UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, April 27, 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: Scott Thompson, Member
Frank Vignati, Member
ABSENT:~~~~~~~~~ Barbara-Ann Rossi, Member
Eileen Powers, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Wayne Connors, 3D Asset Management
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Chris Kachmar, Fiduciary Investment Advisors
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES
a. ~~Acceptance of Minutes of Regular Meeting of March 23, 2011
Motion by Mr. Vignati, seconded by Ms. Powers to approve as presented the Minutes of the Regular Meeting of March 23, 2011.
~
Motion was voted; Motion was unanimously approved.
3. ~COMMUNICATIONS:
a. Letter to Richard Clow dated 3/30/11 regarding Board action o9f 3/23/11
Brief discussion was held on the status of Mr. Clow’s request for Non-Service Connected Disability Retirement. It was determined to table this issue under item 5a.2.
4. ~OLD BUSINESS:
a. ~~2/4/11 letter from Francis Malozzi requesting COLA
Mr. Walsh advised the Board members that The Segal Company is preparing a report for the COLA.
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations
~~~~~~~~1. ~Robert Kornfield, Police Deferred Retirement eff. 2/6/11
2. Richard Clow, Fire Dept., Request Non-Service Connected Disability Retirement
3. Eunice Acosta, BOE Custodian, Early Retirement, effective 2/25/11
4. Robert Sandberg, Normal Retirement, effective 2/1/11
Motion by Mr. Vignati, seconded by Ms. Powers to TABLE item 5. a. 2. until further information is available.
Motion was voted; Motion was unanimously approved.
Motion by Mr. Vignati, seconded by Ms. Powers to approve item 5. a. 1., 3. & 4. as presented.
Motion was voted; Motion was unanimously approved.
b. ~~~~~Withdrawals of Contributions
~~~~~~~~1. ~Bonnie Armentrout, resigned 1/28/11
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented the withdrawal of contributions for Bonnie Armentrout.
Motion was voted; Motion was unanimously approved.
c. Military Buyback request from Gerard Scagliola
Motion by Ms. Powers, seconded by Mr. Thompson to approve the request of 1 year refund for Military Buyback for Gerard Scagliola.
Motion was voted; Motion was unanimously approved.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~Summary of Portfolio Asset – March 2011
- Summary of Expenses – March 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 March 31, 2011 and advised the Board that Fixed Income Composite has a market value of $58,113,624 with a 8.4% 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 following motion was made:
Motion by Mr. Vignati, seconded by Ms. Powers to add PIMCO Unconstrained Bond for10.0% and Eaton Vance Floating Rate Fund I for 5.0% as new Fixed Income Money Managers.
Motion was voted; Motion was unanimously approved.
4. ~3 D Asset Management Report
Mr. Connors, 3D Asset Management distributed the East Hartford Pension Report as of March 31, 2011 and advised the Board that the ending market value was at $123,976028 and this was a 5.86% return for the year to date and a 27.54% return since inception. Brief discussion followed with Mr. Connors discussing the Asset Allocation and answering questions regarding the current market.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – March 2011
- Summary of Expenses – March 2011
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report ~as of March 31, 2011~
Mr. Kachmar advised the Board that the OPEB Trust has a Market Value at $1,816,690 with a 9.3% return since inception of 7/1/09. A brief discussion followed.
- 3 D Asset Management Report as of March 31, 2011
Mr. Connors advised the Board that the OPEB Trust has an ending market value of $3,584,418 and a 32.15% return since inception of 6/22/09. A brief discussion followed.
- Mr. Thompson excused himself from the meeting at 6:45 PM
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~~Clerk for Pension & Ret. Benefit Board – April 27, 2011 ~~~~~~~~~~~~~~$ ~100.00
b. ~~~~~Segal Company, Inv. #158670 quarterly payment 1/1/11 – 3/31/11 7,675.00
c. ~~~~~Segal Company, Inv. #158296 benefits calculations 700.00
d. Fiduciary Investment Advisors, quarterly payment 1/11/11 – 3/11/11 8,750.00
Motion by Mr. Vignati, seconded by Ms. Powers to approve as presented for payment items # 7. a - d.
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. Powers to adjourn the regular meeting at 6:50 PM
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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