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Home My WebLink About2022-08-24 Retirement Board Minutes44OFq O � Town of Reading MeetingMinutes gy Board - Committee - Commission - Council: Date: 2022-08-24 Time: 9:30 AM TOWNECLERK READING, Mkj' �) 2122 JAN 19 PN 1: 08 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 John Halsey Members - Not Present: Sharon Angstrom Robert Beck Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 1994 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday August 24, 2022 The Reading Retirement Board held a regular session meeting on August 24, 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, John Halsey, Board Administrator Colleen Loughlin, and Assistant Board Administrator Elaine Kelly. Sharon Angstrom and Robert Beck were unable to attend. MINUTES • Minutes from the May 25, 2022 regular session were signed by all board members, except Carol Roberts who was unable to attend. • Minutes from the June 22, 2022 regular session were signed by all board members, except Sharon Angstrom and John Halsey who were unable to attend. • CAROL ROBERTS moved to approve the minutes from the July 27, 2022 regular session. SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the minutes from the July 27, 2022 executive session. SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the minutes from the August 17, 2022 special session. SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the following new members: Christopher Kowaleski (Elder Services) Malone MacDonald (Health) Center Date of hire — 08/15/22 9%+ 2% Gr. 1 Coordinator Date of membership — 03/04/13 Transfer from Somerville Public Hlth Nurse Date of hire — 8/22/22 9%+2% Or. I Date of membership — 8/22/22 1995 .-' Arielle Camey -Ramos Administrator Date of hire — 8/22/22 9%+2% Gr.I (Recreation) Date of membership Transfer from Watertown Nicholas Lawrence Substation Floater Date of hire — 08/16/22 9%+ 2% Gr. 4 (RMLD) Technician Date of membership -08/16/22 SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following retirement application: Maureen McHugh Energy Analyst 08/13/22 30 yrs, 4 mths Option C (RMLD) SECONDED BY: JOHN HALSEY VOTED: (3-0-0)UNANIMOUS • CAROL ROBERTS moved to approve the final calculation for the following retirements approved by PERAC: Paul McGonagle RMLD 06/01/22 11 yrs, 3 mths Option A (Superannuation) Yearly: $38,597.88 SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS Monthly: $ 3,216.49 Kathryn Melesciuc Library 06/01/22 15 yrs, 10 mths Option B (Superannuation) Yearly: $15,705.84 Monthly: $ 1,308.82 Eileen Barrett Library 04/29/22 10 yrs, 3 mths Option C (Superannuation) Yearly: $10,194.48 Monthly: $ 849.54 Julia Rodger Town Clerk 06/28/22 15 yrs, 5 mths Option A (Superannuation) Yearly: $20,966.76 Monthly: $ 1,747.23 SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS 1996 - • CAROL ROBERTS moved to approve the following transfer of funds to other system: Danielle Collins To Needham Ret Board $74,371.18 6 years, 11 months (School) SECONDED BY: JOHN HALSEY VOTED: (3-0-0)UNANIMOUS • CAROL ROBERTS moved to approve the following refund of accumulated deductions: Leo Keefe Resigned 2 yrs, 10 months (RMLD) Total deductions & interest $45,129.19 Less 20% Federal Taxes $ 9.025.84 Net Refund (Cash) $36,103.35 SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve the August 2022 wire transfer from PRIM to MMDT in the amount of $750,000.00 (wire transfer occurs the 21" of every month). SECONDED BY: JOHN HALSEY VOTED: (3-0-0)UNANIMOUS • CAROL ROBERTS moved to approve the August 2022 wire transfer from MMDT to Reading Co-op in the amount of $1,143,463.64. SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the transfer of $3,571,539.69 from MMDT to PRIT to keep balance of MMDT at approximately $3MM. SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS 1997 APPROVAL OF INVOICES TO BE PAID . CAROL ROBERTS moved to approve the following warrent #AP082022 totaling $1,402,540.59: Commonwealth of Mass. $ 1,034.78 RHA Health Ins. Deductions Commonwealth of Mass. $ 1,542.88 State Tax Deductions Internal Revenue Service $ 108,033.73 Federal Tax Deductions Reading Credit Union $ 49,261.00 Credit Union Deductions Commonwealth of Mass. $ 332.55 Department of Revenue- Tax Levy Commonwealth of Mass. $ 502.67 Child Support August Retirement Allowances $ 963,164.52 Net Retiree Payroll Town of Reading Treasurer $ 71,681.08 Hlth, Life, & Dental Ins. Deductions Town of Reading Treasurer $ 12,781.23 August Staff Salary & Benefits GWT Realty $ 3,083.00 Rent Law Office of Michael Sacco $ 1,014.00 Legal Expense - Misc Canon Financial Services $ 168.48 Service Contracts— Copier Reading Municipal Light Dept $ 147.12 Admin Expense — Electric National Grid $ 25.62 Admin Expense — Heat/Gas Town of Reading Treasurer $ 253.63 Board Stipend/Treasurer Stipend Leo Keefe $ 36,103.35 Return of accumulated deductions Internal Revenue Service $ 9,025.84 Refund — 20% Federal Taxes Pension Benefit Information $ 4,815.33 Service Contracts — Death Notifications Flyers Unlimited $ 247.50 Admin Expense — envelopes KMS Actuaries, LLC $ 4,000.00 Actuarial Services Fiducient Advisors $ 8,750.00 Investment Consultant Fee State Retirement Board $ 52,201.10 Section 3-8-c Reimbursement for 2021 Needham Retirement Board $ 74,371.18 Transfer to Other System — D. Collins SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS John