UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, April 28, 2010
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
Barbara-Ann Rossi, Member
ABSENT: Eileen Powers, Member
Frank Vignati, Member
ALSO PRESENT: Michael Walsh, Finance Director
Wayne Connors, 3D Asset Management
Kurt Christensen
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of March 24, 2010
Motion by Ms. Rossi, seconded by Mr. Thompson to approve the Minutes of the Regular Meeting of March 24, 2010 as presented.
The Motion was voted; Motion was unanimously approved.
3. COMMUNICATIONS:
a. Plaque for Kurt Christensen for service to Pension Board.
Chairman Carlson presented a plaque to Mr. Christensen in recognition to his service to the Pension & Retiree Benefit Board. Mr. Christensen thanked the Board members for the opportunity to serve with them as a member.
b. Mr. Walsh advised the Board members of the Fiduciary Investment Advisors conference that was coming up in June and to let him know if they were interested in attending. Mr. Thompson plans to attend.
4. OLD BUSINESS: None
5. NEW BUSINESS:
a. Retirements, Final Calculations, Withdrawal of Contributions:
1. Retirements: None
2. Withdrawal of Contributions: None
b. Qualification for Pension Plan
Mr. Walsh advised the Board members that the IRS is requiring that Pension Plans be submitted for qualifications. Both the Defined Benefit and the Defined Contribution Plan will need to be reviewed and updated for IRS changes. Mr. Walsh recommends getting a quote from The Segal Company to complete this task. Brief discussion followed.
c. Retiree question and inquiry
Mr. Thompson and Mr. Walsh discussed an inquiry from an employee who retired in 2000 and was questioning a COLA of 1%. Mr. Walsh advised the Board members of the responsibility of the Board to perform a Retiree Study every three (3) years. The last Retiree Study was performed in 2007 and a recommendation was made and then referred to the Town Council. The Town Council has the final decision on any COLA’s and the amount of any increase and which past groups would be eligible. A brief discussion followed.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – March 2010
2. Summary of Expenses – March 2010
This was accepted as information for the Board members.
3. 3D Asset Management –East Hartford Pension - Equity Component 3/31/10
Mr. Connors distributed the Equity Component Review as of March 31, 2010. Mr. Connors reported that the ending market value is at $106,187,409 and the return for March 2010 was almost 6%. Mr. Connors advised the Board members that since inception (11/3/08) the return is at 32.20%. Mr. Connors reviewed the Cash Accounts and Asset breakdown Brief discussion followed on showing a breakdown for fiscal year return and Mr. Connors will forward that to Mr. Walsh and incorporate in future reports.
4. Fiduciary Investment Advisors, LLC
Mr. Kachmar was unavailable for this meeting and forwarded a Monthly Flash Report for the Fixed Income Assets and the OPEB Trust as of March 31, 2010 to Mr. Walsh for distribution. The report shows the Ending Market Value of $54,428,889 and since inception of 01/01/09 the is at 10.3% return.
b. OPEB Trust:
1. Summary of Portfolio Assets – March 2010
2. Summary of Expenses – March 2010
This was accepted as information for the Board members.
3. 3D Asset Management – East Hartford OPEB - Equity Component 3/31/10 Report
Mr. Connors distributed the East Hartford OPEB – Equity Component as of March 31, 2010 to the Board members. Mr. Connors advised the Board that the investment for the OPEB for the quarter to date is $2,446,820 with a return since inception of June 22, 2009 of 36.84%. Brief discussion followed.
4. Fiduciary Investment Advisors, LLC – East Hartford OPEB Trust
The OPEB Trust report for March 31, 2010 and advised the Board that since inception (7/1/09) the fund is at $1,418,956. The fund has a 9.0% return since inception. A brief discussion followed as Mr. Connors and Mr. Walsh reviewed the OPEB Trust.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board/April 28, 2010 meeting $ 100.00
b. J. Penney reimbursement plaque K. Christensen 15.90
c. Segal Company inv. #135244 (1/1/10 – 3/31/10) quarterly payment 7,675.00
d. FIA, Inv. #3521001 (1/1/10 – 3/31/10) quarterly payment 8,750.00
Motion by Mr. Thompson, seconded by Ms. Rossi to approve as presented for payment items # 7. a , b, c & d.
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 regular meeting at 6:17 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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