The URL can be used to link to this page

Home My WebLink About2024-08-21 Retirement Board MinutesTown of Reading K t: G E I V E u TOWN CLERK. Meeting Minutes R,--- �, n! M A 2821 NO#- I AM 8: 37 Board - committee - commission - council: Contributory Retirement Board Date: 2024-08-21 Time: 9:30 AM 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: Elaine Kelly - Asst Administrator Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: 2175 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday August 21, 2024 The Reading Retirement Board held a regular session meeting on August 21, 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, and Administrator Elaine Kelly MINUTES • Minutes from the June 26, 2024 regular session to be signed by all board members. • SHARON ANGSTROM moved to approve the minutes from the July 29, 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: Melissa Jolly Marketing (RMLD) Manager Liam Young Laborer (DPW -Water) Date of hire — 08/05/24 9%+ 2% Gr. 1 Date of membership — 08/05/24 Date of hire — 08/05/24 9"/0 + 2% Gr. 1 Date of membership 08/05/24 Kevin McCarthy Senior Planner- Date of hire— 08/12/24 9%+2% Gr.I (Public Svcs) Economic Dev Date of membership — 08/12/24 Kevin Connerty Firefighter/ Date ofhire —08/1924 9%+2% GT.4 (Fire) Paramedic Date of membership — 08/1924 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following transfer of funds to other system: Sudeshna Chattedee To State Retirement System I year, 5 mths Zachery Wootton To Worcester Retirement System I year, 9 mths J SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 2176 - x • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Maria Dilonex Resigned 8/6/24 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the August 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 August 2024 wire transfer from MMDT to Reading Co-op in the amount of $1,359,570.50 SECONDED BY: ROBERT BECK VOTED: (5-0.0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • ROBERT BECK moved to approve the following warrant #AP082024 totaling $1,380,097.28 SECONDED BY: ROBERTBECK VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • Jean Kirby, who worked for the School Dept. and retired on October 29, 1993, passed away on July 26, 2024. She chose Option B at her retirement but there are no remaining funds. • James Fusco, who worked for the Health Dept and retired on January 14, 2006, passed away on August 14, 2024. He chose Option A at his retirement. • The Retirement office has received all 384 Annual Affidavits. • As of August 19, 2024, the balance in the MMDT account is $2,692,681.87. The appropriations from the town's departments were recently deposited into MMDT and would bring this total over the $3M balance. The Chairman suggests that we transfer funds from MMDT to PRIT to keep the $3M balance in MMDT. 2111 • SHARON ANGS'T'ROM moved to approve the transfer of $5,750,000.00 from MMDT to FRIT. SECONDED BY'. ROBERT B4.CK VOTED: (5-0-0)UNANIMOUS 'The Administrator will send authorization to the Town Treasurer to transfer the funds. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2024 General Ledger Trial Balance as of July 31, 2024 Cash Receipts, Adjustments, and Disbursements as of July 31, 2024 Bank Reconciliation for the month ending July 31, 2024 Reading Co-op Bank Statement for the month ending July 31, 2024 MMDT Bank Statement for the month ending July 31, 2024 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday September 18, 2024 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #19/2024 — Reinstatement to Service under G.L. 32 105 PERAC Memo #20/2024 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors PERAC Memo #21/2024 —New Anti -Spiking Exemptions PERAC Memo #22/2024 — New Standard for Calculating Public Sector Post -Retirement Work Limitations PERAC memo dated 8/14/22 - A memo on the veterans' legislation will be forthcoming. There will be a webinar on the veterans' legislation on Tuesday, August 27. A registration email will go out after the veteran memo is issued. A wcbinar on other legislation will follow in September. PERAC Memo #23/2024 — Veterans' Buyback Changes OLD BUSINESS Update on the Retirement Administrator open position and the yearly performance review. The Assistant J has stated that she world like the position. The Chairman stated that it could go into Executive Session for the purpose of discussion regarding the compensation. The Chairman states the Assistant is currently receiving Step 1 of the Administrator's Pay scale. Sharon Angstrom states that if someone is promoted, 178t> they would not get a Step increase at that time but would receive the COLA the upcoming January 1. The Board would not be required to do a performance evaluation until the one-year anniversary in the new position, at which time they would be eligible for a Step increase and another Step increase in January of the upcoming year. The job posting will need to be taken down if the position is filled. The Chairman asked what the thoughts are regarding the Assistant Administrator position. The Assistant stated that she knows that the office needs another person but is unsure of the timeframe for that to happen. She stated that it will be difficult for her to Vain someone at this time while she's still learning the Administrator's position. Sharon Angstrom gave suggestions on training methods for the Assistant position, when the time comes. The Chairman asked the Assistant if she would like another month before any decision was to be made and it would be discussed again at the September Board meeting. The Assistant agreed. • SHARON ANGSTROM moved to approve the promotion of the Assistant Administrator to Administrator effective M M4 at Step 1. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS The newly appointed Administrator will remove the Administrator job posting. The Board will need to review the job description for the Assistant Administrator position. A discussion regarding the COLA increase and the Assistant position will take place at the September Board meeting. Discussion regarding a yearly stipend for all Board members and the compensation due Sharon Angstrom for her assistance in the Retirement office during the transition period of the Administrator position. The Board is not able to compensate Sharon Angstrom as they had thought because it would be a conflict of interest, given that Sharon Angstrom is a Board member. The Board can approve a stipend for the purpose of compensation; a yearly stipend up to $1,500 or up to $3,000, both paid in monthly increments. The power of the Board is already in place to do the stipend. In order to compensate the other four Board members, the Board would have to present to Town Meeting to get authorization to pay the Retirement Board members, the maximum amount being $4,500. If the $4,500 is approved, Sharon Angstrom would only be eligible for the $1,500 difference between the $3,000 and $4,500. The Chairman stated that the stipend cannot be term. • ROBERT BECK moved to approve the $3,000 yearly retirement stipend for Sharon Angstrom, Ex - Officio of the Reading Retirement Boardfrown Accountant paid monthly. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-1) ABSTAINED: SHARON ANGSTROM 2179 - Discussion regarding the RMLD Job Descriptions and Job/Group Classifications — RMLD sent a job description to the Retirement Board and requested them to review and move this position to Group 4. In doing so, Board Attorney Michael Sacco requested an organizational chart. He reviewed the job descriptions and job titles and opined there are a few RMLD positions that have been mis-classified. The Administrator will send a letter to Janet Walsh, In -House Counsel at RMLD and explain that there are a few positions that are mis-classified. The Board suggested that RMLD re-examine these particular job descriptions and job titles. The Board will discuss at the September Board meeting any further information RMLD provides. MISCELLANEOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 49 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 • SHARON ANGSTROM moved to adjourn this open session at 10:55 AM. SECONDED BY: ROBERT BECK VOTED: (5-") UNAN �t/WI, � Chairman David A. Gentile, 10 elected S+ atrw M- a 41Xfr_— Sharoff M. Angstrom, Ex OtH 0 Ro L. 2m elected William E. Sweeney, Jr., 2n° appointed "/?,,ti� Richard P. Abate, 1^ appointed