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Home My WebLink About2023-06-26 Retirement Board Minutese`, Oeq�o Town of Reading RE"CE"IVED a e Meeting Minutes TOWN CLERK "ixcoxa°P4 Board - Committee - Commission - Council: Z23 OCT 19 1.00 Contributory Retirement Board Date: 2023-06-26 Time: 9:50 AM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: General Business Version: Final Attendees: Members - Present: David Gentile Sharon Angstrom Robert Beck Members - Not Present: Carol Roberts John Halsey Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Linda Bournival - KMS Actuaries (via remote) Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 2075 "- MINUTES OF THE READING RETIREMENT BOARD MEETING Monday June 26, 2023 The Reading Retirement Board held a regular session meeting on June 26, 2023 in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:50 AM by Chairman David Gentile with board members Sharon Angstrom, Robert Beck, Administrator Colleen Loughlin and Assistant Administrator Elaine Kelly. Linda Boumival (KMS Actuaries) joined via conference call. Carol Roberts and John Halsey were unable to attend. APPROVAL OF MISCELLANEOUS ITEM This agenda item was taken out of order to accommodate a conference call with Linda Boumival from KMS Actuaries. Linda provided three additional funding schedules, which include the Local 5% COLA Option for the Board members to review and approve. Linda gave a brief synopsis of each new proposed funding schedule. • SHARON ANGSTROM moved to approve the funding schedule B6, which includes the Local 5% COLA Option. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS Linda Boumival left this meeting at 10:00 AM. MINUTES • Minutes from the April 24, 2023 special session were signed by all members. • Minutes from the April 24, 2023 regular session were signed by all members. • SHARON ANGSTROM moved to approve the minutes from the May 24, 2023 regular session. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Elizabeth Weilbacher LibraryI Date of hire — 05/17/23 9%+2% Or.I (Library) Date of membership — 05/17/23 Brigit Sousa Parking Enforcement (Police) Officer Gabriella Piantedosi Admin Secretary (Admin Svcs) Resigned 05/10/23 Refund — Cash Timothy Johnson Computer Tech (Admin Svcs) SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS 2676 Date of hire —05/30/23 9%+2% Or.l Date of membership — 05/30/23 Date of hire — 05/30/23 9%+ 2% Gr. 1 Date of membership — 05/30/23 Date of hire — 05/30/23 9%+ 2% Or. 1 Date of membership — 05/30/23 • , SHARON ANGSTROM moved to approve the following refund of accumulated deductions Andrew Kirwan Resigned 09/22/21 Refund - Rollover 4 years, 8 months Tyler Ford Resigned 03/03/23 Refund — Cash 1 month Joseph Cass Resigned 05/10/23 Refund — Cash 2 years, 6 months SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the final calculation for the following retirements approved by PERAC: Peter Reinhart (Engineering) Superannuation — DOR 6/2/23 SECONDED BY: ROBERT BECK VOTED: (3-0-0)UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the June 2023 wire transfer from PRIM to MMDT SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the June 2023 wire transfer from MMDT to Reading Coop. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS i 2077 =' • SHARON ANGSTROM moved to approve the current PRIT Fund Fiscal Year 2024 Automatic Redemption and Monthly Maintenance Balance to remain the same. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve warrant #AP062023 SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • A COLA reimbursement of $42,722.59 from the State for the period 1/1/23-06/30/23 was received on 06/16/23. • The Annual Affidavits were mailed June 6, 2023. To date, we have received 235 of 388. • As of June 21, 2023, the balance in the MMDT account remains current. • A transfer amount of $98,068.58 dated 5/31/23 was received from the Essex Regional Retirement System for Thomas Cassidy. The Essex Regional Retirement System will accept liability for 9 years, and I1 months. • A transfer amount of $115,489.60 dated 6/2/23 was received from the State Retirement System for John Pelletier. The State Retirement System will accept liability for 7 years, and 25 days. • A transfer amount of $21,944.33 dated 5/31/23 was received from the Chelsea Retirement System for Benjamin Cares. The Chelsea Retirement System will accept liability for 3 years and 2 months. • A transfer amount of $99,273.46 dated 5/31/23 was received from the Winchester Retirement System for James Sullivan. The Winchester Retirement System will accept liability for 15 years and 11 months. • Mary Ellen Gimsella, who worked for RMLD and retired on October 30, 1992, passed away on June 2, 2023. She chose Option A at her retirement. 2078 • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2023 Bank Reconciliation for the month ending May 31, 2023 Reading Co-op Bank Statement for the month ending May 31, 2023 MMDT Bank Statement for the month ending May 31, 2023 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday July 26, 2023 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #9/2023 — Tobacco Company List PERAC Memo #10/2023 — Mandatory Retirement Board Member Training — 2°^ Quarter 2023 PERAC Memo #11/2023 — Extension of Open Meeting Law Waivers PERAC Memo #12/2023 — Forfeiture of Retirement Allowance for Dereliction of Duty by Members PERAC Memo #13/2023 —2022 Salary Verification Request OLD BUSINESS • Continued Retirement office topics, including but not limited to general updates: IT will be scheduling the installation of the new computers and the board room electronics. - Two retirees have received termination letters for failure to report their Statement of Earnings to PERAC. 20 7 9 ='- 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 10:15 AM: SECONDED BY: ROBERT BECK VOTED: (3-0-0)UNANIMOUS !a1 A/LC Chairman David A. Gentile, 10 elected sit 1 Vq. ("'.'�M' r'"r� Sharon M. Angstrom, Ex Offi o Carol B. Ro erts, 1" appointed (ABSENT) bert L. Beck, 2°d elected John R. Halsey, 2°' appointed (ABSENT)