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Board - Committee - Commission - Council:
Date: 2022-11-21
Time: 9:30 AM
RECEIVED
TOWN CLERK
READING. MA. KJ
2823 MAR -7 PM 12: 12
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
Robert Beck
Members - Not Present:
John Halsey
Others Present:
Colleen Loughlin - Board Administrator
Elaine Kelly - Asst Board Administrator
Minutes Respectfully Submitted By: Elaine Kelly
Topics of Discussion:
Page I I
2019 -
MINUTES OF THE READING RETIREMENT BOARD MEETING
Monday November 21, 2022
The Reading Retirement Board held a regular session meeting on November 21, 2022 in The Conference
Room at 2 Haven Street, Unit 307, Reading, Massachusetts
The meeting was called to order at 9:30 AM by Chairman David Gentile with board members Carol
Roberts, Sharon Angstrom, Robert Beck, Board Administrator Colleen Loughlin and Assistant Board
Administrator Elaine Kelly. John Halsey was unable to attend.
MINUTES
• Minutes from the August 24, 2022 regular session were signed by all board members, except Sharon
Angstrom and Robert Beck who were unable to attend.
• SHARON ANGSTROM moved to approve the minutes from the September 21, 2022 regular session.
SECONDED BY: CAROL ROBERTS
VOTED: (3-0-1) ABSTAINED: ROBERT BECK
• ROBERT BECK moved to approve the minutes from the October 20, 2022 regular session.
SECONDED BY: CAROL ROBERTS
VOTED: (3-0-1)ABSTAINED: SHARONANGSTROM
• ROBERT BECK moved to approve the minutes from the October 20, 2022 executive session.
SECONDED BY: CAROL ROBERTS
VOTED: (3-0-1) ABSTAINED: SHARON ANGSTROM
• SHARON ANGSTROM moved to approve the minutes from the November 14, 2022 regular session.
SECONDED BY: ROBERT BECK
VOTED: (4-0-0) UNANIMOUS
• SHARON ANGSTROM moved to approve the minutes from the November 14, 2022 executive
session.
SECONDED BY: ROBERT BECK
VOTED: (4-0-0) UNANIMOUS
2020
APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS
• SHARON ANGSTROM moved to approve the following new members:
Matthew Larosee
GIS Technician
Date of hire — 10/17/22 9%+2%
Gr. 1
(RMLD)
Date of membership —10/17/22
Ian Long
Custodian
Date of hire —10/24/22 9%+ 2%
Gr- 1
(School)
Date of membership —10/24/22
Benjamin Bloomenthal
Director of Finance
Date of hire —10/27/22 9%+2%
Gr. 1
(RMLD)
& Accounting
Date of membership —11/01 /21
(transfer from Somerville)
Anna Assini
Clerk
Date of hire —10/31/22 9%+ 2%
Or. 1
(Elder Services)
Date of membership —10/31/22
DaLonn Pearson
Police Officer
Date of hire —11/14/22 9%+20/o
Gr. 4
(Police)
Date of membership — 09/13/18
(transfer from Middlesex)
Tana Brossard
Admin Asst
Date of hire —11/14/22 9%+2%
Gr. 1
(DPW)
Date of membership - 11/14/22David
Blanco
SECONDED BY:
ROBERT BECK
VOTED:
(4-0-0) UNANIMOUS
• SHARON ANGSTROM moved to approve the following retirement application:
Christopher Picco Police Sergeant 02/09/23 27 yrs, 8 mths Option B
(Police)
SECONDED BY: ROBERT BECK
VOTED: (4-0-0) UNANIMOUS
• SHARON ANGSTROM moved to approve the final calculation for the following retirements
approved by PERAC:
Brian Hansen RMLD 01/15/22 32 yrs, 2 mths Option C
(Superannuation) Yearly: $72,172.08
I ! Paul Jackson
(Superannuation)
Monthly: $ 6,014.34
Fire 01/29/22 43 yrs, 3 mths Option C
Yearly: $91,362.60
Monthly: $ 7,613.55
2021
Laurie Ann Sylvia
RMLD
02/15/22
40 yrs, 5 mths
Option C
(Superannuation)
Yearly:
$66,638.88
Monthly:
$ 5,553.24
Robert LeLacheur, Jr.
Admin Serv.
02/25/22
16 yrs, 5 mths
Option C
(Superannuation)
Yearly:
$67,201.56
Monthly:
$ 5,600.13
Stephen Murphy
Fire
02/26/22
31 yrs, 4 mths
Option C
(Superannuation)
Yearly:
$60,126.12
Monthly:
$ 5,010.51
-
Paul Galvin Jr.
