The Springfield Retirement Board Meeting Scheduled for December 16, 2020 was held remotely as a Result of the COVID-19 pandemic. This meeting was rescheduled from December 9, 2020. The Public can access the meeting remotely via GoToMeeting at https://global.gotomeeting.com/join/881986909 .
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MINUTES FOR THE SPRINGFIELD RETIREMENT BOARD MEETING
70 TAPLEY STREET, SPRINGFIELD, MA 01104
HELD ON DECEMBER 16, 2020 AT 4:00 P.M.

Present: Robert Moynihan, Thomas Scanlon, Patrick Burns, Haskell Kennedy, Attorney Alfredo ViVenzio, Executive Director, Susana Baltazar, Judy Dziobek, Recording Clerk, Michael Nelligan, Rebecca Gamsby, Paul Todisco, Emily Green, Elizabeth Herlihy, Timothy Allen, Robert Day, Attorney Margaret Shea, Greg Superneau, Juan Guzman, Attorney Thomas Downey, Fidan Gousseynoff, Michael Raimer, Attorney Kevin Coyle

Absent: Philip Mantoni/sick

Agenda Item #1-Michael Nelligan from Powers and Sullivan
Michael Nelligan and Rebecca Gamsby were present to give an overview of the audit report completed for the Springfield Retirement System. This report included an overview and analysis of the financial statements for the year ending December 31, 2019 which complies with the financial reporting requirements issued by the Governmental Accounting Standards Board (GASB). This report details information that is required to determine the employer allocations for the Springfield Water and Sewer Commission, the Springfield Housing Authority and the City of Springfield. It is the opinion of Powers and Sullivan that the financial records submitted were found to be in accordance with the accounting principles generally accepted in the United States of America. The Board thanked Mr. Nelligan for his presentation.

Agenda Item #2-Manager Performance Review & Discussion – PRIM
Paul Todisco, Elizabeth Herlihy and Emily Green from PRIM were present and discussed investment performance, PRIM’s asset allocation and provided updates to the Board on the firm. Mr. Todisco provided the Board with a Performance Review Information booklet which showed a detailed summary of PRIT performance, and annualized returns as of September 30, 2020. The Board asked questions of Mr. Todisco and thanked them for their presentation.

