UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, May 25, 2011
The meeting was called to order by Joseph Carlson, Chairman at 5:47 P.M. in the Majority Room, East Hartford Town Hall. ~In addition to Mr. Carlson there were:
PRESENT: Scott Thompson, Member
Frank Vignati, Member
Barbara-Ann Rossi, Member
ABSENT:~~~~~~~~~ Eileen Powers, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Thomas Dawidowicz, The Segal Company
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES
a. ~~Acceptance of Minutes of Regular Meeting of April 27, 2011
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of April 27, 2011.
~
Motion was voted; Motion was unanimously approved.
3. ~COMMUNICATIONS:
Mr. Walsh advised the Board that an acknowledgement was received from the YMCA for the donation in memory of Brett Penney.
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. ~Richard Clow, Fire Dept., Request Non-Service Connected Disability Retirement
EXECUTIVE SESSION:
Motion by Ms. Rossi, seconded by Mr. Vignati to move into Executive Session at 5:50 PM with only Board members, Mr. Walsh and the clerk to review Independent Medical Evaluation from Dr. Erdil for Richard Clow.
Motion was voted; Motion was unanimously approved.
Motion by Ms. Rossi, seconded by Mr. Thompson to move out of Executive Session at 6:00 PM. No votes taken in Executive Session.
Motion was voted; Motion was unanimously approved.
Motion by Mr. Thompson, seconded by Ms. Rossi to approve the Non-Service Connected Disability Retirement for Richard Clow, based on the Independent Medical Evaluation from Dr. Erdil.
Motion was voted; Motion was unanimously approved.
- Patricia Rauchle, BOE Paraprofessional, Normal Retirement, effective 4/13/11
Motion by Ms. Rossi, seconded by Mr. Thompson to approve as presented the Normal Retirement for Patricia Rauchle effective 4/13/11.
Motion was voted; Motion was unanimously approved.
b. ~~~~~Withdrawals of Contributions
~~~~~~~~1. ~Kimberly Heimer, resigned 1/14/11
Motion by Mr. Thompson, seconded by Ms. Rossi to approve as presented the withdrawal of contributions with interest for Kimberly Heimer.
Motion was voted; Motion was unanimously approved.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~Summary of Portfolio Asset – April 2011
- Summary of Expenses – April, 2011
~~~
This was accepted as information for the Board members.
3. ~Fiduciary Investment Advisors, LLC Report ~~
Mr. Walsh advised the Board that Mr. Kachmar of Fiduciary Investment Advisors was not available for meeting and he distributed the East Hartford Fixed Asset Report as of April 30, 2011 and advised the Board that Fixed Income Composite has a market value of $58,996,321 with a 8.8% return since inception of 1/1/09. A brief discussion followed.
4. ~3 D Asset Management Report
Mr. Walsh distributed the 3D Asset Management East Hartford Pension Report as of April 30, 2011 for Mr. Connors and Mr. O’Connell, whom were not available and advised the Board that the ending market value was at $126,955,819 and this was a 9.40% return for the year to date and a 28.20% return since inception. Brief discussion followed.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – April, 2011
- Summary of Expenses – April, 2011
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report ~as of April 30, 2011~
Mr. Walsh advised the Board that the OPEB Trust has a Market Value at $1,850,704 with a 9.9% return since inception of 7/1/09. A brief discussion followed.
- 3 D Asset Management Report as of March 30, 2011
Mr. Walsh advised the Board that the OPEB Trust has an ending market value of $3,715,370 and a 33.08% return since inception of 6/22/09. A brief discussion followed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~~Clerk for Pension & Ret. Benefit Board – May 25, 2011 ~~~~~~~~~~~~~~$ ~100.00
b. ~~~~~Segal Company, Inv. #161306 Police negotiation 13,900.00
Motion by Ms. Rossi, seconded by Mr. Thompson to approve as presented for payment items # 7. a & b.
A brief discussion followed on the Segal Company invoice that is being split between the Town and Police Union.
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 6:15 PM
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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