RMLD
04/05/22
21 yrs, 7 mths
Option C
(Superannuation)
Yearly:
$43,180.20
Monthly:
$ 3,598.35
Kevin Bohmiller
Public Services
06/30/22
11 yrs, 1 mth
Option C -'
(Superannuation)
Yearly:
$12,245.40
Monthly:
$ 1,020.45
Coleen O'Brien
RMLD
07/01/22
27 yrs, 3 mths
Option B`�
(Superannuation)
Yearly:
$149,330.40
Monthly:
$12,444.20
Charles Underhill
RMLD
07/30/22
14 yrs, t mth
Option C
(Superannuation)
Yearly:
$45,136.44
Monthly:
$ 3,761.37
Joseph Lavita
School
09/01/22
24 yrs, 0 mths
Option C
(Superannuation)
Yearly:
$23,082.48
Monthly:
$ 1,923.54
Maureen McHugh
RMLD
08/13/22
30 yrs, 4 mths
Option C
(Superannuation)
Yearly:
$33,369.84
Monthly:
$ 2,780.82
SECONDED BY:
ROBERT BECK
VOTED:
(4-0-0) UNANIMOUS
. CAROL ROBERTS moved to approve the following transfer of funds to other systems:
Michael Penta To Everett Retirement Board
(Dispatch)
SECONDED BY: ROBERT BECK
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF MISCELLANEOUS ITEMS
2022
$2,122.96 5 months, 19 days
SHARON ANGSTROM moved to approve the October 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 October 2022 wire transfer from MMDT to Reading
Co-op in the amount of $1,216,303.03.
SECONDED BY: ROBERT BECK
VOTED: (4-0-0) UNANIMOUS
SHARON ANGSTROM moved to approve the participation in the Private Equity Vintage Year
(PEVY) 2023 program and a $4M distribution to the PEVY 2023 Fund.
SECONDED BY: ROBERT BECK
VOTED: (4-0-0) UNANIMOUS
APPROVAL OF INVOICES TO BE PAID
. SHARON ANGSTROM moved to approve the following warrent #AP112022 totaling $1,236,739.06:
Commonwealth of Mass.
$
1,034.78
RHA Health Ins. Deductions
Commonwealth of Mass.
$
1,542.88
State Tax Deductions
Internal Revenue Service
$
100,083.41
Federal Tax Deductions
Reading Credit Union
$
50,422.06
Credit Union Deductions
Commonwealth of Mass.
$
390.11
Department of Revenue- Tax Levy
Commonwealth of Mass.
$
502.67
Child Support
Nov Retirement Allowances
$
1,014,434.36
Net Retiree Payroll
Town of Reading Treasurer
$
7,487.80
Hlth, Life, & Dental Ins. Deductions
Town of Reading Treasurer
$
12,781.18
November Staff Salary & Benefits
Town of Reading Treasurer
$
253.63
Board Stipend/Treasurer Stipend
GWT Realty
$
3,083.00
Rent
Law Office of Michael Sacco
$
3,506.00
Legal Expense - Misc
2023 --
Canon Financial Services
$
168.48
Reading Municipal Light Dept
$
79.77
National Grid
$
23.89
W.B. Mason Co. Inc.
$
39.96
Coen Business Fors/
$
265.92
Kingsbury Press
Renaissance Alliance Insurance
$
4,692.20
Quadient
$
400.00
USPS
$
500.00
Pension Technology Group
$
32,785.00
Everett Retirement Board
$
2,122.96
Cannon Solutions America, Inc.
$
107.00
Colleen Loughlin
$
16.00
Elaine Kelly
$
16.00
SECONDED BY: ROBERT BECK
VOTED: (4-0-0)UNANIMOUS
INFORMATION/QUESTIONS
Service Contracts
- Copier
Admin Expense -
Electric
Admin Expense -
Heat/Gas
Amin. Expenses -
office supplies
Admin Expense -1099R
forms
Admin Expense - Insurance
Admin Expense - Postage
Admin Expense - Postage
Service Contract - Retirement Software
12/1/22-11/30/23
Transfer to Other System - M. Penta
Admin Expense - Toner Cartridge
Travel -Mileage Reimb-PERAC Training
Travel -Mileage Reimb-PERAC Training
• As of November 17, 2022, the balance in the MMDT account is $3,711,780.96.
• A transfer amount of $3.04 dated 10/31/22 was received from the Middlesex County Retirement System
for Brett McCoy (retro payment after initial transfer). There is no additional liability.
