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Home My WebLink About2023-02-23 Retirement Board MinutesOWN grR i Town of Reading i�� _ �q: Meeting Minutes QJ9: INCOPYOPPC Board - Committee - Commission - Council: Date: 2023-02-23 Tlme: 9:35 AM RECEIVED TONIN CLERK READING, MA. PAC 2623 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 John Halsey Robert Beck Members - Not Present: Others Present: Colleen Loughlin Elaine Kelly Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 2046 - i MINUTES OF THE READING RETIREMENT BOARD MEETING Thursday February 23, 2023 The Reading Retirement Board held a regular session meeting on February 23, 2023 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:35 AM by Chairman David Gentile with board members Sharon Angstrom, Robert Beck, John Halsey, Administrator Colleen Loughlin, Assistant Administrator Elaine Kelly. Carol Roberts received permission from the Chairman prior to the meeting to participate remotely via conference call. MINUTES • Minutes from the December 19, 2022 regular session were signed by all members, except David Gentile who was unable to attend. • Minutes from the December 29, 2022 special session were signed by all members, except David Gentile and John Halsey who were unable to attend. • Minutes from the January 19, 2023 special session were signed by all members, except Sharon Angstrom who was unable to attend. • SHARON ANGSTROM moved to approve the minutes from the January 25, 2023 regular session. SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye' ROBERT BECK Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the minutes from the February 2, 2023 special session. SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (3-0-1) ABSTAINED: CAROL ROBERTS J 2047''% APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Kalonji Williams Control Room Date of hire — 02/06/23 9%+2% (RMLD) Operator Date of membership — 02/06/23 Faye Cicci Clerk Date of hire— 02/13/23 9%+2% (Finance) Date of membership — 02/13/23 Makenzie Bilodeau Admin Asst Date of hire — 02/13/23 9%+ 2% (School) Date of membership — 02/13/23 Diane Owens Secretary Date of hire — 09/24/18 9%+ 2% (School) Date of membership — 02/13/23 (possible make-up) Marie Donahue Customer Service Date of hire — 2/13/23 9%+2% (RMLD) Specialist Date of membership — 2/13/23 Curran Bennett Laborer Date of hire — 2/13/23 9%+2% (DPW -Water) Date of membership — 2/13/23 Charles O'Keefe Custodian Date of hire — 2/13/23 9%+2% (School) Date of membership — 2/13/23 SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Stephen Bowker Resigned 11/16/22 Rollover (DPW) Or. 1 Gr. I Gr. 1 Gr. 1 Gr. 1 Or. 1 Or. 1 2049. , SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS NOTE: John Halsey joined this open session at 9:42 AM. • SHARON ANGSTROM moved to approve the following retirement applications: Lori Miller (School) — DOR 02/01/23 Thomas Ferris, Jr. (DPW — Cemetery) — DOR 01/30/23 SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the following retirements approved by PERAC: John Goodwin (School) Superannuation — DOR 11/3/22 Paul Galvin, Jr. (RMLD) Superannuation — DOR 4/5/22 (Revised Calculation due to contract settlement) George Mansfield III (Facilities) Superannuation — DOR 12/3/22 Julie MacDonald (DPW) Superannuation—DOR 12/7/22 Maureen McHugh (RMLD) — Superannuation — DOR 8/13/22 (Revised Calculation due to contract settlement) Laurie Ann Sylvia (RMLD) — Superannuation — DOR 2/15/22 (Revised calculation due to contract settlement) ;049 ''- SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0)UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve a request from eligible member to purchase prior non- membership service for creditable service, as amended, with correction made to the dates of service: John Davis Reading 5/10/88-12/31/91 1 year, 6 mths (pro -rated) SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the February 2023 wire transfer from PRIM to MMDT SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0)UNANIMOUS 2050 • SHARON ANGSTROM moved to approve the February 2023 wire transfer from MMDT to Reading Co-op. SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP022023: SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • As of February 21, 2023, the balance in the MMDT account is current. • Carol Van Horn, Option C survivor of Richard Van Horn, passed away on January 23, 2023. