Holyoke Retirement Board Meeting March 29, 2023
9:00 am Holyoke City Hall Annex
20 Korean Veterans Plaza, Holyoke 01040
Agenda posted March 21, 2023 12:59 PM
Pursuant to G.L. c. 30A, § 20(b) notice is hereby given that a meeting of a Holyoke Retirement Board Meeting to be held at 20 Korean Veterans Plaza, Room 207, Holyoke, MA.
Regular Board Meeting Wednesday, March 29, 2023 @ 9:00 A.M.
Agenda Topics:
- Minutes of meeting held on February 22, 2023
- Expense warrant approval
- Bank Reconciliations
- Trial Balance and Statement of Financial Activities
- Retirement Applications
- COLA Updates
- Disabilities
- PERAC Memos
- Appropriations
- RFP’s
- Refunds
- Segal Marco
Anthony Dulude is inviting you to a scheduled Zoom meeting.
Topic: Holyoke Retirement Board
Time: Mar 29, 2023 09:00 AM Eastern Time (US and Canada)
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HOLYOKE RETIREMENT BOARD
MARCH 29, 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 9:02 A.M. Present were Michele Aubrey, Cheryl Dugre and Tanya Wdowak, Todd McGee absent from meeting. Also present were Executive Director Anthony Dulude and Mayor Josh Garcia, also present was Rafik Ghazarian from Segal Marco via (Zoom) and Cyril Espanol -Journalist from With.Intelligence (via Zoom).
Took Mayor Garcia out of order- talked about 2% cola increase- The Mayor raised concerns about being able to cover the portion from City Budget to supplement the Cola increase and revisit the ERI portion from the School Department.
- Minutes of Board meeting held on February 22, 2023
On separate motions made by Ms. Aubrey, 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.” On a roll call vote, voting in favor all members.
- Bank Reconciliation:
Bank statements through February 28, 2023. No reconciliations since July, 2022.
III. Statement of Financial Activities:
- Retirement Applications:
Sabrina Brassil- School Department 6/1/2023
Mary Dearman- Water Works 5/1/2023
- Expenses:
- Bills……………………………………………. $ 62,514.84
3 (8) C……………………………… 35,293.14
Refunds & Transfers………………. 32,398.65
Management Fees…………………… 17,385.33
$ 147,591.96
- Retiree Payroll: Annuity Pension Total
February 28, 2023 $449,242.47 $2,133,830.52 $2,583,072.99
- VI. Issues-Request-Policy:
- PERAC Memos and Correspondence:
Perac Memo #10/2023 Mandatory Board Training
Perac Pension News #62
Perac Email- Open Meeting Waiver
- Pension Appropriations FY2023: Report 12/31/2022
Total Due Total Paid Balance Due
City $12,430,567.00 $6,215,283.50 $6,215,283.50
Gas & Electric 4,217,718.00 2,811,812.00 1,405,906.00
Water 629,705.00 349,705.00 280,000.00
Housing 1,059,334.00 529,668.00 529,666.00
Waste Water 28,572.00 28,572.00 0.00
Total $18,365,896.00 $ 9,935,040.51 $ 8,430,855.49
- New Members:
On a motion made by Ms. Dugre, seconded by Ms. Aubrey, the Board voted unanimously, via roll call (4-0) to accept the following new members:
| Ivan DelValle | FDP – Fire Department | 4 | 9.0 |
| Mary Gotham | ADM – Administration (small dept.) | 1 | 9.0 |
| Daniel Quinones | SDP – School Department | 1 | 9.0 |
| Jonathan Schuetze | FDP – Fire Department | 4 | 9.0 |
| Nicole Tyler | SDP – School Department | 1 | 9.0 |
- Disabilities
No action taken.
- Investments:
- Segal- Rafik Ghazarian- February: Flash Report. Year to date +2.7%
- MASS PRIM – Francesco Daniele- Manager Review- Sophisticated risk management platform and
framework. Methodical asset allocation decisions. Re-engineered Hedge Fund
program. Enhance manager search and selection process. Private Equity co-
investment. Direct Real Estate Program.
- Advisor Search– The Board decided to invite 5 finalists to the Special Meeting May 17, 2023.
&CO, Dahab, Fiducient, Raymond James, and Segal.
The next meeting of the Holyoke Retirement Board will be held on Wednesday April 26, 2023 @ 9am
There being no further business, a motion to adjourn was made by Ms. Aubrey, seconded by Ms. Dugre, passing unanimously, via roll call vote (4-0).
MEETING ………………………. adjourned 10:25 A.M.
List of Documents Reviewed at the 3/29/2023 Meeting:
Draft minutes of 2/22/2023 meeting.
Segal Marco-performance February
Appropriation FY2023 Worksheet
Respectfully submitted,