Holyoke Retirement Board Meeting December 20, 2023

HOLYOKE RETIREMENT BOARD

DECEMBER 20, 2023

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 9:00 A.M.  Present were Cheryl Dugre, Tanya Wdowiak(zoom), Todd McGee and Michele Aubrey(zoom). Also present were Executive Director Anthony Dulude, Brian Green &CO.

 

2023. Minutes of Board minutes held on November 29, 2023.
2024. Minutes of Board minutes held on November 14, 2023.

 

On separate motions made by Ms. Wdowiak, seconded by Ms. Dugre, it was voted unanimously, via roll call (5-0) 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 November 30, 2023. No reconciliations since July, 2022.

 

III.       Statement of Financial Activities:    Pooled Fund Worksheet

 

1. Retirement Applications:

 

Eleanor Bernard HG&E 12/27/23

David Beaudoin DPW  12/30/2023

Gerardo Munoz School Dept 12/26/2023

Emil Morales Police Dept 1/2024

Shaun Peltier Fire Dept 1/7/2024

Richard Shattuck Jr Fire Dept 1/7/2024

Irma Cruz City Clerk 1/31/2024

Peter Tallman City Council 1/2024

 

1. Expenses:
2. Bills……………………………………………. $        44,262.74

Refunds & Transfers……………….          142,349.67

3 8 c ……………………………….           92,620.95

Management Fees……………………                         _  

$279,233.36

 

1. Retiree Payroll: Annuity                       Pension                        Total

November 30, 2023    $ 461,403.44               $ 2,147,683.02            $2,609,086.46

                                                                                               

1. VI. Issues-Request-Policy:

 

1. PERAC Memos and Correspondence:

Perac Memo # 27/2023 Election at age 70

Perac Memo #28/2023 Disability Data Changes

Perac Memo #29/2023 Tobacco Company List

Perac Memo #30/2023 Mandatory Retirement Board Member Training

 

1. Pension Appropriations FY2024: Report 12/20/2023

 

Total Due                  Total Paid               Balance Due

City                             $12,648,883.00           $ 5,270,367.91           $ 7,378,515.09

Gas & Electric                 4,353,483.00               1,813,951.25             2,539,531.75

Water                                 601,654.00                  121,654.00                 480,000.00

Housing                           1,149,999.00                  479,166.25                 670,832.75

Waste Water                        30,903.00                            0.00                     30,903.00 

Total                            $18,784,922.00            $7,685,139.41            $11,099,782.59

 

1. New Members:

 

Matthew Hayes   DPW Group 1- 9%

 

 

1. Disabilities-

                                    

                        Board voted on roll call vote to go into executive session (5-0) at 9:09am.

Board exited executive session at 9:12am.

Board voted at 9:13 roll call vote (5-0) to convene a medical panel for William Dulude-

Holyoke Housing Authority. Board member Todd McGee wanted to make sure that

All services and proper procedures were being followed for Mr. Dulude.

Anthony Dulude (Executive Director) is brother of William Dulude.

 

 

1. Investments: Copy of Fund 23 – total value as of November 30, 2023

                                  $ 378,852,252.24

 

The Board conducted manager reviews pursuant to 840 CMR 16.07.  Via Zoom, the following managers presented performance and investment reports detailing the manager’s activities

which the Board reviewed:

 

Acadian, Seizert, Fidelity, Entrust, Oaktree, Mesirow, RBC, Wasatch, Monroe, Loomis.

 

The Board reviewed and compared the managers’ performance with the retirement system’s investment goals and policies.  The Managers reviewed investment performance and relative performance, provided a current investment outlook/forecast as well as strategy for the future, and key personnel staffing changes.

 

The Board determined that the investment managers continue to operate in the manner represented when first retained and outlined in the agreement between the Board and the manager.

 

The Board voted to liquidate Wells Fargo/CB and SSGA Tips and to rebalance money to Seizert, Putnam, Aristotle and Western Asset on recommendation from Consultant Brian Green.

 

Putnam $ 5,830,265.46

Western Asset $ 5,830,265.46

Seizert $ 3,859,011.11

Aristotle $ 5,772,549.11

 

The Board adopted Investment Policy going forward from December 2023 on a roll call vote (5-0).

 

The Board pushed the 2024 Budget to the 1/24/24 meeting- for fine tuning.

 

The next meeting of the Holyoke Retirement Board will be held on Wednesday January 24, 2024 @ 9am.

 

There being no further business, a motion to adjourn was made by Ms. Wdowiak, seconded by Mr. McGee, passing unanimously, (5-0).

 

MEETING ………………………. adjourned 11:10 A.M.

 

List of Documents Reviewed at the 12/20/2023 Meeting:

 

Draft minutes of November/2023 meeting.

Peoples Bank Statements- November 2023

Pooled Fund Statement 2023

Manager review materials.

Proposed Meeting Dates for 2024

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