UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, July 28, 2010
The meeting was called to order by Joseph Carlson, Chairman at 5:50 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
Eileen Powers, Member
ABSENT: Scott Thompson, Member
ALSO PRESENT: Michael Walsh, Finance Director
Christopher Kachmar, Fiduciary Investment Advisors
Wayne Connors, 3D Asset Management
Tom Dawidowicz, The Segal Company
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of June 23, 2010
Motion by Ms. Rossi, seconded by Mr. Vignati to approve the Minutes of the Regular Meeting of June 23, 2010 with corrections.
The Motion was voted; Motion was unanimously approved,
3. COMMUNICATIONS:
a. Litigation Recovery Representation
Mr. Walsh discussed the Portfolio Monitoring Services to the Board as a result of an inquiry from a law firm that does Litigation Recovery for Pension Boards. Mr. Walsh distributed news releases on this subject for the members to review. A brief discussion was held and the members felt this was not something they would pursue.
4. OLD BUSINESS: None
5. NEW BUSINESS:
a. Retirements, Final Calculations, Withdrawal of Contributions: None
b. Fixed Income Proposed Reallocation – 10% to Templeton Global Fund Bond Advisors
Mr. Kachmar reviewed the proposed re-allocation to add Global Bonds that was briefly discussed at the June 2010 meeting. After a brief discussion the following motion was made:
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented, the reallocation of 10% of the Fixed Income Portfolio to Templeton Global Fund Bond Advisors.
Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – June, 2010
2. Summary of Expenses – June, 2010
This was accepted as information for the Board members.
3. 3D Asset Management –East Hartford Pension - Equity Component as of 6/30/10
Mr. Connors distributed the Equity Component Review for the fiscal year ending June 30, 2010. Mr. Connors reported that the ending market value is at $92,132,511 and the return for the fiscal year was at 20.88%, with a return of 11.08% above the policy benchmark. A brief discussion followed. A brief discussion followed with Mr. Connors advising the Board that July has been a very good month and he will report on that next month.
4. Fiduciary Investment Advisors, LLC
Mr. Kachmar distributed the Fixed Income Assets report as of the second quarter (6/30/10) to the Board members. Mr. Kachmar reported that market value is $55,819,866 and is at 10.9% return since inception. Mr. Kachmar discussed the Emerging Markets and Real Estate as doing very well.
b. OPEB Trust:
1. Summary of Portfolio Assets – June, 2010
2. Summary of Expenses – June, 2010
This was accepted as information for the Board members.
3. 3D Asset Management – East Hartford OPEB - Equity Component June, 2010 Report
Mr. Connors distributed the East Hartford OPEB – Equity Component as of June, 2010 to the Board members. Mr. Connors advised the Board that the investment for the OPEB for the quarter to date is $2,699,166 with a return since inception of June 22, 2009 of 22.80%. Brief discussion followed.
4. Fiduciary Investment Advisors, LLC – East Hartford OPEB Trust
Mr. Kachmar distributed the OPEB Trust report for June 2010 and advised the Board that the fund is at $1,748,039. The fund has a 12.4% return since inception of July 1, 2009. A brief discussion followed.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board July 28, 2010 meeting $ 100.00
b. Segal Company inv. #141232 (4/1/10 – 6/30/10) 7,675.00
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 Ms. Rossi, seconded by Mr. Vignati to adjourn the regular meeting at 6:25 PM
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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