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Home My WebLink About2024-05-29 940AM Retirement Board MinutesTown of Reading 0 Meeting Minutes Board - Committee - commission - Council: Contributory Retirement Board ISS:-f�lr►�II�F3Z+1 Time•. 9:46 AM rtc(;CIVEU TOVVIJ CLERK 2024 NOV - I AM 8: 31 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 - Chairman Sharon Angstrom Robert Beck William Sweeney Richard Abate Members - Not Present: Others Present: Colleen Loughlin - Administrator Elaine Kelly - Asst Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: rege I i 2157 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday May 29, 2024 �Y The Reading Retirement Board held a regular session meeting on May 29, 2024 in The Conference Rooln at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:40 AM by Chairman David Gentile, with board members Sharon Angstrom, Robert Beek, William Sweeney, Richard Abate, Administrator Colleen Loughlin and Asst Administrator Elaine Kelly. MINUTES ' • Minutes from the March 27, 2024 regular session were signed by all board members, except David Gmtilc who wvs unable to attend. • Minutes from the March 27, 2024 special session were signed by all board members, except David Gentile who was unable to attend. • SHARON ANGSTROM moved to approve the minutes from the April 24, 2024 regular session. SECONDED BY: ROBERT BECK VOTED: (4.0-1) ABSTAINED: RICHARD ABATE APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Jorge Sanchez Custodian (School Facilities) Olivia Knightly Senior Planner (Planning) Noah Bradley Lineworker (RMLD) Date ofhire —04/23/24 9%+2% Or.I Date of membership — 04/23!24 Date ofhire —06/0324 9%+2% Or.I Date of membership — 06/0324 Date of hire — 052024 9%+ 2% Or. 4 Date of membership — 02/15/06 Transfer Oom Danvers SECONDED BY: ROBERT BECK VOTED: (5.0.0) UNANIMOUS 2158 .I • SHARON ANGSTROM moved to approve the following retirement applications: canine Brassard (Finance) Superatmuation - DOR 0612824 Philip Carmifl'(As. ssors;) Superannuation—DOR 06/28/24 Thomas 011ila (RMLD) Superannuation —DOR 06/29/24 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Rosamond Martin Resigned 9/12/01 Jennifer Shoemaker Terminated 6/27/14 Mark McCarthy Resigned 111724 Zachary Fontes Resigned 9/921 Aimee Lowery Resigned 4/20/17 Mokete Mashala Resigned 12/29/23 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the May 2024 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the May 2024 wire transfer from MMDT to Reading Co-op in the amount of $1,289,733.35 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to table the approval andsignature of the Pension Technology Group (PTO) Hosting Service Agreement to the June 26, 2024 Board meeting. Board has the option of prepaying and accepting the 7% discount or remain on an annual fee schedule which should not go up more than 5%. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS NOTE: The Chairman would like to have a conversation with PTG. The Administrator will give PTG David Gentile's contact information. The Board agrees that prepaying is not an option. 10 .of J 2-159 • SHARON ANGSTROM moved to approve the Administrator's request for a payout of her remaining vacation days scented and ap to 100 sick days at 50%. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • ROBERT BECK moved to approve the following warrant #AP052024 totaling $1,399,851.91 SECONDED BY: ROBERT BECK VOTED: (5-0.0) UNANIMOUS • The annual affidavits will be mailed to all retirees the week of June 3, 2024. • A transfer amount of $88,633.44 dated 4129!24 was received frmn the Belmont Retirement System for James Kelly. Belmont Retirement System will accept liability for 12 years and 8 months of creditable service. • A transfer amount of $9,630.68 dated 4/30/24 was received from the Haverhill Retirement System for Jason Harvey. Haverhill Retirement System will accept liability for 2 years and 4 months of creditable service. • As of May 15, 2024, the balance in the MMDT account is $3,306,734.99. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Winchester Retirement Board - Saugus Retirement Board - Worcester Retirement Board • Copies of the following Reading Retirement Board reports were emailed for review: The PRrf fund's monthly statement & fund performance for period ending April 30, 2024 General Ledger Trial Balance as of April 30, 2024 Cash Receipts, Adjustments, and Disbursements as of April 30, 2024 Bank Reconciliation for the month ending April 30, 2024 Reading Co-op Bank Statement for the month ending April, 2024 MMDT Bank Statement for the month ending April 30, 2024 Bank Reconciliation for wire amount with current balance of bank accounts 0 t •I • The next regular board meeting is scheduled for Wednesday dune 26, 2024 at 9:30 .AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. `MEMORANDUMS & LETTERS RECEIVED PERAC Pension News no. 65 — April 2024 Piducient Advisors — Monthly Performance Update — March 2024 Attorney Sacco — Reading Retirement Board's Post Hearing Memorandum of Law in the case of Mark Segalla ULD BUSI]W—SS • Continued Retirement office topics, including but not limited to general updates. The office is in the process of transitioning the Administrator's position due w.the Administrator's resignation. Sharon Angstrom has sat with the current Administrator to review where everything is. The Assistant Administrator will sit with both Sharon Angstrom and the Administrator to review the payroll processes and the logistics of the Retirement office and its functions. The Board agreed to compensate Sharon Angstrom for her participation in this transitioning process. The Retirement Administrator job has been posted on several different websites. There have been two responses to date. The Board has agreed to have Sharon Angstrom and David Gentile review the resumes and determine who they would like to set up an interview with. The Assistant Administrator will also be included at some point in the process. The Administrator will reach out to the fr dept to give Sharon and David access to a'shared folder' in order to be able to retrieve the resumes as they come in. Sharon Angstrom wondered if the Board should entertain the idea of changing the Retirement Administrator title to something more specific, given that this position is a higher-level position. Sharon Angstrom believes that a pre-test should be given to potential candidates and the Administrator agreed. The Administrator will reach out to former Retirement Administrators to see if they are interested and available to give assistance, on a temporary basis, to the Assistant Administrator until the position is filled. Sharon Angstrom asked the Administrator if she were open to a counteroffer to stay. The Administrator stated that it was never offered, so at this point, it was time for her to go. 2161 NEW BUSINESS • Essex Regional Retirement System told Eric Blackman (disability retiree from Reading) that they will be transferring the balance is his annuity savings account to the Reading Retirement System and that the check will be mailed out this week. Mr. Blackman was a dual member for a period of time. The member is requesting to leave leis funds nn deposit in Essex in order that he may receive a refund Of his accumulated deductions. The member is waiting for confirmation from PERAC's legal counsel to opine on this matter. The Reading Retirement office staff will hold the check when received unci I the matter is resolved. MISCELLANEOUS OPEN SESSION • SHARON ANGSTROM moved to enter into Executive Session to review and release the Executive Mmutesynd return to Open Session. SECONDED BY: ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM Aye ROBERT BECK Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye DAVID GENTILE Aye VOTED: (5-0.0) UNANIMOUS • The Board convened into Executive Session, by a Roll Call vote, to review and release the Executive Minutes and then returned to Open Se)sion to vote on the release of Executive Minutes. OPEN SESSION • SHARON ANGSTROM moved to approve the release of all non-medical executive minutes and to retain the four (4) executive minutes that contain medical information. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 2162.E OPEN SESSION FOR TOPICS NOT REASONABLY AN71CIPATED 48 )FIRS IN ADVANCE OF MEE77NG The Board reserves tot right to consider ;Senn om the agenda out of Order. The fisting 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 he conducted in Open session, in addition to, or in lieu of discussion ku Executive Session. ADJOURNMENT + ROBERT BECK moved to adjourn this open session at 10:41 AM. SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0)UNANIMOUS Chairman David A. ett[ile, I"elected Sharon M. Angstrom, Ex Officio �� ti�r2- Rd6ert L. JBAe�e�k�, 2"lelleected Will[ E. Sweeney, Jr., &L oint� — Z / e' iiY_ Richard P. Abate, 10 appointed