Holyoke Retirement Board Meeting May 29, 2024

HOLYOKE RETIREMENT BOARD

May 29, 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, and Michele Aubrey (Zoom). Also present were Executive Director Anthony Dulude, Cyril Espanol-Journalist(zoom), Mr. Baretta-journalist (zoom), Gar Chung-journalist (zoom) and Brian Green- Consultant.

 

Todd McGee absent then zoom at 9:50 am and live at 10:13am.

 

2024. Minutes of Board minutes held on May 1 and April 24, 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 April 30, 2024. No reconciliations since July, 2022.

 

III.       Statement of Financial Activities:

 

1. Retirement Applications:

 

Marc Normandin- Fire Dept 5/23/24

Mariela Morales- School Dept 6/22/24

Jackeline Barreto- School Dept 6/22/24

 

 

1. Expenses:
2. Bills……………………………………………. $       2,520.44

Refunds & Transfers……………….         104,435.33

3 8 c ……………………………….           83,901.28

Management Fees……………………       155,181.91                   

$346,038.96

 

1. Retiree Payroll: Annuity                       Pension                        Total

April 30, 2024             $ 470,250.91               $ 2,172,644.97            $2,642,895.88

 

Vote (4-0) to accept items I-V.

                                                                                               

1. VI. Issues-Request-Policy:

 

1. PERAC Memos and Correspondence:

 

Fiscal Year Appropriations 2025 $19,197,843

 

 

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               3,990,692.75               362,790.25

Water                                 601,654.00                  385,654.00                216,000.00

Housing                           1,149,999.00                 1,054,165.75               95,833.25

Waste Water                        30,903.00                       30,903.00                   0.00 

Total                            $18,784,922.00            $14,948,077.74          $ 3,836,844.26

 

 

1. New Members:

 

 

Giovanni Abella	PDP – Police Department	4	05/05/2024	9.0
Ian Beauregard	GAS – Gas and Electric	4	05/19/2024	9.0
Linda Cruz	SDP – School Department	1	05/06/2024	9.0
Tayvontae Goodman	PDP – Police Department	4	05/05/2024	9.0
Charlyn Hernandez	SDP – School Department	1	04/29/2024	9.0
Danny Krasin	PDP – Police Department	4	05/05/2024	9.0
Brandon Mckenna	PDP – Police Department	4	05/05/2024	9.0
Luis Rivera	PDP – Police Department	4	05/05/2024	9.0
Hector Rodriguez	SDP – School Department	1	04/29/2024	9.0
Sheila Rodriguez	PDP – Police Department	1	06/01/2018	9.0
Franklin Saenz	PDP – Police Department	4	05/05/2024	9.0
Jose Santos Suarez	BPW – Board of Public Works	1	05/08/2024	9.0
Yashira Stiles	PDP – Police Department	4	05/05/2024	9.0
Nichole Tobin	SDP – School Department	1	05/13/2024	9.0

 

               

Vote taken (5-0) unanimous to accept the new members.

 

 

1. Disabilities-

 

William Dulude- vote taken (5-0) unanimously accepted disability retirement.

 

1. Show/Cause Erin Linville- court will drop her case if does not come up with information

to support her case.

 

1. Investments:

 

Consultant Brian Green of Mariner suggested we have meeting June 20, 2024

to vote on RFP’s for private equity. Board voted (5-0) for the meeting.

 

Board voted (5-0) to move $11million from Western Asset to Putnam due to revolving

managers at Western Asset.

 

                        Cola Update- City Council and Mayor approved 14k to 15k cola base increase.

 

Manager Reviews– Putnam 10am, Western Asset 10:10am, and LMCG 10:20am

 

 

The Board conducted manager reviews pursuant to 840 CMR 16.07.  Via Zoom:

 

 

The Board deemed the Companies are doing their due diligence with respect to the investment standards set forth in their contracts.

 

 

 

The next meeting of the Holyoke Retirement Board will be held on Wednesday June 26, 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 10:26 A.M.

 

List of Documents Reviewed at the 3/27/2024 Meeting:

 

Draft minutes of April and May 1/2024 meeting.

Peoples Bank Statements- April 2024

Manager Review Presentations

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