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Home My WebLink About2025-10-22 Retirement Board Minutes0 Town of Reading 3 �„ Meeting Minutes Board - Committee - Commission - Council: Contributory Retirement Board Date: 2025-10-22 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: Sharon Angstrom - Chairman William Sweeney Richard Abate Laura Gemme Members - Not Present: David Gentile Others Present: Elaine Kelly - Administrator Faye Clcci- Assistant Administrator Anthony Tranghese-Fiduclent Advisors Richard Carey-Fiducient Advisors Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: page I 1 2256 MINUTES OF THE READING RETIREMENT BOARD MEETING Wednesday October 22, 2025 The Reading Retirement Board held a regular session meeting on October 22, 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 William Sweeney, Richard Abate, Laura Gemme, Administrator Elaine Kelly, Assistant Administrator Faye Cicci, Anthony Tranghese and Richard Carey (Fiducient Advisors). David Gentile was unable to attend due to a prior commitment. SPECIAL ITEM • Anthony Tranghese and Richard Carey from Fiducient Advisors presented their annual update to the Board. Fiducient presented the current asset allocation of the Reading Retirement System portfolio as of 8/31/2025 and compared it with the current allocation of the PRIT Core/General Allocation Fund. As of 8/31, the Reading Portfolio is modestly overweight private equity and so Fiducient provided a recommendation to reduce the target allocation to the PRIT Core/General Allocation Fund from 75%(current target) to 60"/n and redeploy those assets across the various asset class sleeves offered by PRIM. This reallocation would reduce the private equity overweight and bring the portfolio more closely in -line with the allocation of the PRIT Core/General Allocation, which remains an appropriate asset allocation profile for the System. The Board unanimously approved the recommended allocation changes that were detailed on slide 5 of the Annual PRIT Allocation Review deck. Fiducient also reviewed the System's PRIT Private Equity program and Fiducient recommended a $5 million commitment to PRIT Private Equity Vintage Year 2026. This recommendation was approved by the Board. Fiducient also recommended modest updates to the Asset Allocation Table in Appendix A of the Investment Policy Statement to align with the target allocation of the Reading Portfolio on a go - forward basis. The recommended updates were approved by the Board unanimously. Fiducient provided a brief update on portfolio performance and capital markets through August 2025. - Fiducient informed the Board of the recently announced Finn news that Fiducient, along with Wealthspire and a few other similar organizations currently owned by Ann, would be spinning out from Ann to create a single independent Registered Investment Advisory Finn. 2259 • LAURA GEMME motioned to approve a 528.5M re -allocation of assets as outlined on Page 5 of the handout. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • WILLIAM SWEENEY moved to approve the participation in the Private Equity Vintage Year (PEVY) 2026 program with a $5M distribution to the PEVY 2026 Fund. SECONDED BY: LAURA GEMME VOTED: (4-0-0) UNANIMOUS Anthony Tranghese will provide the commitment letter to the Board. Upon receipt, the Administrator will forward the confirmation letter to PRIT. • LAURA GEMME moved to update the Asset A4ocation Chart (APPENDIX A) and the System's Investment Policy Statement. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS NOTE: Anthony and Richard left the meeting at 10:11 AM. MINUTES • Minutes front the August 20, 2025 regular session were signed by all board members. • LAURA GEMME moved to approve the minutes from the September 24, 2025 regular session. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • LAURA GEMME moved to approve the minutes 6om the October 1, 2025 regular session. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • LAURA GEMME moved to approve the minutes from the October 1, 2025 executive session. SECONDED BY: WILLIAM SWEENEY JVOTED: 141-0) UNANIMOUS 2258 APPROVAL OF NEW MEMBERS, RETIREMENTS, TRANSFERS, AND REFUNDS • LAURA GEMME moved to approve the following new members: t Michael Baylis Laborer Date of hire - 10/06/25 9%+ 2% Or. I J (DPW) Date of membership - 10/06/25 i Jordan Deleon Police Officer Date of hire-10/14125 9%+ 2% Gr. 4 (Police) Date of membership - 10/14/25 ii Meson Parziale Firefighter/Paramedic Date of hire - 10120/25 90/.