APPROVED BY BOARD at November 18, 2009 Meeting
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
REVISED
MINUTES
REGULAR MEETING
WEDNESDAY, OCTOBER 28, 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: Scott Thompson, Member
Frank Vignati, Member
ABSENT: Barbara Rossi, Member;
Kurt Christensen, 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 September 23, 2009:
Motion by Mr. Vignati, seconded by Mr. Thompson to approve the Minutes of the Regular Meeting of September 23, 2009.
The Motion was voted; Motion was unanimously approved.
3. COMMUNICATIONS:
Mr. Walsh advised the Board members that the pension valuation presentation will be available to members to review prior to the November meeting if they wanted it, or that they could wait until December. The Board discussed the issue and decided that they would like the presentation in November.
4. OLD BUSINESS: None
5. NEW BUSINESS:
a. Retirements and Final Calculations, Withdrawal of Contributions:
1. Retirements:
a. Raymond Cheverier, Police, NSCD Retirement., eff. 8/17/09
2. Withdrawal of Contributions:
a. Brian Jolda, Police, eff. 8/17/09
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented the retirement and withdrawal of contributions for #a-1.a and #a-2.a.
Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Pensions:
1. Summary of Portfolio Asset – September, 2009
2. Summary of Expenses – September, 2009
3. Fiduciary Investment Advisors, LLC Report
4. 3 D Asset Management Report
b. OPEB Trust:
1. Summary of Portfolio Asset – September, 2009
2. Summary of Expenses – September, 2009
3. Fiduciary Investment Advisors, LLC Report
4. 3 D Asset Management Report
This was accepted as information by the Board members.
3a. Summary of Pensions – 3D Asset Management – September 2009
Mr. O’Connell reviewed the performance of the pension equity side of the portfolio noting a balance of $105,414,533 or a return of 32.48% for the nine months ended 9/30/09.
4a. Summary of Pensions – Fiduciary Investment Advisors, LLC – September 2009
Mr. Kachmar reviewed the fixed income portions of the pension noting $48,825,423 of value. Returns were above benchmarks.
3b. Summary of OPEB– 3D Asset Management – September 2009
Mr. Connors noted $12,335,863 $2,335,863 in assets at 9/30/09 with returns above benchmarks.
4b. Summary of OPEB – Fiduciary Investment Advisors, LLC – September 2009
Mr. Kachmar noted $1,369,814 in assets at 9/30/09 with returns above benchmarks.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board – October 28, 2009 $ 100.00
b. The Segal Company, Inv. #123591 (Quarterly invoice) 7,675.00
c. FIA Inv. #3520903 (Quarterly invoice) 8,750.00
d. Johnson Occ. Med. Ctr. (Dr. Erdil) #21676 300.00
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented for payment items # 7a., b, c & d.
The motion was voted; Motion was unanimously approved.
8. ADJOURNMENT:
There being no further business,
Motion by Mr. Vignati, seconded by Mr. Thompson to adjourn the regular meeting at 6:18 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Tatia Lewis, Clerk
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