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Home My WebLink About2025-03-26 Retirement Board MinutesTown of Reading RECEIVED 3 Meeting Minutes TOWN CLERK 4�a READING, MA. CAL Board - Committee - commission - Council: 2025 SEP 29 PM 2: 35 Contributory Retirement Board Date: 2025-03-26 Building: Reading Retirement Administration Address: 2 Haven Street Unit 307 Purpose: General Business Attendees: Members - Present: David Gentlle-Chairman Robert Beck William Sweeney Richard Abate Members - Not Present: Sharon Angstrom Others Present: Time: 9:31 AM Location: Conference Room Session: Open Session Version: Final Elaine Kelly - Administrator Faye Ciccl- Assistant Administrator Minutes Respectfully Submitted By: Faye Cicci Topics of Discussion: page 1 1 2215 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday March 26, 2025 The Reading Retirement Board held a regular session meeting on March 26, 2025 in The Conference Rim at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:31 AM by Chairman David Gentile, with board members Robert Beck, William Sweeney, Richard Abate, Administrator Elaine Kelly, Assistant Administrator Faye Cicci and Laura Gemme. Sharon Angstrom was unable to attend due to a prior commitment. MINUTES • Minutes from the January 22, 2025 regular session were signed by all board members, except Richard Abate who was unable to attend due to an out of town commitment. ROBERT BECK moved to approve the minutes from the February 19, 2025 regular session. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • ROBERT BECK moved to approve the minutes from the February 19, 2025 executive sessions. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS :APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERS AND REFUNDS . ROBERT BECK moved to approve the following new members: Jason Wilkins Control Room Operator (RMLD) Kelly Coughlin Secretary (Schools) Jose Ferraz Custodian (Schools) Alexander Pettenati Engineer (RMLD) SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS Date of hire — 03/03/25 9%+ 2% Gr. 1 Date of membership — 03/03/25 Date of hire — 03/10/25 9%+ 2% Gr. 1 Date of membership — 03/10/25 Date of hire — 03/17/25 9%+2% Or. 1 Date of membership — 03/17/25 Date of hire — 03/24/25 9%+ 2% Gr. 4 Date of membership — 0324/25 2216- • ROBERT BECK moved to approve the following retirement applications: David Gentile DOR 3/29/25 Brian Ryan DOR5/l/25 Victoria Avery DOR4/19/25 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • ROBERT BECK moved to approve the following transfer of funds to other system: Alexander Rozycki To Woburn Retirement System 6 yrs, S mths SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS ROBERT BECK moved to approve the following refund of accumulated deductions: Mollie O'Keeffe Resigned 10/31/24 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0)UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • ROBERT BECK moved to approve the request for an in person regional medical panel for the Accidental Disability Retirement Application of Brian Ryan. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • ROBERT BECK moved to approve the request for eligible member to purchase 4 years of military services for creditable service. William Valliere 4 years The total principal purchase amount is $24,914.76. William will make a one lump sum payment SECONDED BY:. WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS 2217 • ROBERT BECK moved to approve the March 2025 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0)UNANB40US • ROBERT BECK moved to approve the March 2025 wire transfer from MMDT to Reading Co-op in the amount of $1,330,914.01 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • ROBERT BECK moved to approve the following warrant #AP032025 totaling $1,778,617.16 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0)UNANIMOUS INFORMAT[ON/OUESTIONS • Clara Bellman, who worked for the school dept. and retired on July 1, 1990 passed away on March 16, 2025 (she was 102). Clam chose Option B at her retirement but there are no remaining funds. • Election Update — 890 ballots were mailed and we received 324 ballots: 12 ballots were disqualified; 3 with no signature and 9 were undeliverable. There were 204 retirees, 116 active and 4 inactive members having submitted ballots. • A transfer amount of $31,442.16 dated 02M/25 was received from the Middlesex County Retirement System for Peter Boudreau. The total service transferred was 5 years and 1 month. The Middlesex County Retirement System will accept liability for 5 years and 1 month of service. • As of March 20, 2025, the balance in the MMDT account is $3,985,454.20 • Copies of the following Reading Retirement Board reports were mailed for review: The PRIT fund's monthly statement & fund performance for period ending February 28, 2025 General Ledger Trial Balance as of February 28, 2025 Cash Receipts, Adjustments, and Disbursements as of February 28, 2025 Bank Reconciliation for the month ending February 28, 2025 Reading Co-op Bank Statement for the month ending February 28, 2025 MMDT Bank Statement for the month ending Fehrnary 9.8, 2025 Bank Reconciliation for wire amount with current balance of bank accounts 221 8 The next regular board meeting is scheduled for Tuesday April 22, 2025 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #8 — Investment Manager Statements via PROSPER PERAC Memo #9 — Actuarial Data PERAC Memo #10/2025 — Tobacco Company List PERAC Memo #11 /2025 — Updated Form SSA —1945: Statement Concerning Your Employment in a Job Not Covered by Social Security OLD BUSINESS Discuss information received regarding short term disability and the sick bank. RMLD would appreciate the opportunity to attend the next Retirement Board meeting to walk the Board through the material they will provide and address any questions regarding the Group classifications. The Administrator will remind RMLD that the Retirement office will need the job descriptions in question well in. advance of the April Board meeting to review and send to Arty. Sacco for his review as well. MISCELLANEOUS Request from the Administrator to change the scheduled Wednesday, April 23, 2025 Board meeting to Tuesday April 22, 2025 at 9:30 AM. OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 ]FIRS 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. 22 1 9 ADJOURNMENT ROBERT BECK moved to adjourn this open session at 9:55 AM. SECONDED BY: WILLIAMSWEENEY VOTED: (4-0-0) UNAN Chairman David A. Gentile, 1" elected Sharon M. Angstrom, Ex Officio (ABSENT) PJn t60Apr Robert L. Beck, 2"" elected —1-1, D0 X'--'Qj .. 1 William E. Sweeney, Jr., 2/"�" aapp dAmam O (G� Richard P. Abate, I" appointed