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Home My WebLink About2024-03-27 Retirement Board Minuteso� rn Town of Reading R�N C FPK F�y Meeting Minutes R�P,OING MA• Board - committee - Commission - Council: 2Q24 JUN' Date: 2024-03-27 Time: 9:33 AM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: Version: Final Attendees: Members - Present: Sharon Angstrom John Halsey Robert Beck Members - Not Present: David Gentile Others Present: Colleen Loughlin Elaine Kelly William Sweeney Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 2133'' - MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday March 27, 2024 The Reading Retirement Board held a regular session meeting on March 27, 2024 in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:33 AM by Sharon Angstrom with board members John Halsey, Robert Beck, Administrator Colleen Loughlin, Asst Administrator Elaine Kelly and William Sweeney. MINUTES • Minutes from the January 22, 2024 regular session were signed by all board members, except John Halsey who was unable to attend. • JOHN HALSEY moved to approve the minutes from the February 21, 2024 regular session. SECONDED BY: ROBERT BECK VOTED: (3-0-0)UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • ROBERT BECK moved to approve the following new members: Maureen Hurley Customer Specialist Date of hire — 02/20/24 9%+ 2% Gr. 1 (RMLD) Date of membership — 02/20/24 Paul Ciavarro Jr. Laborer Date of hire —02126/24 9%+ 2% Gr. 1 (DPW -Highway) Date of membership — 02/26/24 Jason Harvey Custodian Date of hire — 03/11/24 9%+2% Gr.I (School) Date of membership — 03/11/24 Michael Kessman Assistant Director Date of hire — 03/18/24 9%+ 2% Gr. 1 (DPW) Date of membership — 03/18/24 Transfer from Revere Jie (Megan) Wu Assistant Director Date of hire — 03/18/24 9%+ 2% Gr. 1 (RMLD) Integrated Resources Date of membership 03/18/24 Transfer from State Susan Inman Director Human Date of hire — 03/18/24 9%+ 2% Gr. 1 (RMLD) Resources Date of membership 03-18-24 Transfer from Middlesex I 2134 ArditGjeta Network Support Date of hire — 03/18/24 9%+2% Or.I (School) Specialist Date of membership -03/18/24 8 months (1 yr, 10 mths Reading) Joseph Coelho Custodian Date of hire — 03/25/24 9%+ 2% Gr- 1 (Facilities) Date of membership — 03/25/24 James Kelly Firefighter/Paramedic Date of hire — 04/01/24 9%+ 2% Gr. 4 (Fire) Date of membership — 07/11/11 Transfer from Belmont Brianna LeConti Dispatcher Date of hire — 04/01/24 9%+ 2% Or. 1 (Public Safety) Date of membership — 04/01/24 SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS • JOHN HALSEY moved to approve the following transfer of funds to other system: Allyson Dowds To State Retirement Board 11 years, 8 months (2 yrs, 7 mths Reading) Fidel Mahez To Chelsea Retirement Board 6 years, 8 months (1 yr, 10 mths Reading) Benjamin Cares To Chelsea Retirement Board 4 years, 4 months (1 yr, 2 mths Reading) SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • JOHN HALSEY moved to approve the final calculation for the following retirement approved by PERAC: John Davis (Town Custodian) Superannuation — DOR 01/20/24 Stephen Pelrine (Fire) Superannuation—DOR 01/21/24 Jane Kinsella (DPW) Superannuation — DOR 2/9/24 Virginia Wood (Survivor) Accidental Death Benefits as of 08/18/23 (Received PERAC approved Transmittal to the Commission) SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS 1 2135 =-- • JOHN HALSEY moved to approve the following refund of accumulated deductions: John McDonagh Resigned 11/11/22 Partial Rollover/Cash Refund (RMLD) Christopher Hunt (Fire) Kalonji Williams SECONDED BY: VOTED: Resigned 11/09/23 Cash Refund Resigned 03/03/24 Cash Refund ROBERT BECK (3-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • JOHN HALSEY moved to approve the March 2024 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS • JOHN HALSEY moved to approve the March 2024 wire transfer from MMDT to Reading Co-op in the amount of $1,479,327.55 SECONDED BY: ROBERT BECK VOTED: (3-0-0)UNANIMOUS • JOHN HALSEY moved to approve the Annual Statement for PERAC for calendar year ended December 31, 2023 SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • ROBERT BECK moved to approve the following warrant #AP032024 totaling $1,779,739.86 SECONDED BY: ROBERT BECK VOTED: (3-0-0) UNANIMOUS 213 6 - INFORMATION/QUESTIONS • Frances MacLeod, who worked for the DPW Sewer Department and retired on September 1, 1981 passed away on February 13, 2024. She chose Option A at her retirement. • David Meuse, who worked for the School Department and retired on October 1, 2015 passed away on March 3, 2024. He chose Option C at his retirement. His spouse, Lucia Meuse will receive 2/3rds of the amount David was receiving at the time of his death. • Barbara Gilman, Option C survivor of Arthur Gilman, passed away on February 21, 2024. • Robert Silva chose Option C at his retirement on April 22, 2005 and his spouse passed away on February 27, 2024. Calculation (Option C "pop-up") was sent to PERAC for approval. • David Lee chose Option C at his retirement on August 31, 2003 and his spouse passed away on February 4, 2024. Calculation (Option C "pop-up") was sent to PERAC for approval. • Mark Russell chose Option C at his retirement on September 2, 2012 and his spouse passed away on February 26, 2024. Calculation (Option C "pop-up") was sent to PERAC for approval. • Virginia Wood, Accidental Disability Beneficiary of Richard Wood, who worked for the Reading Police Dept. and retired on 11/30/81, passed away on February 26, 2024. • As of March 21, 2024, the balance in the MMDT account is $4,045,045.09. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Andover Retirement Board - Peabody Retirement Board - Lexington Retirement Board - Worcester Regional Retirement Board - Newton Retirement Board - Danvers Retirement Board - Medford Retirement Board - Concord Retirement Board - Everett Retirement Board - Cambridge Retirement Board - Middlesex Regional Retirement Board - Fall River Retirement Board 2157^_> • Copies of the following Reading Retirement Board reports was emailed for review: The PRIT fund's monthly statement & fund performance for period ending February 29, 2024 Bank Reconciliation for the month ending February 29, 2024 Reading Coop Bank Statement for the month ending February 29, 2024 MMDT Bank Statement for the month ending February 29, 2024 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday April 24, 2024 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #10/2024 — Tobacco Company List Office of the Inspector General — Post Retirement Earnings Limits for Massachusetts Public Employees OLD BUSINESS • Continued Retirement office topics, including but not limited to general update Executive Minutes — the Administrator will contact Atty. Sacco to inquire about drafting a potential policy going forward regarding when/how to release them. • Revisit pay chart for Administrator and Assistant Administrator—this will be addressed when all board members are present to participate. NEW BUSINESS 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 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 213 8 ROBERT BECK moved to adjourn this open session at 10:05 AM. SECONDED BY: JOHN HALSEY VOTED: (3-0-0) UNANIMOUS Chaier�m�an David A. Gentile, 1` elected (ABSENT) 3"-Om ShazonM.gstrom�ExAO�io /� R,6bert L. Beck, 2nd elected Na lon R a board member as of 3/31/24 John R. Halsey, 2"d appointed