The City Treasurer is an elected position that has a term of four years. The City Treasurer provides a direct voice of the people regarding the management of all cash and all invested public funds. In general, the Treasurer's office provides banking and investment services with minimum service cost and maximum yield on investments.
The office of the Treasurer is responsible for receipt, accurate accounting, disbursement of all funds both public and trust accounts, and prudent investment of all City funds in order to maximize yields while maintaining adequate liquidity. The Treasurer’s office receives all monies which come into the city, pays all bills, including payroll; is responsible for the administration of employee health and life insurance programs; works with the Assessor's, Tax Collector, and City Auditor’s departments to ensure the smooth and efficient operation of the City’s finances.
In addition, the Treasurer is responsible for investing the City’s funds in accordance with guidelines imposed by Ch. 44, Sec. 55, of Massachusetts General Laws. The Treasurer executes all short and long-term borrowing, which the Mayor has authorized, with approval of the City Council.
The Treasurer manages the City’s property, which is in Tax Title or Foreclosure. The Treasurer's Office places all outstanding taxes on agreements to be paid in a timely manner. If payments are not made or no agreement can be reached, a foreclosure process is done. Delinquent property is turned over to the Treasurer annually, when the Tax Collector does a tax taking; i.e., puts a lien on the property.
By virtue of the office, the City Treasurer is also the Treasurer of the Holyoke Retirement Board, Holyoke Gas & Electric, and the Whiting Street Fund.
For a more detailed understanding of the Duties and Responsibilities of the Treasurer please read this Excerpt of MCTA Treasurer (Chapter 2 Duties & Responsibilities of the City Treasurer)
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1850 John M. Chapin
1851-1852 Henry S. Babbit
1852-1866 Gustavus Snow (combined with Town Clerk)
1867-1868 E. H. Flagg (combined with Town Clerk)
1869-1871 Robert B. Johnson
1872-1873 Charles W. Ranlet
1873-1876 Charles W. Ranlet
1876-1877 Hon William B. Whiting
1877-1879 Charles W. Ranlet
1879 James R. Howes
1880-1884 Charles W. Ranlet
1885 Edwin L. Munn
1886 Oscar Ely
1887-1889 Edwin L. Munn
1890-1892 Hon Dennie L. Farr
1893-1931 Pierre Bonvouloir
1931-1943 Lionel Bonvouloir
1944-1972 Joseph Lucey
1972 Rita M. Leary
1973 Anne E. Savacheck
1974-1988 Daniel R. Owens
1988-2009 David B. Donoghue
2010-2015 Jon D. Lumbra
2015- Sandra A. Smith (Acting)
On at least an annual basis, the City issues debt to finance capital projects, including streets, schools, storm-water, water utility, sanitary sewer, and power utility. In connection with the City’s most recent borrowing, the City requested a rating from Standard & Poor’s Rating Service. Standard & Poor’s affirmed a rating of AA to the City’s long term debt and A+ to it’s newest issue . The Standard & Poor’s rating report indicates the rating reflects the City’s sizable, diverse and affluent tax base, strong financial position, and low debt levels. A copy of the Standard & Poor’s credit report can be reviewed on below at the end of part 2.
IRC 457(b) Deferred Compensation Plans
Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and non-governmental entities tax exempt under IRC 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f).
Who can establish a 457(b) plan?
The organization must be a state or local government or a tax-exempt organization under IRC 501(c).
How do 457(b) plans work?
Employers or employees through salary reductions contribute up to the IRC 402(g) limit ($17,500 in 2014 and $18,000 for 2015) on behalf of participants under the plan.
What are the advantages of participating in a 457(b) plan?
There are significant tax advantages for participants in a 457(b) plan:
- Contributions to a 457(b) plan are tax-deferred.
- Earnings on the retirement money are tax-deferred.
Can a 457(b) plan include designated Roth accounts?
A governmental 457(b) plan may be amended to allow designated Roth contributions and in-plan rollovers to designated Roth accounts starting 2011.
IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their plans in 2015
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged because the increase in the index did not meet the statutory thresholds that trigger their adjustment. Highlights include the following:
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 to $18,000.
- The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $5,500 to $6,000.
|Great West (State Plan 457)||MassMutual 457||
MassMutual 457 FICA
(Part Time Employees Only)
(School Department Only)
|Enrollment Form||457 Enrollment Form||457 FICA Enrollment Form||403b Salary Deferral Agreement|
|Beneficiary Designation Form||457 Beneficiary Designation||Withdrawal Request Form||403b Beneficiary Designation|
|Paycheck Contribution Election||457 Contribution Change Form||403b Contribution Change Form|
|Catch-Up Form||Catch-Up Form||15 Year Rule Form|
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Holyoke, MA 01040-5019 Map
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Posted on December 27, 2012 by City Treasurer