UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
WEDNESDAY, OCTOBER 22, 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
Robert Percy, Esq. – Board Attorney
Andrea Wasilewski, Symmetry Partners
David Connelly, Symmetry Partners
Mark Sirois, E. H. Chief of Police
Al Hemingway, Reporter, The Reminder
Wayne Connors, 3D Asset Management
John O’Connor, 3D Asset Management
Christopher Kachmar, Fiduciary Investment Advisors, LLC
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Special Meeting of September 17, 2008:
Motion by Mr. Christensen, seconded by Ms. Rossi to approve as presented the Minutes of the Special Meeting of September 17, 2008.
The Motion was voted; Motion was unanimously approved.
b. Acceptance of Minutes of Regular Meeting of September 24, 2008
Motion by Ms. Rossi, seconded by Mr. Morrison to approve as presented the Minutes of the Regular Meeting of September 24, 2008.
The Motion was voted; Motion was unanimously approved.
COMMUNICATIONS:
a. Letter to Symmetry Partners (dated 9/29/08)
b. Calculation worksheet for S. Viniconis (follow-up from 9/24/08 meeting)
c. Copy of letter to J. Tuller from S. Franklin dated 10/07/08 (follow-up from 9/24/08 meeting)
Mr. Morrison noted the letter from S. Franklin referred to the “September 25, 2008 Retirement Board meeting”, for the record the meeting was actually “September 24, 2008”.
d. Retiree calls – Asset Allocation
Mr. Walsh advised the Board members that he had received telephone calls from two retirees (Robert Keating and Robert Miller) and their concerns on the market fluctuation and the Pension Plans stability. Mr. Walsh reassured both retirees of the Board’s duties and concerns in safeguarding the assets in the Plan.
These items were accepted as information for the Board members.
Mr. Walsh advised the Board members that he was looking for the Board’s approval to refer two items to Attorney Percy. Richard Gentile, Assistant Corporation Counsel advised Mr. Walsh that he would be more comfortable to have Attorney Percy review the new contracts with Fiduciary Investment Advisors, LLC and 3D Asset Management. Also Mayor Currey has requested a meeting with Attorney Percy on the concerns of Chief Sirois in regard to retirement issues.
Motion by Mr. Vignati, seconded by Mr. Christensen to send the new contracts from Fiduciary Investment Advisors, LLC and 3D Asset Management to Attorney Percy for approval.
The Motion was voted; Motion was unanimously approved.
Motion by Mr. Christensen, seconded by Mr. Morrison to approve Attorney Percy to meet with Mayor Currey to discuss the pension concerns in regard to Non-Bargaining Classified employees raised by Chief Sirois.
The Motion was voted; Motion was unanimously approved.
4. REPORTS:
a. Summary of Portfolio Asset – September, 2008
b. Summary of Expenses – September, 2008
This was accepted as information for the Board members.
c. Symmetry Partners - Performance Report as of September 30, 2008.
Ms. Wasilewski distributed the Town of East Hartford Employee Retirement Plan Performance Report as of September 30, 2008 and Third Quarter 2008 Review. Ms. Wasilewski reviewed the
Third Quarter 2008 Review and the portfolio performance since inception (9/25/03) is 38.55% with the total account value at $153,527,843.54. Ms. Wasilewski also discussed the Time-Weighted return for calendar year (1/1/08 – 9/30/08) is at minus 12.99%. The fiscal year 2009 Time Weighted Return is at minus 7.01% as of 9/30/08, but was at minus 25.55% as of 10/21/08.
The current market was briefly discussed. Ms. Wasilewski said that in parting at this difficult period it was important to stay the course. Mr. Connelly also said that in parting he thanked the Board for allowing Symmetry to be on Board and felt they had been successful.
5. OLD BUSINESS:
a. Atty. Percy opinion:
1. Issue of Chief of Police – DROP Plan Issue
Attorney Percy advised the Board members that after review, the provisions of the Plans need to be followed. The IRS looks for Plans to be followed. Attorney Percy stated the DROP Plan states you must leave after the agreed upon time in the DROP Plan.
Mr. Walsh advised the Board members that Sandy Franklin provided a copy of the June 11, 1980 minutes of the E. H. Retirement Board and the approval of policy changes #3 “Employment by Town after retirement” states:
a. A retiree may work for the Town on a part-time or seasonal basis after retirement.
b. A retiree shall not collect a Town pension and also work for the Town on a full-time basis; i.e., if a retiree returns to work on a full-time basis, his pension shall be suspended until such time as he/she subsequently retire.
Again this month, Chief Sirois addressed the Board with his concerns on the issue of Non-Bargaining Classified employees and distributed questions for the Chair on these issues.
Mr. Vignati asked Chief Sirois to provide the Board with copies of letters and opinions that he was referring to.
b. Other Post-Employment Benefits
1. Ordinance Change
2. Trust
3. Valuation (under separate cover)
Motion by Mr. Vignati, seconded by Mr. Morrison to Table Item #5b to another meeting.
The Motion was voted; Motion was unanimously approved.
6. NEW BUSINESS:
a. Retirements and Final Calculations: None
b. Withdrawal of Contributions: None
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Retirement Board – October 22, 2008 meeting $ 100.00
b. Convicer & Percy, LLP Inv. #20096 (June – Sept, 2008) 1,295.00
c. Johnson Occup. Medicine (Dr. Erdil) for IME – C. Lemrise 735.00
d. The Segal Co. Inv. #A2199765 – Consulting Services 7/1/-9/30/08 7,675.00
Motion by Mr. Christensen, seconded by Ms. Rossi to approve as presented for payment items
# 7a - d.
The motion was voted; Motion was unanimously approved.
8. ADJOURNMENT:
There being no further business,
Motion by Mr. Christensen, seconded by Ms. Rossi to adjourn the regular meeting at 6:50 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
| 
