UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, June 22, 2011
The meeting was called to order by Joseph Carlson, Chairman at 5:48 P.M. in the Majority Room, East Hartford Town Hall. ~In addition to Mr. Carlson there were:
PRESENT: Scott Thompson, Member
Barbara-Ann Rossi, Member
ABSENT:~~~~~~~~~ Frank Vignati, Member
Eileen Powers, Member
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 May 25, 2011
Motion by Mr. Thompson, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of May 25, 2011.
~
Motion was voted; Motion was unanimously approved.
3. ~COMMUNICATIONS: - None
4. ~OLD BUSINESS:
a. ~~2/4/11 letter from Francis Malozzi requesting COLA
Mr. Walsh advised the Board members that he has received a report from Mr. Dawidowicz; The Segal Company has prepared a report for a COLA. After Mr. Walsh reviewed the report he has requested the report be updated to reflect more information on all the COLA’s and Mr. Walsh will email copies to members for review for the next meeting.
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations - None
b. ~~~~~Withdrawals of Contributions - None
c. Richard Clow request for Pension Contribution ($1,242.67)
After a brief discussion the following motion was made:
Motion by Ms. Rossi, seconded by Mr. Thompson approves the refund of $1,242.67 to Mr. Clow for the pension contribution payment that was made and not covered in his pension.
Motion was voted; Motion was unanimously approved.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~Summary of Portfolio Asset – May 2011
- Summary of Expenses – May 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 May 31, 2011 and advised the Board that Fixed Income Composite has a market value of $59,344,510 with a 8.8% return since inception of 1/1/09. Mr. Kachmar reviewed the report with the Board members.
4. ~3 D Asset Management Report
Mr. O’Connell, 3D Asset Management distributed the East Hartford Pension Report as of May 31, 2011 and advised the Board that the ending market value was at $123,456,774 and this was a 7.33% return for the year to date and a 26.22% return since inception. Brief discussion followed with Mr. O’Connell discussing the Asset Allocation being on target and answering questions regarding the current market. He advised the Board members that June has not been good so far.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – May 2011
- Summary of Expenses – May 2011
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report ~as of May 31, 2011~
Mr. Kachmar advised the Board that the OPEB Trust has a Market Value at $1,859,801 with a 9.8% return since inception of 7/1/09. A brief discussion followed.
- 3 D Asset Management Report as of May 31, 2011
Mr. O’Connell advised the Board that the OPEB Trust has an ending market value of $3,646,132 and a 30.16% return since inception of 6/22/09. A brief discussion followed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~~Clerk for Pension & Ret. Benefit Board – June 22, 2011 ~~~~~~~~~~~~~~$ ~100.00
b. ~~~~~Dr. Erdil, Inv. #26481 (R. Clow IME) 155.00
c. FIA Quarterly invoice #352102 (3/1/11 – 6/30/11) 8,750.00
Motion by Mr. Thomson, seconded by Ms. Rossi to approve as presented for payment items # 7. a. b. & c.
Motion was voted; Motion was unanimously approved.
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8. ~~~~~Adjournment: ~
There being no further business,
Motion by Ms. Rossi, seconded by Mr. Thompson 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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