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Home My WebLink About2023-01-25 Retirement Board Minuteso�' ra or a� �i a �� Board - Committee Date: 2023-01-25 Town of Reading Meeting Minutes Commission - Council: Time: 9:30 AM I;ECEiV-, TOWN CLERK MA. 2023 MAY -9 PM I: 39 Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: Version: Final Attendees: Members - Present: David Gentile Carol Roberts Sharon Angstrom Robert Beck Members - Not Present: John Halsey Others Present: Colleen Loughlin Elaine Kelly Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 2037 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday January 25, 2023 The Reading Retirement Board held a regular session meeting on January 25, 2023 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 Carl Roberts, Sharon Angstrom, Robert Beck, Administrator Colleen Loughlin and Assistant Administrator Elaine Kelly. John Halsey was unable to attend. MINUTES • Minutes from the November 21, 2022 regular session were signed by all board members, except John Halsey who was unable to attend. • SHARON ANGSTROM moved to approve the minutes from the December 19, 2022 regular session. SECONDED BY: ROBERT BECK VOTED: (3-0-1)ABSTAINED: DAVIDGENTILE • SHARON ANGSTROM moved to approve the minutes from the December 29, 2022 special session. SECONDED BY: ROBERT BECK VOTED: (3-0-1) ABSTAINED: DAVID GENTILE • CAROL ROBERTS moved to approve the minutes from the January 19, 2023 special session. SECONDED BY: ROBERT BECK VOTED: (3-0-1) ABSTAINED: SHARON ANGSTROM APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Michael Giordano Staff Accountant Date of hire — 12/19/22 9%+ 2% Or. 1 (RMLD) Date of membership — 12/19/22 Rachel Lugendo Operational Asst Date of hire— 12/19/22 9%+2% Or. 1 (RMLD) Date of membership 12/19/22 Sarah Harrington HR Director Date of hire — 12/2722 90/.+2% Or. 1 (RMLD) Date of membership — 12/27/22 2038 Valerie Gould Heithaus Senior Assoc Date of hire — 7/30/18 9%+2% Or. 1 (Library) John McKenna Date of membership — 01/02/23 (Police) SECONDED BY: (possible make-up) VOTED: Thomas Cassidy Lineworker Date of hire — 01/03/23 9%+2% Gr.4 (RMLD) Date of membership — 01/22/13 (Transfer from Essex) Jeramie Mscisc Lineworker Date of hire —01/03/23 9%+2% Gr.4 (RMLD) Date of membership — 01/12/16 (Transfer from Essex) Vivian Tringale Payroll Specialist Date of hire -01/03/23 9%+2% Gr.I (School) Date of membership— 01/04/16 (rehire) Madeline Blanchette Custodian Date of hire — 01/03/23 9%+2% Or.I (School) Date of membership — 01/03/23 Cassidy Keegan Admin Secretary Date of hire —01/23/23 9%+2% Gr.I (Health) Date of membership — 01/23/23 Tyler Ford Laborer Date of hire —01/23/23 9%+2% Gr.l (DPW -Highway) Date of membership — 01/23/23 SECONDED BY: ROBERT BECK VOTED: (4-M) UNANIMOUS SHARON ANGSTROM moved to approve the following retirement applications Carol Chapman Administrator 02/28/23 13 yrs, 9 mths (School) John McKenna Lieutenant 02/04/23 32 yrs, 0 mths (Police) SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 2p39 ".' • SHARON ANGSTROM moved to approve the final calculation for the following retirements approved by PERAC: Paul Roy Fire 10/31/22 27 yrs, 4 mths (Accidental Disability) SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the Involuntary Accidental Disability of Firefighter Bruce Ayer. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the Involuntary Accidental Disability of Firefighter Robert Drake. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the January 2023 wire transfer from PRIM to MMDT. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the January, 2023 wire transfer from MMDT to Reading Coop. SECONDED BY: ROBERT BECK VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve moving funds from MMDT to PRIT, as the account exceeds the recommended balance. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 2040 APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP012023 totaling $1,309,354.64: SECONDED BY: ROBERT BECK VOTED: (4-M) UNANIMOUS INFORMATION/QUESTIONS • A transfer check dated 12/22/22 was received from the Essex Regional Retirement System for William Popp, IV. The Essex Regional Retirement System will accept liability for I year and 2 months. • A transfer check dated 12/29/22 was received from the Somerville Retirement System for Benjamin Bloomenthal. No additional liability is accepted. • A COLA reimbursement from the State for the period 7/1/22-12/31/22 was received on 12/20/22. • Election for First Member of the Reading Retirement Board — Nomination papers we due no later than January 30, 2023. In the event there is only one candidate, there will be an Election by Declaration. A special meeting must be held no later than February 7, 2023 for the Board to vote. The Assistant Administrator will notify the Board and will schedule a Zoom meeting, if the situation warrants. