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Home My WebLink About2023-12-20 Retirement Board MinutesTown of Reading RWN Ep R�CLR K 0Meeting Minutes A ING, MA • Mon Board - Committee - Commission - Council: 2124 DUH - Date: 2023-12-20 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 -remotely John Halsey Robert Beck Members - Not Present: Others Present: Colleen Loughlin Elaine Kelly Laura Strickland -PRIM Linda Bournival-KMS Actuaries Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 2114 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday December 20, 2023 The Reading Retirement Board held a regular session meeting on December 20, 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, John Halsey, Robert Beck, Administrator Colleen Loughlin, Assistant Administrator Elaine Kelly, and Laura Strickland from PRIM. Sharon Angstrom participated remotely due to illness. Linda Bournival from KMS Actuaries joined the meeting at 10:22 AM. SPECIAL ITEM • Laura Strickland from PRIM gave a brief PRIM Board and PRIT Fund Summary to the Board members. Laura provided a summary handout for the Board. The Board was able to ask questions and gather information from Laura. Laura stated that it has been a very volatile couple of years. PRIM is constructing a portfolio they expect to withstand and do well in both the up and down markets, as seen in the long-term performance. PRIT remains the leanest public plan in the country. While PRIM continues to grow in a prudent manner, they want to ensure they are managing the portfolio in an efficient manner on the Board's behalf. Laura Strickland left this Board meeting at 10:00 AM MINUTES • Minutes from the October 25, 2023 regular session were signed by all members, except John Halsey who was unable to attend. • CAROL ROBERTS moved to approve the minutes from the November 27, 2023 regular session. SECONDED BY: ROBERT BECK ROLL CALL VOTE: ROBERT BECK AYE CAROL ROBERTS AYE DAVID GENTILE AYE VOTED: (3-0-2) ABSTAINED: JOHN HALSEY SHARON ANGSTROM APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • CAROL ROBERTS moved to approve the following new members: Samuel Cook Asst Civil Engineer Date of hire — 12/18/23 9%+ 2% Gr. 1 (DPW) Date of membership — 12/18/23 SECONDED BY: ROBERT BECK ROLL CALL VOTE: ROBERT BECK AYE CAROL ROBERTS AYE SHARON ANGSTROM AYE JOHN HALSEY AYE DAVID GENTILE AYE VOTED: (5-0-0)UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • CAROL ROBERTS moved to approve the December 2023 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: ROBERT BECK ROLL CALL VOTE: ROBERT BECK AYE CAROL ROBERTS AYE SHARON ANGSTROM AYE JOHN HALSEY AYE DAVID GENTILE AYE VOTED: (5-0-0) UNANIMOUS • CAROL ROBERTS moved to approve the December 2023 wire transfer from MMDT to Reading Co-op in the amount of $1,258,844.57 SECONDED BY: ROBERT BECK 2116 ROLL CALL VOTE: ROBERT BECK AYE CAROL ROBERTS AYE SHARON ANGSTROM AYE JOHN HALSEY AYE DAVID GENTILE AYE VOTED: (5-0-0)UNANIMOUS • CAROL ROBERTS moved to approve request from eligible member to purchase prior creditable service from the City of Melrose: Kevin Connors Melrose 06/06/17-03/22/19 1 year, 9 months The total principal purchase amount is $9,402.97. Kevin Connors will start payroll deductions of $85.32/pay period starting January 5, 2024. SECONDED BY: ROBERT BECK ROLL CALL VOTE: ROBERT BECK AYE CAROL ROBERTS AYE SHARON ANGSTROM AYE JOHN HALSEY AYE DAVID GENTILE AYE VOTED: (5-0-0)UNANIMOUS APPROVAL OF INVOICES TO BE PAID • CAROL ROBERTS moved to approve the following warrant #AP122023 totaling $1,264,553.92. SECONDED BY: ROBERT BECK ROLL CALL VOTE: ROBERT BECK AYE CAROL ROBERTS AYE SHARON ANGSTROM AYE JOHN HALSEY AYE DAVID GENTILE AYE VOTED: (5-0-0) UNANIMOUS 12117 INFORMATION/OUESTIONS • Attorney Sacco provided a brief update on the two outstanding DALA cases: Sean Wilson and Mark Segalla. Regarding the Sean Wilson case, he is waiting to hear back from counsel on the remand motion the Board authorized. Regarding Mark Segalla, he is going to DALA on Monday for the hearing. Attorney Sacco will draft a letter to the Board after the hearing to give you his impressions. • Anthony Tranghese from