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Home My WebLink About2024-01-22 Retirement Board Minuteso`� oexF� Town of Reading ?� �= Meeting Minutes a �� P�IN�OP00 Board - committee - commission - Council: Date: 2024-01-22 Building: Reading Retirement Administration Address: 2 Haven Street Unit 307 Purpose: Attendees: Members - Present: David Gentile Sharon Angstrom Robert Beck Members - Not Present: John Halsey Others Present: Colleen Loughlin Elaine Kelly Time: 9:30 AM Location: Conference Room Session: Open Session Version: Final Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page 1 1 RECEIVER TOWN CLERK READING, MA- Gil - pJUN -5 PM 12:22 2120 MINUTES OF THE READING RETIREMENT BOARD MEETING Monday January 22, 2024 The Reading Retirement Board held a regular session meeting on January 22, 2024 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 Sharon Angstrom, Robert Beck, Administrator Colleen Loughlin and Assistant Administrator Elaine Kelly. John Halsey was unable to attend. MINUTES Minutes from the November 27, 2023 regular session were signed by all members, except Sharon Angstrom and John Halsey who were unable to attend. • SHARON ANGSTROM moved to approve the minutes from the December 20, 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: Leanne Eggimann Program Coordinator Date of hire — 12/13/23 9% + 2% Gr. 1 (School) Date of membership — 12/13/23 Eric Ward Custodian (School) Michael O'Neill Director of (RMLD) Operations Jessenia Cruz Coalition Outreach (Police) Coordinator SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS Date of hire — 12/26/23 9%+ 2% Or. 1 Date of membership - 12/26/23 Date of hire — 01/08/24 9%+ 2% Gr. 1 Date of membership — 01/08/24 Date of hire — 01/22/24 9%+ 2% Gr. 1 Date of membership — 01/22/24 2121 "3 • SHARON ANGSTROM moved to approve the following retirement applications: Stephen Pelrine (Fire) Superannuation — DOR 0 1/21 /24 John Davis (Facilities) Superannuation — DOR 01/20/24 Michael Wood (Fire) Superannuation —DOR 03/31/24 SECONDED BY: ROBERT BECK VOTED: (3-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: John Chavier Resigned 10/15/22 Rollover (RMLD) Vivian Tringale Resigned 11/30/23 Rollover (School) Edward McCarthy Terminated 6/13/22 (RMLD) SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the January 2024 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the January 2024 wire transfer from MMDT to Reading Co-op in the amount TBD, which will be reviewed and confirmed by Sharon and Colleen. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the January 2024 wire transfer from MMDT to Reading Co-op in the exact amount of $1,344,143.34 SECONDED BY: ROBERT BECK VOTED: (3-0-0)UNANIMOUS .i 11I __1 2122 _ APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant HAP012024 totaling $1,503,054.79 SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS INFORMATION/QUESTIONS • A transfer amount of $14,581.02 dated 12/22/23 was received from the Boston Retirement System for Andrew Schmitz. The total service transferred was 1 year, 9 months and 23 days. Boston Retirement will accept liability for 1 year, 9 months and 23 days of creditable service. • A transfer amount of $15,075.78 dated 12/20/23 was received from the Peabody Retirement System for Andrew Ibarra. The total service transferred was 1 year. Peabody Retirement will accept liability for 1 year of creditable service. • A transfer amount of $43.12 dated 01 /02/24 was received from the Cambridge Retirement System for Albert Pless, Jr. There is no additional service transferred. • A transfer amount of $2,025.19 dated 12/29/23 was received from the Concord Retirement System for Justin Chaires. The Concord Retirement System will accept liability for 2 months of service. • Richard Crouse, who worked for the School Dept. and retired on July 29, 1996 passed away on December 22, 2023. He chose Option B at his retirement but there are no remaining funds. • Robert Dalton, who worked for the DPW Dept. and retired on July 23, 1999 passed away on January 9, 2024. He chose Option A at his retirement. • As of January 22, 2024, the balance in the MMDT account is $5,893,679.95. • SHARON ANGSTROM motioned to move $500,000.00 from MMDT to PRIT. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • The Board received one letter of interest for the 5" member position. Waiting for confirmation if the member is available for an interview at the next Board meeting, February 21, 2024. John Halsey is not seeking a new tern. The Board agreed to interview this candidate at the next Board meeting. The Administrator will coordinate an interview with the candidate to be held at the February 21, 2024 Board meeting. !123 =? • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending December 31, 2023 General Ledger Trial Balance as of December 31, 2023 Cash Receipts, Adjustments, and Disbursements as of December 31, 2023 Bank Reconciliation for the month ending December 31, 2023 Reading Co-op Bank Statement for the month ending December 31, 2023 MMDT Bank Statement for the month ending December 31, 2023 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday February 21, 2024 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #30/2023 — Mandatory Retirement Board Member Training —1" Quarter 2024 PERAC Memo #1/2024— 840 CMR 10:10(3) & 10:15(1)(c) -Annual Review of Medical Testing Fee PERAC Memo #2/2024 — 2024 Interest Rate set at 0.1% PERAC Memo #3/2024 — Required Minimum Distribution: Now Age 73 for This Year's Notifications PERAC Memo 44/2024 — 2024 Limits under Chapter 46 of the Acts of 2002 PERAC Memo 45/2024 — 2024 Limits under Section 23 of Chapter 131 of the Acts of 2010 PERAC Memo #6/2024 — COLA Notice PERAC Pension News #64 Fiducient Advisors — Monthly Update — November 2023 PRIM — Stewardship and Sustainability Committee Meeting will be held on Wednesday, January 17, 2024 at 9:30 am. OLD BUSINESS • Continued Retirement office topics, including but not limited to general updates • Chairman David Gentile provided an update to the Board regarding the 10013 committee. He states that a system is in place and is progressing well. 212 < NEW BUSINESS • When the Board voted to give 2% COLA and 1 Step increase, the Board failed to note that the Administrator was at the top step. The Board needs to approve adding another step to the chart to allow the Administrator to receive the 2% retro to January I" as the increase was approved by the Board at the September 2P meeting. • SHARON ANGSTROM moved to add Step 14 to the pay chart for both the Administrator and Assistant Administrator positions. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • The Board will re -visit the pay chart for both the Administrator and Assistant Administrator positions. • The Board's attorney is reviewing Reading's Supplemental Regulation regarding membership. • 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. The Chairman updated the Board members on the meeting with the paraeducators. David Gentile and Sharon Angstrom met with the president and 2 representatives of the pameducators for an informal meeting. The objective was to educate them on the process and requirements of becoming a member of the retirement system and the financial impact changing the supplemental regulation would have on not just the Retirement System but the Town of Reading as well. David and Sharon made it clear to them that the Board was not in a position to make any changes to the supplemental regulation regarding membership. 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 he 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. 2125 --1 ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 10:10 AM. SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS aL�--A-k- Chairman David A. Gentile, 1 s` elected su4pn fj OPOPJI�f Sharon M. A gstrom, E�Afficioo "'t/ A-- Robfrt L. Beck, 2nd elected John R. Halsey, 2"d appointed (ABSENT)