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Home My WebLink About2025-04-22 Retirement Board Minutes0 Town of Reading TOWN CLERK Meeting Minutes READING, MA&1- Board -Committee - Commission -Council: 2625 SEP 29 PM 2: 35 Contributory Retirement Board Date: 2025-04-22 Time: 9:35 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: William Sweeney Richard Abate Laura Gemme Members - Not Present: Sharon Angstrom David Gentile- Chairman Others Present: Elaine Kelly - Administrator Faye Clcci- Assistant Administrator Minutes Respectfully Submitted By: Faye Clccl Topics of Discussion: Page I 1 2220 MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday April 22, 2025 The Reading Retirement Board held a regular session meeting on April 22, 2025 in The Conference Room. at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:35 AM by William Sweeney, with board members Laura Gamine, Richard Abate, Administrator Elaine Kelly and Assistant Administrator Faye Cicci. Sharon Angstrom and Chairman David Gentile were unable to attend due to a prior commitment. MINUTES • Minutes from the February 19, 2025 regular session were signed by all board members, except Sharon Angstrom and Chairman David Gentile who were unable to attend due to an out of town commitment. • Minutes from the February 19, 2025 executive session were signed by all board members, except Sharon Angstrom and Chairman David Gentile who were unable to attend due to an out of town commitment. • LAURA GEMME moved to approve the minutes from the March 26, 2025 regular session. SECONDED BY: RICHARD ABATE VOTED: (3-0-0) UNANIMOUS • RICHARD ABATE moved to approve the minutes from the March 26, 2025 special (COLA) session. SECONDED BY: LAURA GEMME VOTED: (3-0-0) UNANIMOUS APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS • LAURA GEMME moved to approve the following new members: Ryan Josephson Financial Analyst (Finance) SECONDED BY: RICHARD ABATE VOTED: (3-0-0) UNANIMOUS Date of him —04/07/25 9%+2% Or.I Date of membership — 02/01/2023 Transfer from Middlesex 2221 • LAURA GEMME moved to approve the following retirement application: John Jenks DOR 6/30/25 SECONDED BY: RICHARD ABATE VOTED: (3-0-0) UNANIMOUS APPROVAL OF MCSCELLANEOUS:ITEMS • LAURA GEMME moved to table the request for Thomas Schibilio's "Application for Accidental Disability Retirement" to the May 21, 2025 Board meeting in an effort to seek clarification from the Medical Panel regarding concems the Board has. Atty. Sacco will provide a letter to the Medical Panel seeking clarification. The Reading Retirement Board received from PERAC the Medical Panel Certificates and Narratives by the regional medical panel for Thomas Scbibilio. The next step is for the Board to approve or deny Thomas' application and if approved, send to PERAC for their approval. If denied, send a Notice of Retirement Board Action to PERAC and a notice of rights to appeal to the member. SECONDED BY: RICHARD ABATE VOTED: (3-0.0) UNANIMOUS • LAURA GEMME moved to approve the request from eligible member to purchase prior 4 years of military service for creditable service from the Town of Reading. Stephen Bowker Reading 10/22/18 — 11/16/22 4 years The total principal purchase amount is $21,930.55. Stephen will make a one lump sum payment. SECONDED BY: RICHARD ABATE VOTED: (3-0-0)UNANIMOUS • LAURA GEMME moved to approve the April 2025 wive transfer from PRIM to MMDT in the amount of$750,000.00 SECONDED BY: RICHARD ABATE VOTED: (3-0-0) UNANIMOUS • LAURA GEMME moved to approve the April 2025 wire transfer from MMDT to Reading Co-op in the amount of $1,258,760.76 SECONDED BY: RICHARD ABATE VOTED: (3-0-0) UNANIMOUS 24222 APPROVAL OF INVOICES TO BE PAID • LAURA GEMME moved to approve the following warrant #AP042025 totaling $1,408,767.09 SECONDED BY: RICHARD ABATE VOTED: (3-0-0) UNANIMOUS INFORMATIONQUESTI ONS • Dennis Farrell, who worked for the Police Dept. and retired on October 6, 1995 passed away on March 16, 2025. Dennis chose Option A when he retired on an Accidental Disability under the Heart Law. His spouse, Ellen is entitled to an annual allowance under Section 101 of M.G.L. c.32 of $9,000. This allowance will continue as long she lives. If the member's death is found to be directly related to the injury or hazard for which he was retired, then she would receive the pension portion of his retirement allowance plus any applicable cost -of -living increases, rather than the $9,000 annual allowance. The Administrator has sent this information to the spouse along with an application to apply for the accidental death benefit. Once the application and the death certificate are received in the Retirement office, the Administrator will forward to Atty. Sacco for review. Arty. Sacco opines, after reviewing the Death Certificate and the original Medical Panel Certificate from when Mr. Farrell retired, it is not clear to him there is a causal link and recommends we request the widow to provide medical records from the last 5 years. If the link is not apparent in those records, we would then ask PERAC to appoint a neutral physician to conduct a record review and offer an opinion. Arty. Sacco also suggests Ore widow provide a letter from a treating physician who opines there is a causal connection and explains why; just saying it is related is not much better than an educated guess unless there is some explanation. Alternatively, Arty Sacco suggests bringing it to the Board to see if they want to grant it. Atty Sacco says he can recommend that, but if that is what they want to do, he will draft the findings as best he can to support it — but his recommendation is to follow the path laid out. The Board tabled this agenda item until the May 21, 2025 Board meeting in an effort to have all 5 Board members present. • David Lee, who worked for the DPW and retired on August 31, 2003 passed away on March 11, 2025. David was receiving an Option A benefit at the time of his death, whereby all allowance benefits cease upon the death of the retiree. • Patricia Shields chose Option C at her retirement on June 30, 2016. Her spouse, Peter passed away on March 19, 2025. Calculation (Option C "pop-up') was sent to PERAC for approval. • As of April 15, 2025, the balance in the MMDT account is $3,704,100.80. 222 3 Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending March 31, 2025 General Ledger Trial Balance as of March 31, 2025 Cash Receipts, Adjustments, and Disbursements as of March 31, 2025 Bank Reconciliation for the month ending March 31, 2025 Reading Co-op Bank Statement for the month ending March 31, 2025 MMDT Bank Statement for the month ending March 31, 2025 Bank Reconciliation for wire amount with current balance of bank accounts The next regular board meeting is scheduled for Wednesday May 21, 2025 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #12/2025 — Recent Investment Fraud Attempts PERAC Memo #13/2025 —Extension of Open Meeting Law Waivers PERAC Memo #14/2025 —Mandatory Retirement Board Member Training— 2nd Quarter 2025 OLD BUSINESS RMLD update — The Administrator updated the Board with the current status. The latest job descriptions and job titles have been sent to Any. Sacco for his review. Due to his schedule, he was not able to provide an opinion at this time. He will however, have an opinion letter for the May 21, 2025 Board meeting. 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 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. 2224 ADJOURNMENT LAURA GEMME moved to adjourn this open session at 10:07 AM. SECONDED BY: RICHARD ABATE VOTED: (3-0-0) UNANIMOUS Chairman David A. Gentile, I" elected (ABSENT) Sharon M. An trom, Ex Officio (ABSENT) ora A. GerAmd, 2nd elected 0 •p B„r.0 s William E. Sweeney, r., 201 appo ed aV� �-,4 Ri nd P. Abate, 1" appointed