UNAPPROVED BY BOARD - corrected meeting date
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, June 23, 2010
The meeting was called to order by Joseph Carlson, Chairman at 5:46 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
Frank Vignati, Member
ABSENT: Eileen Powers, Member
ALSO PRESENT: Michael Walsh, Finance Director
Christopher Kachmar, Fiduciary Investment Advisors
John O’Connell, 3D Asset Management
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of April 28, 2010
Motion by Ms. Rossi, seconded by Mr. Thompson to approve the Minutes of the Regular Meeting of April 28, 2010 as presented.
The Motion was voted; Motion was approved, with Mr. Vignati abstaining.
3. COMMUNICATIONS:
Mr. Thompson distributed handouts to the Board from the conference he attended in June given by the Fiduciary Investment Advisors and a brief discussion was held.
4. OLD BUSINESS: None
5. NEW BUSINESS:
a. Retirements, Final Calculations, Withdrawal of Contributions:
1. Retirements:
Jeanne Carabillo, BOE, Normal Retirement effective 3/12/10
Motion by Mr. Thompson, seconded by Ms. Rossi to approve as presented the retirement of Jeanne Carabillo, effective 3/12/10.
The Motion was voted; Motion was unanimously approved.
2. Withdrawal of Contributions:
a. Emile Cyr, BOE, resigned 1/17/10
b. Mary-Ann Aitken, BOE, resigned 4/9/10
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented the withdrawal of contribution, with interest for Emile Cyr and Mary-Ann Aitken.
The Motion was voted; Motion was unanimously approved.
b. Segal Quote for Pension Plan IRS qualification:
Mr. Walsh reviewed 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 reviewed the quote from The Segal Company to complete this task. After an in-depth discussion, the following motion was made:
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented, the proposal from The Segal Company for IRS Qualification.
Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – April and May, 2010
2. Summary of Expenses – April and May, 2010
This was accepted as information for the Board members.
3. 3D Asset Management –East Hartford Pension - Equity Component May, 2010
Mr. O’Connell distributed the Equity Component Review as of May, 2010. Mr. O’Connell reported that the ending market value is at $97,944,088. Mr. O’Connell advised the Board members that the return for the fiscal year was at 27.16%. A brief discussion followed.
4. Fiduciary Investment Advisors, LLC
Mr. Kachmar distributed May, 2010 and April 2010 Fixed Income Assets monthly reports to the Board members. Mr. Kachmar reported that market value is $55,070,968 and is at 9.4% for the fiscal year and 10.1% since inception. Mr. Kachmar discussed in-depth the Global Bonds and proposed re-allocating 10% of the portfolio to Templeton Global Bond Fund Advisors. Members requested some time to review the reports and discuss this at next month’s meeting.
b. OPEB Trust:
1. Summary of Portfolio Assets – April and May, 2010
2. Summary of Expenses – April and May, 2010
This was accepted as information for the Board members.
3. 3D Asset Management – East Hartford OPEB - Equity Component May, 2010 Report
Mr. O’Connell distributed the East Hartford OPEB – Equity Component as of May, 2010 to the Board members. Mr. O’Connell advised the Board that the investment for the OPEB for the quarter to date is $2,822,088 with a return since inception of June 22, 2009 of 29.03%. Brief discussion followed.
4. Fiduciary Investment Advisors, LLC – East Hartford OPEB Trust
Mr. Kachmar distributed the OPEB Trust report for May, 2010 and advised the Board that the fund is at $1,719,912. The fund has a 10.6% return since inception of July 1, 2009. A brief discussion followed.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board May 23, 2010 meeting $ 100.00
b. Segal Company inv. #136902 (2 valuations & HR questions) payment 8,462.50
c. Segal Company inv. #136888 (calculations) 2,315.00
d. FIA, Inv. #3521002 (4/1/10 – 6/30/10) quarterly payment 8,750.00
Motion by Mr. Vignati, seconded by Mr. Thompson 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. Thompson, seconded by Mr. Vignati to adjourn the regular meeting at 6:30 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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