+2% Gr. 4 (Fire) Date of membership - 10/20/25 Brandon Amodeo Dispatch Date of hire-10/27125 9%+2%Gr. 1 (Police - Dispatch) Date of membership - 10/27/25 e) SECONDED BY: WILLIAM SWEENEY i VOTED: (4-0-0) UNANIMOUS • LAURA GEMME moved to approve the following retirement application: Susan Beauregard DOR 01/06/26 SECONDED BY: WILLIAM SWEENEY VOTED: (4-") UNANIMOUS APPROVAL OF MISCELLANEOUS ITEMS • LAURA GEMME moved to approve the October 2025 wire transfer from PRIM to MMDT in the amount of S750,000.00. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • LAURA GEMME moved to approve the October 2025 wire transfer from MMDT to Reading Coop in the amount of S 1,343,737.52 SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS 2259 • LAURA GEMME moved to accept the 2026 Calendar Year Budget in the amount of $476,520.00. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • LAURA GEMME moved to appoint ELAINE KELLY as the election officer for the V elected board member. DAVID GENTILE'S temr as board member expires on March 31, 2026, The Administrator will notify the Select Board. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0)UNANIMOUS • WILLIAM SWEENEY moved to approve the assistant's request to reduce her weekly hours from 37.5 hours/wk to 25 hours/wk. She will take 12.5 hours/wk as Leave Without Pay (LWOP) until her surgery date of 01/16/2026. The Board will revisit this topic when she returns from surgery. SECONDED BY: LAURA GEMME VOTED: (4-0-0) UNANIMOUS • Compensation for the Administrator during the medical leave of the Assistant will be re -addressed at a later date. • Updating the personnel policy to include clarifying language regarding the step increase was tabled to enable all Board members to be present to discuss. This will be on the November 24, 2025 Board meeting agenda. APPROVAL OF INVOICES TO BE PAID • LAURA GEMME moved to approve the following warrant #AP102025 totaling S1,428,457.48. SECONDED BY: WILLIAM SWEENEY VOTED: (4-0-0) UNANIMOUS • Francis Connolly, who worked for the School Dept. and retired on December 31, 2004 passed away on September 18, 2025. Francis chose Option C at his retirement; therefore, his spouse will receive 2/3rds of what Francis was receiving at the time of his death. • Richard Abate's Select Board position expires 12/31/26. J 2260 • An RFP for Legal Services was posted. The Retirement office received two RFPs at the 10/20/25 deadline. The Administrator distributed copies of the RFPs to the Board members. The Administrator will forward the rating and criteria information to the Board and will be discussed at a special meeting scheduled for November 12, 2025. • All 385 Annual Affidavits have been received. • The Assistant Administrator will attend PERAC's Administrator Training on November 5, 2025 at the Double Tree by Hilton in Danvers, MA. • As of October 20, 2025, the balance in the MMDT amount is $3,009,593.43. • Copies of the following Reading Retirement Board reports were entailed for review: The PRrr fund's monthly statement & fund performance for period ending September 30, 2025 General Ledger Trial Balance as of September 30. 2025 Cash Receipts, Adjustments, and Disbursements as of September 30, 2025 Bank Reconciliation for the month ending September 30, 2025 Reading Co-op Bank Statement for the month ending September 30, 2025 MMDT Bank Statement for the month ending September 30, 2025 Bank Reconciliation for wire amount with current balance of bank accounts • The next regular board meeting is scheduled for Wednesday November 12, 2025 at 1:00 PM, in the Conference Room at 2 Haven Street, Unit 307, Reading, MA. PERAC Memo #25/2025 —Tobacco Company List PERAC Memo #2612025 — Mandatory Retirement Board Member Training — 4" Quarter, 2025 OLD BUSINESS • The 2026 Board meeting schedule was confirmed. • Executive Session minutes —Upon approval by the Board, the recorded minutes will be deleted. MISCELLANEOUS 2261 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 he brought up for discussion to the extent permitted by lass. Items identified for discussion in Executive Session may be conducted in open session, in addition to, or in lieu of discussion in Executive Session. WILLIAM SWEENEY moved to adjourn this open session at 11:45 A.M. SECONDED BY: LAURA GEMME VOTED: (4-0-0) UNANIMOUS Chairman Sharon M. Angstrom, IN Offtcio David A. Gentile, I^ elected (ABSENT) Richard Abate, I" ap"poi Willi Swe nand Laum, 2 elected