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HomeMy WebLinkAbout2023-03-22 Retirement Board MinutesTown of Reading NcCEIVEL Meeting Minutes T CWN CLERK 3� ?!_A^ING, MA. aJn_I�O0.P0� Board - committee - commission - council: 212d SEP 21 M 9: 32 Date: 2023-03-22 Time: 9:30 AM 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 Topics of Discussion: Page I 1 2055. ' - MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday March 22, 2023 The Reading Retirement Board held a regular session meeting on March 22, 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, Robert Beck, John Halsey, Administrator Colleen Loughlin and Assistant Administrator Elaine Kelly. MINUTES • Minutes from the January 25, 2023 regular session were signed by all members, except John Halsey who was unable to attend. • Minutes from the February 2, 2023 special session were signed by all members, except Carol Roberts who was unable to attend. • SHARON ANGSTROM moved to approve the minutes from the February 23, 2023 regular session. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the minutes from the February 23, 2023 executive session. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: William Bullock Director Integrated Date of hire — 02/13/23 9%+2% Gr.I (RMLD) Resources Date of membership — 02/13/23 Sean Martin Facilities Date of hire — 02/21/23 9%+ 2% Gr. 1 (RMLD) Maintenance Date of membership — 2/21/23 Linda Antinoro Clerk Date of hire — 02/27/23 9%+ 2% Or. 1 (Public Svcs) Date of membership — 02/27/23 Dina Snook Library Associate Date of hire — 03/06/23 9%+ 2% Or. I (Library) Date of membership —03/06/23 1056 , Erica Fanuele Operational Technical Date of hire — 03/13/23 9%+ 2% Or. 1 (RMLD) Assistant -Engineering Date of membership — 03/13/23 Erin MacDonough Operational Asst Date of hire — 03/13/23 9%+ 2% Or. 1 (RMLD) Engineering & Date of membership — 07/01/08 Operations Transfer from Concord Lydia Lestage Operational Asst Date of hire — 03/13/23 9% + 2% Or. 1 (RMLD) Integrated Resources Date of membership -03/13/23 Mary Benedetto Senior Planner Date of hire — 03/14/23 9%+ 2% Or. 1 (Public Svcs) Date of membership — 03/14/23 Justin Fournier (RMLD), upon membership was approved as a Group 4 at the October 22, 2019 Board meeting, however he should have been approved as a Group 1. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Remo Turchi To Wakefield Ret Board 3 years, 5 months (Sewer) SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Marco Buonopane (RMLD) Terminated 11/4/22 Refund -Cash Melissa Tuton (Health) Resigned 10/10/22 Refund -Cash Mark Mullen (Police) Resigned 4/20/18 Rollover SECONDED BY: ROBERT BECK VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement application: Stephen Kazanjian (RMLD) — DOR 04/04/23 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 1 2057 '? • SHARON ANGSTROM moved to approve the final calculation for the following retirements approved by PERAC: Paul McGonagle (RMLD) — 6/1/22 (Adjusted due to contract settlement) Lori Miller (School) — DOR 02/01/23 Jean Delios (Public Services) — DOR 2/2/23 Brian Hansen (RMLD) — DOR 1/15/22 (Adjusted due to contract settlement) John McKenna (Police) — DOR 2/4/23 Thomas Ferris, Jr. (DPW — Cemetery) — DOR 1/30/23 Christopher Picco (Police) — DOR 2/9/23 Bruce Ayer (Fire) — DOR 2/27/23 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve request from eligible member to purchase prior non- membership service for creditable service: Valerie Gould Heithaus Reading 7/30/18-1/1/23 1 Year, 10 mths (pro -rated) Valerie will rollover a partial portion of the makeup and make payroll deductions for the balance. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve a 5% Local COLA option. This act provides the local retirement systems with a local option to increase the Cost of Living Adjustment (COLA) for Fiscal Year 2023 up to 5% on the base amount. The approval of the increase can occur at any time during the fiscal year and will take effect as of July 1, 2022. SECONDED BY: ROBERT BECK VOTED: (4-1-0) Sharon Angstrom will present to the Select Board for approval before the deadline of June 30, 2023. • SHARON ANGSTROM moved to approve the Annual Statement for PERAC for calendar year ended December 31, 2022. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 2 u 5 8 • SHARON ANGSTROM moved to approve the March 2023 wire transfer from PRIM to MMDT SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the March 2023 wire transfer from MMDT to Reading Co-op. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • The board needs to decide when to vote on a COLA increase for FY 2024, which begins on July 1, 2023 and ends June 30, 2024, which is reflected in the January 1, 2021 actuarial valuation. It is limited to a maximum amount of 3% of $14,000. According to the provisions of Chapter 127 of the Acts of 1999, the Reading Retirement Board must annually notify the proper legislative body 30 days before a publicly posted meeting where the Reading Retirement Board decides whether to elect to grant an increased COLA. The Board will vote at the April 24, 2023 Board meeting. • SHARON ANGSTROM moved to approve the Administrator's request to attend the Murphy, Hesse, Toomey & Lehane, LLP, Annual Labor & Employment Update training on April 13, 2023 at the Marriott Boston in Quincy at 8:30 am. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP032023: SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS INFORMATION/OUESTIONS • As of March 20, 2023, the balance in the MMDT account is current. • Robert E. Mohla, who worked for the DPW and retired on February 2, 2008, passed away on February 12, 2023. He chose Option C at his retirement. His spouse, Mary Mohla, will receive 2/3rds of the amount Robert was receiving at the time of his death. 