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Home My WebLink About2025-01-22 Retirement Board MinutesTown of Reading Meeting Minutes Board -Committee - Commission - Council: Contributory Retirement Board 'RECEIVED TOWN CLERK READING, MAf.,� 2025 SEP 29 PM 2: 3b Date: 2025-01-22 Time: 9:30 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: David Gentile -Chairman Sharon Angstrom Robert Beck William Sweeney Members - Not Present: Richard Abate Others Present: Elaine Kelly - Administrator Faye Cicci- Assistant Administrator Minutes Respectfully Submitted By: Faye Ciccl Topics of Discussion: Page 1 1 2203 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday January 22, 2025 The Reading Retirement Board held a regular session meeting on January 22, 2025 in TheCzmfeteaee 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, Robert Beck, William Sweeney, Administrator Elaine Kelly and Assistant Administrator Faye Cicci. Richard Abate was unable to attend due to an out of town commitment. MINUTES • Minutes from the November 25, 2024 regular session were signed by all board members. • SHARON ANGSTROM moved to approve the minutes from the December 23, 2024 regular session. SECONDED BY: ROBERT BECK VOTED: (3-0-1) ABSTAINED: WILLIAM SWEENEY APPROVAL OF NEW MEMBERS RETIREMENTS, TRANSFERS, AND REFUNDS • SHARON ANGSTROM moved to approve the following new member: Lauren Crupi Clerk Date of hire— 12/30/24 9%+ 2% Or. 1 (Collector) Date of membership — 12/30/24 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions: Charles O'Keefe Resigned 1/3/25 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following retirement application: Peter Marchetti Superannuation —DOR 1/24/25 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS 2204' APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the January 2025 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the January 2025 wire transfer from MMDT to Reading Co-op in the amount of $1,167,587.24 SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the Employee Parking Permit for 2025 in the amount of $240.00. SECONDED BY: ROBERT BECK VOTED: (4-0-0) UNANIMOUS APPROVAL OF INVOICES TO B19 PAID . SHARON ANGSTROM moved to approve the following warrant #AP012025 totaling $1,312,299.60 SECONDED BY, WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS INFORMATION/OIJUTIONS • Leonard Haines, who worked for RMLD and retired on July 17, 2007 passed away on December 14, 2024. He chose Option C at his retirement. His spouse, Patricia Haines, will receive 2/3rds of the amount Leonard was receiving at the time of his death. • Atransfer amount of$66,012.80 dated 12/19/24 was received from the Massachusetts Water Resource Authority (MWRA) Employees' Retirement System for Janet Walsh. The total service transferred was 12 years and 10 months. The MWRA Employees' Retirement System will accept liability for 6 years and 8 months of service. The MA Port Authority Retirement System will accept liability for 6 years and 2 months of service. • A transfer amount of $35,142.64 dated 12/31/24 was received from the Middlesex County Retirement System for Mare MacLaughlan. The total service transferred was 4 years and 8 months. The Middlesex County Retirement System accept liability f6r4 years and 8 months of service. 2205 • As of January 16, 2024, the balance in the MMDT account is $5,450,661.28 • Copies of the following Reading Retirement Board reports were emailed for review: The PRIT fund's monthly statement & fund performance for period ending December 31, 2024 General Ledger Trial Balance as of December 31, 2024 Cash Receipts, Adjustments, and Disbursements as of December 31, 2024 Bank Reconciliation for the month ending December 31, 2024 Reading Co-op Bank Statement for the month ending December 31, 2024 MMDT Bank Statement for the month ending December 31, 2024 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday February 19, 2025 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #32/2024 — Tobacco Company List PERAC Memo #33/2024 — Mandatory Retirement Board Member Training — I"Quarter 2025 PERAC Memo #34/2024 — 840 CMR 10: 10(3) & 10:15(1)(c) — Annual Review of Medical Testing Fee PERAC Memo #1/2025 — 2025 Interest Rate set at 0.1 % PERAC Memo #2/2025 —Repeal of the Social Security Administration's Government Pension Offset and Windfall Elimination Provision PERAC Memo #3/2025 — Required Minimum Distribution: Still Age 73 For This Year's Notifications PERAC Memo # 4/2025 — 2025 Limits under Chapter 46 of the Acts of 2002 PERAC Memo # 5/2025 — 2025 Limits under Section 23 of Chapter 131 of the Acts of 2010 PERAC Memo # 612025 — COLA Notice OLD BUSINESS • RFP for Investment Consultant — Board reviewed the rating chart and determined they would not require going through the interview process. • SHARON ANGSTROM moved to approve Fiducient Advisors as the Investment Consultant for a 5 year contract with an option to extend to 7 years. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS 2206 - • Appeal Process for RMLD regarding the Group 1 vs Group 4 positions. The General Foreman Grid Assets & Communication at RMLD has expressed his desire to appeal the Board's recent decision. PERAC's legal dept. has stated that the Board must give him his appeal rights in writing. The Administrator has drafted a letter for the Board's review. The Administrator will forward the draft letter to Atty. Sacco for his review and determine if the letter should be sent out before the February 19'^ Board meeting or wait until after the meeting. Received a letter from Greg Phipps, General Manager at RMLD. He would like to schedule a meeting to discuss the recent Group 1 vs Group 4 issue. The Administrator sent an invitation to RMLD to attend the Wednesday, January 22"d Board meeting, with Atty. Sacco in attendance, however RMLD is unable to attend. They are requesting to join the next scheduled Board meeting. Atty. Sacco is scheduledto be at the: February 19" Board meeting so an invite has been extended to RNILD:to attend this Board meeting. RMLD has confirmed that they will attend the February 19`s Board meeting for a 10:00 AM appointment. Along with Greg Phipps, Nick D'Alleva and possibly Chris Pollart of KP Law will be attending. • Accidental Disability Retirement for Thomas Schibilio — Atty. Sacco has provided an opinion letter and would like to schedule an evidentiary hearing. Arty Sacco would like a representative from RMLD, specifically Janet Walsh, to be present at the hearing. The Evidentiary Hearing is set for February 19" at our regularly scheduled Board meeting at 9:30 AM. in executive session. Mr. Schibilio and his attorney, as well as Janet Walsh, in-house counsel for RMLD will be in attendance. Atty. Sacco will preside over the hearing. MISCELLANEOUS • Sham Angstrom will gather information regarding short term disability and the sick bank for the retirement office employees. She will present more informational the February 19" Board meeting. • The Retirement Office has two interested candidates for the second elected member position that will be vacant on 4/l/25. Robert Beck is not seeking re-election. Nomination Papers have been received from both candidates. The election will take place on March 20, 2025. OPENBESSION 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. 2207 ADJOURNMENT ROBERT BECK moved to adjourn this open session at 10:31 AM. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS ,IYVtlj David A Gentile, 1" elected 11,An ". Sharon ngstrom, Ex icio R45bat L. Beck, 2" elected William E. Sweeney, Jr., 2�"' gppotnted V Richardif Aha e, 1" appointed (ABSENT)