August 3, 2022, Meeting Minutes

If you are unable to attend the Springfield Retirement Board Meeting in person, please notify the Springfield Retirement Office by 3:30 PM on Tuesday, August 2, 2022, by emailing sbaltazar@springfieldcityhall.com to receive a link to attend the meeting remotely.

MINUTES FOR THE SPRINGFIELD RETIREMENT BOARD MEETING
SPRINGFIELD DPW CONFERENCE ROOM
70 TAPLEY STREET, SPRINGFIELD, MA 01104
HELD ON AUGUST 3, 2022 AT 4:00 P.M.

Present: Robert Moynihan, Thomas Scanlon, Haskell Kennedy, Patrick Burns, Karl Schmaelzle, Attorney Alfredo ViVenzio, Executive Director, Susana Baltazar, Teresa D’Agostino, Recording Clerk, Marques Barsh, Stephanie Oglesby, Dennis Oglesby, Attorney Michael Chernick, Rick Garib, Jeffery Hyde, Reinaldo Bermudez, Attorney Kevin Coyle, Roberto Matos

Remote Participation: Attorney John Parsons, Executive Director for PERAC, John Boorack, PERAC Actuary, TJ Plante, Domenic Pellegrino, Pat Roach, Austin Harris, Attorney Joseph Donnellan

Chairman Moynihan called the meeting to order at 4:05 P.M.

Agenda Item #1:
Attorney John Parsons, Executive Director of PERAC, addressed the Board and attendees and presented an overview of the recent legislative matters affecting members and retirees. He informed the Board of upcoming seminars as well as recent COLA updates. John Boorack, the PERAC Actuary, provided a detailed valuation overview as of January 1, 2022 and discussed the recommendation to update the mortality tables, and decrease the investment return assumption from 7.25% to 7.00%, as well as its impact on the funding of the system. Mr. Boorack also reviewed the impact of increasing the COLA base and the Cost of Living Percentage for fiscal year 2023. After reviewing the valuation results and the alternative funding schedules provided by PERAC, a motion was made by Scanlon to adopt Funding Schedule Alternative 1 which is a 9.20% per year increasing schedule until FY32, with a final amortization payment in FY33, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes. Chairman Moynihan thanked everyone for attending the meeting.

Agenda Item #2-Minutes
Motion made by Scanlon to approve the minutes of the meeting held on July 13, 2022, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #3-Accidental Disability Application-Marques Barsh-School Department
Motion made by Scanlon to accept the responses of the medical panel, the evidence of the Accidental Disability application and approve the disability benefits for Marques Barsh, second by Schmaelzle. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #4-Accidental Disability Application-Stephanie Oglesby-School Department
Motion made by Kennedy to accept the application for Accidental Disability benefits submitted by Stephanie Oglesby pending the receipt of further information from the Department, second by Scanlon. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #5-Involuntary Accidental Disability Application-Jeffery Hyde-Fire Department
Motion made by Scanlon to accept the responses of the medical panel, the evidence of the Involuntary Accidental Disability application and approve the disability benefits submitted by Commissioner Bernard Calvi,
second by Schmaelzle. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #6-Involuntary Accidental Disability Application-Reinaldo Bermudez-Police Department
Motion made by Scanlon to accept the responses of the medical panel, the evidence of the Involuntary Accidental Disability application and approve the disability benefits submitted by Police Superintendent Cheryl Clapprood, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #7-Involuntary Accidental Disability Application-Roberto Matos-Police Department
The matter of Roberto Matos was reviewed. The vote taken at the July 13, 2022 meeting was reviewed and an opportunity was given for the Board members to reconsider the vote and ask any questions. No further action was taken.

Agenda Item #8-Superannuations
Motion made by Scanlon to approve the following Superannuations: Colette Dufresene, Paraprofessional, School Department with 22 years and 11 months as of July 30, 2022; Daniel Fredette, System Engineer, School Department with 28 years and 3 months as of August 13, 2022; Paul Hardin, Greens Superintendent Assistant, Parks Department with 18 years and 3 months as of August 1, 2022; Nancy Martinez, Paraprofessional, School Department with 34 years and 8 months as of August 1, 2022; John Lataille, Senior Custodian, School Department with 20 years as of September 10, 2022; Paige Loos, Paraprofessional, School Department with 17 years and 3 months as of August 8, 2022; second by Schmaelzle. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #9-Warrants
Motion made by Burns to approve and reaffirm the approval of the following warrants: Warrant #39 Refunds in the amount of $240,555.71, Warrant #40 Expenses in the amount of $273,037.57, Warrant #41Transfers in the amount of $160,656.56, Warrant #42 Refunds in the amount of $14,985.03, Warrant #43 Expenses in the amount of $8,634.20, Warrant #44 Retirement payroll in the amount of $7,331,759.95 and redemption from the
PRIT fund in the amount of $0.00, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #10-Refunds/Transfers to Other Systems
Motion made by Scanlon to accept the twenty-three (23) requests for refunds and transfers to other systems. The names have been submitted to their particular Department, the Law Department and the Massachusetts Department of Revenue, second by Schmaelzle. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #11-Redeposit of Refunds and Makeup of Contributions
Motion made by Scanlon to accept the redeposit of refunds to: Sarah-Grace J. Burney-Nash, Paraprofessional, School Department, for the refund from the Holyoke Retirement Board in 2004, Victoria Moson, Paraprofessional, School Department, for the refund from the Springfield Retirement System in 2021, Leon Spradley, Paraprofessional, School Department, for the refund from the Springfield Retirement System in 2015, second by Burns. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.
Motion made by Scanlon to allow the makeup of contributions to: Jason A. Garner, Senior Treasury Analyst, Treasurer’s Department, for 3 months of employment with the Elections Department, second by Burns. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #12-Discussion of COLA Base Increase and Cost of Living Percentage Increase
Motion made by Burns to table the vote to increase the COLA Base until the September Board meeting, so discussions can be held with officials of the member units regarding an alternative for COLA payments, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, no.

Agenda Item #13-Director’s Report
Executive Director Susana Baltazar gave an update on the 91A terminations. After discussion, a motion was made by Scanlon to terminate the Retirement allowances on August 3, 2022 to those Retirees who did not comply with Chapter 32, section 91A and PERAC regulations, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes. Ms. Baltazar updated the Board on the PERAC Memos received regarding the Open Meeting Law. After discussion, a motion made by Scanlon to return to in-person meetings to be held in the Retirement Conference room, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes. Motion was made by Schmaelzle to grant Executive Director Susana Baltazar the authority to allow remote participation in limited circumstances, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #14-Attorney’s Report
Attorney Vivenzio stated that he has a few cases pending and will update the Board accordingly.

Agenda Item #15-Old Business
None

Agenda Item #16-New Business
None

F. Y. I.
PERAC Memos, #18-Expiration of Open Meeting Law Waiver, #19-Extension of Open Law Waivers, #20-Reinstatement to Service and Application for Reinstatement to Service, #21-Vernava II–Important Update
June PRIT Fund Update, Trial Balance, Adjusting Entries, Receipts, Disbursements and General Ledger for the month of June, Treasurer’s Reconciliation for the month of May, Budget Balances as of July, Monthly Transfers for July, Recent Retiree Deaths, Monthly Cash Flow

The correspondence and reports were received and reviewed by the Board Members and the Executive Director.

Motion made by Schmaelzle to adjourn at 5:44 P.M. second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

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Robert P. Moynihan, Chairman

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Thomas M. Scanlon, Elected Member

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Haskell Kennedy, Appointed Member

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Patrick S. Burns, Appointed Member

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Karl J. Schmaelzle, 5th Member