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Home My WebLink About2023-09-25 Retirement Board MinutesOrq O Town of Reading a Meeting Minutes 6JYr Board - committee - Commission - Council; 211i YEP -U i:11 1:24 Contributory Retirement Board Date: 2023-09-25 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 John Halsey Robert Beck Members - Not Present: Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 2095 MINUTES OF THE READING RETIREMENT BOARD MEETING Monday September 25,2023 The Reading Retirement Board held a regular session meeting on September 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, John Halsey, Robert Beck, Administrator Colleen Loughlin and Assistant Administrator Elaine Kelly. MINUTES • Minutes from the July, 2023 regular session were signed by all members. • CAROL ROBERTS moved to approve the minutes from the August 23, 2023 regular session. SECONDED BY: ROBERT BECK VOTED: (4-0-1) ABSTAINED: SHARONANGSTROM APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Emily Pontes Dispatcher Date of hire — 09/11/23 9%+2% Gr. 1 (Public Safety) Date of membership — 09/11/23 Justin Chaires Firefighter/Paramedic Date of hire — 09/25/23 9%+2% Gr. 4 (Fire) Date of membership — 09/25/23 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Jesse Malonson Terminated 7/7/23 Refund — Cash 8 yrs, 7 mths (School) SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 2094 • SHARON ANGSTROM moved to approve the transfer of funds to other system: Ian Long to Natick Retirement System 4 months Malone MacDonald to Peabody Retirement System 11 months SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the September 2023 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the September 2023 wire transfer from MMDT to Reading Co-op in the amount of $1,135,510.23. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve request from eligible member to purchase prior non- membership service for creditable service: Janet Walsh Cambridge 06/19/72-06/25/75 6 months (prorated) The total principal purchase amount is $3,873.62. Janet will make payment with a rollover. SECONDED BY: ROBERT BECK VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve request from eligible member to purchase prior creditable service from the Town of Reading in which he received a refund: Eric Bagby Reading 05/06/15-06/19/21 6 years, I month The total principal purchase amount is $51,925.83. Eric will make payment with a rollover. SECONDED BY: ROBERT BECK VOTED: (5-0-0)UNANIMOUS 20 9 5 '- • SHARON ANGSTROM motioned to move the request from eligible spouse to petition for accidental death benefits to a medical panel: SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS Richard Wood, who worked for the Police Dept and retired on November 30, 1981 under Accidental Disability, passed away on August 17, 2023. He chose Option B at his retirement but there are no remaining funds in his annuity. He retired on accidental disability retirement. His spouse, Virginia Wood, is eligible for a Section 101 allowance of $9,000 per year because Richard retired prior to November 7, 1996. His spouse, Virginia Wood, has applied for accidental death benefits. He retired from Barlow's Syndrome — frequent PVC — symptomatic and he died of aortic valve regurgitation and thoracic aorta dissection. Other significant conditions contributing to his death were pulmonary hypertension, chronic systolic heart failure, chronic diastolic heart failure. The Medical Panel will receive a copy of the death certificate and the original medical panel determination. The Administrator will confirm if all medicals can be sent as well. • SHARON ANGSTROM moved to approve the Administrator to attend the MACRS Fall Conference being held on October 1 — October 4, 2023 at the Sheraton Springfield Hotel in Springfield, MA. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS The office will be closed on Monday 10/2/23 and Tuesday 10/3/23, as the Assistant will be away on vacation. The Chairman requests that the office closing be posted on the Retirement website as well as a notice placed on the Retirement Office door. NEW BUSINESS (Taken Out of Order) Administrator's Performance Review was conducted. The Administrator received a copy of the review prior to the Board meeting. The Administrator started with addressing questions that John Halsey had on the review. John explained that the reason for the questions was to have an update on goals that the Board set for the Administrator in the previous review, as a reminder. The Administrator asked for an explanation on how she could improve, moving forward, in regards to the ratings that the Board members had given on the review. The Administrator wondered how each Board member decided on the particular rating. Each Board member offered their perspective. The Board members agreed that perhaps the Administrator's Performance Review form could use some updating and more explanation to what each rating number represents so that everyone is clear. John Halsey noted how helpful and important a quarterly update from the Administrator to the Board would be. The Chairman stated that this in the process of being implemented. 