UNAPPROVED BY BOARD – CORRECTED item #3 ON 9/25/09,
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
WEDNESDAY, SEPTEMBER 23, 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
ALSO PRESENT: Michael Walsh, Finance Director
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 August 26, 2009:
Motion by Mr. Christensen, seconded by Ms. Rossi to approve the Minutes of the Regular Meeting of August 26, 2009.
The Motion was voted; Motion was unanimously approved.
3. COMMUNICATIONS:
Mr. Walsh advised the Board members that the Town has been notified that Homeland Security has approved approximately $3.4 million for the construction of the new Firehouse that is estimated to cost approximately $5.6 million.
Mr. Walsh advised the Board the need to add to the agenda under #5b FIA Trading Authorization to authorized trades for the Vanguard and PIMCO accounts for the OPEB accounts.
ADD-ON: #5b. OPEB Trading Authorization
Motion by Mr. Christensen, seconded by Mr. Vignati to add under #5b. OPEB Trading Authorization.
The Motion was voted; Motion was unanimously approved.
4. OLD BUSINESS:
a. Lorenzo Sacdalan, BOE, Non-Service Connected Disability Retirement
b. Raymond Cheverier, Police, Non-Service Connected Disability Retirement
EXECUTIVE SESSION:
Motion by Ms. Rossi, seconded by Mr. Christensen to move into Executive Session at 5:50 PM with only Board members, Mr. Walsh and clerk present.
The motion was unanimously approved.
Motion by Ms. Rossi, seconded by Mr. Christensen to move out of Executive Session at 5:55 PM, no votes were taken in Executive Session.
The motion was unanimously approved.
a. Lorenzo Sacdalan, BOE, Non-Service Connected Disability Retirement
Motion by Mr. Vignati, seconded by Ms. Rossi to deny the request for Non-Service Connected Disability Retirement for Lorenzo Sacdalan based on the Independent Medical Evaluation by Dr. Erdil.
The motion was unanimously approved.
b. Raymond Cheverier, Police, Non-Service Connected Disability Retirement
Motion by Mr. Vignati, seconded by Ms. Rossi to approve the request for Non-Service Connected Disability Retirement for Raymond Cheverier based on the Independent Medical Evaluation by Dr. Erdil.
The motion was unanimously approved.
5. NEW BUSINESS:
a. Retirements, Final Calculations, Withdrawal of Contributions:
1. Retirements:
a. Patricia Flannery, BOE, Normal Retirement, eff. 7/31/09
b. Robert Sukosky, Engineering Dept , Normal Retirement eff. 7/27/09
c. Kenneth Combs, Police, DROP, eff. 3/12/09
Motion by Mr. Christensen, seconded by Ms. Rossi to approve as presented the retirements for
#a - 1. a. – c.
Motion was voted; Motion was unanimously approved.
2. Withdrawal of Contributions - NONE
b. OPEB Trading Authorization
After a brief discussion on the FIA request for documented authorization for the trades as presented in the letter to Schwab and signed by Chairman Carlson.
Motion by Mr. Christensen, seconded by Ms. Rossi to approve the OPEB Trading Authorization as presented
Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – August 2009
2. Summary of Expenses – August 2009
This was accepted as information for the Board members.
3. Fiduciary Investment Advisors, LLC – September 2009 Fixed Income Report
Mr. Kachmar reviewed the Fixed Income Review for September 2009. The Total Fixed Income is $48,456,124. Mr. Kachmar advised the Board that the East Hartford Fixed Income Portfolio is doing well. Mr. Kachmar discussed the performance of the managers in comparison to the benchmark and also discussed the restructuring on DFA by the end of the year.
4. 3D Asset Management –East Hartford Pension - Equity Component 9/23/09
Mr. O’Connor distributed the Equity Component Review as of September 23, 2009. Mr. O’Connor reported that the ending market value is at $100,759,584. The net gain since inception is $12,797,371. Discussion followed on the Asset Allocation and Asset Performance Review. Board members directed questions to Mr. Connors and Mr. O’Connor on the accounts.
b. OPEB Trust:
1. Summary of Portfolio Assets – August 2009
2. Summary of Expenses – August 2009
This was accepted as information for the Board members.
3. FIA – Town of East Hartford OPEB Trust September 2009 - Fixed Income Allocation
Mr. Kachmar distributed the OPEB Trust September 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 9/23/09 Report
Mr. Connors advised the Board that the investment for the OPEB since inception of June 22, 2009 is at $2,368,285 with a return of 25.35%. Brief discussion followed.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board/Sept. 23, 2009 meeting $ 100.00
b. The Segal Company, Inv. #121115 (18 calculations @ $175) 3,150.00
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented for payment item # 7a. & b.
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 6:20 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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