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Home My WebLink About2024-06-26 Retirement Board MinutesTown of Reading x Meeting Minutes Board - Committee - Commission - council: Contributory Retirement Board Date: 2024-06-26 Time: 9:30 AM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purposet General Business Version: Final Attendees: Members - Present: David Gentile - Chairman Sharon Angstrom Robert Beck William Sweeney Richard Abate Members - Not Present: Others Present: Elaine Kelly - Asst Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Pope I t I-:t:GEIVEj TOWN CLERK l'0 'AIG, td A. 2021 NOV - I AM 8: 37 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday June 26, 2024 The Reading Retirement Board held a regular session meeting on June 26, 2024 in The Conference Room. at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:36 AM by Chairman David Gentile, with board members Sharon Angstrom, Robert Beck, William Sweeney, Rkbard Abate and Asst Administrator Elaine Kelly. iM NUTES • Minutes from the April 24, 2024 regular session were signed by all board members, except Richard Abate who was not a board member at the time. • SHARON ANGSTROM moved to approved the minutes from the May 29, 2024 special session. SECONDED BY: ROBERT BUCK VOTED: (5-0.0) UNANIMOUS • SHARON ANGSTROM moved to approve the minutes from the May 29, 2024 regular session. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the minutes from the May 29, 2024 executive session. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Kenneth Roos Control Room Date of hire — 05/28/24 9%+2% Or.I (RMLD) Operator Date of membership — 05728/24 Samuel Lovell Laborer Date of hire — 06/10/24 9%+ 2% Gr. 1 (DPW) Date of membership — 06/10/24 Yashim Gonzalez Collector Date of hire — 6/17/24 9%+ 2% Gr. I J (Finance) Date of membership — Transfer from Middlesex 2164=1 MicheleKeohan Asst Assessor Date of hire - 06/17/24 9%+2% Gr.I (Finance) Date of membership— Karen Epstein Transfer from Essex Jason Harvey Custodian Date ofre-hire-6/24/24 9%+2% Gcl (School) Date of membership —11112121 Transfer from Haverhill SECONDED BY: ROBERT BECK VOTED: (5-0.0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Steven DeBay To Cambridge Retirement System 4 years, 3 months Colleen Loughlin To Beverly Retirement System 18 years, 8 months SECONDED BY: ROBERTBECK. VOTED: (5-0-0)UNANIMOUS a SHARON ANGSTROM moved to approve the following refund oS accumulated deductions•. Mary Benedetto Resigned 3/21/24 Endri Kume Resigned 8/8/22 Karen Epstein Resigned 4/9/04 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approvc the June 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 June 2024 wire transfer from MMDT to Reading Co-op in the amount of $1,315,437.86 SECONDED BY: ROBERT BECK VOTED: (5-0-0)UNANIMOUS 2165 , • SHARON ANGSTROM moved to approve the Pension Technology Group (PTG) Hosting Service Agreement, without the prepayment option. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • ROBERT BECK moved to approve the following warrant #AP062024 totaling $1,535,438.42 SECONDEDBY: ROBERTBECK VOTED: (5-0-0) UNANIMOUS • A COLA reimbursement of $38,512.19 from the State for the period 1/1/24-06/30/24 was received on 06/13/24. • All recently released non-medical executive minutes have been sent to the Town Clerk. • To date, we have received 282 Annual Affidavits from a total of 387 • Leonarda Rigione, Option D Survivor of John Rigione, passed away on May 26, 2024. • A transfer amount of $104,870.62 dated 5/31/24 was received from the Middlesex County Retirement System for Susan Inman. The total service transferred was 14 years, 4 months. Middlesex County Retirement System will accept liability for 2 years, I month and 15 days of creditable service; Danvers 2 years, 1 month of creditable service; Essex Regional 10 years, 2 months of creditable service • A transfer amount of $42,341.79 dated 5/31/24 was received from the Wellesley Retirement System for Hani Salman. The total service transferred was 5 years, 7 months. Wellesley Retirement System will accept liability for 10 months of creditable service; Lowell 4 years, 9 months of creditable service. • As of lune 24, 2024, the balance in the MMDT account is $3,182,554.33 • A check was received from the following Boards for full payment of its Section 3(g)(c) reimbursement. - Marlboro Retirement System J 2156> • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2024 General Ledger Trial Balance as of May 31, 2024 Cash Receipts, Adjustments, and Disbursements as of May 31, 2024 Bank Reconciliation for the month ending May 31, 2024 Reading Co-op Bank Statement for the month ending May 31, 2024 MMDT Bank Statement for the month ending May 31, 2024 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Monday July 29, 2024 at 9:30 AM, in the Conference Room at 2 Haven Street. Unit 307, Reading, MA. PERAC Memo 1114/2024 — Tobacco Company List PERAC Memo N 15/2024 — 91 A PROSPER Tasks PERAC Memo — Veterans Backback Fiducient Monthly Performance Update — April 2024 Fiducient Quarterly Investment Review — First Quarter 2024 GASB 67 & GASB 68 from KMS Actuaries Marcum Accountants Advisors — Engagement Letter Continued Retirement office topics, including but not limited to general updates Paul Sheridan has received a reminder letter from PERAC for failure to report his Statement of Earnings. He may avoid possible termination by filing all the required documents with PERAC. Last year a letter was sent to the member from the Board regarding the failure to file his required statement of earnings with PERAC and invited him to attend the next scheduled Retirement Board meeting. The Board requested that he notify the Board whether or not he would be attending and that absent a response, his entire disability retirement shall be terminated. The member did not respond; therefore, his disability retirement continues to be terminated. Would the Board like a letter to be sent to the member again this year? The Assistant Administrator will send the letter to the retiree again this year. 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 his funds on deposit in Essex in order drat 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 until the matter is resolved. The Retirement office received a call from the Essex Retirement System informing us that we would be receiving a check for Eric Blackman in the mait andthen requested we mail the check back to them upon receiving it. It was mailed hack to the Essex Retirement Board on June 3, 2024. Per PERAC's legal department; at this point, Mr. Blackman cannot leave his funds on deposit with Essex. As he is retired, there should he no funds with any system. MISCELLANEOUS • The Chairman updated the board members as to the status of the Administrator position opening. Only two applicants that have applied meet some of the criteria but are not necessarily strong candidates. The Assistant has expressed interest in applying for the position. The Assistant is currently doing the job. David Gentile and Sharon Angstrom had a meeting with the Assistant to discuss. They decided to give it a couple of months, July and August and revisit this at that time. If there are strong candidates that apply in the meantime, they will do their due diligence and setup interviews. It will be decided at that time how to proceed with both the Administrator and the Assistant Administrator positions. The Board agreed. The Chairman expressed that the board vote to pay the current Assistant Administrator Step I of the current Administrator position salary, retro back to June 1, 2024, as a temporary out of grade position until the Board decides who will take the position. The Assistant should be paid for the job if she's doing it. • SHARON ANGSTROM moved to put the Assistant Administrator at Step I as Acting Administrator, retro to June 1, 2024. SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS • There was an Annual Affidavit returned to the Retirement office with a hand-written note on the envelope that read "deceased". lie was taken 'off payroll' until we were able to get in touch with him or a family member to verify. The Assistant called several numbers but did not get an answer. She called the Sheriffs office in NH and he was able to get in touch with the member's son, who called the office a few days later. The son stated he was not deceased and gave the Assistant a phone number 2168' to reach him. The Assistant tried several times but has still not been able to reach the member. In the meantime, the member was put back on the payroll. The Assistant will call the son again. The Board discussed the PERAC memo regarding veteran's buyback of military service. Any veteran that did not purchase their military service will now have a second chance to do that. PERAC will advise when we are able to comae, the members that are eligible. 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 these 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 • SHARON ANGSTROM moved to adjourn this open session at 10:29 AM. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 1^ Chairman David A. Gentile, I" elected �a+on M. Gi*ok� Sharon M. Angstrom, Ex Ofucio f(bbert L. Beck, Pd elected �s)�4�n Q.A` " Will�✓ia�/m Swneeney, ]r., 2 appot . / !' /y Richard P. Abate, la appointed