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Lawrence Retirement Board - Newton Retirement Board - Gloucester Retirement Board - Marlborough Retirement Board - Saugus Retirement Board - Somerville Retirement Board - Woburn Retirement Board Natick Retirement Board - Stoneham Retirement Board ._3 205 1 _ a - Lexington Retirement Board - Concord Retirement Board Beverly Retirement Board - Everett Retirement Board - Taunton Retirement Board - Medford Retirement Board - Winchester Retirement Board • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending 1/31/23. Bank Reconciliation for the month ending 1/31/23. Reading Co-op Bank Statement for the month ending 1/31/23. MMDT Bank Statement for the month ending 1/31/23. Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for March 22, 2023 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #7/2023 — 2023 Interest Rate set at 0.1 % PERAC Memo #8/2023 — Actuarial Data Fiducient Advisors — Quarterly Investment Review — Fourth Quarter 2022 OLD BUSINESS • Continued Retirement office topics, including but not limited to: Employee Handbook — Carol Roberts will work on the Final Draft and will present to the Board at the March 22, 2023 Board meeting for approval. - Job Descriptions — The Board received a copy of Arty. Wachterhauser's opinion letter regarding the exempt vs non-exempt issue of the Administrator's position. It suggests that the Retirement Board should consider the Retirement Administrator position to be non-exempt Carol Roberts will make that change to the job description and Employee Handbook and have final drafts for both the Administrator and Assistant Administrator job descriptions available for approval at the March 22, 2023 Board meeting. 2u52 CAROL ROBERTS moved to approve amending the classification of the Administrator's position from an exempt to a non-exempt position as of 2/23/23. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS NOTE: The Board will add language to the Employee Handbook regarding the overtime hours of the Administrator's non-exempt position and consider adding a line item to the budget. Carol Roberts will make these changes to the final draft. The Administrator will track her overtime hours for a period of time before reporting this to the Board for future consideration. - Exhibit A (general updates) 1. IT has been given the information to order new computers for the Retirement office 2. Firefighters Ayer and Drake waiting approval from PERAC 3. Paul Sheridan — waiting for PERAC's response NEW BUSINESS Administrator's Performance Review was conducted. The Board members reviewed the performance review and offered additional remarks, as well as that of the Administrator. The Board members reviewed the previous goals set for the Administrator and are pleased with the progress the Administrator has made with these goals. The Board would like the Administrator to update the Board quarterly as to the progress and status of her current goals. The Chairman feels that communication is a key component. General discussion regarding the Assistant Administrator's Performance Review which was conducted on February 15, 2023, in the presence of the Administrator, Assistant and Chairman. The Board was provided a copy of the performance review. The Chairman asked the Board members if they would like to add any comments and instructed them to send any comments they have to the Chairman. The Assistant Administrator will work on goals that have been established for her. The Assistant Administrator will respond to the review with any comments she may have. 12053- • SHARON ANGSTROM motioned to move into executive session to discuss negotiation strategy and negotiate compensation (under Purpose 2) with the intent to return to open session. SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS NOTE: Carol Roberts received permission from the Chairman prior to the meeting to participate remotely via conference call. NOTE: Sharon Angstrom took the executive session recording and will prepare the minutes. OPEN SESSION • SHARON ANGSTROM moved to approve a 1 Step Increase with a 3.5% COLA increase for the Administrator, retroactive to January 1, 2023, with an adjustment in weekly office hours increasing from 37.5 to 40, as well as the accruals being reflected with this change. SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS 2056 • SHARON ANGSTROM moved to approve a 2 Step Increase with a 3.5% COLA increase for the Assistant Administrator retroactive to January 1, 2023. SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0)UNANIMOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF MEETING ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 11:55 AM: SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (5-0-0) Carol B. Roberts, P appointed