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, October 5, 2021, 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 OCTOBER 6, 2021 AT 4:00 P.M.
Present: Thomas Scanlon, Robert Moynihan, Patrick Burns, Haskell Kennedy, Karl J. Schmaelzle, Attorney Alfredo ViVenzio, Executive Director, Susana Baltazar, Teresa D’Agostino, Recording Clerk, Attorney David Wenc
Remote: Michael Nelligan, Todd Jurczyk, Rebecca Gamsby, Denise Jordan, Anthony Basile, Domenic Pellegrino, Laura Strickland, Attorney Joseph Donnellan, Christian Lewis
Vice Chairman Moynihan called the meeting to order at 4:00 P.M.
Agenda Item #1-Michael Nelligan from Powers and Sullivan
Michael Nelligan presented remotely 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, 2020 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, as well as Rebecca Gamsby and Todd Jurczyk.
Agenda Item #2-Manager Performance Review & Discussion – PRIM
Laura Strickland from PRIM presented remotely and discussed investment performance, PRIM’s asset allocation and provided updates to the Board on the firm. Ms. Strickland provided the Board with Performance Review Information which showed a detailed summary of PRIT performance, including annualized returns. The Board asked questions and thanked Ms. Strickland for her presentation.
Agenda Item #3-Minutes Motion made by Moynihan to approve the minutes of the meeting held on September 1, 2021, as amended, second by Schmaelzle. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes.
Agenda Item #4-Involuntary Accidental Disability Application-Christian Lewis-Fire Department
Motion made by Moynihan to accept the responses of the majority of the medical panel for Accidental Disability benefits submitted by Commissioner Bernard Calvi, second by Kennedy. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes.
Agenda Item #5-Superannuations
Motion made by Moynihan to accept the following Superannuations: Patricia Ferrer, Executive Assistant, Law Department with 25 years and 7 months as of 12/11/21; Ramon Gonzalez, Junior Custodian, School Department with 28 years and 7 months as of 9/7/21; Carolyn Jackson, Administrative Assistant, Mayor’s Office with 40 years and 5 months as of 11/6/21; Paula Pepin, Payroll Administrative Assistant, School Department with 35 years and 6 months as of 12/4/21; Evelyn Rivera, Paraprofessional, School Department with 28 years and 8 months as of 9/18/21, second by Schmaelzle. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle yes, Scanlon, yes.
Agenda Item #6-Warrants
Motion made by Moynihan to approve and reaffirm the following warrants: Warrant #53 Refunds in the amount of $128,883.95, Warrant #54 Refunds in the amount of $64,491.51, Warrant #55 Refunds in the amount of $15,539.02, Warrant #56 Refunds in the amount of $26,181.45, Warrant #57 Expenses in the amount of $85,268.59, Warrant #58 Retirement payroll in the amount of $7,242,555.29 and redemption from the PRIT fund in the amount of $6,300,000.00, Warrant #59 Expenses in the amount of $4,652.91, second by Schmaelzle. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes.
Agenda Item #7-Refunds/Transfers to Other Systems
Motion made by Moynihan to approve the eighteen (18) 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. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes.
Agenda Item #8-Redeposit of Refunds and Makeup of Contributions
Motion made by Moynihan to allow the redeposit of refunds to: Shannon Daniels, Paraprofessional, School Department, from the Hampshire County Retirement System in 2010; Issac Morales, Paraprofessional, School Department, for the refund from the Springfield Retirement System in 2019; Leon Traynham Jr., Paraprofessional, School Department, for the refund from the Springfield Retirement System in 2013, second by Schmaelzle. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes.
Agenda Item #9-MGL Chapter 32 Hearing on Retirement/Rights/Status/Benefits-Daniel Cintron-Police Department
MGL Chapter 32 Hearing on Retirement/Rights/Status/Benefits was held. Attorney ViVenzio addressed the Board regarding Daniel Cintron of the Police Department. Mr. Cintron was terminated by the department and has criminal convictions on numerous charges. Mr. Cintron was notified of the hearing, and his caseworker confirmed that Mr. Cintron received the notice and that Mr. Cintron does not oppose the hearing. She also stated that Mr. Cintron was not represented and would not be present for the hearing. Based on the information presented to the Board, the Board made the following motions: Motion made by Burns to forfeit all rights of Mr. Cintron, effective October 6, 2021, second by Kennedy. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes. Motion made by Schmaelzle to forfeit all rights of Mr. Cintron pursuant to Chapter 32, Section 15(4). Mr. Cintron is authorized to receive a Return of his Accumulated Deductions with the interest rate at zero percent, second by Burns. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes. Motion made by Kennedy that Mr. Cintron shall cease to be a member and any future membership shall require approval of the Springfield Retirement Board, second by Burns. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes.
Agenda Item #10-Director’s Report
Executive Director Baltazar informed the Board that PERAC notified us that we have four disability retirees that had excess earnings in 2020. Motion made by Moynihan to notify these disability retirees by sending out letters by regular mail and certified mail for the amount due, include a copy of the Springfield Retirement System Interest Policy, and to allow the repayment according to the interest policy, second by Burns. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes. Ms. Baltazar reviewed the amendment to PTG and Hosting Agreement. After discussion, Ms. Baltazar will contact PTG with questions about the services and pricing, and bring the information to the Board at a future board meeting. Ms. Baltazar presented the 2022 Administrative Budget, which includes an increase to the Member Services Representative/Disability Coordinator position due to additional job duties and responsibilities. After review, a motion was made by Moynihan to approve and adopt the calendar year 2022 budget as proposed, in the amount of $3,731,064.41, second by Kennedy. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes. Ms. Baltazar also updated the Board on the PRIT year to date performance.
Agenda Item #11-Attorney’s Report
Attorney ViVenzio informed the Board of the outcome of Mr. Goodman’s case and filed objections. He also updated the Board on the CRAB appeal of Lori Lefebvre and Ms. Patricia Wolf’s matter.
Agenda Item #12-Old Business
None
Agenda Item #13-New Business
None
F. Y. I. PERAC Memos, #25- Tobacco Company List, #26- Mandatory Retirement Board Member Training – 4th Quarter 2021, August PRIT Fund Update, Crescendo Ventures-Quarterly Reports, Boston Millennia-Quarterly Reports, Trial Balance, Adjusting Entries, Receipts, Disbursements and General Ledger for the month of August, Treasurer’s Reconciliation for the month of July, Monthly Transfers for September, Budget Balances as of September, Recent Retiree Deaths, Monthly Cash flow
The Board reserves the right to consider items on the agenda out of order. In addition, the Board may enter into Executive Session during the meeting if requested by the individual or as deemed necessary by the Board or its Legal Counsel. Items listed for discussion in Executive Session may be conducted in open session in addition to or in lieu of discussion in Executive Session.
The correspondence and reports were received and reviewed by the Board Members and the Executive Director.
Motion made by Moynihan to adjourn at 5:46 P.M. second by Schmaelzle. Moynihan, yes, Burns, yes, Kennedy, yes, Schmaelzle, yes, Scanlon, yes.
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Thomas M. Scanlon, Chairman
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Robert P. Moynihan, 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