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Home My WebLink About2024-02-21 Retirement Board Minutesrap CEIVED K Town of Reading RE N CLER F� Meeting Minutes REA ING,, MA. Za2a Ju �s eM I2= zz Board - Committee - Commission - Council: Date: 2024-02-21 Time: 9:35 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 Sharon Angstrom John Halsey Robert Beck Members - Not Present: Others Present: Colleen Loughlin Elaine Kelly William Sweeney Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page i 1 2126 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday February 21, 2024 The Reading Retirement Board held a regular session meeting on February 21, 2024 in The Conference Room 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 Sharon Angstrom, John Halsey, Robert Beck, Administrator Colleen Loughlin and William Sweeney. SPECIAL ITEM • Held interview with 5' member position candidate William Sweeney —only person applied • ROBERT BECK moved to approve William Sweeney as the 5" member of the Reading Retirement Board effective 4/1/24. SECONDED BY: SHARON ANGSTROM VOTED: (3-0-1) ABSTAINED: JOHN HALSEY MINUTES • Minutes from the December 20, 2023 regular session were signed by all board members. • SHARON ANGSTROM moved to approve the minutes from the January 22, 2024 regular session. SECONDED BY: ROBERT BECK VOTED: (3-0-1) ABSTAINED: JOHN HALSEY APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Michael O'Neill Director of Date of hire — 01/08/24 90/6+20% Gr.4 (RMLD) Operations Date of membership — 01/08/24 This member was approved at the January 22, 2024 Board meeting as a Group 1 member, however, after review of the job description by the Board's attorney, he has been deemed a Croup 4 member. Matthew Pelletier Integrated Resources Date of hire — 02/05/24 9%+ 2% Gr. 1 (RMLD) Engineer 1 Date of membership — 02/05/24 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS 2127 ='- • SHARON ANGSTROM moved to approve the following retirement applications: Jane Kinsella (DPW) Superannuation - DOR 02/09/24 Anthony DelSignme (Fire) Superannuation — DOR 02/29/24 SECONDED BY: ROBERT BECK VOTED: (4-0-0)UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the Accidental Disability Death Benefit for Virginia Wood SECONDED BY: ROBERT BECK VOTED: (4-0-0)UNANIMOUS Virginia Wood has applied for accidental death benefits as her spouse, Richard Wood, passed away on August 17, 2023. He retired on accidental disability retirement from Barlow's syndrome/mitral valve prolapse and symptomatic PVCs. At the September 25, 2023 meeting, the Board requested a medical panel to review his death certificate, original medical panel certificate and recent medical records to determine if the cause of death was related to the disability for which he retired. If the Board approves the Accidental Death Benefit, all Board Members will need to login to PROSPER and sign the Disability Transmittal to the Commission. • SHARON ANGSTROM moved to approve the February 2024 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the February 2024 wire transfer from MMDT to Reading Co-op in the amount of $1,217,866.18 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve March 24, 2024 at 9:30 AM as the date to vote on the COLA increase for FY 2025. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS I 1 2128 The board needed to decide when to vote on a COLA increase for FY 2025, which begins on July 1, 2024 and ends June 30, 2025, which is reflected in the January 1, 2023 actuarial valuation. It is limited to a maximum amount of 3% of $14,000. According to the provisions of Chapter 127 of the Acts of 1999, the Reading Retirement Board must annually notify the proper legislative body 30 days before a publicly posted meeting where the Reading Retirement Board decides whether to elect to grant an increased COLA. • Approve request from eligible member to purchase military service for creditable service. Sean Wilson Marine Corp. 05/29/91-03/19/02 4 years (max) Received notification from Attorney Sacco that the Division of Administrative Law Appeals (DALA) has agreed that based on the Neal Gouck v. State Board of Retirement, Sean Wilson should be given a second opportunity to purchase his military service because when the Board extended to him the opportunity to do so, he was not vested. Even though the Town of Reading no longer employs Officer Wilson, the Board's decision to not allow him to purchase the service when he was an active member was in error (although at that time understood to be consistent with M.G.L. c. 32, § 4(1)(h)), he should be given the opportunity to purchase and receive credit for his military service. No vote to approve is necessary, as a new form needs to be sent. • SHARON ANGSTROM moved to direct PERAC to remove the supplemental regulation regarding buyback of military service. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP022024 totaling $1,326,251.88 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS INFORMATIONIQUESTI ONS • Richard Nelson, who worked for the Police Dept. and retired on August 16, 1996 passed away on January 22, 2024. He chose Option C at his retirement. His spouse, Susan Nelson, will receive 2/3rds of the amount Richard was receiving at the time of his death. • As of February 20, 2024, the balance in the MMDT account is $5,225,328.00. 2129 a • SHARON ANGSTROM motioned to move $IMM from MMDT to PRIT SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Belmont Retirement Board Woburn Retirement Board - Beverly Retirement Board Lawrence Retirement Board Arlington Retirement Board Gloucester Retirement Board - Salem Retirement Board - Somerville Retirement Board - Lynn Retirement Board - Taunton Retirement Board • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending January 31, 2024 Bank Reconciliation for the month ending January 31, 2024 Reading Co-op Bank Statement for the month ending January 31, 2024 MMDT Bank Statement for the month ending January 31, 2024 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday March 27, 2024 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. • SHARON ANGSTROM moved to amend the date to vote on the COLA increase for FY 2025 from March 24, 2024 to March 27, 2024. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS PERAC Memo #7/2024 — Buyback and Make-up Repayment Worksheets PERAC Memo 48/2024 — PROSPER COLA Submission is almost here! PERAC Memo #9/2024 — Actuarial Data Mass Retirees Association — was informed that the Mass Retirees founder and former Association President Ralph White died on Friday, January 26, 2024 at the age of 92. j 2130 Memorandum received from Attorney Michael Sacco — Senior Associate Christopher Collins has become a principal in the Firm, which effectively will be known as Sacco & Collins, P.C. Memorandum received from Attorney Michael Sacco — Recent Decisions — Military Service and Substitute Teaching Service PERAC Pension Newsflash — Commission Appoints Next Executive Director William Keefe • Continued Retirement office topics, including but not limited to general updates • SHARON ANGSTROM moved to have Attorney Sacco review the membership regulations and make suggestions on potential changes. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • Pay Chart Re -visit — rebuild chart by removing first 4 steps and extending out to build at the end of the pay scale. • SHARON ANGSTROM moved to drop the first 4 steps of the existing pay chart, rebuild new pay chart and present to the Board at the next Board meeting on March 27, 2024. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • The Administrator will draft and send a letter from the Board to the current Select Board Chairman and Acting Town Manager, Matthew Kmunelis to inquire if there has been a decision made, regarding the open vacancy of the appointed member of the Retirement Board, by the Select Board. NEW BUSINESS MISCELLANEOUS 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 • ROBERT BECK moved to adjourn this open session at 10:55 AM. SECONDED BY: SHARON ANGSTROM VOTED: (4-0-0)UNANIMOUS Piow- Chainnan David A. Gentile, 1"elected Sharon M. Angstrom, Ex fficio Robert L. Beck, 2nd elected No lon erg a board member as of 3/31/24 John R. Halsey, 2"d appointed