APPROVED AT 3/23/11 REGULAR BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, February 23, 2011
The meeting was called to order by Joseph Carlson, Chairman at 5:40 P.M. in the Welling Conference Room, East Hartford Town Hall. ~In addition to Mr. Carlson there were:
PRESENT: Barbara-Ann Rossi, Member
Scott Thompson, Member
ABSENT:~~~~~~~~~Frank Vignati, Member
Eileen Powers, Member
ALSO PRESENT:~~~Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Wayne Connors, 3D Asset Management
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Chris Kachmar, ~Fiduciary Investment Advisors
Tom Dawidowicz, Segal Company
PUBLIC PARTICIPATION: ~None
ACCEPTANCE OF MINUTES
a. ~~Acceptance of Minutes of Regular Meeting of November 17, 2010
Motion by Mr. Thompson, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of November 17, 2010.
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The Motion was voted; Motion was unanimously approved.
3. ~COMMUNICATIONS:
a. ~~~~~11/24/10 Memo from FIA Investment Committee
Chris commented that there was “no impact” on the town plan.
b. ~~~~~2/4/11 Letter from Francis Malozzi requesting COLA
Tom Dawidowicz of Segal Company will prepare a report showing COLA info to date and return it to the board.
4. ~OLD BUSINESS:
a. ~~~~~Segal Company Quote for Police Negotiations Cost Out
Motion by Mr. Joe Carlson, seconded by Ms. Rossi to direct the Segal Company to prepare the Town and Police Union requests for pension negotiations provided the Town and the Police Union reimburse the board for 50% of their respective proposal pricing costs. Motion carried.
b. ~~~~~Segal Company 7/1/10 Actuarial Valuation – Preliminary Results
Preliminary results will be presented to the Town Council during the February 26, 2011 public budget hearing. No action taken on this matter. ~
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations
~~~~~~~~1. ~Joseph DiMarco, Police Dept., DROP Retirement eff. 11/25/10
b. ~~~~~Withdrawals of Contributions
~~~~~~~~1. ~Naira Rivera, BOE, resigned 6/30/05
c. ~~~~~Requested Pension & Retiree Benefits Board Budget 2011/2012
d. ~~~~~Proposed 2011 Schedule of Meetings
Motion by Mr. Thompson, seconded by Mr. Carlson to approve as presented items #5. a for retirements and final calculations.
Motion by Mr. Thompson, seconded by Mr. Carlson to approve as presented items #5. b for withdrawal of contribution.
Motion by Mr. Thompson, seconded by Mr. Carlson to approve as presented items #5. c Pension & Retiree Benefit Board Budget for 2011/2012.
Motion by Mr. Thompson, seconded by Mr. Carlson to approve as presented items #5. d Schedule of Meetings.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~Summary of Portfolio Asset – November & December, 2010 & January 2011
- Summary of Expenses – November & December, 2010 & January 2011
~~~ 3. ~Fiduciary Investment Advisors, LLC Report ~~
~~~~ 4. ~3 D Asset Management Report
b. ~~~~~OPEB Trust:
~~~~~~~1. ~Summary of Portfolio Asset – November & December, 2010 & January 2011
- Summary of Expenses – November & December, 2010 & January 2011
~~~ 3. ~Fiduciary Investment Advisors, LLC Report ~~
~~~~ 4. ~3 D Asset Management Report
The board received monthly results from FIA and 3D for the months of November, December and January. Brief discussion of the results was held and 3D and FIA answered questions. A copy of the January results are attached for the readers information.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~~Clerk for Pension & Ret. Benefit Board – February 23, 2011 ~~~~~~~~~~~~~~$ ~100.00
b. ~~~~~Johnson Occupational Medicine, Inv. #25080, Dec. l, 2010
~~~~~~~~~(Dr. Erdil’s IME for Warren Marsh) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~ ~500.00 ~~~~~~~~
c. ~~~~~The Segal Co., Inv. #153113, Quarterly bill ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~7,675.00
d. ~~~~~The Segal Co., Inv.#151204, Benefit calculations & QDRO’s ~~~~~~~~~~~~~~5,855.00
e. ~~~~~FIA, Inv. #3521004, Quarterly bill ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~8,750.00
Motion by Mr. Thompson, seconded by Mr. Carlson to approve as presented for payment items # 7. a.- e
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8. ~~~~~Adjournment: ~
There being no further business,
Motion by Mr. Thompson, seconded by Mr. Carlson to adjourn the regular meeting at 7:00 PM
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Tatia Lewis, Acting Clerk
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