Holyoke Retirement Board Meeting February 28, 2024

HOLYOKE RETIREMENT BOARD

FEBRUARY 28, 2024

DRAFT 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(zoom) at 9:06 A.M.  Present were Cheryl Dugre, Tanya Wdowiak, Todd McGee and Michele Aubrey(zoom). Also present were Executive Director Anthony Dulude, Brian Green &CO, Cyril Espanol-Journalist.

 

2024. Minutes of Board minutes held on January 31, 2024.

 

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 January 31,2024. No reconciliations since July, 2022.

 

III.       Statement of Financial Activities:    Pooled Fund Worksheet

 

1. Retirement Applications:

Jorge Colon Sr HHA 3/1/2024

Craig Doherty Fire Dept 4/5/2024

 

1. Expenses:
2. Bills……………………………………………. $       2,693.00

Refunds & Transfers……………….         61,952.84

3(8)(c) ……………………………….               0.00

Management Fees……………………     227,800.76                   

$   292,716.60

 

1. Retiree Payroll: Annuity                       Pension                        Total

January 31, 2024         $ 473,616.53               $ 2,148,921.88            $2,624,835.55

                                                                                               

1. VI. Issues-Request-Policy:

 

1. PERAC Memos and Correspondence:

Perac Pension Newsflash – Bill Keefe, New Director

 

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               2,176,741.50             2,176,741.50

Water                                 601,654.00                  121,654.00                 480,000.00

Housing                           1,149,999.00                  574,999.50                 574,999.50

Waste Water                        30,903.00                            0.00                     30,903.00 

Total                            $18,784,922.00            $8,203,762.91            $10,581,159.09

 

Email City Treasurer to keep up with appropriation payments for City portion.

1. New Members:

On a motion made by Ms. Dugre, seconded by Ms. Aubrey, the Board voted unanimously, via

roll call (5-0) to accept the following new members:

 

Name	Unit	Group
Jessica Cartagena-Ayala	PDP – Police Department	1
Brianna Tejada	ADM – Administration (small dept.)	1

 

1. Disabilities:

No action taken.

 

1. Investments:

The Board voted on a roll call vote (5-0) to liquidate Oberweis $4,666,618.51 and

Wasatch $4,006,423.55. Rebalance money to Acadian- $ 8,673,423.00 on recommendation from Consultant Brian Green.

 

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:

 

PRIT

 

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.

 

1. The Board voted unanimously (5-0) to grant buyback for Jose Romero Jr. 1 year and 3 months.

 

The Board voted unanimously (5-0) to allow Board and staff to attend Constitution Capital’s Annual Meeting.

 

The next meeting of the Holyoke Retirement Board will be held on Wednesday March 27, 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 10:20 A.M.

 

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

 

Draft minutes of January/2024 meeting.

Peoples Bank Statements- January 2024

Pooled Fund Statement 2023

 

 

 

 

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