UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
WEDNESDAY, APRIL 22, 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
Kurt Christensen, Member
ABSENT: Scott Thompson, Member
ALSO PRESENT: Michael Walsh, Finance Director
Wayne Connors, 3D Asset Management
Robert Percy, Esq., Board’s Pension Attorney
Christopher Kachmar, Fiduciary Investment Advisors, LLC
Rick Morrison, Former Member
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of March 25, 2009:
Motion by Mr. Vignati, seconded by Ms. Rossi to approve the Minutes of the Regular Meeting of March 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 Attorney Percy was given a copy of another OPEB Trust to help create the OPEB Trust Agreement for East Hartford. Attorney Percy advised the Board that he has reviewed the document and made changes appropriate with the Town of East Hartford. After reviewing the document with the Board and setting up an effective date of May 1, 2009, this will be brought back to the Board for approval at next month’s meeting
4. OLD BUSINESS - None
a. Reappointment of Union Representation to the Pension & Retirees Benefit Board
Mr. Scott Thompson, Fire Department member, was introduced to the Board by Mr. Morrison as his replacement as Union representation on the Board. Mr. Thompson will be on the Town Council agenda for the April 7, 2009 meeting for confirmation. Mr. Thompson will be on board for the April 22, 2009 meeting.
Mr. Carlson recognized Mr. Morrison’s dedicated service to the Board for the past six years and after a brief discussion the following motion was made:
Motion by Mr. Vignati, seconded by Ms. Rossi to obtain a plaque in honor of Mr. Morrison’s service and dedication to the Pension & Retiree Benefit Board to be presented at the April meeting.
Motion was voted; Motion was unanimously approved...
Mr. Morrison expressed his pleasure of working with the Board and thanked everyone.
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
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented the retirements for Alice DeNigris, and Jane Mount.
Mr. Carlson questioned Ms. Mount’s calculation sheet and 30 plus years of service but only 7.25 years vested. Mr. Walsh advised the Board that she was a member of the Paraprofessional’s and since they have only been in existence for seven years she meets the requirements.
Motion was voted; Motion was unanimously approved.
3. Sharon Eiter, Police, DROP Plan eff. 2/27/09 - No action taken
Since the Board does not have any backup from The Segal Company this item was not acted on. Mr. Walsh advised the Board that he felt the delay was due to the split service and Segal confirmation will be forthcoming.
b. Withdrawal of Contributions: - No action taken
1. Christine Aparo, BOE Paraprofessional, resigned 9/30/08
No confirmation available from The Segal Company and no action taken.
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 Allocation and Performance Report for March 2009. The Total Fixed Income is $40,835,000. The Fixed Income is considered less volatile and has done relatively well in this poor market. A brief discussion followed. Mr. Walsh discussed the Quarterly Report ending March 31, 2009 will be a better representation and Mr. Kachmar will try to have the quarterly report for the April meeting, if not it will be the May meeting.
e. 3 D Asset Management – Town of East Hartford Employee Retirement Plan Equity Component Monthly Review March 2009.
Mr. Connors distributed the Equity Component Monthly Review February 28, 2009. The Portfolio Performance for January 2009 funds were reviewed and discussion on the current market. The starting balance was $75,137,898 and after transfer of Fixed Income Allocation, Capital Appreciation, Income, the ending Portfolio balance was $65,188,244. The Period Return was minus 11.57%. Discussion followed on the report with Mr. Connors advising the Board that the market has made a come back and the portfolio was at $73 million today.
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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