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Home My WebLink About2025-08-20 Retirement Board MinutesTown of Reading TOWNEC E I V E U Meeting Minutes ERK RFAnIN(- MA. 2025 NOV 25 PM Board - Committee - Commission - Council: 4: 51� Contributory Retirement Board Date: 2025-08-20 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: Sharon Angstrom - Chairman David Gentile William Sweeney Richard Abate Laura Gemme Members - Not Present: Others Present: Elaine Kelly - Administrator Faye Ciccl- Assistant Administrator Minutes Respectfully Submitted By: Faye Cicci Topics of Discussion: Page I v 2245 MINNTF-S OF THE READING R£TIRENIENT BOARD MEETING Wednesday August 20, 2025 The Reading Retirement Board held a regular session meeting on August 20, 2025 in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9?0 AM by Chairman Sharon Angstrom, with board members David Gentile, William Sweeney, Richard Abate, Laura Gemmc, Administrator Elaine Kelly and Assistant Administrator Faye Cicei. MINUTES • Minutes from the June 25, 2025 regular session were signed by all board members. Minutes from the Sum 25, 2025 executive session were signed by all tmard members. • LAURA GEMME moved to approve the minutes from the July 28, 2025 regular session. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0,) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS WILLIAM SWEENEY moved to approve the following new members: Joseph Wilson Firefighter/Paramedic (Fire Department) Jacob DiGiovanni (Fire Department) Jessica Perry (Police — Dispatch) Firefighter/Paramedic Dispatch Zachary Castiglione Police Officer (Police) Richard Arria Collector (Finance) Elizabeth Reese (CEPC) (Schools) Program Coordinator J Date ofhire-09/11/25 9%+2% Or. 4 Date of membership — 10, 10,2022 Transfer from Middlesex Date of him —08/19/25 9%+2% Or. 4 Date of membership — 0811925 Date of hire — 08125/25 90/.+ 2% Gr. I Date of membership — 082525 Date of hire — 08/25/25 9"/u + 2% Gr. 4 Date of membership — 08/2525 Date of hire-09N225 9%+2% Gr. 1 Date of membership — 08/03/2009 Transfer from Belmont Date of hire — 082525 9%+ 2% Gr. I Date of membership — 0825/25 2246 SECONDED BY: LAURA GEMME VOTED: (4-0-0) UNANIMOUS • WILLIAM SWEENEY moved to approve the following refund of accumulated deduction: Carl Schloth Terminated 6/30/I1 SECONDED BY: LAURA GEMME VOTED: (4-") UNANIMOUS • LAURA GEMME moved to approve the following retirement applications: Kristen O'Shaughnessy D01110/16/25 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • WILLIAM SWEENEY moved to approve the August 2025 wire transfer from PRIM to MMDT in the amount of $750,000.00. SECONDED BY: LAURA GEMME VOTED: (4-") UNANIMOUS • WILLIAM SWEENEY moved to approve the August 2025 wire transfer from MMDT to Reading Co-op in the amount of $958,093.28. SECONDED BY: LAURA GEMME VOTED: (4-0-0) UNANIMOUS NOTE: Richard Abate joined the meeting at 9:40 AM. • Leonard Hoyt, who worked for the Police dept. and retired on June 2, 1978 passed away on July 24, 2025, Leonard chose Option B at his retirement but there are no retraining funds. Leonard retired under an Accidental Disability in accordance with the Heart Law, therefore his spouse is entitled to a Section 101 benefit where the spouse will receive an annual retirement allowance of $9,000 per year. If Leonard is found to have passed away from the same disability he went out on disability for, his spouse will instead receive the pension portion of his retirement allowance The Administrator received a copy of the member's death certificate. 1147 • WILLIAM SWEENEY moved to approve the Section 101-Survivor Benefit for Patricia Hoyt, surviving spouse of Leonard Hoyt who passed away on July 24, 2025. It was determined that Leonard did not pass away from the same disability that he retired on, therefore Patricia is not entitled to the Accidental Death Benefit. SECONDED BY: LAURA GEMME VOTED: (5-M)UNANIMOUS • Irving Dickey, who worked for the DPW and retired on February 21, 1998 passed away on August 13. 2025. Tic these Option A at his retirement. Benefits cease upon his death. APPROVAL OF INVOICES TO BE PAID • WILLIAM SWEENEY moved to approve the following warrant HAP082025 totaling $1,387,978.63. SECONDED BY: LAURA GEMME VOTED: (5-0-0) UNANIMOUS • A transfer amount of $22,001.29 dated 07/31/25 was received from the Essex Regional Retirement System for Adam Elmore. The total service transferred was 2 years and 9 months. The Essex Regional Retirement System will accept liability for 2 years and 9 months of service. �A transfer amotmt-of $5;2-M:64-dated-OW3V25 was 4"ved frem the -Essex Regimal RetimmenL__ System for Brian Hayes. The total service transferred was I year. The Essex Regional Retirement System will accept liability for 1 year of service. • A transfer amount of $10,697.57 dated 07/31 /25 was received from the Middlesex County Retirement System for Ryan Josephson. The total service transferrmd was I year and 11 months. The Middlesex County Retirement System will accept liability for 1 year and 11 months of creditable service. • The Annual Affidavits were mailed to all retirees with a total of 385. To date we have received 383. • As of August 18, 2025, the balance in the MMDT account is $8,782,843,37. • DAVID GENTILE moved to approve the transfer of $5,782,943.37 from MMDT to PRIM. SECONDED BY: LAURA GEMME VOTED: (5-0-0) UNANIMOUS The Administrator will send a request to the Town Treasurer to move the funds. y148 , • Copies of the following Reading Retirement Bound reports were enutiled for review: The PRIT fund's monthly statement & fund performance for period ending July 31, 2025 General Ledger Trial Balance as of July 31, 2025 Cash Receipts, Adjustments, and Disbursements as of July 31, 2025 Bank Reconciliation for the month ending July 31, 2025 Reading Co-op Bank Statement for the month ending July 31, 2025 MMDT Bank Statement for the month ending July 31, 2025 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday September 24, 2025 at 9:30 AAt, in the Conference Room at 2 Haven Street, Unit 307, Reading, NIA. MEMORANDUMS & LETTERS RECEIVED OLD BUSINESS NEW'BUSINESS Discussion regarding the Administrator's Annual Performance Review to be held at the September 24, 2025 Board meeting. Sharon Angstrom will take the same template from the prior administrator's review and send it out to each of the Board members for their comments. The Board's responses are due back to Sharon Angstrom on September 8, 2025. Sharon Angstrom will then compile the comments and ratings from the Board members for the Annual Performance Review for the Administrator. MISCELLANEOUS OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE OF HEFTING 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 (cast forty-clght (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. 2249 ADJOURNMENT . WILLIAM SWEENEY moved to adjoum this open session at 10:14 A.M. SECONDED BY: LAURA GEMME VOTED: (5-0-0) UNANIMOUS _IMuroan Sharon M. Ai F1 ��2tata WilliamSwe t y, appoint Mori A. Gene me, 2nd elected