APPROVED BY BOARD at November 17, 2010 Meeting
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, October 27, 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
Wayne Connors, 3D Asset Management
Chris Kachmar, Fiduciary Investment Advisors
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of September 22, 2010
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of September 22, 2010.
The Motion was voted; Motion was unanimously approved.
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 has requested that Mr. Marsh have a Functional Capacity Evaluation and that is in the process of being completed by Hartford Hospital and the results should be available for the November meeting. No action taken on this matter.
5. NEW BUSINESS:
a. Retirements - Final Calculations: None
b. Withdrawal of Contributions: None
ADD- ON
Motion by Mr. Vignati, seconded by Mr. Thompson to Add-on item #5.c. Request for Segal to cost-out Town proposal for Police Pension Plan Negotiations.
The Motion was voted; Motion was unanimously approved.
c. Request for Segal to cost-out Town proposal for Police Pension Plan Negotiations
Mr. Walsh advised the Board members that as part of the negotiations between Corporation Counsel Office and McEleney & McGrail, the attorneys for the Police Union, they have requested the actuaries cost-out proposals and the Retirement Plan to pay for these expenses. Discussion followed and the following motion was made:
Motion by Ms. Rossi, seconded by Mr. Vignati to request the Segal Company to cost-out the proposal as requested on behalf of the Town and EHPOA’s attorneys.
The Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – September, 2010
2. Summary of Expenses – September, 2010
This was accepted as information for the Board members.
3. 3D Asset Management –East Hartford Pension - Equity Component as of 9/30/10
Mr. Connors distributed the Equity Component Review ending September 30, 2010. Mr. Connors reported that the ending market value is at $110,456,533 and the return since inception is at 24.46% and the benchmark is at 12.87%. Mr. Connors advised the members that September was a very good month with a return of 10.40%. A brief discussion followed on the Target Allocations, and the Asset Class breakdown.
4. Fiduciary Investment Advisors, LLC - Third Quarter 2010 Executive Summary
Mr. Kachmar distributed the Third Quarter Executive Summary and a brief discussion followed on the Economic Review for the third quarter. Mr. Kachmar discussed the Fixed Income Review for the third quarter. Mr. Kachmar discussed the Fixed Income Assets as of September 30, 2010 and reported that September was a good month with the fund at $$57,980,846 with a 8% calendar year return. Mr. Kachmar discussed the Combined Equity and Fixed Income Portfolios as of September 30, 2010. A brief discussion followed.
b. OPEB Trust:
1. Summary of Portfolio Assets – September 2010
2. Summary of Expenses – September, 2010
This was accepted as information for the Board members.
3. 3D Asset Management – East Hartford OPEB - Equity Component September, 2010
Report
Mr. Connors distributed the East Hartford OPEB – Equity Component as of September 30, 2010 to the Board members. Mr. Connors advised the Board that the investment for the OPEB is $3,071,730 with a return for September of 8.79% and since inception of June 22, 2009 of 30.51%. 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 September 30, 2010 and advised the Board that this fund is up over $60,000 for the third quarter and the Year To Date return is 9.2% against the 7.7% benchmark. Total Market Value is at $1,809,306 and performing well. A brief discussion followed.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board October 27, 2010 meeting $ 100.00
b. The Segal Company, Inv. #147030 quarterly statement (7/10 – 9/10) 7,675.00
c. FIA, Inv. #3521003 quarterly statement (7/10 – 9/10) 8,750.00
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented for payment items # 7. a.- c.
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 6:23 PM
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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