discussion. Recently, a member retired on an Accidental Disability and has asked how this process works. Sean Donohue, HR Director, stated that the process is that the person comes to them to fill out a specific form. This form will then go to the 10013 committee for review, noting that the procedure has to have already occurred or the bill has to have already been paid. It is not pre -approved. The Chairman wanted to make sure that the Board was aware of this. The Chairman states that he's in communication with Sean Donohue with regard to trying to understand the 10013 committee. 1962 Carol Roberts states that we need to make sure our retirees know about this and believes that this is a town committee so it should be handled by the Town and doesn't understand why our Attorney is involved. John Halsey feels that this has nothing to do with our Attorney and our only involvement is that our Chairman is on the committee. He feels that the Board has to stop calling our Attorney. Carol Roberts agreed. • Recap of 3/1 Meeting with Administrator, Chairman and Co -Chairman The Chairman and the Co Chairman met with the Administrator and expressed the Board's concern with the office dynamics and how the office atmosphere is. It was something they wanted to address now because they knew it would be a few months before the whole board could meet. Colleen does know there will be more discussion on it when the full Board is present. The Chairman wanted to make sure they could get to the next couple of months with some kind of understanding that we need to get to neutral ground and start the process. The Chairman noted that the job descriptions are in the process of being worked on to be updated. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING w The Assistant gyve an update regarding the Disability Retirement Application of Paul Dudley. The Retirement office received the last of the medical records. They were uploaded to PROSPER and sent to Arty. Sacco's office. Arty. Sacco's office prepared a series of questions for the Medical Panel. To date, there are 3 appointments scheduled for Mr. Dudley, with the Medical Panel, in April. Carol states what often happens is the Board get the results from the medical exam, but it hasn't addressed some things. If the attorney knows that he definitely wants certain questions answered in order to decide, this is helpful. • The Board will schedule a special session to address the Job Descriptions and Employee Handbook. Carol will discuss with Sharon when they meet next week. • Salary Surveys — An email was sent to 17 peer communities, as well as a follow-up email; 8 out of 17 Boards have responded. Carol will go tbru ones that we have gotten responses from in the past, specifically the benefits survey done in October, to see who would most likely respond if we need to call them. 11963 ADJOURNMENT • JOSEPH COUGHLIN moved to adjourn this open session at 11:33 AM: SECONDED BY: CAROL ROBERTS VOTED: (4-0-0) UNANIMOUS Chairman David A. Shaar'on M. (Angstrom, Ex Otlic@J 1 . R Vice Chairman Carol B. Roberts, 1" appointed Joseph J. Coughlin, 2nd elected o longer a Board Member as of 3/31/22) Jo . als JAR ppoint d