Agenda Item #3-Minutes
Motion made by Scanlon to approve the minutes of the meeting held on November 4, 2020, second by Burns. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #4-Accidental Disability Application-Robert Day-Department of Public Works
Motion made by Burns to accept the application for Accidental Disability benefits submitted by Robert Day, and request that PERAC convene a medical panel, second by Kennedy. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #5-Accidental Disability Application–Juan Guzman-Springfield Housing Authority
Motion made by Burns to accept the responses of the medical panel, the evidence of the Disability Application and approve the disability benefits for Juan Guzman, second by Scanlon. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #6-InvoluntaryAccidental Disability Application–Michael Raimer-Fire Department
Motion made by Scanlon to accept the responses of the medical panel for Accidental Disability benefits submitted by Fire Commissioner Bernard J. Calvi and approve the Disability benefits for Michael Raimer, second by Burns. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #7-Superannuations
Motion made by Scanlon to accept the following Superannuations: Warren Barnett, Firefighter, Fire Department with 30 years as of 1/9/2021; Michael Dowd, Police Officer, Police Department with 31 years and 6 months as of 1/19/2021; Kimberley Gale, HR File and Records Coordinator, Personnel with 16 years and 1 month as of 11/22/2020; Joseph Korman, Traffic Signal Technician, DPW with 37 years and 6 months as of 1/9/2021; Leonard Stadnicki, Mechanic 1, Springfield Housing Authority with 20 years and 2 months as of 1/2/2021; Steven Stathis, Environmental Health Director, Health and Human Services Department with 37 years and 5 months as of 1/9/2021; Robert Tardiff, Police Captain, Police Department with 31 years and 5 months as of 1/2/2021, second by Burns. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #8-Warrants
Motion made by Burns to approve and reaffirm the approval of the following warrants:Warrant #61 Refunds in the amount of $62,668.55, Warrant #62 Refunds in the amount of $10,000.00, Warrant #63 Transfers in the amount of $20,986.37, Warrant #64 Expenses in the amount of $56,904.40, Warrant #65 Retiree payroll in the amount of $6,983,528.76, and redemption from the PRIT fund in the amount of $0.00, second by Kennedy. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #9-Refunds/Transfers to Other Systems
Motion made by Burns to approve the fifteen (15) 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 Kennedy. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #10-Redeposit of Refunds and Makeup of Contributions
Motion made by Burns to approve the redeposit of refunds to: Rowina Blanco, Inspections Clerk, Springfield Housing Authority, for the refund from the Worcester Retirement System in 2003; Jorge Caldero, Police Academy Officer, Police Department, for the refund from the Springfield Retirement System in 2016; Amber Dyke, Site Coordinator, School Department, for the refund from the Massachusetts Teachers’ Retirement System in 2019; Allison Emhoff, Site Coordinator, School Department, for the refund from the Springfield Retirement System in 2017; John Fortin, Junior Custodian, Facilities Physical Plant, for the refunds from the State Board of Retirement in 1985 and 1987; Justin Hurst, City Council President, City Council, for the refund from the Massachusetts Teachers’ Retirement System in 2011; Lizzy Ortiz, Project Manager, Community Development Department, for the refund from the Holyoke Retirement Board in 2019, second by Scanlon. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #11-Benefits under Section 12(2)(d)-12B
Motion made by Scanlon to approve the 12(2)(d)-12B benefits from the beneficiary of Joyce Westbrook of the School Department-Deceased, second by Kennedy. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #12-Meeting dates for Calendar Year 2021
Motion made by Scanlon to accept the scheduled Meeting dates for Calendar Year 2021 as amended, second by Kennedy. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #13-Fiscal Year 2021 Appropriation
Patrick Burns addressed the Board regarding the 2021 City Appropriation. He indicated that due to the Pandemic and its effect on the cash flow, the City would like to make a payment in January in the amount of $17,283,726.00, and a payment in April in the amount of $17,283,726.00 for the balance owed. Motion made by Scanlon to accept the payment schedule as presented, second by Kennedy. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes. Burns also suggested the interest is waived through June 30, 2021. Motion made by Kennedy to waive the interest, second by Scanlon. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.

Agenda Item #14-Director’s Report
Executive Director Baltazar informed the Board that all the disability retirees were in compliance with the 91A reporting and PERAC notified us that we had four disability retirees that had excess earnings. Director Baltazar also informed the Board that letters for the amount due and a copy of the Springfield Retirement System Interest Policy will be sent by regular and certified mail, regarding their excess earnings. Motion made by Burns to notify these disability retirees and to allow the repayment according to the interest policy, second by Scanlon. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes. Executive Director Baltazar also informed the Board that the PERAC disability approval for Bonnie Watson-School Department was received.

Agenda Item #15-Attorney’s Report
Attorney ViVenzio informed the Board that he is awaiting a summary decision on the Lori Lefebvre case. Attorney ViVenzio also gave an update on the Mr. Basile and Mr. Goodman cases.

Agenda Item #16-Old Business
None

Agenda Item #17-New Business
None

F. Y. I. PERAC Memos, #33-PROSPER Benefit Calculation Submission is almost here, PERAC-Appropriation for Fiscal Year 2022, PERAC Pension News, October PRIT Fund Update, Boston Millennia-Quarterly Report, Crescendo Ventures-Quarterly Report, Treasurer’s Reconciliation for the months of September and October, Trial Balance, Adjusting Entries, Receipts, Disbursements and General Ledger for the month of October, Budget Balances as of November, Monthly Transfers for November, 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 Scanlon to adjourn at 5:51 P.M. second by Burns. Scanlon, yes, Kennedy, yes, Burns, 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