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Home My WebLink About2023-05-24 Retirement Board Minutes0— Town of Reading Meeting Minutes Board - Committee - Commission - Council: Date: 2023-05-24 Time: 9:30 AM TOyWN C^^LERaaK �9 SEP 21 AH y x 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 Linda Bournival-KMS Actuaries Michael Collins -KMS Actuaries Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 2069 -> MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday May 24, 2023 The Reading Retirement Board held a regular session meeting on May 24, 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 Sharon Angstrom, Carol Roberts, John Halsey, Robert Beck, Administrator Colleen Loughlin, Assistant Administrator Elaine Kelly, Linda Bournival and Michael Collins, both from KMS Actuaries. SPECIAL ITEM • Linda Bournival and Michael Collins from KMS Actuaries attended to review and discuss the preliminary results of the funding schedule with the Board members. Linda provided the Board with copies of several different funding schedules for their review and discussion. Linda stated that the number one priority when doing this process is to develop the annual appropriation and get to a funding schedule that the Retirement Board is comfortable with. She stated that the Reading Retirement System is almost 80% funded and feels that it's in good shape as far as funding goes. The Board agreed that the B2 funding schedule takes the most conservative approach. • SHARON ANGSTROM moved to approve the B2 funding schedule. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS Linda and Michael left the meeting at 11:08 AM. MINUTES • Minutes from the March 22, 2023 regular session were signed by all members. • SHARON ANGSTROM moved to approve the minutes from the April 24, 2023 special session. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the minutes from the April 24, 2023 regular session. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 2070 APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: KevinD'Silva Intern Date of hire — 04/18/23 9%+2% Or.1 (RMLD) Date of membership — 04/18/23 Stephen Brander Security/System Date of hire — 05/01/23 9%+2%' Or.I (RMLD) Engineer Date of membership — 05/01/23 Mokete Mashala Intern Date of Erre — 05/08/23 9%+2% Or. I (RMLD) Date of membership — 05/08/23 SECONDED BY: ROBERT BECK VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Julie Mercier (Planning) To Middlesex Regional Ret Board 11 years, 3 months SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Amy O'Brien Terminated 11/2/22 Refund—Cash 1 yr, 4 mths (Elder Services) Andrew Carlson Resigned 11/4/22 Refund—Cash 1 month (RMLD) .r Arielle Camey -Ramos Resigned 3/30/23 Refund — Cash 7 years, 6 months (Public Services) SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS i • SHARON ANGSTROM moved to approve the following retirement application: Peter Reinhart (Engineering) DOR 6/2/23 36 years, 1 month SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 2071 • SHARON ANGSTROM moved to approve the final calculation for the following retirements approved by PERAC: Linda Labonte(RMLD)—Pop-Up 6/11/22 SECONDED BY: ROBERT BECK VOTED: (5-0.0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to amend the current supplemental regulation for membership. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 'Anyone permanendy employed by the Town of Reading or the Reading Housing Authority, whose total service for their primary position equals or exceeds 1,690 scheduled hours per year shall be enrolled in the Reading Retirement System. The primary position is defined as the position with the highest number of hours. It may not be combined with any other position'. This will keep the liability down by limiting part-time, provisional and seasonal employees from coming into the Reading Retirement System. Anytime you change the regulation, you must carry the language forward. You must keep past history of the regulations to follow membership. PERAC must approve the amended supplemental regulation and that date will become the effective date. • SHARON ANGSTROM moved to approve the May 2023 wire transfer from PRIM to MMDT SECONDED BY: ROBERT BECK VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the May 2023 wire transfer from MMDT to Reading Coop. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve warrant #AP052023 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 2072 INFORMATION/OUESTIONS • The Annual Affidavits will be mailed the week of June 5, 2023. • As of May 18, 2023, the balance in the MMDT account is current. • Robert Dauphine, who worked for the DPW and retired on July 12, 1996, passed away on April 17, 2023. He chose Option A at his retirement. • Mary Valido, who worked for the Finance Dept. and retired on March 15, 2003 passed away on April 17, 2023. She chose Option A at her retirement. • A transfer dated 4/28/23 was received from the Essex Regional Retirement System for Jeramie Mscisz. The Essex Regional Retirement System will accept liability for 7 years. • A transfer dated 5/12/23 was received from the Boston Retirement System for Catherine Franzetti. The Boston Retirement System will accept liability for 2 years, 9 months and 20 days. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Boston Retirement Board - Wakefield Retirement Board - Worcester Regional 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 April 30, 2023 General Ledger Trial Balance as of April 30, 2023 Cash Receipts, Adjustments, and Disbursements as of April 30, 2023 Bank Reconciliation for the month ending April 30, 2023 Reading Co-op Bank Statement for the month ending April 30, 2023 MMDT Bank Statement for the month ending April 30, 2023 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Monday June 26, 2023 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. Carol Roberts will be unable to attend. MEMORANDUMS & LETTERS RECEIVED Fiducient Advisors — Monthly Performance Update — March 2023 Fiducient Advisors — Quarterly Investment Review — First Quarter 2023 Fiducient Advisors — Monthly Performance Update — April 2023 2073' - OLD BUSINESS • Continued Retirement office topics, including but not limited to: Employee Handbook — Carol Roberts provided a copy of the updated and approved Employee Handbook to all Board members and Retirement office staff. Carol Roberts noted that this yen Veteran's Day falls on a Saturday. The Retirement office staff will each take an alternate day as the holiday. Calendar year 2024 does not have any Friday or Saturday holidays and in 2025 Fourth of July falls on a Friday. Job Descriptions — Carol Roberts confirmed that the updated and approved job"deecriptions were signed by the Chairman as well as the Administrator and Assistant Administr$ar and copies were sent to all Bond members. The IT Dept has the new office equipment and will set up a schedule to have them installed • Paul Sheridan's noncompliance status remains the same and his retirement benefit remains in a terminated status however, the Administrator states that Paul continues to receive the Town's health insurance. The Administrator suggested that Board might want to re -visit the health insurance issue at a later date. • Sharon Angstrom informed the Board that the 5% Local COLA Option for FY2023 was approved by the Select Board. This will be adjusted in the June 2023 Retirement payroll. MISCELLANEOUS • John Halsey explained that the Town's attorney issued a letter stating that she understood his position of wanting to become a member of FINCOM. She also stated that the Town's Charter is not definitive and that the Reading Retirement Board is governed outside the limitations of the Town. She stated that although it seems he should be allowed to become a member of FINCOM, she recommended the conservative approach which is not to allow that to happen. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 IIRS IN ADVANCE OF MEETING The Board reserves the right to consider items on the agenda out of order. The listing of items is those reasonably anticipated by the Chair to be discussed, received at least forty-eight (48) hours prior to the meeting. Not all items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by law. Items identified for discussion in Executive Session may be conducted in open session, in addition to, or in lieu of discussion in Executive Session. ADJOURNMENT '2074 A • SHARON ANGSTROM moved to adjourn this open session at 11:40 AM: SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS !i" Z4 &0 Chairman David A. Gentile, Ie1 elected sk"Zn M. Q. n� Sharon M. Angstrom, Ex Offleib ..n^ Carol B. Roberts, 1" appointed