• Marie Miles, who worked for the Accounting Dept. and retired on March 27, 2008, passed away on
October 30, 2022. She chose Option A at her retirement. Payments ceased upon her death.
• Board staff provided an update on what was learned at the PERAC training on 11/15/22 in Danvers
(Exhibit B & Exhibit Q.
• Copies of the following Reading Retirement Board reports were emailed for review:
The PRIT fund's monthly statement & fund performance for period ending Oct 31, 2022
General Ledger Trial Balance as of Oct 31, 2022
Cash Receipts, Adjustments, and Disbursements as of Oct 31, 2022
Bank Reconciliation for the month ending Oct 31, 2022
Reading Co-op Bank Statement for the month ending Oct 31, 2022
MMDT Bank Statement for the month ending Oct 31, 2022
Bank Reconciliation for wire amount with current balance of bank accounts
The next regular board meeting is scheduled for Monday, December 19, 2022 at 9:30 AM, in the
Conference Room at 2 Haven Street, Unit 307, Reading, MA. Laura Strickland from PRIM and
Anthony Tranghese from Fiducient will be attending to present updates to the Board. _ ,
2024
MEMORANDUMS & LETTERS RECEIVED
PERAC Memo #27-2022 — Free State -Sponsored Cybersecurity Training
PERAC Memo #28/2022 — 840 CMR 28.00 Electronic Signatures
PERAC Memo 429/2022 — 5% Local COLA Option
OLD BUSINESS
Continued Retirement office topics & quarterly update.
The Administrator gave a brief explanation to the Board about the timeline of Paul Roy's retirement
application approval by PERAC. The retirement calculation has been sent to PERAC, where it awaits
PERAC's approval. Upon receipt of the approval, Firefighter Roy will be put on the retirement
payroll.
The Chairman asked Carol Roberts if she had an update from Labor Counsel regarding the Employee
Handbook. Carol states that she received an email back from Arty. Wachterhauser. He would like to
set up a meeting with her to discuss possible changes he would like to suggest. Carol will have an
update at the next Board meeting.
Quarterly Office Update — The Administrator and the Assistant gave a brief update regarding the
Retirement office. The Administrator states that the monthly assessments will continue with the
Assistant and is happy to report that the Assistant did very well this month. B followed the most recent
Administrators' training in Danvers. Some of the questions on the assessment, coincidently, were
discussed at that recent training. Using the checklists to complete tasks such as Transfers -In and
Terminations need to be used to ensure the proper completion of these tasks. The Administrator and
the Assistant agree to communicate, with each other, when there are training sessions that either of
them would like to attend. The Chairman inquired if the office staff was able to work the standard
37.5 hours and maintain that the workload gets done in this timeframe. The Administrator confirmed
that the office staff is able to maintain the workload in the 37.5 -hour work week. The Chairman also
asked if the office needed a cleaning company. The office staff is handling the basic cleaning duties
right now but will let the Board know if there is ever a need for a cleaning company.
NEW BUSINESS
The Board created and confirmed the 2023 Board meeting schedule. The Administrator will email
each Board member with the 1021 monthly Board meeting dates.
2025
The Administrator brought to the Board's attention that PERAC memo #29/2022, regarding a 5%
Local COLA option, was received via email in the Retirement office this morning. This act provides
the local retirement systems with a local option to increase the Cost of Living Adjustment (COLA) for
Fiscal Year 2023 to up to 5% on the base amount. The approval of the increase can occur at anytime
during the fiscal year and will take effect as of July 1, 2022. The Administrator will contact the
Board's Actuary at KMS to inquire as to whether they could do a valuation to find out the cost and
how to proceed. This would need to be presented at Town Meeting in the spring of 2023. Sharon
Angstrom states that she doesn't know if the timeframe is feasible but looks to hear from the Actuary
as to her recommendation. -
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF
MEETING
• Upcoming Election for First Elected Member — The Administrator suggested adding the �d'8 'es and
responsibilities of the First Elected Member to the Election Notice that will go out to all ac d
inactive members, as well as, all retirees in December 2022. The Administrator will send a dr
the Board members and wait for any responses back. The Board was in favor of informing any
potential candidates of the expectations regarding the Board position.
• SHARON ANGSTROM moved to adjourn this open session at 11:00 AM:
SECONDED BY: ROBERT BE K
VOTED: (4-0-0) ANI US
'train David A. Gentile, In elected
\3ujm M . aA-
Sharon M. Anggsstro(m, ExO io
ccwAVQ, �C"
Carol B. Roberts, ]"appointed
A
R6bert L. Beck, 2n° elected
R. Halsey, 2"" appointed (ABSENT)