Halsey asked for clarification' on the misc Legal Expense. The Administrator explained that in the warrant it shows exactly what the charge is for; it's never just one topic and that's why it's listed as miscellaneous. INFORMATION/QUESTIONS . James Green, who worked for the RMLD and retired on June 11, 2019, passed away on August 3, 2022. He chose Option C at his retirement. His spouse, Lisa Green, will receive a monthly allowance of $4,635.32, which is 2/3rds of the amount James was receiving at the time of his death. On July 22, 2022, PERAC notified this board that Michael A. Grunzweig, Jr. was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to ` perform the essential duties of his job. The Chairman asked if this was done with every Disability Retirement. The Administrator explained that it is conducted in the first 2 years and then every 3 years, thereafter, for all Disability Retirements. • The Retirement office has received all 374 Annual Affidavits. The Administrator is waiting on an answer from PERAC regarding the affidavit that 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. • As of August 18, 2022, the balance in the MMDT account is $7,715,003.33. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2022 General Ledger Trial Balance as of July 31, 2022 Cash Receipts, Adjustments, and Disbursements as of July 31, 2022 Bank Reconciliation for the month ending July 31, 2022 Reading Co-op Bank Statement for the month ending July 31, 2022 MMDT Bank Statement for the month ending July 31, 2022 Bank Reconciliation for wire amount with current balance of bank accounts The Board Chairman would like to go through these reports at one of the Board meetings to see what it is they should be looking for when reviewing the above-mentioned reports. The Administrator advised them that they should be looking for anything that looks unusual, perhaps numbers that have been transposed on the warrant, kind of a checks and balance. John Halsey asked how long he is required to keep these documents on file and asked the other Board members that were present what their standard practice is. Carol Roberts said she typically keeps them for a year and if she should need any information from them in the future, she could always obtain it from the Retirement office. David Gentile says he keeps all of them on file on his computer. Aside from the bank statement, these reports are also supplied to PERAC, which also serves as a checks and balance. • The next special session board meeting is scheduled for Thursday, September 8, 2022 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA via Zoom with remote participation. • The next regular board meeting is scheduled for Wednesday, September 21, 2022 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo 420/2022 — Reinstatement to Service under G.L. c. 32 105 PERAC Memo #21/2022 — Vernava II — Important Update I PERAC Memo #22/2022 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors A999 PERAC approval of Supplemental Travel Regulations of the Reading Retirement Board Fiducient Advisors — Quarterly Investment Review — Second Quarter 2022 OLD BUSINESS Update for Paul Sheridan "notification of termination"— waiting on PERAC to clarify the language of suspended to terminated. The Administrator and PERAC are working on gathering all the information in order to compose a letter to inform the retiree where he stands with regard to his retirement benefit. • Update on December meeting — Both Laura Strickland (FRIT) and Anthony Tranghese (Fiducient Advisors) will be attending the December 19, 2022 Board meeting to give an update. • Update of RFP process — Atty. David Jenkins from KP Law and Atty. Kier Wachterhauser from Murphy, Hesse, Toomey & Lehane me available for interviews on September 8, 2022. The Board questioned whether or not is was a `conflict of interest' that KP Law opined for RMLD regarding their job descriptions. The Board will ask KP Law directly during the interview process. The Board members compiled a list of questions. The Retirement office staff will forward the list of questions and the Zoom instructions to the 2 legal firms listed. • Update for RMLD job descriptions — The Board reviewed the letter from Atty. Sacco. It is agreed that all the job descriptions in question, should be classified in Group 4, except the Advanced Meter Technician position. RMLD's counsel opined that the Advanced Meter Technician qualifies for Group 4 status simply by virtue of his/her supervisory duties. Atty. Sacco and the Board disagree. The Administrator explained that the process of reviewing all the RMLD job descriptions was prompted because RMLD was undergoing a reorganization. The Administrator will inform the General Manager at RMLD of the Retirement Board's position. The Board will wait for RMLD's response. Ultimately, the Board feels that the employee in that position should be notified. 10013 Committee — The Committee will convene on September 12, 2022. The Chairman will report back to the Board at the September 21, 2022 regular session Board meeting. NEW BUSINESS ADJOURNMENT e CAROL ROBERTS moved to adjourn this open session at 11:00 AM: SECONDED BY: JOHN HALSEY VOTED: (3-0-0)UNANIMOUS L JA Chairman David A. Gentile, 1"elected Sharon M. Angstrom, ppEx��Oppfficio (ABSENT) C '-Qyzt�;e�"� Carol B. Roberts, 1"appointed Robert L. Beck, 2"^ elected (ABSENT) t sey, 2" appointed 2000