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Home My WebLink About2023-10-25 Retirement Board MinutesNOrR o H Town of Reading ae Meeting Minutes J .' '. K a:IMo0.9�p� � .CI Y• Board - Committee - Commission - Council: 21 2024 FEB -6 PH 1 Contributory Retirement Board Date: 2023-10-25 Time: 9:30 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 Carol Roberts Sharon Angstrom Robert Beck Members - Not Present: John Halsey Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 2100 r MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday October 25,2023 The Reading Retirement Board held a regular session meeting on October 25, 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 Carol Roberts, Sharon Angstrom, Robert Beck, Administrator Colleen Loughlin and Assistant Administrator Elaine Kelly. John Halsey was unable to attend. MINUTES • Minutes from the August 23, 2023 regular session were signed by all members, except Sharon Angstrom who was unable to attend. • SHARON ANGSTROM moved to approve the minutes from the September 25, 2023 regular session. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approved the minutes from the September 25, 2023 executive session. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Keith Marcotti Custodian Date of hire — 09/18/23 9%+2% Gr'. 1 (School) Date of membership — 09/18/23 Alexis Villanueva Staff Accountant Date of hire — 09/25/23 9%+2% Gr. 1 (RMLD) Date of membership — 09/25/23 Hani Salman Network Support Date of hire — 09/25/23 9%+ 2% Gr. 1 (RMLD) Specialist Date of membership — 07/01/17 Transfer from Wellesley Kiefer Dalton Laborer Date of hire — 10/2/23 9%+2% Gr. 1 (DPW -Highway) Date of membership — 09/18/22 Transfer from Haverhill 2101 =' Molly Pike Integrated Resource Date of hire —10/2/23 9%+2% (RMLD) Engineer Date of membership — 10/2/23 Thomas Ceralli, IV Laborer Date of hire— 10/16/23 9%+2% (DPW -Cemetery) Date of membership — 10/16/23 Albert Pless Director Equity/Social Date of hire —10/16/23 9%+2% (Library) Justice Date of membership —12/08/03 Transfer from Andover Madeleine Baptiste Admin Assistant Date of hire — 10/23/23 9%+ 2% (Town Clerk) Date of membership — 10/23/23 AnfidioVargas Firefighter/Paramedic Date of hire — 10/30/23 9%+2% (Fire) Date of membership — 10/30/23 Benjamin Braz Firefighter/Paramedic Date of hire — 10/30/23 9%+ 2% (Fire) Date of membership —10/30/23 SECONDED BY: ROBERT BECK VOTED: (4-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the transfer of funds to other systems: Erin Schaeffer To Beverly Retirement System 8 years, 1 month Renee Simonetti To State Retirement Board 6 years, 3 months Hamid Jaffari To Bristol County Retirement Board 25 years, 0 months SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS Gr. 1 Gr. 1 Or. 1 Gr. 1 Or. 4 Gr. 4 APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the October 2023 wire transfer from PRIM to MMDT SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the October 2023 Wire transfer from MMDT to Reading Co-op. SECONDED BY: ROBERT BECK '.. VOTED: (4-0-0)UNANIMOUS 2102 • SHARON ANGSTROM moved to approve the 2024 Calendar Year Budget in the amount of $446,537.00. SECONDED BY: ROBERT BECK VOTED: (4-0-0)UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP102023. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS INFORMATION/OUESTIONS • Mary Blake who worked for the School Dept. and retired on April 1, 1995 passed away on September 20, 2023. Mary chose Option A at the time of her retirement. • A request was made by Gabriella Piantedosi, Administrative Secretary Town Clerk, seeking to purchase from Reading prior part-time, non -membership service with the Town of Middleton. A denial letter was sent to the member. • As of October 19, 2023, the balance in the MMDT account is current. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending September 30, 2023 General Ledger Trial Balance as of September 30, 2023 Cash Receipts, Adjustments, and Disbursements as of September 30, 2023 Bank Reconciliation for the month ending September 30, 2023 Reading Co-op Bank Statement for the month ending September 30, 2023 MMDT Bank Statement for the month ending September 30, 2023 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Monday November 27, 2023 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. Anthony Tranghese from Fiducient Advisors will be joining this Board meeting to give a brief update to the Board. 2103 =' MEMORANDUMS & LETTERS RECEIVED PERAC Memo #20/2023 — Mandatory Retirement Board Member Training — 4" Quarter 2023 PERAC Memo #21/2023 — Upcoming Public Hearings on PERAC Regulations PERAC Memo #22/2023 — Appropriation Data Due October 31, 2023 PERAC 2022 PERAC Comparative Analysis Fiducient Advisors — Monthly Performance Update — August 2023 Memorandum from Attorney Sacco regarding Military Service Purchases OLD BUSINESS • Continued Retirement office topics, including but not limited to general updates: - The Chairman signed the contract for Legal Services. - The Administrator gave a brief overview on what she learned at the recent MACRS Fall Conference. - PBI has put any beneficiary that is receiving a benefit on the participant list. - Sharon Angstrom has asked the office staff to survey other Retirement Systems to see how they handle releasing their executive minutes to the general public and if there is a written policy they could share. Carol Roberts has requested that the Assistant Administrator go through the executive minutes in the minutes book to categorize them, in an effort to facilitate releasing them to public record and asked if she could share this with the Board at the November meeting. - The computer/screen will hopefully be ready to go for presentations at the next board meeting in November. - The Retirement office staff will no longer give the 180 -day form to a new member, who has a veteran status, until they are vested at 10 years. Currently there are 3 members who are veterans that have purchased their military service. Two of these members are vested, however the third member is not vested. This law, if passed, will open the door for others who did not purchase their military service to receive another chance to do so. PERAC has not opined on how they will handle past practice regarding purchasing military service prior to the I0 -year window of being vested. 2106 NEW BUSINESS • Carol Roberts announced that she will not be seeking a new term as the Select Head appointed member of the Retirement Board. Her term expires 12/31/23. According to history, the candidate has usually been found by the Retirement Board and then presented to the Select Board. There is no official process for the Retirement System to advertise this position to the public. This process is left up to the Select Board. • John Halsey's tern ends March 31, 2024. This position is appointed by the Retirement Board and must be posted, even if the candidate wants to remain in that position. This should be posted by the end of December 2023. • Robert Beck had a question regarding the Annual Affidavit verse an Accidental Disability requirement by PERAC. He was unsure how much information he could give someone regarding something that happened at a Retirement Board monthly meeting. The Administrator stated that he could not discuss any medical information that was discussed. MISCELLANEOUS 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 10:49 AM: SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 12105 _> f � hairman David A. ,G�� Gentile, ",1, "'� elected &Q�/r1 I - 1.�11Y1i{M➢' Sharon M. Angstrom, Ex Offic