UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
WEDNESDAY, MARCH 25, 2009
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
Frank Vignati, Member
Rick Morrison, Member
Kurt Christensen, Member
ABSENT: None
ALSO PRESENT: Michael Walsh, Finance Director
Robert J. Percy, Esq.
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 Regular Meeting of February 25, 2009:
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of February 25, 2009.
The Motion was voted; Motion was approved, with Mr. Christensen abstaining.
3. COMMUNICATIONS:
a. M. Walsh – update of OPEB Trust Agreement with Atty. Percy
Mr. Walsh advised the Board that the
4. OLD BUSINESS - None
a. Reappointment of Union Representation to the Pension & Retirees Benefit Board
5. NEW BUSINESS:
a. Retirements and Final Calculations:
1. Alice DeNigris, Library, Normal Retirement eff. 1/30/09
2. Jane Mount, BOE Paraprofessional, Normal Retirement eff. 2/13/09
3. Sharon Eiter, Police, DROP Plan eff. 2/27/09
Motion by Mr. Morrison, seconded by Mr. Vignati to approve as presented the retirements for Alice DeNigris, Jane Mount, and Sharon Eiter.
Motion was voted; Motion was unanimously approved.
b. Withdrawal of Contributions: -
1. Christine Aparo, BOE Paraprofessional, resigned 9/30/08
Motion by Mr. Morrison, seconded by Mr. Vignati to approve as presented the withdrawal of contributions for Christine Aparo.
Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Summary of Portfolio Asset – February, 2009
b. Summary of Expenses – February, 2009
This was accepted as information for the Board members.
d. Fiduciary Investment Advisors, LLC – March 2009 Fixed Income Report
Mr. Kachmar reviewed the Fixed Income reallocation that took place on December 19, 2008. The Fixed Income is $40,804,919 as of February, 2009. A brief discussion followed.
e. 3 D Asset Management – Town of East Hartford Employee Retirement Plan Equity Component Monthly Review March 2009.
Mr. O’Connor distributed the Equity Component Monthly Review February 2009. The Portfolio Performance for January 2009 funds were reviewed and discussion on the current market. The starting balance was $84,129,795.98 and after transfer of Fixed Income Allocation, Capital Appreciation, Income, the ending Portfolio balance was $75,499,046.12 . The Period Return was -10.69% after benefit payments to retirees of $1,246,236.11. Discussion followed on the report.
Mr. Connors distributed the Performance ending January 31, 2009 on Major Market Index and Asset Class. Discussion followed on the market in respect to Real Estate market and the U.S. Stocks and International Stocks. Mr. Connors reviewed the Asset Classes and discussed their recommendation. After a brief discussion the Board’s consensus was to go ahead with the recommendation from 3D Asset for Equity Allocation.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board/March 25, 2009 meeting $ 100.00
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented for payment item # 7a.
The motion was voted; Motion was unanimously approved.
8. ADJOURNMENT:
There being no further business,
Motion by Mr. Morrison, seconded by Ms. Rossi to adjourn the regular meeting at 7:05 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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