The URL can be used to link to this page

Home My WebLink About2023-08-23 Retirement Board MinutesMembers - Not Present: Sharon Angstrom Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Topics of Discussion: Town of Reading Meeting Minutes a rE('1V'EU ^wN, CLEPK ,, It,aI-, 'IA _ Board - committee - commission - Council: (ji" 'U24 FEB -6 P.' I1 21 Contributory Retirement Board Date: 2023-08-23 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 John Halsey Robert Beck Members - Not Present: Sharon Angstrom Others Present: Colleen Loughlin - Board Administrator Elaine Kelly - Asst Board Administrator Minutes Respectfully Submitted By: Elaine Topics of Discussion: 2087 -? MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday August 23, 2023 The Reading Retirement Board held a regular session meeting on August 23, 2023 in The Conference Rim at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:35 AM by Chairman David Gentile with board members Carol Roberts, John Halsey, Robert Beck, Administrator Colleen Loughlin and Assistant Administrator Elaine Kelly. Sharon Angstrom was unable to attend. The following agenda item was taken out of order INFORMATION/QUESTIONS • Lorraine Spataro, Section 101 Survivor of William Spataro, passed away on July 3, 2022. Was not notified of Lorraine's death until her July 2023 direct deposit was returned after bank account was closed. Office did not receive her annual affidavit so a certified letter was mailed to Lorraine. Retutn/receipt was signed by another person. A family member might be able to provide legal documentation of death. State of NH Vital Records will issue a copy of the death certificate at a cost of $15 as well as a completed application. The Chairman explained to the Board members that Pension Technology Group (PTG), the Retirement Software company, does not track beneficiaries that are receiving a payment from the Retirement System. A conference call took place with Matthew Ayling from Pension Benefit Information (PBI), the company hired by the Retirement System to track the addresses and deaths of our retirees, active and inactive members. Matthew explained the process to the Board in an effort to help the Board understand what happened in the case of Lorraine Spataro. The Chairman feels there should be communication between PBI and PTG to correct the flaw in PTG's software. The administrator will help facilitate getting Matthew Ayling in touch with Brian Bowler at PTG to discuss what can be done so this does not happen again in the future. • CAROL ROBERTS moved to approve Atty. Sacco sending a letter to the son of Lorraine Spataro to follow up on the overpayment of $12,599.61. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS MINUTES • Minutes from the June 26, 2023 regular session were signed by all members, except Carol Roberts and John Halsey who were unable to attend. 2088 • CAROL ROBERTS moved to approve the minutes from the July 26, 2023 regular session. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the following new members: Adam Thibodeau Control Room Date of hire — 07/24/23 9%+ 2% Gr 1 (RMLD) Operator Date of membership — 07/24/23 Derek Pinto Director of Finance Date of hire — 07/24/23 9%+2% GrI (School) Date of membership — 07/24/23 Sandra Walsh Admin Assistant Date of hire -08/07/23 9%+2% GrI (Finance) Date of membership — 08/07/23 Massimo Turco Laborer Date of hire -08/14/23 9%+2% GrI (DPW -Highway) Date of membership — 08/14/23 Daniel Follis Line worker Date of hire -08/14/23 9%+2% Gr4 (RMLD) Date of membership — 08/14/23 Re -hire SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the transfer of funds to other system: Tracy Schultz To Shrewsbury Retirement System 4 years, 3 months Stacy Scouten To Middlesex County Retirement System 8 years, 9 months SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the following retirement application: Joseph Lapolla (Fire) Superannuation - DOR 10/22/23 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 20 89 ='' • CAROL ROBERTS moved to approve the final calculation for the following retirement approved by PERAC: Kathleen Rybak (RMLD) Superannuation — DOR 07/08/23 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve the August 2023 wire transfer from PRIM to MMDT SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the August 2023 wire transfer from MMDT to Reading Co-op. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • CAROL ROBERTS moved to approve moving $4,425,000.00 from MMDT to PRIT to leave the balance in MMDT current. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS NOTE: The Administrator will send a letter from the Board to the Treasurer to move the funds. • CAROL ROBERTS moved to approve to extend the Legal contract with Law Offices of Michael Sacco. