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Home My WebLink About2025-06-25 Retirement Board Minutes'REG Town of Reading TOWN 0 Meeting Minutes TOWN READING, CLERK Board - Committee - Commission - Council: 2025 SEP 29 PM 2: 36"- Contributory Retirement Board Date: 2025-06-25 Time: 9:30 AM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: General Buslness Version: Final Attendees: Members - Present: David Gentile - Chairman Sharon Angstrom William Sweeney Richard Abate Laura Gemme Members - Not Present: Others Present: Elaine Kelly - Administrator Faye Cicci- Assistant Administrator Mlchael Sacco- The Board's Attorney Atty. Christopher Pollart - Esp.,. KP Law Susan Inman - Human Resource Director (RMLD) Gregory Phipps - General Manager (RMLD) Kenneth Finne - (RMLD) Linda Bournival - KMS Actuaries Minutes Respectfully Submitted By: Faye Cicci Topics of Discussion: Page I 1 2231 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday June 25, 2025 The Reading Retirement Board held a regular session meeting on June 25, 2025 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, Laura Gemme, William Sweeney, Richard Abate, Administrator Elaine Kelly and Assistant Administrator Faye Cieci. Sharon Angstrom received permission from the Chairman prior to the meeting to participate remotely via conference call. The Board's Attorney Michael Sacco was present as well as Arty. Christopher Pollart, Esq., KP Law, Human Resource Director, Susan human (RMLD), General Manager Gregory Phipps (RMLD) and Kenneth Finne (RMI.D). Linda Boumival from KMS Actuaries joined the meeting at 10:45 AM. OPEN SESSION SPECIAL ITEM • RMLD General Manager Gregory Phipps presented the latestjob descriptions and organizational chart to the Board. Susan Inman from RMLD will provide the Board with a most recent. organizational chart. Arty. Sacco was in attendance • WILLIAM SWEENEY made a motion to accept the 3 RMLD positions to be classified as Group 4. SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM made a motion to go into Executive Session. SECONDED BY: WILLIAM SWEENEY ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS 2232 , A • The Board convened into Executive Session, by a Roll Call vote, to review and discuss the Accidental Disability Retirement Application of Thomas Schibilio, Arty. Sacco presided over the session. • SHARON ANGSTROM moved to adjourn to open session. SECONDED BY: ROLL CALL VOTE: VOTED: OPEN SESSION WILLIAM SWEENEY SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye (54)-0) UNANIMOUS SHARON ANGSTROM moved to approve the "Accidental Disability Retirement for Thomas Schibilio' SECONDED BY: ROLL CALL VOTE: VOTED: NEW BUSINESS LAURA GEMME SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye (5-0-0) UNANIMOUS • Anti -spiking for Chief Gregory Bums does not apply because of the systemic wage adjustment that was conducted town wide in Reading. • Linda Boumival from KMS Actuaries attended to review and discuss the preliminary results of the funding schedule with the Board Members. Linda provided the Board with copies of several different funding schedules for their review and discussion. Linda stated that the number one priority when doing this process is to develop the annual appropriation to get to a funding schedule that the Retirement Board is comfortable with. The Board agreed that the A6 funding schedule takes the most conservative approach. 2233 • LAURA GEMME motioned to approve the A6 funding schedule SECONDED BY: SHARON ANGSTROM ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-M) UNANIMOUS Linda Boumival left the meeting at 12:00 P.M. MINUTES • Minutes from the April 22, 2025 regular session were read and approved 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 read and approved by all board members, except Laura Gemme who was unable to attend due to a prior commitment. • WILLIAM SWEENEY moved to approve the minutes from the April 22, 2025 regular session. SECONDED BY: RICHARD ABATE ROLL CALL VOTE: WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye VOTED: (3-0-2) ABSTAINED: SHARON ANGSTROM DAVID GENTILE • SHARON ANGSTROM moved to approve the minutes from