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Home My WebLink About2022-05-25 Retirement Board Minutes04A.iI., Town of Reading Meeting Minutes Board - committee - Commission - Council: Date: 2022-05-25 Time: 9:30 AM = VEL, --... ��. L: O(1 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 John Halsey Robert Beck Members - Not Present: Carol Roberts Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 1972 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday May 25, 2022 The Reading Retirement Board held a regular session meeting on May 25, 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, John Halsey, Robert Beck, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Carol Roberts was unable to attend. SPECIAL ITEMS • SHARON ANGSTROM moved to approve the upgrade of the PBI software to the Certi Census System. SECONDED BY: VOTED: MINUTES ROBERTBECK (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to table the minutes from the February 23, 2022 executive session, to be signed at the next executive session. SECONDED BY: JOHN HALSEY VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the minutes from the April 27, 2022 regular session. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to table the executive minutes from the April 27, 2022 executive session to the next executive session. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Jonathan Hickford Custodian Date of hire — 04/25/22 9%+2% Gr.I (School) Date of membership — 04/25/22 t. 1973 Eric Orsula Custodian Date of him — 7/29/19 9%+2% Gr.I (School) Comm Sery Director 06/30/22 11 yrs, 1 mth Option C Date of membership — 4/25/22 David Ballou Laborer Date of hire — 5/2/22 9%+ 2% Gr. 1 (DPW -Water) Date of membership — 5/2/22 Michael Poulin Firefighter/ Date of him — 05/09/22 9%+2% Gr.4 (Fire) Paramedic Date of membership -05/09/22 Transfer from Chelsea Andrew Smith Firefighter/ Date of hire — 05/09/22 9%+2% Gr.4 (Fire) Paramedic Date of membership -05/09/22 Evan Loreth Firefighter/ Date of hire — 05/09/22 9%+2% Or.4 (Fire) Paramedic Date of membership — 05/09/22 Transfer from Middlesex Patrick Stewart Firefighter/ Date of hire —05/09/22 9%+ 2% Gr. 4 (Fire) Paramedic Date of membership -05/09/22 Transfer from Middlesex Susan Brown Executive Asst Date of hire — 5/9/22 9%+2% Gr I (School) Date of membership — 5/9/22 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications Eileen Barrett Librarian 04/29/22 10 yrs, 3 mths Option C (Library) Kevin Bohmiller Comm Sery Director 06/30/22 11 yrs, 1 mth Option C (Public Services) SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 1974 APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the May 2022 wire transfer from PRIM to MMDT in the amount of $750,000.00 (wire transfer occurs the 21° of every month). SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the May 2022 wire transfer from MMDT to Reading Co- op in the amount of $920,946.64. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the Travel Regulations (Exhibit G) — Board created travel regulations in August 2002 but were rejected by PERAC. SECONDED BY: ROBERT BECK VOTED: (4-") UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP052022 totaling $1,171,541.87: Commonwealth of Mass. Commonwealth of Mass. Internal Revenue Service Reading Credit Union Commonwealth of Mass. May 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 W.B. Mason Co. Inc. Town of Reading Treasurer Formax Fiducient Advisors 1,016.34 RHA Health Ins. Deductions 1,542.88 State Tax Deductions 96,642.11 Federal Tax Deductions 50,211.00 Credit Union Deductions 955.04 Department of Revenue 923,315.95 Net Retiree Payroll 70,514.33 Hlth, Life, & Dental Ins. Deductions 13,409.12 May Staff Salary & Benefits 3,083.00 Rent 859.36 Legal Expense - Misc 168.48 Service Contracts — Copier 78.01 Admin Expense — Electric 25.62 Admin Expense — Heat/Gas Admin Expense — Supplies 253.63 Board Stipend/Treasurer Stipend 717.00 Service Contracts — Sealer/Folding Machine 8,750.00 Investment Consultant Fee SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 1975 INFORMATION/QUESTIONS • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Boston Retirement Board - Danvers Retirement Board - State Retirement Board • A transfer amount of $147,185.06 dated 4/30/22 was received from the Wellesley Retirement System for Daniel Trant. The Wellesley Retirement System will accept liability for 32 years and 8 months. • William Arakelian, who worked for the Police Dept. and retired on March 31, 1995, passed away on May 9, 2022. He chose Option B at his retirement, but there are no remaining funds in his annuity. Payments ceased upon his death. • Florence Campbell, who worked for the Finance Dept. and retired on April 15, 1992, passed away on May 15, 2022. She chose Option A at her retirement. Payments ceased upon her death. • The Retirement Office has received an Involuntary Disability Retirement Application from Fire Chief Gregory Bums for Firefighter Paul Roy. A copy has been mailed to Arty. Sacco for review and has been uploaded onto PROSPER. • As of May 18, 2022, the balance in the MMDT account is $2,553,575.09. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending April 30, 2022 General Ledger Trial Balance as of April 30, 2022 Cash Receipts, Adjustments, and Disbursements as of April 30, 2022 Bank Reconciliation for the month ending April 30, 2022 Reading Coop Bank Statement for the month ending April 30, 2022 MMDT Bank Statement for the month ending April 30, 2022 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday, June 22, 2022 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC — Public Hearing: Electronic Signature Regulations MACRS 2022 Annual Conference June 13 — June 15, 2022 agenda available (Exhibit F) 1976 OLD BUSINESS • Continued discussion regarding various Retirement office topics, including but not limited to: Employee Handbook Salary/Benefit Survey • DALA's response to Treasurer's Stipend Request (Exhibit B) • Letter from Attorney Sacco to the Board regarding the DALA decision on Treasurer's Stipend (Exhibit C) • SHARON ANGSTROM moved to accept the RFP for Labor Council SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • Response from Attorney Sacco after reviewing RMLD Organizational Chart and job descriptions for each position to opine as to the proper group classification for each position (Exhibit E) — The Board had a general discussion. RMLD will review each job description where necessary and make appropriate corrections as warranted. Those corrections will be resubmitted to Arty. Sacco for review and proper group classification. • Administrator's Response to Performance Review (Exhibit H) -The Board has requested that this be put into the Administrator's personnel file. • PRIT Letter of Incumbency - The Board had a general discussion as to the process this involves. It enables authorized persons to transfer money when necessary, which includes the Town Treasurer, Assistant Town Treasurer and the Chairman of the Retirement Board. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING The Board had a general discussion regarding the IOOB Committee. Robert Beck is concerned for our retirees that were on 1 l IF as an active employee and subsequently need medical attention for that work- related injury as a retiree. He fears it will have a negative impact on the retiree, given the language of the I OOB rules/regulations, specifically saying that the retiree may/must prepay for any medical care for that work-related injury and then get reimbursed by the town. The Board feels that the 1006 Committee may need to be rescinded. This will be required to go before the Select Board for any changes. ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 11:55 PM: SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 1977' 4 airman David �A..Gent e, I" elected Sharon Angstrom, Ex Oti; o Vice Chairman Carol B. Roberts, I" appointed (ABSENT) ober[ L. Beck, 2" elected John . as 22 appo't