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Home My WebLink About2023-04-24 Retirement Board Minutesrn Town of Reading ncGEIVEU a� ,z TOWN CLERK Meeting Minutes r REfiDiNG, MA. 21124SEP21 AM 9: k_ Board - Committee - Commission - Council: Date: 2023-04-24 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 Kelly Topics of Discussion: Page 1 1 2062 MINUTES OF THE READING RETIREMENT BOARD MEETING Monday April 24, 2023 The Reading Retirement Board held a special session meeting on April 24, 2023 in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was called to order at 9:30 A.M. by Chairman David Gentile with board members Sharon Angstrom, Carol Roberts, John Halsey, Robert Beck, Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. APPROVAL OF MISCELLANEOUS ITEMS o SHARON ANGSTROM moved to approve a 3% COLA increase for FY 2024. This begins on July 1, 2023 and ends June 30, 2024, which is reflected in the July 1, 2021 actuarial valuation. It is limited to a maximum amount of 3% of $14,000. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to adjourn this open session at 9:32 AM SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS Ch ' an David nA. lGentile, I"` elected I �1- gAem— Sh(((� arroon M. Angs(trrom,(Ex OQ ut Vice Chairman Carol B. Roberts, I' appointed rae�, Town of Reading a• „�,; Meeting Minutes Board committee - commission - Council: Date: 2023-04-24 Building: Reading Retirement Administration Address: 2 Haven Street Unit 307 Purpose: 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 TOWN CLERK R: „DING, RAA. Av- 2128 SEP 21 AH 9: 32 Time: 9:32 AM Location: Conference Room Session: Open Session Version: Final Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 2063 MINUTES OF THE READING RETIREMENT BOARD MEETING Monday April 24, 2023 The Reading Retirement Board held a regular session meeting on April 24, 2023 in The Conference Room. at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:32 AM by Chairman David Gentile with board members Sharon Angstrom, Carol Roberts, Robert Beek, John Halsey, Administrator Colleen Loughlin and Assistant Administrator Elaine Kelly. SPECIAL ITEM • SHARON ANGSTROM moved to nominate DAVID GENTILE as Chairman and CAROL ROBERTS as Via Chair of The Reading Retirement Board. SECONDED BY: VOTED: MINUTES ROBERTBECK (54)-0) UNANIMOUS • Minutes from the February 23, 2022 executive session were signed by all members, except Robert Beck who was not a Board member at that time. • Minutes from the February 23, 2023 regular session were signed by all members. • Minutes from the February 23, 2023 executive session were signed by all members. • SHARON ANGSTROM moved to approve the minutes from the Much 22, 2023 regular 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 member;: Badir Majeed Laborer Date of hire — 03/27/23 9%+ 2% Or. 1 (DPW -Hwy) Date of membership — 03/27/23 Keith Nett Custodian Date of hire — 03/20/23 9%+2% Or. 1 (School) Date of membership — 03/20/23 2064 Sam Reynolds Custodian Date of hire — 04/10/23 9%+ 2% Gr. 1 (School) Date of membership — 04/10/23 Olivia Lejeune Executive Asst Date of him— 04/10/23 9%+2% Gr. 1 (School) Date of membership — 04/10/23 Arm Hassan Police Officer Date of hire— 04/24/23 9%+2% Or. 4 (Police) Date of membership — 04/24/23 (Transfer from Middlesex County) James Sullivan Recreation Date ofhire —5/1/23 9%+2% Or.I (Public Services) Administrator Date of membership — 3/26/07 (Transfer from Winchester) SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement application: Kathleen Rybak (RMLD) DOR 7/8/23 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Wendy Markiewicz (RMLD) To Essex Regional Ret Board 10 years, 8 months SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the following retirements approved by PERAC: Carol Chapman (School) — 2/28/23 SECONDED BY: ROBERT BECK VOTED: (5-0-0)UNANIMOUS 2065 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 $7,525.90 1 yr, 10 mths (pro -rated) Valerie will rollover a partial portion of the buyback and make payroll deductions for the balance. This purchase was approved at the March 22, 2023 Board meeting; however, the total amount of the purchase was not included. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the April 2023 wire transfer from PRIM to MMDT SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the April 2023 wire transfer from MMDT to Reading Co-op. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve warrant #AP042023: SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • As of April 19, 2023, the balance in the MMDT account is current. • Loretta Beaird, who worked for the Water Department in DPW and retired on September 2, 2011, passed away on April 2, 2023. She chose Option Bather retirement, but there are no remaining funds. • John Goodwin chose Option C at his retirement on November 3, 2022. His spouse passed away on April 1, 2023. Calculation (Option C "pop-up") was sent to PERAC for approval. 0 2066 • A transfer dated 3/21/23 was received from the Peabody Retirement System for Dina Vasilev-Snook. The Peabody Retirement System will accept liability for 4 months. • A transfer dated 3/31/23 was received from the Concord Retirement System for Erin MacDonough. The Concord Retirement System will accept liability for 10 years and 4 months. • A transfer dated 3/31/23 was received from the Middlesex County Retirement System for Dalonn Pearson. The Middlesex County Retirement System will accept liability for 4 years and 2 months. • A transfer dated 3/30/23 was received from the Beverly Retirement System for Sean Martin. The Beverly Retirement System will accept liability for 5 years and 6 months. • A check was received from the following Boards for full payment of its Section 3(8xc) reimbursement. - Massachusetts Teachers Retirement Board - Essex Regional Retirement Board • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fand's monthly statement & fond performance for period ending March 31, 2023 Bank Reconciliation for the month ending March 31, 2023 Cash Receipts, Adjustments, and Disbursements as of Jan 31, 2023 - Mar 31, 2023 Reading Coop Bank Statement for the month ending March 31, 2023 MMDT Bank Statement for the month ending March 31, 2023 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday May 24, 2023 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. PERAC Letter — The provisions of G.L. c. 32, § 15 require the Attorney General and the District Attorney 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 a Reading Retirement System member. The letter is advising that on September 12, 2022, the defendant was arraigned in the Concord District Court. On November 29, 2022, this matter was dismissed. PERAC #11/2023 — Extension of Open Meeting Law Waivers — The Open Meeting Law Waivers were set to expire on March 31, 2023. The Legislature and the Governor have now acted to extend these waivers until March 31, 2025. 2067 =? OLD BUSINESS • Continued Retirement office topics, including but not limited to: - Employee Handbook - Job Descriptions - Response from Administrator regarding office hours - General Updates The Board members discussed the Administrator's request to return to a 37.5 -hour work week rather than continue at a 40 -hour work week. The Administrator is requesting that her weekly hours return to 37.5 hours with an annual salary of $115,505.00. The Administrator provided a written statement to the Board. • SHARON ANGSTROM moved to amend the Administrator's salary to $56.64/hour at Step 13 at 37.5 hours/week with an annual salary of $110,451.82. This is a 2 -step increase with a 3.5% COLA increase resulting in a 7.5% total increase. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the updated Employee Handbook with an amendment to reduce the availability of overtime hours, in an emergency situation, to 4 hours/week with the removal of any reference to a 40 -hour work week. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the revised Job Descriptions with an amendment that the Administrator's position will be 37.5 hours/week as opposed to 40 hours/week. SECONDED BY: ROBERT BECK VOTED: (5-0-0)UNANIMOUS • Linda Boumival from KMS Actuaries will attend the May 24, 2023 Board Meeting to review/discuss the preliminary results of the funding schedule. MM 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 Neu of discussion in Executive Session. ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 11:02 AM: SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 4AC / an David A. (1 le, 1" elected Sharon M. Angstrom, Ex Offfbio