Holyoke Retirement Board Meeting July 31, 2024
9:00 am Holyoke City Hall Annex
20 Korean Veterans Plaza, Holyoke 01040
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.
Special Board Meeting: Wednesday July 31, 2024 @ 9:00 A.M.
Agenda Topics:
Minutes of Meeting held on June 26, 2024
Expense Warrant Approval
Bank Reconciliations
Trial Balance and Statement of Financial Activities
Retirement Applications
Disabilities
PERAC Memos
Consultant- &CO
RFP’S
COLA
Appropriations
Refunds and Transfers
Segal Actuarial Assumptions
Anthony Dulude is inviting you to a scheduled Zoom meeting.
Topic: Holyoke Retirement Board
Time: Jul 31, 2024 09:00 AM Eastern Time (US and Canada)
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HOLYOKE RETIREMENT BOARD
July 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 Chairwoman Cheryl Dugre 9:05 A.M. Present were Tanya Wdowiak, and Michele Aubrey (Zoom). Also present were Executive Director Anthony Dulude, Kevin Baload-Journalist(zoom), Gar Chung-journalist (zoom), and Brian Green (zoom)- Consultant, Lisa VanDermark- Segal (zoom).
Jack McCarthy absent from meeting.
- Minutes of Board minutes held on June 26, 2024.
On separate motions made by Ms. Wdowiak, seconded by Ms. Aubrey, 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.
- Bank Reconciliation:
Bank statements through June 30, 2024. No reconciliations since July, 2022.
III. Statement of Financial Activities:
- Retirement Applications:
Nestalz Vega- School Department 9/1/24
Kate McCoy- HPD 8/17/2024
Flor Barreto- School Department 7/15/2024
Matt Normandin HFD 7/9/24
Edwin Sustache-HPD 8/5/24
- Expenses:
- Bills……………………………………………. $ 4,186.95
Consultant Fees……………………. 0.00
Refunds & Transfers………………. 124,251.01
3 8 c ………………………………. 0.00
Management Fees…………………… 228,006.04
$ 356,444.00
- Retiree Payroll: Annuity Pension Total
June 30, 2024 $ 473,227.68 $ 2,165,825.16 $2,674,358.65
Vote (4-0) to accept items I-V.
- VI. Issues-Request-Policy:
- PERAC Memos and Correspondence:
Perac Memo 16/2024 Forfeiture of Retirement
Perac Memo 17/2024 Mandatory Retirement Board Training
Perac Memo 18/2024 Audit Process via Prosper
Perac Investment Report 2023
- Pension Appropriations FY2024: Report 7/29/2024
Total Due Total Paid Balance Due
City $12,648,883.00 $ 12,648,883.00 $ 0.00
Gas & Electric 4,353,483.00 4,353,483.00 0.00
Water 601,654.00 457,654.00 144,000.00
Housing 1,149,999.00 1,149,999.00 0.00
Waste Water 30,903.00 30,903.00 0.00
Total $18,784,922.00 $18,640,922.00 $ 144.000.00
- New Members:
| Justin Baez-Semidei | SDP – School Department | 1 | 07/08/2024 | 9.0 |
| Jose Cruz-Diaz | FDP – Fire Department | 4 | 07/01/2024 | 9.0 |
| Meghan Hance | HWD – Holyoke Water Dept. | 1 | 06/14/1999 | 9.0 |
| Randolf Nazario-Cartagena | FDP – Fire Department | 4 | 07/01/2024 | 9.0 |
| Jason Nieves | FDP – Fire Department | 1 | 07/08/2024 | 9.0 |
| Ryan Parnell | PDP – Police Department | 1 | 07/08/2024 | 9.0 |
| Angel Ramos Collazo | FDP – Fire Department | 4 | 07/01/2024 | 9.0 |
| Jorge Santiago Cartagena | ADM – Administration (small dept.) | 1 | 07/08/2024 | 9.0 |
Vote taken (4-0) unanimous to accept the new members.
- Disabilities-
The Board was given medical panel results for Enrique Melendez.
- Investments:
Segal Actuarial- Board voted unanimously (4-0) to accept funding schedule 2 at 3.75%
Which would drop the fully funded liability to year 2033, also with a reset of $450,000
Administrative expenses. Unfunded percentage went up to 77.58%.
Brian Green – Consultant Mariner- Flash Report- fund activity. On recommendation from Brian
Green board voted unanimously to invite 3 firms for Private Debt as finalists- Pennant Park,
Monroe Capital, and Constitution Capital. The board also voted to switch meeting from 8/28/24
To 8/21/24 to accommodate timing closures for funds if accepted. Brian Green also looking to add
LMCG’s new fund to our portfolio
The next meeting of the Holyoke Retirement Board will be held on August 21, 2024 @ 9am.
There being no further business, a motion to adjourn was made by Ms. Wdowiak, seconded by Mr. McGee, passing unanimously, (4-0).
MEETING ………………………. adjourned 10:02A.M.
List of Documents Reviewed at the 7/31/2024 Meeting:
Draft minutes of June 26/2024 meeting.
Peoples Bank Statements- June 2024
Mariner- Flash Report
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