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Home My WebLink About2025-07-28 Retirement Board MinutesTown of Reading 0 Meeting Minutes Board - Committee - Commission - Council: Contributory Retirement Board Date: 2025-07-28 Building: Reading Retirement Administration Address: 2 Haven Street Unit 307 Purpose: General Business Attendees: Members - Present: Sharon Angstrom - Chairman David Gentile William Sweeney Richard Abate Laura Gemme Members - Not Present: Others Present: Time: 9:30 AM RECEIVED TOWN CLERK READING, MA. 2025 SEP 2 9 PH 2; 3 r, Location: Conference Room Session: Open Session Version: Final Elaine Kelly - Administrator Faye Clccl- Assistant Administrator William Keefe- Executive Director of PERAC Minutes Respectfully Submitted By: Faye Ciccl Topics of Discussion: Page I 1 2240 MINUTES OF THE READING RETIREMENT BOARD MEETING Monday July 28, 2025 The Reading Retirement Board held a regular session meeting on July 28, 2025 in The Conference _ce Room at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:30 AM by Chairman Sharon Angstrom, with board members David Gentile, Laura Gemme, William Sweeney, Richard Ahate, Administrator Elaine Kelly and Assistant Administrator Faye Cicci, William Keefe, Executive Director of PERACjoined the meeting at 9:30 AM. SPECIAL ITEM William Keefe, Executive Director of PERAC joined the meeting to introduce himself to the Board. He gave an update on different things happening at PERAC and in the world of retirement and asked the Board if they had any concerns or questions. He left the meeting at 10:50. MINUTES • Minutes from the April 22, 2025 regular session were signed by all board members, except Sharon Angstrom and David Gentile who were unable to attend due to a prior commitment. • Minutes from the May 21, 2025 regular session were signed by all board members, except Laura Gemme who was unable to attend due to a prior commitment. • LAURA GEMME moved to approve the minutes from the June 25, 2025 regular session. SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS • LAURA GEMME moved to approve the minutes from the June 25, 2025 executive session. SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS TRANSFERS AND REFUNDS • WILLIAM SWEENEY moved to approve the following new members: Diana Ferreira Energy Program Spec 1 (RMLD) Bailey Seashore Energy Program Spec I (RMLD) Date of hire — 06/23/25 9%+2% Or. 1 Date of membership — 06/23/25 Date of hire — 06/2525 9%+ 2% Or. I Date of membership — 0625/25 2241 Brian Marshall Laborer (DPW) Cameron Call Custodian (School) SECONDED BY: LAURA GEMME VOTED: (5.0-0) UNANIMOUS Date of hire — 07/07/25 9%+2% Or. 1 Date of membership — 07/07/25 Date of hire — 07/28/25 9%+ 2% Gr. 1 Date of membership— 07/28/25 • LAURA GEMME moved to approve the following refund of accumulated deductions: Keith Marcotti Resigned 6/3/25 Scott Mullen Resigned 8/22/23 Jared Bach Resigned 5/23/25 Kelsey Good Resigned 7129/22 Jonathan Reid Terminated 12/12/19 Leanne Eggimann Resigned 7/3/25 SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS • LAURA GEMME moved to approve the following retirement applications: Paula O'Leary DOR 6/28/25 Wayne Bell DOR 6/30/25 SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS • LAURA GEMME moved to approve the following transfer of funds to other system: Yashiro Gonzalez To Middlesex County Retirement System 8 yrs, 1 mth Gabriella Piantedosi To Essex Regional Retirement System 2 yrs, I mth SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS 9 2242 APPROVAL OF MISCELLANEOUS ITEMS • WILLIAM SWEENEY moved to approve the July 2025 wire transfer from PRIM to MMDT in the amount of $750,000.00. SECONDED BY: LAURA GEMME VOTED: (5-0-0) UNANIMOUS • WILLIAM SWEENEY moved to approve the July 2025 wire transfer from MMDT to Reading Co-op in the amount of $1,518,199.24. SECONDED BY: LAURA GEMME VOTED: (5-0-0) UNANIMOUS • DAVID GENTILE moved to approve request from eligible member to purchase 2 years and 11 months of military service for creditable service. Christine Amendola 2 yews, I months The total principal purchase amount is $13,322.23. Christine will make bi-weekly deductions of $102.48 starting in the August 1, 2025 payroll over 5 years. SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • LAURA GEMME moved to approve the following warrant #AP072025 totaling $1,558,423.02. SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • The Annual Affidavits were mailed to all retirees with a total of 385. To date we have received 373. • Ruth Schubarth, who worked for the School Department and retired on July 31, 1994 passed away on June 4, 2025. She chose Option A at her retirement. Benefits cease upon her death. • Darlene Porter, who worked for Facilities and retired on June 17, 2017 passed away on May 20, 2025. She chose Option A at her retirement. Benefits cease upon the death of the retiree. 214.E • Charles Helmka, who worked for the RMLD and retired on January 1, 2015, passed away on June 27, 2025. Charles was an Accidental Disability Retirement and he chose Option B at his retirement. Remaining funds in his annuity savings will be distributed to his beneficiary. • As of July 22, 2025, the balance in the MMDT account is $3,125,835.08. • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending June 30, 2025 General Ledger Trial Balance as of June 30, 2025 Cash Receipts, Adjustments, and Disbursements as of June 30, 2025 Bank Reconciliation for the month ending June 30, 2025 Reading Co-op Bank Statement for the month ending June 30, 2025 MMDT Bank Statement for the month ending June 30, 2025 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday August 20, 2025 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo # 17/2025 — Revised Language for Benefit Calculation Approval Letters PERAC Memo # 18/2025 — Cyber Attack PERAC Memo # 19/2025 — Updated Member and Beneficiary Refund Forms & IRS Special Tax Notice PERAC Memo # 202025 — Mandatory Retirement Board Member Training — 3rd Quarter, 2025 PERAC Memo # 212025 — FY2026 Budget and the Definition of Wages in Chapter 32 PERAC Memo # 222025 — Fraud Alert PERAC Memo # 23/2025 — Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors PERAC Memo # 24/2025 — Reinstatement to Service under G.L. c. 32 & 105 OLD BUSINESS NEW BUSINESS 2244 MISCELLANEOUS OPEN SESSION FORTOPICS NOT'REASONABLY ANTICIPATED 48 URS 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 • LAURA GEMME moved to adjourn this open session at 10:35 A.M. SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS tn7.�aron / C.AngstMm,,Ex Officio Ds "d A. Gentile, I" elected - 2 . its. Richard Abate, I" appointed William Sween , 2" appointed LaTim A. Gemme, 2" elected