Holyoke Retirement Board Meeting January 31,2024

HOLYOKE RETIREMENT BOARD

January 31, 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(zoom) at 9:00 A.M.  Present were Cheryl Dugre(zoom), Tanya Wdowiak, Todd McGee and Michele Aubrey(zoom). Also present were Executive Director Anthony Dulude, Brian Green &CO, Cyril Espanol-Journalist, Mike Antonellis-Capital Dynamics.

 

2023. Minutes of Board minutes held on December 20, 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:

 

Sharon Konstantinidis Hedic 1/27/24

Patricia King School Dept 2/1/24

Linda Tenzca School Dept 1/1/24

Doug Desmarais Fire Dept 1/5/24

Catherine McCauliffe School Dept 2/2024

Whitney Anderson School Dept 3/1/24

Cheryl Livengood Library 3/1/2024

 

 

1. Expenses:
2. Bills……………………………………………. $        67,707.89

Refunds & Transfers……………….           85,528.64

3 8 c ……………………………….

Management Fees……………………        119,645.59                   

$272,882.12

 

1. Retiree Payroll: Annuity                       Pension                        Total

December 31, 2023     $ 461,590.43               $ 2,154,284.03            $2,615,874.46

                                                                                               

1. VI. Issues-Request-Policy:

 

1. PERAC Memos and Correspondence:

Perac Memo # 1/2024 Medical Testing Fee

Perac Memo # 2/2024 Interest rate set at 0.1%

Perac Memo # 3/2024 Required Min Distribution age 73

Perac Memo # 4/2024 Limits under Ch46 acts of 2002

Perac Memo # 5/2024 Limits under sec 23 of ch131 acts of 2010

Perac Memo #6/2024 Cola Notice

Perac Memo #7/2024 Buyback and Repayment Worksheets

Perac Memo #8/2024 Cola Info through Prosper

Perac Memo #9/2024 Actuarial Data

 

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

 

1. New Members:

 

 

Name	Unit	Group
Kimberly Britton	BPW – Board of Public Works	1
Julio Canizales	ADM – Administration (small dept.)	1
Aaron Lyon	GAS – Gas and Electric	4
Steven Rogalski	PDP – Police Department	1
Jami Sheedy	ADM – Administration (small dept.)	1

 

 

 

1. Disabilities-

                                    

                        Board voted on roll call vote to go into executive session (5-0) at 9:05am.

Board exited executive session at 9:10am.

Board voted at 9:11am roll call vote (5-0) to convene a medical panel for Catherine Collamore

The Board voted on a roll call vote (5-0) to deny Richard Moynihan disability.

 

 

 

1. Investments: Copy of Fund 23 – total value as of December 31, 2023

                                  $ 391,147,838-year end final value will be for February meeting.

 

 

The Board voted on a roll call vote (5-0) to liquidate SSGA Midcap 400- $19,265,691 and SSGA Real Asset-$14,508,840 and to rebalance money to Aristotle Large Cap $850,000, SSGA Russ 1000- $11,000,000,Pyramis $2,500,000, Aristotle Small Cap $ 3,400,000, SSGA Russ 2000 $1,800,000,Putnam $7,000,000 and Western Asset $ 7,000,000 on recommendation from Consultant Brian Green.

 

The Board adopted Investment Policy going forward from January 31, 2024 on a roll call vote (5-0).

 

The Board voted (5-0) roll call vote to accept that &CO will be bought out by Mariner Investments.

 

The Board accepted the revised 2024 Budget on a (5-0) roll call vote.

 

The next meeting of the Holyoke Retirement Board will be held on Wednesday February 28, 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 10:10 A.M.

 

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

 

Draft minutes of December/2023 meeting.

Peoples Bank Statements- December 2023

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