If you are unable to attend the Springfield Retirement Board Meeting in person, please notify the Springfield Retirement Office by 4:30 PM on Tuesday, March 22, 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 MARCH 23, 2022 AT 5:00 P.M.
Present: Robert Moynihan, Patrick Burns, Haskell Kennedy, Executive Director, Susana Baltazar, Teresa D’Agostino, Recording Clerk
Remote Participation: Thomas Scanlon, Karl Schmaelzle, Attorney Alfredo ViVenzio, Linda Bournival
Agenda Item #1-Pension Obligation Bonds
Linda Bournival of KMS Actuaries, LLC gave a report on the Unfunded Actuarial Accrued Liability of the City of Springfield Retirement System as of January 1, 2022. A motion was made by Burns pursuant to Chapter 181 of the Acts of 2002, which authorizes the City of Springfield to issue pension obligation bonds for the purpose of funding the City’s unfunded pension liability, that the Board of the Springfield Contributory Retirement System determines, solely for the purpose of compliance with said Chapter 181 of the acts of 2002, that the unfunded pension liability of the city, based upon a report of KMS Actuaries, LLC, a nationally recognized independent consulting firm, dated as of January 1, 2022 and presented to this meeting is, $904,913,600.00, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.
The correspondence and reports were received and reviewed by the Board Members and the Executive Director.
Motion made by Burns to adjourn at 5:11 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