2059--I • Robert Kurchian, who worked for the School Facilities Dept. and retired on September 21, 2002, passed away on March 1, 2023. He chose Option Cat his retirement. His spouse, R. Cornelia ' Kurchian, will receive 2/3rds of the amount Robert was receiving at the time of his death. • William Keefe, who worked for the Police Dept. and retired on June 5, 1998, passed away on February 19, 2023. He chose Option C at his retirement. His spouse, Judy Keefe, will receive 2/3rds of the amount William was receiving at the time of his death. Judy Keefe passed away on March 3, 2023. Benefits ceased upon her death. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. Peabody Retirement Board Fall River Retirement Board Arlington Retirement Board Belmont Retirement Board Salem Retirement Board Middlesex County Retirement Board Cambridge 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 February 28, 2023 Bank Reconciliation for the month ending February 28, 2023 Reading Co-op Bank Statement for the month ending February 28, 2023 MMDT Bank Statement for the month ending February 28, 2023 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Monday, April 24, 2023 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED Fiducient Advisors January 2023 Flash Report PERAC Letter regarding Commonwealth v. Erik W. Dmuschke — The provisions of G.L. c. 32, § 15 require the Attorney General and the District Attorney's to report convictions that might impact a person's eligibility for a retirement allowance to the Public Employee Retirement Administration Commission. Pursuant to this requirement, the Middlesex District Attorney has provided information regarding Mr. Dmuschke, a police officer in the Town of Reading, and a member of the Reading Retirement System. The letter is advising that on September 23, 2020, the defendant, Erik Drauschke was indicted in the Middlesex Superior Court on a criminal complaint charging him with manslaughter. On November 21, 2022, this matter was resolved by a not guilty jury finding. Email from Attorney Michael Sacco — Effective March 30, 2023, he is resigning as CEO at the Worcester Regional Retirement System and will be returning full time to the practice of law. 2060 -,-A Email from Anthony Tranghese at Fiducient Advisors regarding the collapse of Silicon Valley Bank and the related fallout. Fiducient provided a summary that was informative and to highlight that the direct impact is very limited. Fiducient will continue to monitor the situation and will continue to be in touch as appropriate. Email from PRIM from Michael Trotsky, CFA, Executive Director and Chief Investment Officer of MassPrim that was sent to Board and Committee Members regarding the fallout from Silicon Valley Bank. PRIMS exposure to SVB is low and immaterial. SVB played an important role in the financial plumbing of the Private Equity and Venture Capital ecosystem. They are closely monitoring several ongoing concems. PRIM continues to believe that their well -constructed and diversified portfolio will continue to perform well in these volatile markets. OLD BUSINESS • Continued Retirement office topics, including but not limited to: Employee Handbook — Discussion was had. Carol Roberts will update and have a revised final draft for approval at the April 24, 2023 Board Meeting Job Descriptions — Discussion was had. Carol Roberts will update and have a revised final draft for approval at the April 24, 2023 Board Meeting - Increased hours of Retirement Administrator—the Administrator would like to revisit the recent change from 37.5 hours/week to 40 hours/week for her position. The Administrator stated that she knew the intent was for her to get paid for the hours that she works, but also stated that she doesn't want to be mandated to work 40 hours per week if she doesn't have to. She is requesting to keep her hours at 37.5, but if there is a need to work an occasional 40 hours she would be able to do that. The Board agrees they do not want to pay overtime and there needs to be set hours established. The Board discussed reasons for changing the hours and wants the Administrator to be compensated for hours that she is working. The Administrator will take time to review and report back at the April 24, 2023 Board meeting. • I OOB Committee — Police and Fire I I 1 F — David Gentile explained that both entities will begin their process with the Human Resource Department. Once it meets the criteria for the IOOB Committee, the committee will be notified. NEW BUSINESS • There was a discussion regarding the 10 -year role regarding health insurance coverage for retirees and the Opt -Out Program for health insurance. John Halsey is concerned that our retirees are not receiving the correct information. The Administrator stated that because this a health insurance issue, this is handled through the Human Resource Dept. 2061 • John Halsey is wondering if he is able to become a member of another Town Board, regardless that he is a member of the Retirement Board. It is his understanding that the Retirement Board is a separate entity from the town. Sharon Angstrom will check with the Town Manager for his opinion. MISCELLANEOUS - Firefighter Bruce Ayer update -on the March payroll - Firefighter Robert Drake update -on the March payroll OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS 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 • SHARON ANGSTROM moved to adjourn this open session at 11:55 AM: SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS