Approved by Board at the April 27, 2011 Meeting
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, March 23, 2011
The meeting was called to order by Joseph Carlson, Chairman at 5:45 P.M. in the Majority Room, East Hartford Town Hall. ~In addition to Mr. Carlson there were:
PRESENT: Barbara-Ann Rossi, Member
Scott Thompson, Member
Frank Vignati, Member
Eileen Powers, Member
ABSENT:~~~~~~~~~ None
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ John O’Connell, 3D Asset Management
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Chris Kachmar, Fiduciary Investment Advisors
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES
a. ~~Acceptance of Minutes of Regular Meeting of February 23, 2011
Motion by Mr. Thompson, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of February 23, 2011.
~
Motion was voted; Motion was approved, with Ms. Powers and Mr. Vignati abstaining.
3. ~COMMUNICATIONS:
Mr. Walsh advised that a couple of communications had been emailed to members recently for their information on investments.
4. ~OLD BUSINESS:
a. ~~2/4/11 letter from Francis Malozzi requesting COLA
Mr. Walsh advised the Board that every three years the Board must inquire of the Segal Company to perform a study of the cost of a COLA for retirees and Tom Dawidowicz of Segal Company will prepare a report showing COLA information to date and return it to the board.
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations
~~~~~~~~1. ~Robert Kornfield, Police Deferred Retirement eff. 2/6/11
2. Lee Griffin, Police Deferred Retirement eff. 2/7/11
After an in-depth discussion the following motion was made:
Motion was made by Mr. Thompson, seconded by Mr. Vignati to TABLE Mr. Kornfield’s retirement until next month pending the review of the calculation sheet and to APPROVE Mr. Griffin as presented.
Motion was voted; Motion was unanimously approved.
3. Richard Clow, Fire Dept., Request Non-Service Connected Disability Retirement
Mr. Thompson advised the Board on Mr. Clow’s request for a Non-Service Connected Disability Retirement. The Board was advised that Mr. Clow has had been examined by a physician representing the Town and his personal physician and it has been determined that Mr. Clow cannot perform the duties of a firefighter. Discussion was held on reviewing the medical records or sending Mr. Clow for an Independent Medical Evaluation. After an in-depth discussion the following motion was made:
Motion by Mr. Vignati, seconded by Mr. Thompson to TABLE Mr. Clow’s request to next month’s meeting, to review the medical report from both Mr. Clow’s personal physician and the physician representing the Town of East Hartford.
Motion was voted; Motion was unanimously approved.
b. ~~~~~Withdrawals of Contributions
~~~~~~~~1. ~Theresa Lawrence, Assessor’s Office, terminated 2/8/11
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented items #5.b1 and final calculations.
Motion was voted; Motion was unanimously approved.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~Summary of Portfolio Asset – February 2011
- Summary of Expenses – February 2011
~~~
This was accepted as information for the Board members.
3. ~Fiduciary Investment Advisors, LLC Report ~~
Mr. Kachmar, Fiduciary Investment Advisors distributed the East Hartford Fixed Asset Report as of February 28, 2011 and advised the Board that Fixed Income Composite has a market value of $57,950,428 with a 8.6% return since inception of 1/1/09. Mr. Kachmar reviewed the various money managers and recommended the Board consider adding two new managers to the portfolio. Mr. Kachmar is recommending adding PIMCO Unconstrained Bond for 10.0% and Eaton Vance Floating Rate Fund I for 5.0%. A discussion was held on the merits of adding these two managers and Mr. Kachmar answered the Boards questions. The Board members will review the information from Mr. Kachmar and vote at the April meeting.
4. ~3 D Asset Management Report
Mr. O’Connell, 3D Asset Management distributed the East Hartford Pension Report as of February 28, 2011 and advised the Board that the ending market value was at $123,604,539 and this was a 4.62% return for the year to date and a 33.71% return since inception. Brief discussion followed with Mr. O’Connell answering questions regarding the current market.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~Summary of Portfolio Asset – February 2011
- Summary of Expenses – February 2011
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report ~as of February 28, 2011~
Mr. Kachmar advised the Board that the OPEB Trust has a Market Value at $1,808,507 with a 9.5% return since inception of 7/1/09. A brief discussion followed.
- 3 D Asset Management Report
Mr. O’Connell advised the Board that the OPEB Trust has an ending market value of $3,548,148 and a 33.20% return since inception of 6/22/09. A brief discussion followed.
- Mr. Thompson excused himself from the meeting at 6:45 PM
ADD-ON: Motion by Ms. Rossi, seconded by Ms. Powers to add Item #7b. to the agenda for request for approval of $100 donation to be sent to the YMCA in memory of Brett W. Penney.
A brief discussion was held on this matter.
Motion was voted; Motion was unanimously approved.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~~Clerk for Pension & Ret. Benefit Board – February 23, 2011 ~~~~~~~~~~~~~~$ ~100.00
b. ~~~~~Donation paid to YMCA in memory “Brett W. Penney” 100.00
Motion by Mr. Vignati, seconded by Ms. Powers to approve as presented for payment items # 7. a. and b.
Motion was voted; Motion was unanimously approved.
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8. ~~~~~Adjournment: ~
There being no further business,
Motion by Mr. Vignati, seconded by Ms. Rossi to adjourn the regular meeting at 6:55 PM
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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