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Home My WebLink About2025-09-24 Retirement Board MinutesTown of Reading i Meeting Minutes Board - Committee - Commission - council Contributory Retirement Board Date: 2025-09-24 Building: Reading Retirement Administration Address: 2 Haven Street Unit 307 Purpose: General Business Attendees: Members - Present: Sharon Angstrom - Chairman David Gentile William Sweeney Richard Abate Laura Gemme Members - Not Present: KtCtIVtLU TOWN CLERK 2025 0FC -2 NM 6 52 Time: 9:30 AM Location: Conference Room Session: Open Session Version: Final Others Present: Elaine Kelly - Administrator Faye Cicci- Assistant Administrator Minutes Topics of Discussion: Submitted By: Faye Ciccl rage I t 2250 MINUTES OF THE. READING RETIREMENT BOARD MEETING Wednesday September 24. 2025 The Reading Retirement Board held a regular session meeting on September 24, 2025 in The Conference Room, at 2 Haven Street, Unit 307, Reading, Massachusetts The meeting was called to order at 9:30 AM by Chairman Sharon Angstrom, with board members David Gentile, William Sweeney. Richard Abate, Lorin Gemme, Administrator Ednine Kelly and Assistant Administrator Faye Cicci. MINUTES • Minutes from the July 28, 2025 regular Session were signed by all board members. • LAURA GEMME moved to approve the minutes from the August 20, 2025 regular session. SECONDED BY: WILLIAM SWEENEY VOTED: (5.0-0) UNANIMOUS APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS. AND REFUNDS • LAURA GEMME moved to approve the following new members: Daniella Cavalcanti Administrative Asst Date of hire - 09/02/25 9%+2% Gr. I (Town Clerk) Date of membership -09/02/25 Ian Coma Custodian -T-at—euf hve - 0WW2 (School) Date of membership - 09/0225 Tyler Bova Laborer Date of hire - 09/08/25 9%+2% Or. 1 (DPW) Date of membership - 09/08/25 Zachary Steiner Custodian Date of him -0922/25 9%+2% Gr. t (Town) Date of membership - 092225 SECONDED BY: WILLIAM SWEENEY VOTED: (5-")UNANIMOUS • LAURA GEMME moved to approve the following retirement application: Thomas McCarthy DOR 3/2926 SECONDED BY: WILLIAM SWEENEY VOTED: (5-") UNANIMOUS 2251 APPROVAL. OF MISCELLANEOUS ITEMS WILLIAM SWEENEY moved to approve the Septembcr2M5 wire transfer from PRIM to MMDT in the amount of $750,000.00. SECONDED BY: LAURA GEMME VOTED: (5-0-0)UNANIMOUS • WILLIAM SWEENEY moved to approve the September 2025 wire transfer from MMDT to Reading Co-op in the amount of $1,303,761.78. SECONDED BY: LAURA GEMME VOTED: (5-0-0) UNANIMOUS APPROVAL OF INVOICES TO BE PAID • WILLIAM SWEENEY moved to approve the following warrant NAP092025 totaling $1,353,599.93. SECONDED BY'. LAURA GEMME VOTED: (5-0-0) UNANIMOUS John Green, who worked for the Police Dept and retired on July 29, 1981, passed away on September 1L 2025... John retired on an Accidental Disability Retirement and chose Option B at his retirement .—_. - m -------n -- - - whereby any remaining funds in s annuit hiy savings would be distributed his beneficiary. Joh not have any remaining funds in his annuity savings, therefore there is no distribution of Ponds to his beneficiary. His spouse, Barbara is entitled to an annual allowance under Section 101 of M.G.L. e.32 of S9,000. This allowance will continue as long she lives. If the member's death is found to be directly related to the injury or hazard for which he was retired, then she would receive the pension portion of his retirement allowance plus any applicable cost -of -living increases, rather than the S9,000 annual allowance. • LAURA GEMME moved to approve the Section 101 Survivor Benefit of$9,000 annually for Barbara Green, surviving spouse of deceased retiree John Green who passed away on September 11, 2025, This allowance will continue for the life of the spouse. SECONDED BY: WILLIAM SWEENEY VOTED: (5.0-0) UNANIMOUS • Richard Monme, who worked for Public Safety and retired on April 26, 2003, passed away on August { 24, 2025. Richard chose Option Cat his retirement. His spouse, Helen will receive 2/3rds of what JI Richard was receiving at the time of his death. 2252 • Ronan Laskey, who worked for the DPW and retired an May 19, 2016, passed away on September 2, 2025. Ronan chose Option B at his retirement. Remaining funds in his annuity savings will be distributed to his beneficiary. • Brian Ryan has been scheduled for a medical panel. • The Annual Affidavits were mailed out to all retirees with a total of 385. To date we have received 384. The Board requested something in writing for proof of life for the past due affidavit. We emailed a duplicate copy of the Annual Affidavit to the member's residence, Mousing Point of Hardin Valley, on Wednesday September 24, 2025. The staff will assist in having the retirce sign, date and return the Annual Affidavit to the Reading Retirement Office. • As of September 18, 2025, the balance in the MMDT account is $9,030,591.84. The Administrator sent a request on August 20, 2025 to the Town Treasurer to move the funds. The Treasurer will move the funds on October I, 2025. Copies of the following Reading Retirement Board reports were cmuiled for review: The PRIT fund's monthly statement & fund performance for period ending August 31, 2025 General Ledger Trial Balance as of August 31, 2025 Cash Receipts, Adjustments, and Disbursements as of August 31, 2025 Bank Reconciliation for the month ending August 31, 2025 Reading Co-op Bank Statement for the month ending August 31, 2025 MMDT Bank Statement for the month eudiug August 31, 2025 Bank Reconciliation for wire amount with current balance of bank accounts The next regular board meeting is scheduled for Wednesday October 1, 2025 at 9:30 AM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. MEMORANDUMS & LETTERS RECEIVED OLD BUSINESS • LAURA GEMME moved to approve the Accidental Death Benefit for Ellen Farrell, surviving spouse of Dennis Farrell who passed away on March 16, 2025. SECONDED BY: RICHARD ABATE VOTED: (5-0-0)UNANIMOUS 2253 j NEW BUSINESS Discussion regarding pay strategy and negotiate compensation for performance review will be held on October 1, 2025 with the Board moving into Executive Session. Discussion regarding the Assistant Administrator's scheduled medical leave of absence will be held on October 1, 2025 with the Board moving into Executive Session. MISCELLANEOUS Accidental Disability Retirement for Mack Segalla — Board received notification of an appeal from the retirees' attomey. There is nothing more to report at this time. 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 he discussed and other items not listed may also be brought up for discussion to the extent permitted by raw. 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 o WILLIAM SWEENEY moved to adjourn this open session at 10:35 A.M. SECONDED BY: LAURA GEMME VOTED: (5-M) UNANIMOUS 'Aa vnn M_QLIi7r Ch an S Angatm , Ex Officio jroV a �dOwed Richard Abate, "1 appointed WilfiamSwcq1.c4,2 appointed Laura A. Gemme, 2"a elected