MINUTES FOR THE SPRINGFIELD RETIREMENT BOARD MEETING
DPW CONFERENCE CENTER
70 TAPLEY STREET, SPRINGFIELD, MA 01104
HELD ON APRIL 21, 2016 AT 11:00 A.M.

Present: Robert Moynihan, Patrick Burns, Thomas Scanlon, Philip Mantoni, Attorney Alfredo ViVenzio, Executive Director Susana Baltazar, Joseph Connarton, James Lamenzo, TJ Plante, Lindsay Hackett, Patrick Roach, Michael Eaton, Joshua Schimmel, Anthony Basile

Absent: Haskell Kennedy-Scheduling Conflict

Chairman Moynihan called the meeting to order at 11:11 A.M.

Joseph Connarton, Executive Director of PERAC, addressed the Board and attendees regarding the funding status of the Springfield Retirement System. James Lamenzo, PERAC Actuary, gave a detailed presentation regarding the results of the January 1, 2016 actuarial valuation results compared to the previous valuation. Alternative funding schedules were discussed and reviewed, which include changes in the assumed rate of return, mortality tables and salary assumptions. Questions were asked of Mr. Connarton and Mr. Lamenzo throughout the presentation. TJ Plante, CAFO, also gave a detailed presentation regarding the city budget, and Patrick Roach, CFO, relayed information regarding the school budget.

After discussing the alternative funding schedules provided by PERAC in great detail, a motion was made by Scanlon to adopt Funding Schedule Alternative 7, second by Burns and voted unanimously.

Chairman Moynihan thanked everyone for attending the meeting.

Motion made by Scanlon to adjourn at 12:30 P.M. second by Burns and voted unanimously.

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Robert P. Moynihan, Chairman

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Thomas M. Scanlon, Elected Member

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Patrick S. Burns, Appointed Member

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Philip J. Mantoni, 5th Member