The URL can be used to link to this page

Home My WebLink About2022-07-27 Retirement Board Minuteso'� ra�i Town of Reading a� - x Meeting Minutes r ARK �,ucoxva^' 'RIC Board - Committee - Commission - Council: - - 2: OU Date: 2022-07-27 Time: 9:35 AM 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 Carol Roberts Sharon Angstrom John Halsey RobertBeck Members - Not Present: Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Atty. Michael Sacco Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1985-" MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday July 27, 2022 The Reading Retirement Board held a regular session meeting on July 27, 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 Carol Roberts, Sharon Angstrom, John Halsey, Robert Beck, Board Administrator Colleen Loughlin, Assistant Board Administrator Elaine Kelly and Arty. Michael Sacco. OPEN SESSION • SHARON ANGSTROM motioned to move into executive session. SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye ROBERT BECK Aye DAVID GENTILE Aye VOTE: (4-0-0) UNANIMOUS EXECUTIVE SESSION Evidentiary hearing regarding the Accidental Disability Retirement Application of Paul Roy, was conducted in executive session as requested by the member. Arty. Michael Sacco presided over the hearing. Board member John Halsey joined this executive session at 9:40 AM. OPEN SESSION • Discussion of Group classification for RMLD job descriptions. Arty. Sacco will review the updated job descriptions provided by the General Manager at RMLD and report his findings to the Board. Atty. Sacco left this Open Session at 10:35 AM. MINUTES • SHARON ANGSTROM moved to approve the minutes from the May 25, 2022 regular session. SECONDED BY: ROBERT BECK VOTED: (4-0-1) ABSTAINED: CAROL ROBERTS 1986 t. • SHARON ANGSTROM moved to approve the minutes from the June 22, 2022 regular session. SECONDED BY: ROBERT BECK VOTED: (3-0-2) ABSTAINED: SHARON ANGSTROM JOHN HALSEY APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: William Valliere Veteran's Agent Date of hire —06/27/22 9%+2% Gr.1 (Public Services) Date of membership — 06/27/22 Marianna Corrente Admin Secretary Date of hire — 6/27/22 9%+ 2% Gr. 1 (Operations) Date of membership — 6/27/22 Meaghan Clemente Admin Asst Date of hire — 07/05/22 9%+ 2% Gr. 1 (Library) Date of membership — 07/05/22 Kyle Iandolo Laborer Date of hire -07/05/22 9%+2% Gr.I (DPW -Highway) Date of membership — 07/05/22 Matthew LaChance Facilities Date of hire — 7/5/22 9%+ 2% Gr. 1 (RMLD) Maintenance Date of membership — 7/5/22 Anna Silva Accounting Asst Date of hire — 7/11/22 9%+ 2% Gr. l (School) Date of membership — 7/11/22 Transfer from Watertown Sylvia Martin Admin Asst Date of hive — 7/18/22 9%+ 2% Gr. 1 (Assessors) Date of membership — 7/18/22 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement application: Joseph LaVita Custodian 09/01/22 24 yrs, 0 mths Option C SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 1987 n • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Laurie Stanton Terminated 6/30/22 7 yrs, 0 months (Public Services) Total deductions & interest $34,625.67 Less 20% Federal Taxes $ 6.925.13 Net Refund (Cash) $27,700.54 Jeffrey Tran Resigned 9/17/21 2 yrs, 2 months (School) Total deductions & interest $11,868.45 Less 20% Federal Taxes $ 2,373.69 Net Refund (Cash) $ 9,494.76 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the June 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: (5A-0) UNANIMOUS • SHARON ANGSTROM moved to approve the June 2022 wire transfer from MMDT to Reading Co- op in the amount of $1,105,568.25. SECONDED BY: ROBERT BECK VOTED: (5-0A) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP072022 totaling $1,239,921.06: Commonwealth of Mass. $ 1,034.78 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,542.88 State Tax Deductions Internal Revenue Service $ 99,728.29 Federal Tax Deductions Reading Credit Union $ 50,261.00 Credit Union Deductions Commonwealth of Mass. $ 332.55 Department of Revenue- Tax Levy Commonwealth of Mass. $ 502.67 Child Support July Retirement Allowances $ 941,908.07 Net Retiree Payroll Town of Reading Treasurer $ 71,754.29 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,781.20 July Staff Salary & Benefits GWT Realty $ 3,083.00 Rent Law Office of Michael Sacco $ 6,698.00 Canon Financial Services $ 168.48 Reading Municipal Light Dept $ 121.68 National Grid $ 26.49 Town of Reading Treasurer $ 253.63 Quadient, Inc. $ 155.43 Salem Retirement Board $ 1,522.50 Mass Municipal Association $ 75.00 Bridge Tower Opco, LLC $ 312.00 (Lawyer's Weekly) MITA Property & Casualty Group$ 1,165.00 Laurie Stanton $ 27,700.54 Internal Revenue Service $ 6,925.13 Jeffrey Tran $ 9,494.76 Internal Revenue Service $ 2,373.69 SECONDED BY: ROBERT BECK VOTED: (5-M) UNANIMOUS INFORMATION/QUESTIONS •:: Legal Expense - Misc Service Contracts — Copier Admin Expense— Electric Admin Expense — Heat/Gas Board Stipend/Treasurer Stipend Admin Expense — Ink Cartridge postage Section 3(8)(c) Reimbursement 2021 Admin Expense — Advertising for Employment Lawyer RFP Admin Expense—Advertising for Employment Lawyer RFP Admin Exp- Property, Casualty, & Workers Comp Insurance Return of accumulated deductions Refund — 20% Federal Taxes Return of accumulated deductions Refund — 20% Federal Taxes • Fred Granelli, who worked for the Reading Police and retired on March 2, 1985, passed away on June 21, 2022. He chose Option A at his retirement. Payments ceased upon his death. • Timothy Brennan, who worked for Public Services in the Inspection Division and retired on October 24, 2016, passed away on lune 26, 2022. He chose Option B at his retirement. Remaining funds in his annuity savings will be distributed to his beneficiary. • As of July 18, 2022, the balance in the MMDT account is $2,586,857.38. • As of July 27, 2022, we have received 373 of 376 Annual Affidavits, with 2 members having passed away, after this mailing. An affidavit was received from a retiree, in which it was signed but not notarized. The Board Chairman has had