Holyoke Retirement Board Meeting April 24, 2024

April 24, 2024

MINUTES

 

Pursuant to Chapter 20, Section 20 of the Acts of 2021, the regular Meeting of the Holyoke Retirement Board was called to order by Chairperson Jack McCarthy at 9:02 A.M.  Present were Cheryl Dugre, Tanya Wdowiak, Todd McGee and Michele Aubrey (Absent). Also present were Executive Director Anthony Dulude, Cyril Espanol-Journalist(zoom), Mayor Garcia (zoom), and Lisa VanDermark- Segal Actuarial (zoom).

 

2024. Minutes of Board minutes held on March 27, 2024.

 

On separate motions made by Ms. Wdowiak, seconded by Ms. Dugre, it was voted unanimously, via roll call (4-0) to accept Item I “Minutes,” Item II “Bank Reconciliation,” Item III “Statement of Financial Activities,” Item IV “Retirement Applications,” and Item V “Expenses.”, voting in favor all members.

 

1. Bank Reconciliation:

Bank statements through February 29,2024. No reconciliations since July, 2022.

 

III.       Statement of Financial Activities:

 

1. Retirement Applications:

 

Samuel Carmona- School Dept. June 2024

 

 

1. Expenses:
2. Bills……………………………………………. $       48,729.90

Refunds & Transfers……………….           54,062.02

3 8 c ……………………………….

Management Fees……………………        10,136.13                   

$112,928.05

 

         Segal Marco- received bill from Segal Marco for consulting fees- it was in error for $ 17,687.50

Will be taken off April 24, 2024 warrant and be revised for May 1, 2024 meeting.

 

1. Retiree Payroll: Annuity                       Pension                        Total

March 31, 2024           $ 474,298.91               $ 2,175,087.03            $2,649,385.94

 

Vote (4-0) to accept items I-V with adjustments for minutes and expenses (Segal).

                                                                                                

1. VI. Issues-Request-Policy:

 

1. PERAC Memos and Correspondence:

 

Perac Memo #11/2024 Mandatory Board Member Training

Perac Memo #12/2024 Perac Regulations 840 CMR 4.00 and 25.00

Perac Memo #13/2024 Perac Regs. 840 CMR 2.00,8.00,11.00,12.00 and 15.00

 

 

1. Pension Appropriations FY2024: Report 4/23/2024

 

Total Due                  Total Paid               Balance Due

City                             $12,648,883.00           $ 9,486,662.24           $ 3,162,220.76

Gas & Electric                 4,353,483.00               3,627902.50                725,580.50

Water                                 601,654.00                  313,654.00                288,000.00

Housing                           1,149,999.00                  862,499.25                 287,499.75

Waste Water                        30,903.00                            0.00                     30,903.00 

Total                            $18,784,922.00            $14,321,620.99          $ 4,463,301.01

 

 

1. New Members:

 

Name	Unit	Group	Status Date	Rate
Abigale Buedinger	ADM – Administration (small dept.)	1	04/01/2024	9.0
Gloria Caballero-Roca	SDP – School Department	1	04/01/2024	9.0
John Rosario	PRK – Parks & Recreation Dept.	1	04/01/2024	9.0
Cinthya Sanchez	SDP – School Department	1	04/01/2024	9.0

 

               

Vote taken (4-0) unanimous to accept the new members.

 

 

1. Disabilities-

 

Board voted to go into executive session at 9:10am (4-0) vote.

Board voted to exit executive session at 9:15am (4-0) vote.

  

            Catherine Collamore- Perac approval 4/11/2024

Enrique Melendez- Board voted (4-0) to approve Mr. Melendez

for Medical Panels.

William Dulude- vote will be put on for May 1, 2024 meeting.

 

 

1. Investments:

 

Consultant Brian Green of Mariner will be at May 1, 2024 meeting.

 

1. Cola– Cola adjustments were presented by Lisa VanDemark (Segal). Assumptions to

Stay at 7%- unfunded 117 million- funding schedule to go through 2034. Percentage

to roughly stay at 2 %. Vote taken to increase base from $14,000 to $15,000. Base

increase was approved (4-0) vote.

 

 

The next meeting of the Holyoke Retirement Board will be held on Wednesday May 1, 2024 @ 9am.

 

There being no further business, a motion to adjourn was made by Ms. Wdowiak, seconded by Mr. McGee, passing unanimously, (4-0).

 

MEETING ………………………. adjourned 9:59 A.M.

 

List of Documents Reviewed at the 4/24/2024 Meeting:

 

Draft minutes of March/2024 meeting.

Peoples Bank Statements- March 2024

Cola information- Segal Actuarial

Respectfully submitted,

 

______________________________

Anthony Dulude

Executive Director

 

 

ATTESTED TO:         _____________________________ John T. McCarthy (Chairman)

Elected Member

 

_____________________________ Michele Aubrey

Appointed Fifth Member

 

_____________________________ Cheryl Dugre

Elected Member

 

_____________________________ Todd McGee

Appointed Member

 

_____________________________ Tanya Wdowiak

Ex-Officio Member