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • CAROL ROBERTS moved to approve warrant #AP082023 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 20 90 • To date, we have received 383 of 386 Annual Affidavits. The Assistant Administrator stated that she has had contact with 2 of the 3 retirees. The Chairman stated that he had someone contact the other retiree to remind him that the Affidavit needs to be completed and returned to the Retirement office as soon as possible. The Retirement office has not had any correspondence with this member nor has the Affidavit been returned. In a final attempt, the Retirement office will mail a Certified Letter to this retiree. • Wayne Harding, who worked for RMLD and retired on March 22, 2004 under Accidental Disability, passed away on August 5, 2023. He chose Option C at his retirement. Since his retirement was prior to July 1, 2004, his spouse does not have the option to receive either the Option C benefit or the Section 9 Accidental Death Benefit. His spouse, Darlene Harding, will receive 2/3rds of the amount Wayne was receiving at the time of his death. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2023 General Ledger Trial Balance as of July 31, 2023 Cash Receipts, Adjustments, and Disbursements as of July 31, 2023 Bank Reconciliation for the month ending July 31, 2023 Reading Coop Bank Statement for the month ending July 31, 2023 MMDT Bank Statement for the month ending July 31, 2023 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Monday September 25, 2023 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. PERAC Memo #17/2023 — Reinstatement to Service under L.L. c.32 105 PERAC Memo #18/2023 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors PERAC — Emerging Issues Forum, September 21, 2023 from 9:00 am — 3:00 pm at Hogan Conference Center, College of Holy Cross, Worcester, MA. Email from Attorney Michael Sacco — Janet Walsh date of membership due to Reinstatement has been resolved — DALA ruled that the 5 -year period for reinstatement begins to run from September 26, 2019. Fiducient Advisors— June Flash Report 2091 OLD BUSINESS • Continued Retirement office topics, including but not limited to General Updates: The Chairman reports that the 10013 committee (Police and Fire) has established a process for meetings and paperwork and is good moving forward. Sean Donahue (HR Director) will be collecting all the data. The Chairman reminded the Board members to submit the reason for their absence of any missed Board meeting for 2022 and 2023 to the Assistant Administrator so that it is on record. The Chairman gave an update regarding the progress of the TV installation for the conference room. The Board will hire a private electrician to do the installation, hopefully sometime in September. The Board would like to know when the performance review comments for the Administrator are due to Sharon Angstrom. The Administrator will reach out to Sharon when she returns from vacation and will let the Board know what that deadline is. The Assistant Administrator's performance review comments, if any, should be submitted separately to the Chairman prior to the Assistant Administrator's performance review, which is September 12, 2023. The Chairman will provide a copy of this performance review to the Board. If any member has questions or concerns regarding the Assistant's review, they will have an opportunity to address them at the September 251" open session Board meeting. Sharon Angstrom will gather all the data for the Administrator's performance review and incorporate the data into the performance review process. The Administrator's performance review will take place in open session at the September 25" Board meeting. The Board will convene in executive session to discuss pay strategy and negotiate compensation. The Chairman states that the Board does not have a tracking mechanism for the attendance records of the Retirement office staff. The Board would like to obtain attendance records for the Retirement office staff to incorporate into the performance reviews. The Administrator will contact Sharon Angstrom to request the accrual reports including sick, vacation and floating holidays for 2022 and 2023 and will provide this to the Chairman before the performance reviews. The Administrator states that all of this time goes through the accrual process in the Payroll Dept. The Executive Minutes will need to be reviewed and released by the Board, perhaps getting some advice from the attorney on what can be released and what cannot. 2092 MISCELLANEOUS The Administrator is trying to coordinate meetings with PRIM and Fiducient for their annual overview and update to the Board. Ajoint meeting is not possible due to prior commitments by both parties. PRIM can do December 20, 2023 and Fiducient can do November 27, 2023, the regularly scheduled board meetings. The Board agreed this will work. 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 • CAROL ROBERTS moved to adjourn this open session at 10:48 AM: SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS ��4 Chairman David A. Gentile, Ig elected Sharon M. Angstrom, Ex Officio (ABSENT) Chu .�_ y a (4� Carol B. Roberts, I' appointed R ert L. Beck, 2nd elected JJo n . H , 2 appointed