UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
WEDNESDAY, AUGUST 26, 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
Kurt Christensen, Member
Frank Vignati, Member
ABSENT: Scott Thompson, Member
Michael Walsh, Finance Director
ALSO PRESENT: Wayne Connors, 3D Asset Management
John O’Connor, 3D Asset Management
Christopher Kachmar, Fiduciary Investment Advisors, LLC
Thomas Dawidowicz, The Segal Company
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of July 22, 2009:
Motion by Mr. Vignati, seconded by Ms. Rossi to approve the Minutes of the Regular Meeting of July 22, 2009.
The Motion was voted; Motion was unanimously approve.
3. COMMUNICATIONS:
a. Email from Mr. Walsh dated 8/25/09
ADD-ON:
#5 New Business – a.1 h. Raymond Cheverier, Police, Non-Service Connected Disability Retirement.
Motion by Mr. Christensen, seconded by Mr. Vignati to add Item #5.a. 1 h. Raymond Cheverier, Police, Non-Service Connected Disability Retirement
The Motion was voted; Motion was unanimously approve.
4. OLD BUSINESS - None
5. NEW BUSINESS:
a. Retirements, Final Calculations, Withdrawal of Contributions:
1. Retirements:
a. Janet Penney, Finance Dept, Normal Retirement, eff. 7/10/09
b. Janine Reese, BOE , Early Retirement term. 1/27/06
c. Paul Mangiafico, Police, DROP, eff. 7/16/09
d. John Murphy, Police, DROP, eff. 7/16/09
e. Gerald Tomkiel, Police, DROP, eff. 7/16/09
f. Gary Willett, Police, DROP, eff. 7/16/09
Motion by Mr. Christensen, seconded by Mr. Vignati to approve as presented the retirements for
#a - 1. a. – f.
Motion was voted; Motion was unanimously approved.
g. Lorenzo Sacdalan, BOE, Non-Service Connected Disability Retirement
Motion by Mr. Vignati, seconded by Ms. Rossi to TABLE the Non-Service Connected Disability Retirement for Mr. Sacdalan.
Motion was voted; Motion was unanimously approved.
h. Raymond Cheverier, Police, Non-Service Connected Disability Retirement
Motion by Mr. Christensen, seconded by Mr. Vignati to send Mr. Cheverier’s medical records to Dr. Erdil for Independent Medical Evaluation.
Motion was voted; Motion was unanimously approved.
2. Withdrawal of Contributions:
- Christina Coco, BOE Paraprofessional eff. 7/10/09
- Jennifer Martocci, BOE Paraprofessional, eff. 8/1/09
Motion by Mr. Vignati., seconded by Mr. Christensen to approve as presented the Withdrawal of Contributions for Christina Coco and Jennifer Martocci.
Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – July 2009
2. Summary of Expenses – July 2009
This was accepted as information for the Board members.
3. Fiduciary Investment Advisors, LLC – Second Quarter Fixed Income Review
Mr. Kachmar reviewed the Fixed Income Review for Second Quarter 2009. The Total Fixed Income is $42,572,446. Mr. Kachmar reported that the East Hartford Fixed Income Portfolio is up 4.6% year to date. Mr. Kachmar reported that managers Pimco, TCW and Loomis Sayles are up and performing strong. Discussion was held on the Manager Performance Summary and restructuring on DFA by the end of the year.
Mr. Kachmar distributed the Town of East Hartford Pension YTD Plan Reconciliation since 12-31-08 as of June 30, 2009. A brief discussion was held on the report.
4. 3D Asset Management – Town of East Hartford Retirement Benefit Accounts - Equity
Component Monthly Review as of August 26, 2009.
Mr. O’Connor distributed the Equity Component Review as of August 26, 2009. Mr. O’Connor reported that the ending market value is at $102,837,144. The plan return year to date is up 26.17%. Discussion followed on the Asset Allocation and Asset Performance Review. Board members ask question to Mr. Connors and Mr. O’Connor on the future of the market and any changes. Mr. Carlson advised the representatives from 3D Asset Management that on recommendation from Mr. Walsh for accounting and auditing purposes, Finance needs month end reports from FIA and 3D. Mr. Connors and Mr. O’Connell advised the Board they would prepare both “up to the minute” and month end reports for the Board in the future.
b. OPEB Trust:
1. Summary of Portfolio Assets – July 2009
2. Summary of Expenses – July 2009
This was accepted as information for the Board members.
3. FIA – Town of East Hartford OPEB Trust July 2009 - Fixed Income Allocation
Mr. Kachmar distributed the OPEB Trust August 2009 – Fixed Income Allocation Report for PIMCO and Vanguard managers. The Total Fixed Income is $974,251, up from $952,000 as of June 22, 2009. Brief discussion followed.
4. 3D Asset Management – East Hartford OPEB - Equity Component 8/26/09 Report
Mr. Connors advised the Board that the investment for the OPEB account is up 6.63% since inception of June 22, 2009. Brief discussion followed.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board/Aug. 26, 2009 meeting $ 100.00
Motion by Mr. Vignati, seconded by Mr. Christensen to approve as presented for payment item # 7a.
The motion was voted; Motion was unanimously approved.
Mr. Carlson acknowledged Mr. Dawidowicz attendance and he advised the Board he was visiting and also advised the Board that The Segal Company has received the Town’s data and is starting to compile the information for the Actuarial Report. He will keep the Board informed on the progress.
8. ADJOURNMENT:
There being no further business,
Motion by Mr. Christensen, seconded by Mr. Vignati to adjourn the regular meeting at 6:20 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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