the May 21, 2025 regular session. SECONDED BY: WILLIAM SWEENEY ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye DAVID GENTILE Aye VOTED: (4-0-1) ABSTAINED: LAURA GEMME 2234 d APPROVAL OF NEW MEMBERS, RETIREMENTS. TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new members:, Veronica Boure Civil Engineer Date of hire — 06/09/25 9%+2% Gr. 1 (DPW) Date of membership — 06/09/2025 Madeleine Baptiste Executive Assistant Date of hire-06/23/25 9%+2% Gr, 1 (Admin Svcs) Date of membership — 10/23/23 Mallory Dowgiallo Mktg Comm Coord Date of hire-06/16/25 9%+2% Gr. 1 (RMLD) Date of membership — 06/16/25 Tristan McPherson Firefighter/Paramedic Date of hire — 06/23/25 9%+2% Gr. 4 (Fire Department) Date of membership — 06/23/25 SECONDED BY: WILLIAM SWEENEY ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement applications Richard Price DOR 5124/25 Marianna Zanni DOR 6/8/25 SECONDED BY: LAURA GEMME ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURAGEMME Aye DAVID GENTILE Aye VOTED: (5-0-0)UNANIMOUS • SHARON ANGSTROM moved to approve the following transfers of funds to other system: Jorge Sanchez To State Retirement System 9 months Bret Bennett To Lynn Retirement System 6 yrs, I nth Luis Nunez To Swampscott Retirement System 3 mths 2235 SECONDED BY: LAURA GEMME ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the request from eligible member to purchase prior creditable service from the Town of Reading. Corey Santasky 4 years The total principal purchase amount is $16,160.47. Corey will make bi-weekly deductions of $124.31 starting in the July 3, 2025 payroll. SECONDED BY: LAURA GEMME ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve a step increase for Faye Cicci, Asst Retirement Administrator, following her 6- month performance review to a Step 2. SECONDED BY: WILLIAM SWEENEY ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS 2236' > • SHARON ANGSTROM moved to approve the June 2025 wire transfer from PRIM to MMDT in the amount of $750,000.00. SECONDED BY: LAURA GEMME ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED; (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the June 2025 wire transfer from MMDT to Reading Co- op in the amount of $1,463,139.14 SECONDED BY: LAURA GEMME ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP062025 totaling $1,480,442.50 SECONDED BY: WILLIAM SWEENEY ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS 2237 INFORMATIOmoMMONS • The Annual Statements were mailed to all active and inactive members. • The Annual Affidavits were mailed to all retirees with a total of 385. To date we have received 229. • As of June 24, 2025 the balance in the MMDT account is $3,637,177.46. • A check was received from the following Boards for full payment of its Section 3(8)(c) reimbursement... Natick Concord • Copies of the following Reading Retirement Board reports were ematled for review: The PRIT fund's monthly statement & fund performance for period ending May 31, 2025 General Ledger Trial Balance as of May 31, 2025 Cash Receipts, Adjustments, and Disbursements as of May 31, 2025 Bank Reconciliation for the month ending May 31, 2025 Reading Co-op Bank Statement for the month ending May 31, 2025 MMDT Bank Statement for the month ending May 31, 2025 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Monday July 28, 2025 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo # 15/2025 — Violent Act Injury Disability —Updated Forms PERAC Memo # 16/2025 — Tobacco Company List OLD BUSINESS 2238 MISCELLANEOUS • WILLIAM SWEENEY moved to nominate SHARON ANGSTROM as the Chairman and DAVID GENTILE as the Vice Chairman. SECONDED BY: RICHARD ABATE ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0)UNANIMOUS 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. ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 12:25 P.M. SECONDED BY: RICHARD ABATE ROLL CALL VOTE: SHARON ANGSTROM Aye WILLIAM SWEENEY Aye RICHARD ABATE Aye LAURA GEMME Aye DAVID GENTILE Aye VOTED: (5-0-0) UNANIMOUS 2239 C, 1 airman David A. Gentile, 1" elected A... v Sharon M. ngstrom,E (fLfificio 7 Richard A� 1" ap� ed /�_J'"A Will' S� ee ey, 2" appointed �h A. Gemune, 2nd elected