discussion with the member and updated the Board with the unique and special circumstances. The Board will await guidance from PERAC. • A request was made by Karl Granoth, Reading Fire, seeking to purchase, from Reading, his call firefighter service when he was a call firefighter in the Town of Newbury. A denial letter was sent to the member. According to M.G.L. c.32, § 4(2)(b) such service as a call firefighter shall be credited service only if such call firefighter was later appointed as a permanent member of the Fire Department in the Town of Newbury. In 1998 DALA issued a decision in the case of Peoples vs. Reading Retirement Board which held that: "in order for a reserve to be credited with fu11 time service not to exceed a maximum off:ve years, that reserve must be later appointed as a permanent member of the department where he served as a reserve" If the member actually performed services as a reserve firefighter in Newbury, he could apply for creditable service under s. 3(5), which provides that a member of a system who was excluded from membership by the rules of another system because his employment was in a temporary, provisional, or substitute shall be granted creditable service for the time he was excluded from membership in the other system. Because his non -membership service with Newbury was part-time for the period June 1, 2017 to November 10, 2021, he is not eligible as mandated by retirement law to purchase this service. • Accidental disability retiree Paul Sheridan received a "Notification of Termination" from PERAC for failure to file the 2021 Annual Statement of Earned Income. The Board Administrator sent a letter to Mr. Sheridan regarding this issue to allow him to schedule a hearing to review why he failed to meet the proper requirements. No response from Mr. Sheridan. Absent a response, Mr. Sheridan's entire disability retirement shall continue to be terminated. The Administrator will draft a letter, with the help of PERAC's legal dept., advising Mr. Sheridan of the gravity of the situation regarding his Retirement benefit and the Notification of Termination he receives from PERAC. Upon review and approval from the Board, the Administrator will forward this letter to Mr. Sheridan, preferably on a yearly basis. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2022 General Ledger Trial Balance as of June 30, 2022 Cash Receipts, Adjustments, and Disbursements as of June 30, 2022 Bank Reconciliation for the month ending June 30, 2022 Reading Co-op Bank Statement for the month ending June 30, 2022 MMDT Bank Statement for the month ending lune 30, 2022 Bank Reconciliation for wire amount with current balance of bank accounts • The next special board meeting is scheduled for Wednesday, August 17, 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, August 24, 2022 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #15/2022 — Tobacco Company List PERAC Memo # 16/2022 — Calendar Year 2022 Waiver of Section 91 Limits for Superannuation Retirees in the Public Sector 1990 PERAC Memo #17/2022 — Mandatory Retirement Board Member Training — 3rd Quarter 2022 PERAC Memo #18/2022 — Expiration of Open Meeting Law Waiver KMS Actuaries LLC — Financial Reporting and Disclosures GASB 67/68 as of December 31, 2021 Fiducient Advisors Monthly Performance Update — May 2022 PERAC Memo #19/2022 — Extension of Open Meeting Law Waivers OLD BUSINESS Continued discussion regarding various Retirement office topics, including but not limited to: Employee Handbook — Job Descriptions — there will be an amendment to add 3(8)c to the Administrator's job description. Quarterly Office Review — The Administrator gave a brief update of the goals and projects she is working on, as requested by the Board in her recent performance review. The Assistant Administrator gave a brief update of the goals and projects she is working on, as requested by the Administrator in her recent performance review. This will be a quarterly agenda item. RFP Proposals — Board opened all 4 of the RFP proposals received and a copy of each was given to the Board members to review and rate. Each Board member will email their ratings to the Retirement office no later than Monday August 15, 2022 @ 5:30 PM. The Retirement office staff will tally the results. A special Board meeting will be held on August 17, 2022 @ 9:30 AM to review the ratings, open the fee proposals and decide who the Board would like to set up an interview with. I OOB Committee — Retired Firefighter Eric Blackman called for a meeting with Sean Donahue, HR Director, as well as Robert Beck and 2 police officers representing superior officers and patrolmen regarding his recent hospital bill with respect to 111 F and his health insurance. Firefighter Blackman was denied, by the hospital, the ability to pay for his medical treatment because it was a work-related injury. The hospital submitted the claim to Firefighter Blaclon n's health insurance company (Blue Cross/Blue Shield) where, in tum, it was denied because it was a work-related injury. Blue Cross then sent the bill to the HR director. The Town Manager called around to various towns asking about their policy regarding the 100B Committee and found out that most have problems with it, in fact, some are ignoring the law and just paying the bill. The Town Manager understands the situation but admits be does not know how to fix this and is not sure of the next step. The Town Manager would like to get something in writing from Blue Cmss/MIIA regarding their official policy with respect to the paying of bills for a 1 I IF retiree. 1991 • The December Board meeting will take place on December 19, 2022. The Administrator will confirm with Laura Strickland from PRIM and Anthony Tranghese from Fiducient Advisors that they will be available to present updates to the Board. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 12:05 PM: SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS UJ6.0 Chairman David A. Gentile, Y` elected n Mfa Sharon M. Angstrom, Ex Ot� io