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Home My WebLink About2022-06-22 Retirement Board Minuteso� FRFgO Town of Reading a� ,. Meeting Minutes F '' irmnvp°Y49 Board - Committee - commission - council: Date: 2022-06-22 Building: Reading Retirement Administration Address: 2 Haven Street Unit 307 Purpose: General Business Attendees: Members - Present: David Gentile Carol Roberts Robert Beck Time: 9:30 AM Location: Conference Room Session: Open Session Version: Final Members - Not Present: Sharon Angstrom John Halsey Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 Z.K 1978 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday lune 22, 2022 The Reading Retirement Board held a regular session meeting on June 22, 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, Robert Beck, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Sharon Angstrom and John Halsey were unable to attend. • CAROL ROBERTS motioned to move into executive session regarding salary negotiations SECONDED BY: ROBERT BECK VOTE: (3-0-0) UNANIMOUS EXECUTIVE SESSION • Minutes from the February 23, 2022 executive session will be signed by all board members, except Robert Beck. • CAROL ROBERTS moved to approve the minutes from the April 27, 2022 executive session. SECONDED BY: ROBERT BECK VOTE: (3-0-0) UNANIMOUS • CAROL ROBERTS motioned to return to open session SECONDED BY: ROBERT BECK VOTE: (3-0-0) UNANIMOUS OPEN SESSION MINUTES • Minutes from the April 27, 2022 regular session were signed by all members. • SHARON ANGSTROM moved to table the minutes from the May 25, 2022 regular session to the July 27, 2022 regular session. (Carol Roberts was not at the May 25, 2022 meeting; therefore, there is not a quorum at this meeting to approve the minutes). SECONDED BY: ROBERT BECK I VOTED: (3-0-0) UNANIMOUS 1979 APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the following new members: Ryan Winn Integrated Resource Date of hire — 6/9/22 9%+ 2% Gr. I (RMLD) Specialist Date of membership -6/9/22 Justin Berrett Technician Date of hire — 06/13/22 9%+2% Or.I (DPW -Highway) Date of membership — 06/13/22 Michael Hall Substation Tech Date of hire— 6/13/22 9%+ 2% Or. 4 (RMLD) Date of membership — 6/13/22 SECONDED BY: ROBERT BECK VOTED: (3-M) UNANIMOUS • CAROL ROBERTS moved to approve the following retirement applications: Kathryn Melesciuc Admin Asst 06/01/22 15 yrs, 10 mths Option B (Library) Charles Underhill Special Project 7/30/22 14 yrs, 2 mths Option C (RMLD) Director SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following transfer of funds to other system: Theresa Galasso To Arlington Retirement Board $57,936.69 15 years, 9 months (Finance) SECONDED BY: ROBERT BECK VOTED: (34)-0) UNANIMOUS • CAROL ROBERTS moved to approve the following refund of accumulated deductions: Thomas Komola, Jr. Resigned 5/22/22 3 yrs, 1 month (RMLD) Total deductions & interest $42,646.19 Less 20% Federal Taxes $ 8,529.24 Net Refund (Cash) $34,116.95 1980 SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve Paul Dudley's "Application for Accidental Disability Retirement." SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS The Disability Transmittal will be entered into PROSPER for the Board members' signatures. It will then be sent to PERAC for their approval. • CAROL ROBERTS moved to approve an evidentiary hearing for Paul Roy regarding the Involuntary Retirement Application. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS The Administrator will touch base with Chief Bums to confirm that he has submitted all the necessary information to support his claim. The Administrator will also check with the member to see if he wants the opportunity to provide the Board with additional medical records. If not, the Administrator will coordinate to conduct the Evidentiary Hearing, in executive session, at the July 27, 2022 Board meeting. • CAROL ROBERTS moved to approve the June 2022 wire transfer from PRIM to MMDT in the amount of $750,000.00 (wire transfer occurs the 21 s' of every month). SECONDED BY: ROBERT BECK VOTED: (3-M) UNANIMOUS • CAROL ROBERTS moved to approve the lune 2022 wire transfer from MMDT to Reading Coop in the amount of $1,016,008.75. SECONDED BY: ROBERT BECK VOTED: (3-") UNANIMOUS • CAROL ROBERTS moved to approve the REVISED Travel Regulations. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • CAROL ROBERTS moved to approve the following warrant #AP062022 totaling $1,263,083.79: Commonwealth of Mass. $ 1,016.34 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,542.88 State Tax Deductions Internal Revenue Service $ 96,504.49 Federal Tax Deductions Reading Credit Union $ 50,311.00 Credit Union Deductions Commonwealth of Mass. $ 324.67 Department of Revenue -Tax Levy June Retirement Allowances $ 922,231.82 Net Retiree Payroll Town of Reading Treasurer $ 72,120.14 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,781.20 June Staff Salary & Benefits GWT Realty $ 3,083.00 Rent Law Office of Michael Sacco $ 974.00 Legal Expense - Misc Canon Financial Services $ 168.48 Service Contracts — Copier Reading Municipal Light Dept $ 95.93 Admin Expense — Electric National Grid $ 25.62 Admin Expense — Heat/Gas W.B. Mason Co. Inc. $ 354.73 Admin Expense — Supplies Town of Reading Treasurer $ 253.63 Board Stipend/Treasurer Stipend Thomson Reuters $ 218.00 Admin Expense — Ch 32 inserts Arlington Retirement Board $ 57,936.69 Transfer to Other System -T. Galasso Quadient Leasing $ 514.98 Service Contract—Postage Machine Thomas Komola, Jr. $ 34,116.95 Return of accumulated deductions Internal Revenue Service $ 8,529.24 Return of accum ded 20% Fed Tax - T. Komola Business Management Daily $ 179.00 Admin Expenses — HR Employment Law Subscription Check #7343 issued 3/31/22 to Business Management Daily was returned as Reading Retirement Board was not set up as a customer. Contacted customer service to set up account and was notified that they currently have an offer for $179.00 for 2 -year subscription. Check #7343 for $199.00 was voided. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS INFORMATION/QUESTIONS • A COLA reimbursement of $51,825.79 from the State for the period 6/1/22-06/30/22 was received on 06/16/22. • David Foley, who worked for the RMLD and retired on March 9, 1998, passed away on June 3, 2022. He chose Option B at his retirement, but there are no remaining funds in his annuity. Payments ceased upon his death. 1.9 8 2 • A transfer amount of $23.33 dated 5/31/22 was received from the Middlesex County Retirement System for Brett McCoy (retro payment after initial transfer). There is no additional liability. • A transfer amount of $35,168.94 dated 5/31/22 was received from the Stoneham Retirement System for Katelyn Finnegan. The Stoneham Retirement System will accept liability for 6 years and 10 months of creditable service (State — 2 years; Essex Regional — I year, I l months; Stoneham — 2 years, 11 mths). • A transfer amount of $202,633.99 dated 5/25/22 was received from the Danvers Retirement System for Robert Ego. The Danvers Retirement System will accept liability for 24 years and 8 months of creditable service (Essex Regional — 6 years, 2 months; Danvers — 18 years, 6 months). • The Annual Affidavits were mailed on June 6, 2022. As of 6/21/22, we have received 248 of 376. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Worcester Regional Retirement Board • As of June 15, 2022, the balance in the MMDT account is $2,616,486.87. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2022 General Ledger Trial Balance as of May 31, 2022 Cash Receipts, Adjustments, and Disbursements as of May 31, 2022 Bank Reconciliation for the month ending May 31, 2022 Reading Co-op Bank Statement for the month ending May 31, 2022 MMDT Bank Statement for the month ending May 31, 2022 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday, July 27, 2022 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC # 12/2022 — Forfeiture of Retirement Allowance for Dereliction of Duty by Members. PERAC # 13/2022 — 2021 Salary Verification Request PERAC # 14/2022 — Supreme Judicial Court Decision in Vemava 11— Action Required PERAC had a case action in 2018 requiring the Boards to start having payroll identify when someone is out on WC and they use an offset with sick and vacation time, in conjunction with WC, payroll had to start using a special pay code because it is potentially non -pensionable. If it's a disability, it's non- 1983 =! pensionable, however if it's a superannuation it is pensionable. Arty. Sacco challenged PERAC, and won, saying that sick and vacation time, used in conjunction with WC, is not regular compensation and is therefore non -pensionable. The Administrator will start with the active members, who have used sick and vacation time in conjunction with WC, to identify what should or should not have been pensioned. PERAC — 2021 Investment Report PEP AC Pension Newsflash Email from Attorney Michael Sacco — Staffing Announcement — Monday, lune 6, Joe Kenyon will be joining the firm as an associate to assist Chris Collins and Michael in the retirement law practice. PERAC —Public Hearing: Electronic Signature Regulations OLD BUSINESS • Continued discussion regarding various Retirement office topics, including but not limited to: Employee Handbook/Job Descriptions Salary/Benefit Survey -will be discussed at the July 27, 2022 Board meeting. Quarterly office review will take place at the July 27, 2022 Board meeting to discuss goals/projects. • PRIT Letter of Incumbency — The Chairman signs to become authorized to transfer funds, as well as the Treasurer and Asst Treasurer, however the chairman states that he has no way to physically transfer the funds. The Chairman's thoughts are that he will probably not be signing the Letter of Incumbency but he is open to discussion. • CAROL ROBERTS motioned to continue with the $750,000 transfer from PRIT to MMDT. SECONDED BY: ROBERT BECK VOTED: (3-") UNANIMOUS • The Administrator reports that the Retirement office has received six (6) requests for a copy of the RFP for labor council. • 100B Committee — Sean Donahue, HR Director, will talk to the Town Manager. Be feels this may require a 'special act' to possibly have Future Comp continue as the Yd party handling the billing etc., for 1 I I F injured police/fire employees. It could possibly mean they must go thm town meeting, the select board, and the state legislature in order to change or update the current language so that Future Comp can handle this. Sean Donahue will start the process. 1984 NEW BUSINESS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • CAROL ROBERTS moved to adjourn this open session at 11:00 AM: SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS Chairman David A. Gentile, 1� elected Sharon M. Angstrom, Ex Ofpficioo(ABSENT) ({fan4 )b kzjQ,AJ Vice Chairman Carol B. Roberts, I" appointed ��-,.e-- zg<, Robert L. Beck, 2nd elected John R. Halsey, 2"d appointed (ABSENT)