APPROVED BY BOARD at the October 22, 2008 Meeting
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
WEDNESDAY, SEPTEMBER 24, 2008
The meeting was called to order by Joseph Carlson, Chairman at 5:45 P.M. in the Town Council Majority Room, East Hartford Town Hall. In addition to Mr. Carlson there were
PRESENT: Barbara-Ann Rossi, Member
Kurt Christensen, Member
Rick Morrison, Member
Frank Vignati, Member
ABSENT: None
ALSO PRESENT: Michael Walsh, Finance Director
Andrea Wasilewski, Symmetry Partners
Mark Sirois, E. H. Chief of Police
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of August 27, 2008:
Motion by Mr. Christensen, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of August 27, 2008.
The Motion was voted; Motion was unanimously approved.
COMMUNICATIONS:
a. Letter from Symmetry Partners (dated 8/29/08) re: cash account issue
b. Email from C. Lemrise on IME
Mr. Walsh advised the Board members that Mr. Lemrise, a Board of Education employee was sent for an Independent Medical Evaluation after he discussed the issue with Chairman Carlson.
These were accepted as information for the Board members.
4. REPORTS:
a. Summary of Portfolio Asset – August, 2008
b. Summary of Expenses – August, 2008
This was accepted as information for the Board members.
c. Symmetry Partners - Performance Report as of August 31, 2008.
Ms. Wasilewski distributed the Town of East Hartford Employee Retirement Plan Performance Report as of August 31, 2008. Ms. Wasilewski reviewed the portfolio performance since inception (9/25/03) is 48.43% with the total account value at $163,191,809.72. Ms. Wasilewski also discussed the Time-Weighted return for calendar year (1/1/08 – 8/31/08) is at
minus 6.79%. The fiscal year 2009 Time Weighted Return is at minus 0.39% as of 8/31/08, but was at minus .473% as of 9/23/08. Board members questioned the current market and if Symmetry Partners had any recommendations and Ms. Wasilewski stated they would continue with the long term investment that is their policy.
5. OLD BUSINESS:
a. Atty. Percy opinion:
1. Issue of Chief of Police – DROP Plan Issue
Mr. Walsh reviewed the issue of the DROP Plan as it relates to Chief Sirois’s request. Atty. Percy sent a response (this was not a legal opinion) for the Board to review and he would attend the October meeting for discussion.
Motion by Mr. Vignati, seconded by Mr. Christensen to defer any action on this matter to the October meeting.
The Motion was voted; Motion was unanimously approved.
Chief Sirois addressed the Board with his concerns on the issue of Non-Bargaining Classified employees and felt that he was representing those employees. Discussion was held on 457 Plan and how it relates to the Board. Mr. Walsh advised the Board that a policy needs to be addressed as there is conflicting language between pension and salaries. Chief Sirois will also be back for the October meeting.
b. Review of RFP Oral Panel Interviews:
- Punter Southall Group
- Fiduciary Investment Advisors, LLC
- Symmetry Partners, LLC
- 3D Asset Management
Discussion was held on the second interviews held on September 17, 2008 with Fiduciary Investment Advisors and 3D Asset Management. The members each gave their recommendations for going forward and discussion was held on a letter to notify Symmetry Partners, LLC informing them of decision. After an in-depth discussion the following motion was made:
Motion by Mr. Vignati, seconded by Mr. Morrison to terminate the contract with Symmetry Partners and move to 3D Asset Management for the 65% Equity portion and Fiduciary Investment Advisors for the 35% Fixed Income effective November 1, 2008.
The Motion was voted; Motion was unanimously approved.
c. Other Post-Employment Benefits (For October Meeting) – No Action Taken
1. Ordinance Change
2. Trust
3. Valuation (under separate cover)
6. NEW BUSINESS:
a. Retirements and Final Calculations:
1. Chester Lemrise – Board of Ed., Non-Service Connected Disability Retirement, effective
9/26/08.
EXECUTIVE SESSION:
Motion by Ms. Rossi, seconded by Mr. Morrison to go into Executive Session at 6:58 PM, with only Board members and clerk present for the purpose of reviewing the Independent Medical Evaluation on Mr. Lemrise from Dr. Erdil.
The Motion was voted; Motion was unanimously approved.
Motion by Mr. Vignati, seconded by Mr. Christensen to come out of Executive Session at 7:03 P.M. No votes were taken in Executive Session.
The Motion was voted; Motion was unanimously approved.
Motion by Mr. Vignati, seconded by Ms. Rossi to approve, based on the Independent Medical Evaluation from Dr. Erdil, the Non-Service Connected Disability Retirement for Chester Lemrise effective September 26, 2008.
The Motion was voted; Motion was unanimously approved.
2. Gail Zoppa, Board of Ed., Normal Retirement effective 7/11/08
Motion by Mr. Morrison, seconded by Mr. Vignati to approve as presented the Normal Retirement for Gail Zoppa effective 7/11/08.
The Motion was voted; Motion was unanimously approved.
3. John Tuller, Fire Dept., DROP Retirement effective 8/2/08
Motion by Mr. Morrison, seconded by Mr. Vignati to approve as presented the DROP retirement
for John Tuller, pending clarification from the Human Resources Department on the retirement date of January 2, 2014 in Mr. Tuller’s letter.
The Motion was voted; Motion was unanimously approved.
b. Withdrawal of Contributions:
1. Joseph Cafazzo, Board of Ed., resigned 9/12/08
2. Diane Goodrich, Police Dispatcher, resigned 8/30/08
3. Kora Kapij, Board of Ed. Para., resigned 9/22/08
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented the withdrawal of contributions with interest for Joseph Cafazzo, Diane Goodrich, and Kora Kapij.
Motion was voted, Motion was unanimously approved.
4. Suzanne Viniconis, Board of Ed. Para, resigned 5/16/08
Motion by Mr. Morrison, seconded by Mr. Christensen to approve as presented the withdrawal of contributions with interest for Suzanne Viniconis, pending approval of the quotation worksheet from the Finance Department.
Motion was voted, Motion was unanimously approved.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Retirement Board – September 24, 2008 meeting $ 100.00
Motion by Mr. Christensen, seconded by Ms. Rossi to approve as presented for payment of item # 7a.
The motion was voted; Motion was unanimously approved.
8. ADJOURNMENT:
There being no further business,
Motion by Mr. Vignati, seconded by Mr. Morrison to adjourn the regular meeting at 7:12 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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