MINUTES FOR THE SPRINGFIELD RETIREMENT BOARD MEETING
70 TAPLEY STREET, SPRINGFIELD, MA 01104
HELD ON JULY 30, 2024 AT 4:00 P.M.
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Present: Robert Moynihan, Patrick Burns, Haskell Kennedy, Karl Schmaelzle, Executive Director, Susana Baltazar, Teresa D’Agostino, Recording Clerk, Cathy Buono, Anthony Basile, Domenic Pellegrino, City Councilor Timothy Allen
Remote Participation: Thomas Scanlon, Attorney Alfredo ViVenzio, John Boorack, PERAC Actuary
Chairman Moynihan called the meeting to order at 4:00 P.M.
Agenda Item #1:
Chairman Moynihan stated that the purpose of the meeting was to discuss the information prepared by PERAC and consider funding schedules based on the actuarial valuation as of January 1, 2024.
John Boorack, the PERAC Actuary, began his presentation by going over the assumptions used in the valuation as well as any changes, and explained why they updated the mortality tables used in the valuation to the more current MP-2021. He also stated that this valuation includes the increase in liabilities due to the one-time 5% COLA adjustment for FY23 that was made in 2023. The investment return assumption used in this valuation was 7.00% which is the return that the system previously used. As of this valuation, the funded ratio increased by 4.50%. Mr. Boorack provided a detailed overview of the valuation results and prepared two alternative schedules for discussion and review. After analyzing the alternative funding schedules provided by PERAC, a motion was made by Burns to adopt Funding Schedule Alternative 1 which is the 9.20% per year increasing schedule until FY33 with a final amortization payment in FY34, second by Kennedy. Scanlon, yes, Kennedy, yes, Burns yes, Schmaelzle, yes, Moynihan, yes. Chairman Moynihan thanked everyone for attending the meeting, as well as John Boorack, PERAC’s Actuary, for his presentation.
Motion made by Burns to adjourn at 4:30 P.M. second by Kennedy. Scanlon, yes, Kennedy, yes, Burns, 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