The Springfield Retirement Board Meeting Scheduled for September 3, 2020 was be held remotely as a Result of the COVID-19 pandemic. The Public can access the meeting remotely via GoToMeeting at https://global.gotomeeting.com/join/705102349 . You can also dial in using your phone.
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MINUTES FOR THE SPRINGFIELD RETIREMENT BOARD MEETING
70 TAPLEY STREET, SPRINGFIELD, MA 01104
TO BE HELD ON SEPTEMBER 3, 2020 AT 1:30 P.M.
Present: Robert Moynihan, Thomas Scanlon, Patrick Burns, Haskell Kennedy, Attorney Alfredo ViVenzio, Executive Director, Susana Baltazar, Judy Dziobek, Recording Clerk, John Boorack-PERAC Actuary, Attorney John Parsons-PERAC Executive Director, City Councilor Timothy Allen, Timothy Brown, Joshua Schimmel, Anthony Basile, Domenic Pellegrino, Michele Decoteau
Absent: Philip Mantoni/Scheduling Conflict
Chairman Moynihan called the meeting to order at 1:30 P.M.
Agenda Item #1:
Chairman Moynihan stated that the purpose of the meeting was to discuss and consider funding schedules based on the actuarial valuation prepared by PERAC as of January 1, 2020.
Attorney John Parsons, Executive Director of PERAC, addressed the Board and attendees of the purpose of the meeting, and commended the Board and attendees of their willingness to work together to increase the funding position of the Springfield Retirement System. John Boorack, the PERAC Actuary, provided a detailed valuation overview as of January 1, 2020 and discussed the changes to the actuarial assumptions, as well as the impact on the funding of the system. The changes include an update to the mortality tables based on last year and a change in the investment return assumption from 7.40% to 7.25%. The liabilities have increased but the aggressive recent funding schedules have improved the system’s cash flows and position of the system. Mr. Boorack prepared two alternative schedules for discussion and review.
After analyzing the alternative funding schedules provided by PERAC, a motion was made by Scanlon to adopt Funding Schedule Alternative 2 which is a 9.20% per year increasing schedule until FY32 with a final amortization payment in FY33, second by Kennedy and voted unanimously. Scanlon, yes, Kennedy, yes, Burns yes, Moynihan, yes.
Chairman Moynihan thanked everyone for attending the meeting, as well as Attorney John Parsons, Executive Director of PERAC, and John Boorack, PERAC’s Actuary, for their presentations.
Motion made by Scanlon to adjourn at 2:00 P.M. second by Kennedy. Scanlon, yes, Kennedy, yes, Burns, yes, Moynihan, yes.
Robert P. Moynihan, Chairman
Thomas M. Scanlon, Elected Member
Haskell Kennedy, Appointed Member
Patrick S. Burns, Appointed Member