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Home My WebLink About2024-11-25 Retirement Board Minutes6n Town of Reading 6 Meeting Minutes e �a Board - committee - Commission - Council: Contributory Retirement Board Date: 2024-11-25 Building: Reading Retirement Administration Address: 2 Haven Street Unit 307 Purpose: General Business Attendees: Members - Present: David Gentile -Chairman Sharon Angstrom Robert Beck William Sweeney Richard Abate Members - Not Present: Others Present: RECEfVED WN CL TOERK READING, MA.6(� 2025 SEP 29 PM 2133 Time: 9:30 AM Location: Conference Room Session: Open Session Version: Final Elaine Kelly - Administrator Laura Strickland - PRIM Anthony Tranghese - Flducient Advisors Richard Carey - Flducient Advisors Minutes Respectfully Submitted By: Faye Clcci Topics of Discussion: Page I 1 2193 MINUTES OF THE READING RETIREMENT BOARD MEETING Monday November 25, 2024 The Reading Retirement Board held a regular session meeting on November 25, 2024 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, Robert Beck, William Sweeney, Richard Abate, Administrator Elaine Kelly, Laura Strickland (PRIM), Anthony Tranghese and Richard Carey (Fiducient Advisors). SPECIAL ITEM • Laura Strickland from PRIM was present to give PRIM's annual update to the Board. Laura stated that it has been a very volatile couple of years. PRIM is constructing a portfolio they expect to withstand and do well in both the up and down markets, as seen in the long-term performance. PRIT remains the leanest public plan in the country. While PRIM continues to grow in a prudent manner, they want to ensure they are managing the portfolio in an efficient manner on the Board's behalf. NOTE: Laura left this open session meeting at 9:50 AM. • Anthony Tranghese and Richard Carey from Fiducient Advisors were present to give their annual update to the Board. - Fiducient presented the 3rd quarter Fiduciary Governance Calendar, which focused on the System's funded status and actuarial remm assumption in relation to other Massachusetts Retirement Systems. Both the funded status and return assumption for Reading are generally in - line with averages across the state. - Fiducient also reviewed the System's portfolio allocation in relation to the PRIT Core Fund. As intended, Reading's Portfolio remains very closely aligned with the PRIT Fund and there were no recommendations from Fiducient to make any allocation adjustments at this time. - Fiducient reconunended a $5 million commitment to PRIT Private Equity Vintage Year 2025. This recommendation was approved by the Board. Fiducient presented the P quarter performance for Reading's portfolio to the Board. As expected, the portfolio performed well. It continues to perform in -line with the PRIT Core(General Allocation Fund (9.7% calendar year-to-date). • SHARON ANGSTROM moved to approve the participation in the Private Equity Vintage Year (PEVY) 2025 program with a $5M distribution to the PEVY 2025 Fund, SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 1194'> NOTE: Anthony and Richard left this open session meeting at 10:50 AM. MINUTES • Minutes from the September 18, 2024 regular session were signed by all board members, except Robert Beck who was unable to attend. • Minutes from the September 25, 2024 special session were signed by all board members, except Robert Beck and David Gentile who were unable to attend. • SHARON ANGSTROM moved to approve the minutes from the October 23, 2024 regular session.. SECONDED BY: ROBERT BECK VOTED: (5-0.0) UNANIMOUS APPROVAL OF NEW MEMBERS: RETIREMENTS, TRANSFERS, AND REFUNDS • SI-IARON ANGSTROM moved to approve the following new members: Kevin Palley Custodian Date of hire — 10/21/24 9%+2% Or.1 (School) Date of membership 10/21/24 Kyle Pilkington Integrated Resource Date of hire — 10/28/24 9%+ 2% Or. 1 (RMLD) Specialist Date of membership—10/28/24 SECONDED BY: WILLIAM SWEENEY VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the following refund of accumulated deductions::. Marie Donahue Resigned 8/22/24 (RMLD) SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the November 2024 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: ROBERTBECK VOTED: (5-0-0)UNANIMOUS 2195 • SHARON ANGSTROM moved to approve the November 2024 wire transfer from MMDT to Reading Co-op in the amount of $1,300,473.38 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve ELAINE KELLY as the election officer for the election of the second elected member. Robert Beck's term as board member expires on March 31, 2025 and he will not be seeking another term. The Administrator will notify the Select Board. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the hiring of Magaly Martinez for cleaning services for the Retirement office at $150.00 per month. