UNAPPROVED MINUTES
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, August 24, 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
Frank Vignati, Member
ABSENT:~~~~~~~~~ Scott Thompson, Member
Eileen Powers, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Thomas Dawidowicz, The Segal Company
Wayne Connors, 3D Asset Management
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ John O’Connell, 3D Asset Management
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES
a. ~~Acceptance of Minutes of Regular Meeting of July 27, 2011
Motion by Ms. Rossi, seconded by Mr. Vignati to approve as presented the Minutes of the Regular Meeting of July 27, 2011.
~
Motion was voted; Motion was unanimously approved.
3. COMMUNICATIONS:
- Mr. Walsh distributed copies of Pension & Investments Special Report naming 3D Asset Management as a “Top performing manager”. 3D Asset Management ranks 2nd among 100 Peers in its category. Brief discussion followed with Board members congratulating both Mr. Connors and Mr. O’Connell.
- Mr. Walsh distributed a Journal Inquirer article regarding the State Pension Fund return of 21%. He informed the Board that the Town’s Pension has a 24% return. Brief discussion followed.
4. ~OLD BUSINESS:
a. ~ The Segal Company - 2011 Retiree COLA Study
Mr. Dawidowicz advised the Board members he is still in the process of preparing the study and should have it available for the September meeting, which will be held on the third Wednesday (9/21/11) instead of the fourth Wednesday.
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations:
Gail Rurka, BOE Normal Retirement eff. 7/1/11
b. ~~~~~Withdrawals of Contributions:
Tiffany (Greco) Golas, BOE, resigned 6/20/11
Motion by Mr. Vignati, seconded by Ms. Rossi to approve as presented items 5. a. & b.
Motion was voted; Motion was unanimously approved.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~Summary of Portfolio Asset – July 2011
- Summary of Expenses – July 2011
~~~
This was accepted as information for the Board members.
3. ~Fiduciary Investment Advisors, LLC Report ~~
Mr. Walsh advised the Board members that Mr. Kachmar, Fiduciary Investment Advisors was unavailable for tonight’s meeting, but he forwarded the East Hartford Fixed Asset Report as of July 31, 2011 and they were distributed to the Board. The report reflected the Fixed Income Composite has a market value of $65,160,397 with an 8.5% return since inception of 1/1/09. Brief discussion followed.
4. ~3 D Asset Management Report
Mr. Connors, 3D Asset Management distributed the East Hartford Pension Report as of July 31, 2011 Equity portion and advised the Board that the ending market value was at $119, 856,897 and this was a 3.13% return for the year to date and a 22.64% return since inception (11/3/08). Brief discussion followed with Mr. Connors advising the Board members that since July is the beginning of the year this is a 1 month reflection and shows a 1.99% loss. Mr. Connors also advised the Board members that this was not a good month and it will be a “speculative and volatile” market.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – July 2011
- Summary of Expenses – July 2011
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report ~as of July 31, 2011~
The OPEB Trust report indicated the Market Value at $1,354,473 with a 9.9% return since inception of 7/01/09. A brief discussion followed.
- 3 D Asset Management Report as of July 31, 2011
Mr. Connors advised the Board that the OPEB Trust had a similar month as the Equity portion with a Market Value at $2,248,622 with a 25.65% return since inception of 6/22/09. A brief discussion followed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – August 24, 2011 ~~~~~~~~~~~~~~$ ~100.00
Motion by Ms. Rossi, seconded by Mr. Vignati to approve as presented for payment items # 7. a.
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 6:05 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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