APPROVED AT THE OCTOBER 26, 2011 MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
Wednesday, September 21, 2011
The meeting was called to order by Joseph Carlson, Chairman at 5:45 P.M. Town Council Majority Room, East Hartford Town Hall. In addition to Mr. Carlson there were:
PRESENT: Barbara-Ann Rossi, Member
Eileen Powers, Member
ABSENT:~~~~~~~~~Frank Vignati, Member
Scott Thompson, Member
ALSO PRESENT:~~Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~John O’Connor, 3D Asset Management
Chris Kachmar, