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Home My WebLink About2024-07-29 Retirement Board MinutesTown of Reading ttECEIVEU Meeting Minutes TOWN CLERK MA. 2824 NOV -1 AM 8:37 Board - Committee - Commission - Council: Contributory Retirement Board Date: 2024-07-29 Time: 9:30 AM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Ualt 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: Atty. Michael Sacco Elaine Kelly - Asst Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: P -P I 1 2169 t MINUTES (1F THE READING RETIREMENT BOARD MEETING Monday July 29, 2024 The Reading Retirement Board held a regular session meeting on July 29, 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, William Sweeney, Richard Abate, Asst Administrator Elaine Kelly and Atty. Michael Sacco. MINLtTES • Minutes from the May 29, 2024 regular session to be signed by all board members. • Minutes from the May 29, 2024 special session to be signed all board members • Minutes from the May 29, 2024 executive session to be signed all board members • SHARON ANGSTROM moved to approve the minutes from the June 26, 2024 regular 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: Jared Fox Firefighter/ Date ofhire —07/08/24 9%+2% Or.4 (Fire) Paramedic Date of membership — 07/08/24 Mollie O'Keeffe Int Resource Date of hire — 07/08/24 9%+2% Gr. I (RMLD) Engineer Date of membership 07/0824 Gabriel Orizaga Laborer Date ofhire —07/1524 9%+2% Or.I (DPW -Parks) Date of membership — 07/1524 Richard Delaney Laborer Date of hire -07/1524 9%+2% Gr.I (DPW — Cemetery) Date of membership -07/1524 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 2170 • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Kristen Morello To Marblehead Retirement System 15 years SECONDED BY: ROBERT BECK VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Angela Bennett SECONDED BY: VOTED: Resigned 5/16/22 ROBERT BECK (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the July 2024 wire transfer from PRIM to MMD'1in the amonrrt of 5750,000.00 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the July 2024 wire transfer from MMDT to Reading Co-op in the amount of 51,249,651.61 SECONDED BY: ROBERT BECK VOTED: (5-M)UNANIMOUS APPROVAL OF INVOICES TO BE PAID • ROBERT BECK moved to approve the following warrant 4AP072024 totaling $1,496,443.29 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • A transfer amount of $142,339.95 dated 6/28/24 was received from the Danvers Retirement System for Noah Bradley. The total service transferred was 17 yrs, 9 months. Danvers Retirement System will accept liability for 12 years, 8 months of creditable service and Lynn Retirement System will accept liability for 5 yrs, I month of creditable service. 2171 • A transfer amount of $104,451.73 dated 7/5/24 was received from the Massachusetts Teachers Retirement System (MTRS) for Adam Thibodeau. The total service was 14 years. The MTRS will accept liability for 14 years. • We have received 378 Annual Affidavits from a total of 384. There is confirmation from 4 retirees that the Affidavit will be sent in. A letter and another affidavit were mailed to two retirees who have not responded to phone messages. • As of July 22, 2024, the balance in the MMDT account is $2,903,126.06 • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement. - Stale Retirement System • The Credit Card Supplemental Regulation has been approved by PERAC as of lune 25, 2024. • Copies of the following Reading Retirement Board reports were emailed for review: The PRST fund's monthly statement & fund performance for period ending Sum 30, 2024 General Ledger Trial Balance as of June 30, 2024 Cash Receipts, Adjustments, and Disbursements as of June 30, 2024 Bank Reconciliation for the month ending lune 30.2024 Reading Co-op Bank Statement for the month ending June 30, 2024 MMDT Bank Statement for the month ending June 30, 2024 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday August 21, 2024 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo V 16/2024 — Forfeiture of Retirement Allowance for Dereliction of Duty by Members PERAC Memo 417/2024 — Mandatory Retirement Board Member Training — 3'" Quarter, 2024 PERAC Memo 418/2024 — Audit Process Via PROSPER PERAC Investment Report Fiducient Advisors Monthly Flash Report JPERAC approval of Supplemental Regulations for Credit Card 2172 Continued Retirement office topics, including but not limited to general updates - Paul Sheridan — Termination of Retirement Allowance due to non-compliance of 2023 Annual Statement of Famed Income. The Board sent a certified letter to W. Sheridan inviting him to attend July's Board meeting. Mr. Sheridan was asked to notify the office to state whether he would attend or