Fiducient provided the Board with an updated Investment Policy Statement that will require the Board's signatures. • PERAC Auditors will begin the audit for period 2017-2021 on January 8, 2024. • A transfer amount of $3,353.31 dated 11/30/23 was received from the Haverhill Retirement System for Kiefer Dalton. The Haverhill Retirement System will accept liability for 8 months. • Marjorie O'Donnell, Option C survivor of Michael O'Donnell, passed away on November 26, 2023. • The Board received notice from PERAC that the amount to be appropriated for the Reading Retirement System for FY25 is $9,804,400. • A COLA reimbursement of $36,006.09 from the State for the period 7/1/23-12/31/23 was received on 12/15/23. • As of December 14, 2023, the balance in the MMDT account is $3,045,236.98. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending November 30, 2023 General Ledger Trial Balance as of November 30, 2023 Cash Receipts, Adjustments, and Disbursements as of November 30, 2023 Bank Reconciliation for the month ending November 30, 2023 Reading Co-op Bank Statement for the month ending November 30, 2023 MMDT Bank Statement for the month ending November 30, 2023 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Monday January 22, 2024 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC email reminder — Final Webinar for 2023 is December 14, 2023 — Recent Cases of Interest PERAC Memo #27/2023 — Current Members in Service Who Made an Election at Age 70 to Stop uJ Contributions to the Retirement System PERAC Memo #28/2023 — 2023 Disability Data Changes 211 g PERAC Memo #29/2023 — Tobacco Company List PRIM Annual Comprehensive Financial Report Pension Reserves Investment Trust GIPS Report — FY 2023 ACFR — Memo to Purchasing and Non -PRIM Systems Q3 2023 PRIM Board Quarterly Update OLD BUSINESS • Continued Retirement office topics, including but not limited to general updates • Update to the Board regarding the Administrative staff goals. MISCELLANEOUS This was Carol Roberts final Board meeting, as her tens expires 12/31/23 and she will not be seeking another term. SPECIAL ITEM • The Board received a request from Vanessa Silva, President of the Reading Paraeducators Association, for the Board to consider changing their supplemental regulation regarding membership that would allow the paraeducators to become members of the Reading Retirement System. Linda Bournival from KMS Actuaries joined this meeting at 10:22 AM. She provided information to the Board regarding the possible impact of changing the Retirement Board's supplemental regulation regarding membership. She explained the financial impact it would have and how it would push out the unfunded liability beyond 2031, which is the current goal for a fully funded system. The Board members discussed in further detail the impact this would have. Changing the regulations would have a financial impact on the Town m well. This would have a ripple effect far beyond the retirement system, including OPEB (Other Post -Employment Benefits). Overall, this could potentially impact not only the Paraeducators but other similar town employees, as well as the funding schedule. In conclusion, the Board feels that the regulation should not be changed. The Board members suggested that Chairman David Gentile and Ex -Officio Sharon Angstrom request an informal meeting with Vanessa Silva to start the conversation and attempt to educate them on this process. Carol Roberts expressed interest in attending, since she is familiar with some of the history regarding this subject matter. The Administrator will coordinate the informal/informational meeting with all parties. Linda Bournival left this Board meeting at 11:50 AM 12119 `-L 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. • ROBERT BECK moved to adjourn this open session at 11:50 AM SECONDED BY: CAROL ROBERTS ROLL CALL VOTE: ROBERT BECK AYE CAROL ROBERTS AYE SHARON ANGSTROM AYE JOHN HALSEY AYE DAVID GENTILE AYE VOTED: (5-0-0) UNANIMOUS 2 �jairmanDawid A. Gentile, 1" elected Sharon M. Angstrom, Ex Of&io I Carol B. Roberts, I" appointed (no longer a Board member as of 12/31/23) R L. Beck, 2nd elected