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending Dec 31, 2022 General Ledger Trial Balance as of Dec 31, 2022 Cash Receipts, Adjustments, and Disbursements as of Dec 31, 2022 Bank Reconciliation for the month ending Dec 31, 2022 Reading Coop Bank Statement for the month ending Dec 31, 2022 MMDT Bank Statement for the month ending Dec 31, 2022 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for February 23, 2023 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #33/2022 — Mandatory Retirement Board Member Training — 1s0 Quarter, 2023 PERAC Memo #34/2022 — 2022 Disability Data PERAC Memo #1/2023 — Reintroduction of Earring and hour Limitations for All Retirees in the Public Sector PERAC Memo #2/2023 — 2023 Limits under Chapter 46 of the Acts of 2002 PERAC Memo #32023 — 2023 Limits under Section 23 of Chapter 131 of the Acts of 2010 PERAC Memo #4/2023 — COLA Notice PERAC Memo #5/2023 — PROSPER Cash Books and Annual Statement Submission PERAC Memo #6/2023 — Buyback and Make-up Repayment Worksheets Fiducient Advisors — Monthly Performance Update — November 2022 OLD BUSINESS • Continued Retirement office topics, including but not limited to: - Employee Handbook — Carol Roberts provided copies of the updated Draft 4 for the Board to review and discuss. She will work on Draft 5 with minor changes and will present to the Board at the February 23, 2023 meeting. - Job Descriptions— Arty. Wachterhauser will send a written opinion regarding the exempt vs non- exempt issue. Carol Roberts will work on Draft 4 and present to the Board at the February ry 23, 2023 Board meeting. - Employee Performance Reviews — Sharon Angstrom will send the Administrator's performance review form to the Board members to be completed and returned to her. Sharon will then compile the responses together for the review. The Administrator's performance review will take place at the February 23, 2023 Board meeting. The Administrator, Board Chairman and Assistant will schedule the Assistant's performance review for some time prior to the February 23, 2023 Board meeting. The Board has agreed that annual performance reviews should be completed in September of each year, encompassing the previous 12 months. This will then become part of the budget process in October and any compensation will be effective January I of the next calendar year. - Retirement Office Computers — Patrick from the IT dept. will handle ordering new computers for the Retirement office. He knows what is needed and is aware of the budget. - RMLD job descriptions —all job descriptions have been reviewed by the Board attorney. There is one position that was listed as a Group 4, but after review was deemed a Group 1. This employee will be notified in February/March along with the Annual Statement. - Notification of Termination for Paul Sheridan — PERAC will help address this issue of non- compliance of his Annual Statement of Earned Income. 2042 - 5% Local COLA option discussion — does not need to go before Town Meeting for approval, as previously thought. The Actuary, Linda Boumival from KMS, will send the updated data to the Administrator within the next few weeks. Upon Board approval, it will be brought before the Select Board no later than June 30, 2023 for final approval. NEW BUSINESS • Payment of present and future disability retirements delayed by PERAC's approval process - the Board has learned from PERAC that the Board is able to authorize payment on an Accidental Disability, in the event that the calculation is not approved by PERAC in a timely fashion. If PERAC finds a discrepancy with the calculation, the Retirement office will make the adjustment in the retiree's next month's payroll check, which is standard practice. • PERAC Scam — Due to a recent scam which occurred at a local Retirement System, it was suggested by the Administrator to limit the financial information contained in the monthly minutes that is available to the public. The Administrator confirmed with the Auditor at PERAC that we would still be in compliance if we broke this down and changed the format. The Administrator will set up with the bank, a policy that requires a checks and balance for our monthly warrant. The Board agreed that the Retirement office will adjust the Minutes to reflect this change. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 12:20 PM: SECONDED BY: ROBERT BECK VOTED: (4A-0) UNANIMOUS 2043'-4 Chavman Davtd A. Gentile, P� elected Slow M. Cts V Sharon M. Angstrom, Ex Officio C�,L-Q P R Carol B. R arts, 1" ap'ppo� i�nntt�eedd� Robert L. Beck, 2"d elected John R. Halsey, 2nd appointed (ABSENT)