The URL can be used to link to this page

Home My WebLink About2024-10-23 Retirement Board MinutesTown of Reading TOWN Meeting Minutes TOWN GI, EIR k R Board - Committee - Commission - council: 2025 SEP 29 PM 2: 33 Contributory Retirement Board Date: 2024-10-23 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 Richard Abate Members - Not Present: Others Present: Elaine Kelly - Administrator Vanessa Silva - Paraeducators Lucy Monton - Mass Teacher's Assoc. Minutes Respectfully Submitted By: Faye Cicci Topics of Discussion: Page I 1 rPla'. MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday October 23, 2024 The Reading Retirement Board held a regular session meeting on October 23, 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, Vanessa Silva (Paraeducators President) and Lucy Montan (Massachusetts Teacher's Association). SPECIAL ITEM • Vanessa Silva, President of the paraeducators union and Lucy Montan, Field Representative Organizer for Mass Teachers Association gave a brief presentation to the Board requesting the Board members to review the Board's supplemental regulations regarding membership. Vanessa is requesting, on behalf of the paraeducators, eligibility to become members of the Reading Retirement System. They would like the Board to change its membership regulations with an exception made for paraeducators to hecome eligible members. The Board reiterated this is based on a financial decision to not allow membership to part time employees who work less than the required 1690 hours per year. The Board questioned why they were not members of the Mass Teachers Retirement System. It was explained that paraeducators do not have the required teacher certification to become members of the MTRS. The Board questioned why they would ask Reading Retirement System to change their regulations but not ask MTRS to change theirs. The board feels they should be requesting to become members of the MTRS. The Board will continue the discussion and make a determination at that time. NOTE: Vanessa Silva and Lucy Montan left this regular session at 10:05. MINUTES • Minutes from the August 21, 2024 regular session were signed by all board members. • W ILLIAM S W EENEY moved to approve the minutes from the September 18, 2024 regular session. SECONDED BY: SHARON ANGSTROM VOTED: (4-0-1) ABSTAINED: ROBERT BECK • SHARON ANGSTROM moved to approve the minutes from the September 25, 2024 special session. SECONDED BY: WILLIAM SWEENEY VOTED: (3-0-2)ABSTAINED: ROBERT BECK DAVID GENTILE r' 1K 2189 APPROVAL OF NEW MEMBERS RETIREMENTS TRANSFERSAND REFUNDS • SHARON ANGSTROM moved to approve the following new members: Joshua Delaune Executive Date of hire — 09/23/24 9%+2% Or.1 (Planning) Assistant Date of membership —09/23/24 Conor Morgan Laborer Date of hire — 10/15/24 9%+ 2% Or. 1 (DPW -Forestry) Date of membership— 10/15/24 Kathleen Kinney Admin Asst Date of hire — 08/31/20 9%+2% Gr.I (School) Date of membership — 07/07/23 Amelia Sellitto Health lnsp Date of hire — 09123124 9%+2% Gr.I (Public Svcs) Date of membership— 09/23/24 Marc Maclaughlan Firefighter/ Date of hire — 10/21/24 9%+2% Gr.I (Fire) Paramedic Date of membership — 02/03/20 Transfer from Middlesex Jason Rudokas Integrated Resource Date of hire— 10/07/24 9%+2% Or. 4 (RMLD) Analyst Date of membership — 10/07/24 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • SHARON ANGSTROM moved to approve the October 2024 wire transfer from PRIM to MMDT in the amount of $750,000.00 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the October 2024 wire transfer from MMDT to Reading Co-op in the amount of $920,551.04 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS 1190'> • SHARON ANGSTROM moved to approve the request from eligible member to purchase prior Military Service of 4 years: Eric GUaz]AIoca 4 years The total principal purchase amount is $13,662.51. Eric will start payroll deductions of $105.10/pay period beginning on November 8, 2024. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • SHARON ANGSTROM moved to approve the 2025 Calendar Year Budget of $465,855.00. SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS • The Administrator will get quotes for a cleaning service for the Retirement Office and will discuss at the November 25" Board meeting. APPROVAL OF INVOICES TO BE PAID • SHARON ANGSTROM moved to approve the following warrant #AP102024 totaling $1,311,831.37 SECONDED BY: ROBERT BECK VOTED: (5-0-0) UNANIMOUS INFORMATION7OUESTIONS • The 7-year investment contract with Fiducient Advisors will expire in the spring of 2025. Anthony Tranghese suggests we do an RFP within the next couple of months. • The PERAC auditor would like to schedule a ZOOM meeting for Thursday October 24, 2024 to review the recent audit. He has requested that one Board member, as well as the Administrator be present at the meeting. The Administrator will coordinate a date/time that works best for both parties. • Pamela Beggs, who worked for the School Dept. and retired on June 18, 2003 passed away on September 25, 2024. She chose Option A at her retirement. • A transfer amount of $10,270.77 dated 9/27/24 was received from the Somerville Retirement System for Keri Bmdeen. The total service transferred was 2 years, 3 months. Somerville Retirement System will accept liability for 2 years, 3 months of creditable service. 2191 • The daughter of Jeffrey Ingraham called the office and confirmed the death of her father on August 5, 2024. She will send a copy of the death certificate when it becomes available. The Administrator sent a letter to the family detailing the overpayment to Jeffrey in the August 30, 2024 payroll. The daughter will reimburse the Retirement office as soon as possible. The death certificate for Jeffrey Ingraham was received in the Retirement office on Monday October 24, 2024, as well as the reimbursement. • As of October 21, 2024, the balance in the MMDT account is $2,244,588.71. • Copies of the following Reading Retirement Board reports were entailed for review: The PRIT fund's monthly statement & fund performance for period ending September 30, 2024 General Ledger Trial Balance as of September 30, 2024 Cash Receipts, Adjustments, and Disbursements as of September 30, 2024 Bank Reconciliation for the month ending September 30, 2024 Reading Co-op Bank Statement for the month ending September 30, 2024 MMDT Bank Statement for the month ending September 30, 2024 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Monday November 25, 2024 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED PERAC Memo #24/2024 — Tobacco Company List PERAC Memo #25/2024 — Mandatory Retirement Board Member Training —0 Quarter 2024 PERAC Memo #26/2024—The Application of the Anti -Spiking Provision (GL. C32, 5(2)(A) in the wake of the Hartnett Decision OLD BUSINESS RMLD Job Descriptions — The Chairman and the Administrator will review the revisedjob description of the Facilities Manager that was provided to us by RMLD and put this back on the Board agenda for November 25, 2024. Assistant Retirement Administrator interview process — The administrator will contact 4 candidates to schedule an interview. Once a confinned date and time are finalized, the Chairman, Ex-officio and the Administrator will participate in the interview process and report back to the Board members. ±192 NEW BUSINESS. • Anthony Tranghese (Fiducient Advisors) and Laura Strickland (PRIT) will be attending the November 25`^ Board meeting to give a brief update to the Board. The Board will need to vote on the PEVY 2025 commitment at the November 25, 2024 Board meeting. PRIT requires a commitment letter by December 4, 2024. • The Board created the 2025 Board meeting schedule • Upcoming Election for Second Elected Member — Robert Beck, whose term expires March 31, 2025 has notified the Board he will not be seeking another tens. The Administrator will begin the election process in December 2024. 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. ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 11:02 AM. SECONDED BY: WILL1i VOTED: (5.0-0) -%r J . Q_ w William F' Sweeney, Jr., appointcW KlohardF. Abate, P"appointed