UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, December 16, 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
Scott Thompson, Member
ABSENT: Kurt Christensen, Member
ALSO PRESENT: Michael Walsh, Finance Director
Thomas Dawidowicz, The Segal Company
Wayne Connors, 3D Asset Management
ADD – ON: #2. MINUTES:
b. Minutes of the December 9, 2009 Special Meeting
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of November 18, 2009:
Motion by Mr. Vignati, seconded by Ms. Rossi to approve the Minutes of the Regular Meeting of November 18, 2009, with corrections.
The Motion was voted; Motion was approved, with Mr. Thompson abstaining.
b. Acceptance of Minutes of Special Meeting of December 9, 2009:
Motion by Mr. Thompson, seconded by Ms. Rossi to approve the Minutes of the Special Meeting of December 9, 2009.
The Motion was voted; Motion was approved, with Mr. Vignati abstaining.
3. COMMUNICATIONS: None
4. OLD BUSINESS:
a. Acceptance of the July 1, 2009 Pension Plan Actuarial Valuation
Mr. Dawidowicz, The Segal Company reviewed the Alternate Amortization Period schedule contained in the valuation. Mr. Walsh reviewed the process of the Board making a recommendation to the Mayor on the annual required contribution, the Mayor then makes a recommendation to the Council. The Council sets the final amount in conjunction with setting the budget. An in-depth discussion was held on the process and on the impact to the taxpayers. The following motion was made:
Motion by Mr. Vignati, seconded by Mr. Thompson to approve changing the Amortization Period from 15 years to 25 years for a July 1, 2010 contribution of $9,773,757 with an 8.25% investment assumption and to review the Amortization Period next year.
Chairman Carlson discussed the 20 year amortization with the Board members and a brief discussion followed.
The Motion was voted; Motion was unanimously approved.
5. NEW BUSINESS:
a. Retirements, Final Calculations, Withdrawal of Contributions:
1. Retirements:
a. Donna Lavado, Town Clerk’s Office, Normal Retirement eff. 10/17/09
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented the retirements for
#a - 1. a.
Motion was voted; Motion was unanimously approved.
2. Withdrawal of Contributions - NONE
b. Proposed 2010-11 Budget for the Pension and Retiree Benefit Board
Motion by Mr. Vignati, seconded by Ms. Rossi to approve the Proposed 2010-11 budget for Pension and Retiree Benefit Board to remain the same as last year at $4,350.
Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – November 2009
2. Summary of Expenses – November 2009
This was accepted as information for the Board members.
3. Fiduciary Investment Advisors, LLC – Reported at the 12/9/09 meeting
4. 3D Asset Management –East Hartford Pension - Equity Component 11/30/09
Mr. Connors distributed the Equity Component Review as of November 30, 2009. Mr. Connors reported that the ending market value is at $99,708,098, with a year to date return of 21.77%. The market is still performing well. Brief discussion followed on the Asset Allocation and Asset Performance Review.
b. OPEB Trust:
1. Summary of Portfolio Assets – November 2009
2. Summary of Expenses – November 2009
This was accepted as information for the Board members.
3. FIA – Town of East Hartford OPEB Trust – Reported at the 12/9/09 meeting
4. 3D Asset Management – East Hartford OPEB - Equity Component 11/30/09 Report
Mr. Connors advised the Board that the investment for the OPEB for the quarter to date is $2,356,932 with a return since inception of June 22, 2009 return of 24.78%. Brief discussion followed.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board/Dec. 16, 2009 meeting $ 100.00
b. Robert Percy, Esq., Inv. #21999 402.50
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented for payment items # 7. a & b.
The motion was voted; Motion was unanimously approved.
8. ADJOURNMENT:
There being no further business,
Motion by Mr. Thompson, seconded by Mr. Vignati to adjourn the regular meeting at 6:32 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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