Unapproved
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, August 25, 2010
The meeting was called to order by Joseph Carlson, Chairman at 5:53 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
ABSENT: Scott Thompson, Member
Eileen Powers, Member
ALSO PRESENT: Michael Walsh, Finance Director
John O’Connell, 3D Asset Management
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of July 28, 2010
Motion by Ms. Rossi, seconded by Mr. Vignati to approve as presented the Minutes of the Regular Meeting of July 28, 2010.
The Motion was voted; Motion was unanimously approved,
3. COMMUNICATIONS:
Mr. Walsh advised the Board members that in regard to the retirements on the agenda for Fire Department and the Supervisor’s Union members, he provided a copy of “Concessions Offer Updates” of February 2009 and Memorandum of Agreements, that indicate the retirements would not be impacted due to concessions to the Town. A brief discussion followed.
Mr. Walsh also referred to an article that the New York State Pension Plan was considering dropping their discount rate to 7.75%. This information will be helpful as the Board members will be considering recommending dropping the Town’s discount rate in the near future. This is a recommendation from The Segal Company. A brief discussion followed.
4. OLD BUSINESS: None
5. NEW BUSINESS:
a. Retirements - Final Calculations:
1. John Colli, Fire Dept., Normal Retirement eff. 7/9/10
2. Peter DiSalvo, Fire Dept., Normal Retirement eff. 7/11/10
3. Robert Fournier, Fire Dept., Normal Retirement eff. 7/11/10
4. Richard Ghagan, Public Works, Normal Retirement eff. 7/10/10
5. June Secker, BOE Para, Normal Retirement eff. 5/21/10
Motion by Ms. Rossi, seconded by Mr. Vignati to approve as presented items #5. a 1 – 5 for retirements and final calculations.
The Motion was voted; Motion was unanimously approved,
6. Warren Marsh, BOE, Request for Non Service-Connected Disability Retirement
eff. 9/15/10
Motion by Mr. Vignati, seconded by Ms. Rossi to send Warren Marsh’s Medical Records to Dr. Erdil, for an Independent Medical Evaluation for his request for a Non Service-Connected Disability Retirement.
The Motion was voted; Motion was unanimously approved,
b. Withdrawal of Contributions:
1. Kwame Hammond, BOE Para, resigned 4/30/10
2. Francis Vernile, BOE Maint., resigned 6/30/10
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented, the withdrawal of contributions for Mr. Hammond and Mr. Vernile.
Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – July, 2010
2. Summary of Expenses – July, 2010
This was accepted as information for the Board members.
3. 3D Asset Management –East Hartford Pension - Equity Component as of 7/31/10
Mr. O’Connell distributed the Equity Component Review ending July 31, 2010. Mr. O’Connell reported that the ending market value is at $106,882,684 and the return since inception is 23.21%, with a return of 12.96% above the policy benchmark. A brief discussion followed with Mr. O’Connell advising the Board that July was a very good month, but that so far August has not. A brief discussion followed on the Asset Allocation.
4. Fiduciary Investment Advisors, LLC
Mr. Kachmar was not able to make the meeting and Mr. Walsh distributed the Fixed Income Assets report as of 7/31/10 to the Board members. The report show that market value is $57,306,627.
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 July, 2010 Report
Mr. O’Connell distributed the East Hartford OPEB – Equity Component as of July, 2010 to the Board members. Mr. O’Connell advised the Board that the investment for the OPEB is $2,928,711 with a return since inception of June 22, 2009 of 29.99%. Brief discussion followed.
4. Fiduciary Investment Advisors, LLC – East Hartford OPEB Trust
Mr. Walsh distributed the OPEB Trust report for July 2010 and advised the Board that the fund is at $1,782,892. A brief discussion followed.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board July 28, 2010 meeting $ 100.00
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented for payment items # 7. a.
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 6:30 PM
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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