20 96' General discussion regarding the Assistant Administrator's Performance Review which was conducted on September 12, 2023. The Chairman states that he feels things are getting better with communication. John Halsey asked what the Assistant Administrator thought of the review. The Assistant stated that she too had questions on how the Administrator rated her on two particular review items. John Halsey suggested that the Administrator and Assistant schedule quarterly meetings to go over different expectations and office business. APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP092023 totaling $1,283,349.24 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • All Annual Affidavits have been received. • The death certificate for Lorraine Spatam was received. A letter was sent from Attorney Sacco to Lorraine's son, Todd Spatmo, regarding the reimbursement of overpayment that is due to the Reading Retirement Board. • A transfer amount of $28,060.90 dated 08/18/23 was received from the State Retirement System for Michael Davis. The State Retirement System will accept liability for 5 years, 0 months and 3 days. • A transfer amount of $50,929.02 dated 8/25/23 was received from the State Retirement System for Robert Hutchins. The State Retirement System will accept liability for 7 years, 10 months, and 24 days. • As of September 19, 2023, the balance in the MMDT account is $4,051,265.40. • On August 31, 2023, PERAC notified this board that Eric Blackman was evaluated for possible return to service and PERAC's internal Nurse Case Manager determined that he is unable to perform the essential duties of his job. • Ann Tierney, who worked for RMLD and retired on April 30, 2002 passed away on August 26, 2023. Ann chose Option A at the time of her retirement. • A check was received from the following Board for full payment of its Section 3(8)(c) reimbursement. State Retirement Board All Section 3(8)(c) payments have been received. ,_ 1 20 9 7 y- • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending August 31, 2023 General Ledger Trial Balance as of August 31, 2023 Cash Receipts, Adjustments, and Disbursements as of August 31, 2023 Bank Reconciliation for the month ending August 31, 2023 Reading Co-op Bank Statement for the month ending August 31, 2023 MMDT Bank Statement for the month ending August 31, 2023 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday October 25, 2023 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED r PERAC 2022 Investment Report Fiducient Advisors Monthly Performance Update — July 2023 Fiducient Advisors Quarterly Investment Review — Second Quarter 2023 PERAC Memo #19/2023 — Tobacco Company List PERAC News#63 OLD BUSINESS • Continued Retirement office topics, including but not limited to: General Updates: The Chairman updated the Board on the installation of the TV, which has been installed and the electrician has come and completed his work, with a bill of approximately $400. NOTE: John Halsey left this open session meeting at 10:45 AM. • SHARON ANGSTROM motioned to move into executive session to discuss Sean Wilson vs. Reading Retirement Board (Military Buyback) and also to discuss strategy and negotiate compensation for the annual performance reviews, with the intent to return to open session. 1 IW SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye ROBERT BECK Aye DAVID GENTILE Aye VOTED: (4-0-0) UNANIMOUS • The Board held a discussion regarding Sean Wilson v. Reading Retirement Board —Military Buyback. • The Board discussed pay strategy and negotiated compensation for performance reviews. OPEN SESSION The Assistant stated that a previous vote that took place in executive session should have been a roll call vote. • SHARON ANGSTROM moved to return to executive session with the intent to move back into open session SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye CAROL ROBERTS Aye JOHN HALSEY Aye ROBERT BECK Aye VOTED: (4-0-0)UNANIMOUS The Board voted again, with a roll call vote, on the Sean Wilson vs. Reading Retirement Board regarding the purchase of his military service. OPEN SESSION • SHARON ANGSTROM moved to approve a I Step increase with a 2% COLA increase (4% total) for the Administrator and Assistant Administrator SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 2099 -'- MISCELLANEOUS PTG and PBI have spoken and the updated data has been sent to PBI. PTG changed their programming which will now include all survivor beneficiaries, that are receiving a payment, to be coded as participants when the member's date of death is entered into PTG and the beneficiary starts to receive payment. The Retirement office staff will send a quarterly update of data to PBI. 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 11:36 AM: SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS W\ hairman David A. Gentile, I' elected Q). s M , aAAPL e,!,,, — Sharon M. Angstrom, Ex Offic ck