not. The Retirement office did not hear from Mr. Sheridan; however, he did sign and return the certified card acknowledging that he received the letter. Mr. Sheridan did not attend the July 26, 2024 Board meeting therefore; the termination of his retirement allowance will continue to be in effect. The Chairman asked the Asat Administrator to give the Board an update on the Retirement office status. The Assistant explained that her main focus is the payroll and that this has gone smoothly for the past 2 months. Sharon Angstrom has been on hand to help the Assistant through the process and has been a great support system for the Assistant. The focus I'or the Assistant, going forward, is the accounting piece that Sharon Angstrom will lend assistance with. The Assistant stated that she has come across different things that are new to her but that she knows where to go to get the answers. She stated that she believes she has done a good job keeping things on track in the office. The Chairman updated the Board members on the request by Colleen Loughlin to return to work at the Reading Retirement System as the Retirement Administrator. Sharon Angstrom explained that Colleen had not been happy here for many years and although she is a qualified candidate, she feels that it would only be the same if Colleen returned. Chairman David Gentile stated that he and Sharon Angstrom had a long discussion about this request and decided, for many different reasons, that they were not going to entertain the idea of Colleen returning to Reading. It was decided that the Board would give the Assistant a couple of months to do the job and the Board would re -address this at the August Board meeting. If, in the meantime, a qualified candidate applies for the position, David Gentile and Sharon Angstrom would set up an interview. NEW BUSINESS MISCELLANEOUS The Board discussed the PEP AC 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 contact the members that are eligible. Arty. Sacco joined the meeting to explain the change in Veteran's statute regarding buybacks. The Magistrate at DALA, on appeal, says that PERAC and everyone else has been misinterpreting the law for years. The Retirement office, under PERAC's guidance, was giving the 180 notice to members at their enrollment process and stating that they had to do the buyback within the first 10 years of employment; however, the case law states that we should have been giving the notice to them after the vesting period, which is 10 years. PERAC says this issue will be resolved through the legislature. When this is resolved, Any Sacco says he would be happy to look at it and give us his interpretation. Atty Sacco states that his interpretation, at the moment, is that they will be giving veterans, that are 2173 vested, a second chance to do the buyback. The buyback is 100/0 of their salary at the first year of employment. The Chairman asked Arty. Sacco to explain to the Board what the process is if retiree, on a disability, wants to return to work. He states that PERAC, in the first couple of years, does their own review but a retiree, at any time during their retirement, can step forward and say they want to return to work and ask to be re-examined or PERAC can order a re-examination. The retiree would first go to a single physician to be examined on the disability they went out on. If the retiree passes this examination, they would then go to a 3 -member physician panel for a whole-body evaluation. If they pass this second process, it would depend on how long they have been out. If they have been out less than 2 years, the town would literally have to fire the last person in and give that retiree the job. If they were out longer than 2 years, they would go on a list and the next position that they are qualified for, they would be appointed to that position. In the meantime, you would remain as a retiree until re -instated. For fire, because they are civil service, if you are out longer than 5 years, you are required to go back to the academy; so, you could potentially be re -instated but not pass the academy. Either the retiree or PERAC can start the process to he re-examined for return to work. • Any. Sacco briefly addressed the issue of the legislature possibly making PTSD a presumption, but he does not think it will go anywhere. From a 1ega4 standpoint the statute is a problem. 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. • ROBERT BECK moved to adjourn this open session at 10:35 AM. SECONDED BY: SHARON ANGSTROM VOTED: (5-0-0) UNANIMOUS 2174=i Chai Da d A. utile, 1°elected ) rM 0-Q27Vh- Sharon / Angstrom, 14 Otficio ]RbW�rt L..�Beck, �2n' elected e� r� William E. Sweeney Jr, 2"d appointe �r Richard P. Abate, 14 appointed