APPROVED BY BOARD at the October 27, 2010 Meeting
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, September 22, 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: Barbara-Ann Rossi, Member
Frank Vignati, Member
Scott Thompson, Member
ABSENT: Eileen Powers, Member
ALSO PRESENT: Michael Walsh, Finance Director
John O’Connell, 3D Asset Management
Chris Kachmar, Fiduciary Investment Advisors
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of August 25, 2010
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of August 25, 2010.
The Motion was voted; Motion was approved, with Mr. Thompson abstaining.
3. COMMUNICATIONS: None
4. OLD BUSINESS:
1. Warren Marsh, BOE, Request for Non Service Connected Disability Retirement effective 9/15/10
Mr. Walsh advised the Board members that Dr. Erdil notified him that he still is waiting for medical information from Mr. Marsh’s physician to complete his Independent Medical Evaluation. This will be on next month’s agenda.
5. NEW BUSINESS:
a. Retirements - Final Calculations:
1. Barbara VanDeCar, BOE, Normal Retirement eff. 9/1/10
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented items #5. a 1 for retirements and final calculations.
The Motion was voted; Motion was unanimously approved.
b. Withdrawal of Contributions: None
- Mr. Thompson presented a question through the Chair to Mr. Walsh regarding the pension contribution as it relates to the Police Chief and Commander who recently retired from the DROP Plan and were rehired. Mr. Walsh will follow up and respond to this inquiry.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – August, 2010
2. Summary of Expenses – August, 2010
This was accepted as information for the Board members.
3. 3D Asset Management –East Hartford Pension - Equity Component as of 8/31/10
Mr. O’Connell distributed the Equity Component Review ending August 31, 2010. Mr. O’Connell reported that the ending market value is at $101,056,425 and the return since inception is at 19.07% and the benchmark is at 12.06%. A brief discussion followed with Mr. O’Connell advising the Board that the August market was down. A brief discussion followed on the Target Allocations, Equity Market and rebalancing was discussed.
4. Fiduciary Investment Advisors, LLC
Mr. Kachmar distributed the Monthly Flash Report for CT Fixed Income Assets as of August 31, 2010. Mr. Kachmar discussed the addition of Templeton Global Fund and it’s impact to the fund. The Market Value is at $57,517,182 which is a 7 million investment gain since inception of 01/01/09. A brief discussion followed.
b. OPEB Trust:
1. Summary of Portfolio Assets – August, 2010
2. Summary of Expenses – August, 2010
This was accepted as information for the Board members.
3. 3D Asset Management – East Hartford OPEB - Equity Component August, 2010 Report
Mr. O’Connell distributed the East Hartford OPEB – Equity Component as of August 31, 2010 to the Board members. Mr. O’Connell advised the Board that the investment for the OPEB is $2,823,908 with a return since inception of June 22, 2009 of 23.75%. This is performing well and a brief discussion followed.
4. Fiduciary Investment Advisors, LLC – East Hartford OPEB Trust
Mr. Kachmar distributed the Monthly Flash Report for the OPEB Trust as of August 31, 2010 and advised the Board that this fund is up $50,000 since June and the Year To Date return is 8.3% against the 7.5% benchmark. Total Market Value is at $1,795,403 and performing well. A brief discussion followed.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board September 22, 2010 meeting $ 100.00
Motion by Ms. Rossi, seconded by Mr. Vignati 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 Mr. Thompson, seconded by Mr. Vignati to adjourn the regular meeting at 6:14 PM
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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