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID SHARON ANGSTROM moved to approve the following warrant #API 12024 totaling $1,336,010.80 SECONDED BY: ROBERTBECK VOTED: (5-0-0) UNANIMOUS INFORMATION/QUESTIONS • Philip Perry, who worked for the DPW and retired on December 28, 2016, passed away on November 6, 2024. He chose Option C at his retirement, however his beneficiary pre -deceased him, therefore he was changed to an Option C Pop -Up. Benefits cease upon the death of the retiree. • Marjorie Joyce, who worked for the School Dept. and retired on August 31, 1998, passed away on October 31, 2024. She chose Option B at her retirement but there are no remaining funds. • Irene Fearnside, who worked for the School Department and retired on June 23, 1995 passed away on October 31, 2024. She chose Option C at her retirement, however her beneficiary pre -deceased her, therefore she was changed to an Option C Pop -Up. Benefits cease upon the death of the retiree. • Chairman David Gentile, Ex-offrcio Sharon Angstrom and Administrator Elaine Kelly met with 3 potential candidates for the Assistant Administrator position on Wednesday, November 13, 2024 and Monday November 18, 2024. An offer was made and accepted. A tentative start is December 10, 2024. 2196 • SHARON ANGSTROM moved to approve the hiring of Faye Cicci as the Assistant Administrator with a tentative start date of December 10, 2024 at $60,958.56 (Step I of the Assistant Administrator pay scale). SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • A transfer amount of $12,576.53 dated 10/31/24 was received from the Wellesley Retirement System for Amelia Sellitto. The total service transferred was 1 year and 10 months. Medford Retirement System will accept liability for 1 year of creditable service and Wellesley Retirement System will accept liability for 10 months of creditable service. • A check in the amount of $15,870.77 was received from Voya Institutional Trust Co. for 3 years and 10 months of military buyback for Joseph Costello (Reading Housing Authority). • An RFP for the Investment Consultant was published on the PERAC website, the Reading Retirement Board website and the Commonwealth's Goods and Services Bulletin on October 30, 2024. The deadline to submit a proposal is December 16, 2024. ,• As of November 21, 2024, the balance in the MMDT account is $2,365,463.25. • Copies of the following Reading Retirement Board reports were entailed for review: The PR1T fund's monthly statement & fund performance for period ending October 31, 2024 General Ledger Trial Balance as of October 31, 2024 Cash Receipts, Adjustments, and Disbursements as of October 31, 2024 Bank Reconciliation for the month ending October 31, 2024 Reading Co-op Bank Statement for the month ending October 31, 2024 MMDT Bank Statement for the month ending October 31, 2024 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Monday December 23, 2024 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #2712024 — Changes to Retum to Service under G.L. c. 32 § 8 PERAC Mono #28/2024 — Violent Assault Disability: Chapter 149 of the Acts of 2024 PERAC Memo #29/2024 — FY26 Appropriation Questionnaire in PROSPER PERAC Board Administrator Training Agenda — Tuesday November 19, 2024. PERAC Audit Report January 1, 2017 —December 31, 2021 2197 OLD BUSINESS • RMLD Job Descriptions — the office received an updated version of thejob description for the Facilities Manager. We sent it back to RMLD on October 29, 2024 to have them move the job titles of those workers that the Facilities Manager supervisors to the forefront of the job description rather than at the bottom of the job description to align with existing updated job descriptions. On Monday November 25, 2024 RMLD provided the updated job description to the Administrator. Upon review by the Chairman and the Administrator, all new job descriptions will be sent to Board Attorney Michael Sacco for review. NEW BUSINESS • PERAC Board Administrator Training Agenda — Tuesday November 19, 2024. The Administrator attended the training with approval from the chairman. Board member William Sweeney also attended. The Chairman suggests it is a good idea for the new Assistant Administrator to attend these informational trainings. MISCELLANEOUS • The Chairman had a conversation with Arty. Sacco regarding our supplemental regulations. He stated that the Retirement Board has the sole authority to change the supplemental regulations, for both membership and creditable service. Arty. Sacco also stated that the changes are not subject to PERAC approval but rather they approve that the supplemental regulations meet the guidelines and it also serves as approval for PEP AC to post on the PERAC website. • The Retirement office received 2 public record requests relating to the previous minutes recorded by the Retirement office. There was also a public record request in regards to the RFP for the fee of the current Investment Consultant. 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. 2198 ADJOURNMENT SHARON ANGSTROM moved to adjourn this open session at 10:53 AM, SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS I!Iairman D_avib - A. Gentile, _1" elected ` Sharon M OowstromVEx Officio Robert ert L. Beck, 2" elected WilI E. Swe teY, Jr.,,2"4 appoint Ric ;Aba[�"apppointed