APPROVED BY BOARD AT December 16, 2009 MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
SPECIAL MEETING
Wednesday, December 09, 2009
The meeting was called to order by Joseph Carlson, Chairman at 5:42 P.M. in the Town Council Majority Room, East Hartford Town Hall. In addition to Mr. Carlson there were
PRESENT: Barbara-Ann Rossi, Member
Scott Thompson, Member
ABSENT: Kurt Christensen, Member
Frank Vignati, Member
ALSO PRESENT: Michael Walsh, Finance Director (via conference call)
Christopher Kachmar, Fiduciary Investment Advisors, LLC
PUBLIC PARTICIPATION: None
2. NEW BUSINESS:
a. Reallocation of funds from Trust Co. of the West (TCW) to reallocating equally to Vanguard and PIMCO due to recent departure of key investment personnel at TCW.
Mr. Kachmar distributed a press release and Acquisition Agreement from METWEST regarding their acquiring TCW. Mr. Kachmar advised the Board that his original recommendation of TCW as a fund manager was based on their key personnel team. That personnel team was dismissed as a result of the acquisition and Mr. Kachmar recommends terminating the association with TCW and transferring the funds equally between Vanguard and PIMCO. Discussion was held on the transfer of funds and the following motion was made:
Motion by Mr. Thompson, seconded by Ms. Rossi to transfer $8,829,287 from TCW and reallocating equally to Vanguard and PIMCO based on the recommendation of Mr. Kachmar.
Motion was voted; Motion was unanimously approved.
3. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board/Dec. 9, 2009 meeting $ 100.00
Motion by Mr. Thompson, seconded by Ms. Rossi to approve as presented for payment for clerk fee the 12/09/09 meeting.
The motion was voted; Motion was unanimously approved.
8. ADJOURNMENT:
There being no further business,
Motion by Ms. Rossi, seconded by Mr. Thompson to adjourn the special meeting at 6:04 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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