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HomeMy WebLinkAbout2024-09-18 Retirement Board MinutesTown of Reading g Meeting Minutes Board - Committee - Commission - council: Dater 2024-09-16 Building: Reading Retirement Administration Address: 2 Haven Street Unit 307 Purpose: Attendees: Members - Present: David Gentile Sharon Angstrom William Sweeney, Jr. Richard Abate Members - Not Present: Robert Beck OtiMen PTesent: Elaine Kelly Time•. 9:30 AM Location: Conference Room Session: Open Session Version: Final Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: 2180:1 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday September 18, 2024 The Reading Retirement Board held a regular session meeting on September 18, 2024 in The Conference Room 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, Richard Abate, and Administrator Elaine Kelly. William Sweeneyjoined the meeting at 9:42 AM. Robert Beck was unable to attend. MINUTES • Minutes from the July 29, 2024 regular session were signed by all board members. • "`SHARON ANGSTROM moved to approve the minutes from the August 21, 2024 regular session. SECONDED BY: RICHARD ABATE VOTED: (3-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Keri Bradeen Librarian Date of hire — 08/26/24 9%+2% Gr.I (Library) Date of membership — 08/26/24 Caleb Schmidt Int Resource Date of hire — 08/26/24 9%+ 2% Gr. I (RMLD) Analyst Date of membership -08/26/24 Jose Gonzalez Control Room Date of hire — 09/0324 9%+ 2% Or. 1 (RMLD) Operator Date of membership — 09/0324 Olivia Bartolomei Health Nurse (Public Services) Robert Yandle Laborer (DPW -Sewer) Date ofhim —09/0424 9%+2% Gr. I. Date of membership — 09/0424 Date of hire — 09/0924 9%+ 20/6 Or. 1 Date of membership — 09/0924 SECONDED BY: RICHARD ABATE VOTED: (3-0-0)UNANIMOUS 2 1 a I > • SHARON ANGSTROM moved to approve the following retirement application: Paul LaFave (DPW) Superannuation - DOR 01/08/25 SECONDED BY: RICHARD ABATE VOTED: (3-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Satnuel Code Resigned 82224 SECONDED BY: RICHARD ABATE VOTED: (3.0-0) UNANIMOUS NOTE: William Sweeney joined ibb meeting of 9:42 AM - APPROVAL OF MISCELLANEOUS ITF,MS • SHARON ANGSTROM moved to approve the September 2024 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: WILLIAM SWEENEY VOTED: (4.0-0) UNANIMOUS • The Board will hold a ZOOM meeting on Wednesday September 25, 2024 @ 9:30 AM to approve the wire transfer from PRIM to MMDT in an amount TBD. • WILLIAM SWEENEY moved to amend the motion made at the August 21, 2024 Board Meeting to pay Sharon Angstrom, Ex -Officio of the Reading Retirement Board, a $3,000 stipend with an effective date of August I, 2024 to be retroactive to June 1, 2024, per the discussion that was agreed upon by all Board members at the May 29, 2024 Board meeting. SECONDED BY: RICHARD ABATE VOTED: (3-0.1) ABSTAINED: SHARON ANGSTROM • SHARON ANGSTROM moved to approve the request from eligible member to purchase prior Military Service of 3 years and 10 months: Joseph Costello 3 years, 10 months The total principal purchase amount is $15,870.77. Joseph will make a one lump payment. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS 2182', APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant OAP092024 totaling $1,296,586.19 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • Jeffrey Ingraham, Option C survivor of Faye Ingraham, passed away on August 5, 2024. • William Faller, who worked for the RMLD and retired on August 20, 2018 passed away on August 18, 2024. He chose Option C at his retirement. His spouse, Gail Faller will receive 2/3rds of the amount William was receiving at the time ofbis death. • A transfer amount of $44,114.97 dated 8/31/24 was received from the Middlesex County Retirement System for Yashira Goazatez. The total service transferred was 7 years. t month. Middlesex County Retirement System will accept liability for 7 years, I month of creditable service. • PERAC has approved the Supplemental Travel Regulations • As of August 19, 2024, the balance in the MMDT account is $2,692,681.87. • The 2025 Annual Budget will be on the October 23, 2024 Agenda • Copia of the following Reading Retirement Board reports will be entailed for review: The PRIT fund's monthly statement & fund performance for period ending August 31, 2024 General Ledger Trial Balance as of August 31, 2024 Cash Receipts, Adjustments, and Disbursements as of August 31, 2024 Bank Reconciliation for the month ending August, 2024 Reading Coop Bank Statement for the month ending August 31, 2024 MMDT Bank Statement for the month ending August 31, 2024 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday October 23, 2024 of 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED 2183't OLD BUSINESS • The Chairman asked the Administrator to give a brief update on the