November 2, 2022, Meeting Minutes

MINUTES FOR THE SPRINGFIELD RETIREMENT BOARD MEETING
70 TAPLEY STREET, SPRINGFIELD, MA 01104
HELD ON NOVEMBER 2, 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, Anthony Basile, Luis Arroyo, Attorney Charles Casartello, Greg Superneau

Remote Participation: Michael Nelligan, Todd Jurczyk, Francesco Daniele

Chairman Moynihan called the meeting to order at 4:00 P.M.

Agenda Item #1-Michael Nelligan from Powers and Sullivan
Michael Nelligan presented an overview of the Springfield Retirement System audit report for the year ending December 31, 2021. The financial statements comply with the financial reporting requirements issued by the Governmental Accounting Standards Board (GASB). The employer allocations for the Springfield Water and Sewer Commission, the Springfield Housing Authority and the City of Springfield were included in this report and reviewed. Mr. Nelligan went over the process and the information that was used to prepare the audit with the Board. 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, as well as Todd Jurczyk from Powers and Sullivan.

Agenda Item #2-Manager Performance Review & Discussion – PRIM
Francesco Daniele from PRIM presented information regarding PRIM’s investment performance and updates to the firm. He also reviewed the asset allocation and recent market volatilities. Mr. Daniele provided the Board with Performance Review Information which included the annualized returns. The Board thanked Mr. Daniele for his presentation.

Agenda Item #3-Minutes
Motion made by Kennedy to approve the minutes of the meeting held on October 5, 2022, second by Scanlon. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #4-Accidental Disability Application-Luis Arroyo-Department of Public Works
Motion made by Scanlon to accept the responses of the medical panel, the evidence of the Accidental Disability application and approve the disability benefits submitted by Luis Arroyo, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #5-Involuntary Accidental Disability-Misael Rodriguez-Police Department
Motion made by Scanlon to accept the application for Involuntary Accidental Disability benefits submitted by Police Superintendent Cheryl Clapprood, and request that PERAC convene a medical panel, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #6 -Superannuations
Motion made by Scanlon to approve the following Superannuations: Gregory Barber, Maintenance Coordinator, Water and Sewer Commission with 20 years and 5 months as of February 14, 2023; Luz Colon, Para Educator, School Department with 13 years and 9 months as of December 31, 2022; James Foster, Junior Custodian, School Department with 25 years as of October 20, 2022; Brenda Gallucci, Clerk Typist Senior, Police Department with 23 years as of October 6, 2022; Angelita Lopez, Para Educator, School Department with 23 years and 7 months as of December 24, 2022; Aaron Kashmanian, Sheet Metal Worker, Facilities Physical Plant with 15 years and 3 months as of January 14, 2023; Linda Kashmanian, Principal Clerk Typist, School Department with 32 years and 3 months as of January 14, 2023; Michael Roberts, Senior Custodian, School Department with 22 years and 8 months as of October 20, 2022; Willie Spears, Firefighter, Fire Department with 33 years and 8 months as of January 8, 2023, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #7-Warrants
Motion made by Burns to approve and reaffirm the approval of the following warrants: Warrant #56 Refunds in the amount of $342,477.02, Warrant #57 Expenses in the amount of $11,770.84, Warrant #58 Expenses in the amount of 79,705.50, Warrant #59 Transfers in the amount of $110,612.86, Warrant #60 Refunds in the amount of $45,758.71, Warrant #61 Retirement payroll in the amount of $7,382,579.00 and redemption from the PRIT fund in the amount of $6,125,000.00, second by Schmaelzle. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #8-Redeposit of Refunds and Makeup of Contributions
Motion made by Scanlon to accept the redeposit of refunds to: Ashley Demarey, Field Services Manager, Water and Sewer Department, for the refund from the Hampshire County Retirement Board in 2019; Latrina J. Haynie, Para Educator, School Department, for the refund from the Springfield Retirement System in 2005; Debra A. Holben, Clerk, School Department, for the 3 refunds from the Springfield Retirement System in 1977, 2003, & 2009; Donna M. Imelio, Para Educator, School Department, for the refund from the Springfield Retirement System in 2018; Carmen J. Molina Figueroa, Support Staff, School Department, for the refund from the Springfield Retirement System in 2021; Cameo Restrepo, Benefits Specialist, Benefits Department, for the refund from the Springfield Retirement System in 2010; Sheyla M. Silva, Para Educator, School Department, for the refund from the Springfield Retirement System in 2021; John A. Toledo, Police Officer, Police Department, for the refund from the Springfield Retirement System in 2021, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes. Motion made by Scanlon to accept the makeup of contributions to: Tommie Hart, Police Officer, Police Department, for 9 months of employment with the School Department; Tyler Kenefick, City Solicitor 1st Associate, Law Department, for 8 months of employment with the Law Department, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #9-Refunds/Transfers to Other Systems
Motion made by Schmaelzle to accept the sixteen (16) 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 Scanlon. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #10-Benefits under Section 9
Motion made by Scanlon to approve survivor benefits to the beneficiary of Mark J. Giannini of the Fire Department-Deceased, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #11-Benefits under Section 9
Motion made by Schmaelzle to approve survivor benefits to the beneficiary of Dennis G. Leger of the Fire Department-Deceased, second by Scanlon. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #12-Benefits under Section 101
Motion made by Scanlon to approve survivor benefits to the beneficiary of Bernard C. Reid III of the Police Department-Deceased, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #13-Meeting dates for Calendar Year 2023
Motion made by Burns to accept the scheduled Meeting dates for Calendar Year 2023 as amended, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes.

Agenda Item #14-Director’s Report
Executive Director Baltazar provided an update to the Board on any disability retirees who have excess earnings under MGL Chapter 32, Section 91A for 2021. Ms. Baltazar also updated the Board on retirees who have not returned all their information as requested by PERAC according to Chapter 32, Section 91A. Motion was made by Scanlon to send letters to these retirees who have not complied, second by Kennedy. Scanlon, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Moynihan, yes. Executive Director Baltazar updated the Board on the acceptance by the Mayor and City Council to increase the COLA base from $13,000.00 to $14,000.00, effective July 1, 2023. This information will be sent to PERAC. The order to increase the Retirement Board Member stipends was sent to the Council’s General Government Committee for further review.

Agenda Item #15-Attorney’s Report
Attorney Vivenzio stated that he has pending cases and will update the Board accordingly.

Agenda Item #16-Old Business
None

Agenda Item #17-New Business
None

F. Y. I.
PERAC Memos, #26-Appropriation Data Due October 31, 2022, #27–Free State-sponsored Cybersecurity Training, PERAC-Actuarial Valuation as of 1-1-22, PRIT Fund Update-September, Trial Balance, Adjusting Entries, Receipts, Disbursements and General Ledger for the month of September, Budget Balances as of October, Monthly Transfers for October, 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 5:30 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

Karl J. Schmaelzle, 5th Member