Assistant Retirement Administrator position. The Administrator stated that although she's not sure of the timing in hiring an assistant, she knows that it's in the best interest of the Retirement office to hire an Assistant sooner rather than later. Sharon Angstrom and the Administrator will work on getting the job pasted. The Chairman stated that the timeframe for the new Assistant would have a hiring date of somewhere around November 2024. Sharon Angstrom will send out a town wide email announcing the promotion of the Administrator and that ajob posting for the open Assistant Administrator position would be posted soon. Sharon Angstrom and the Administrator will be part of the interview process and will loop the Chairman in as it narrows down to viable candidates. • Discussion regarding the RMLD Job Descriptions and Job7Group 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 iew RMLD positions that have been misclassified. The Administrator sent a letter to Janet Walsh, In -House Counsel at RMLD and explained that there are a few positions that are mis-classified. The Board suggested that RMLD m -examine these, ptMitni ar job descriptions and job titles. Gregory Phipps, General Manager RMLD responded with updated job titles and job descriptions for the Retirement Board to review at the September Board meeting. After an in-depth review by the Chairman, the Administrator will then forward these to Any. Sacco for his review. a Update of the Pameducators — The Chairman and Ex -Officio of the Retirement Board had an informal meeting with the president of the paraeducators union and two representatives in January 2024. Their request was to allow for the Paraeducators to be members of the Reading Retirement System. The Chairman and Ex -Officio explained to them, at that time, they did not qualify to be members of the Retirement System because they did not meet the requirements outlined in the Supplemental Regulations, i.e., they did not meet the hourly requirement of 1,690 hours per year. The Chairman let them know that the authority lies solely with the Retirement Board to change the Supplemental Requirements but they would need to involve the town in any decision that was made. The biggest issue is the health insurance. Part time employees are eligible for health insurance if they work at least 20 hours per week but would not be eligible as a retiree because they are not members of the retirement system. This would impose a significant liability on the town. The Chairman explained to the Board that on September 19, 2024, the president of the pameducators sent an email to the Retirement office that she had sent to the Select Board, Town Manager and School Committee on August 15, 2024 and asked that the Administrator forward it to the Board members. The president of the paraedueators union is requesting an official meeting with the Retirement Board to appeal the Supplemental Regulations which does not allow the paraeducators to be members of the Retirement System. The Chairman and Ex -Officio met with the Town Manager and explained the situation. The town Manger placed it right back as the decision of the Retirement Board. This information was given to the president of the paraeducators. The Board has expressed they are not in favor of changing the regulations to allow the paraeducators membership into the Retirement System saying that it would not he a financially responsible decision to change the supplemental regulations as 1$b=.> they are written now. The Chairman will follow up with the president of the pameducatots union. The Ex -Officio feels the paraedueators should be pushing back at the Massachusetts Teachers Assoc., who represent them as a union and who should be fighting for them to get into the Mass Teachers Retirement System. NF,W BUSINESS • The Board discussed the COLA for the Administrator. The Board agreed that they will authorize a 5% A increase effective I/M5, in lieu of a Step Increase on the one anniversary of the Administrator's promotion, which will be August 21, 2025 and apply the 5% COLA to the entire pay scale. The Administrator wilt have her yearly performance review at that time, with a projected step increase on January 1, 2026. • SHARON ANGSTROM moved to approve a 5•/ COLA increase etfective January 1, 2025 for the Administrator, in lieu of a step increase on August 21, 2025 and apply the 5% COLA to the entire pay scale. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS 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 or 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 11:05 AM. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS 2185=x J� Chairman David A. G/e'�ntile, t" elected , Sharon M. Angstrom, Ex Ufficio Roben L. Beek, 74 elected (ABSENT) William E. Sweeney, Jr., 2"6 appoin -_z' V 4 4d Ricbai !'.hbatc, 1' appointed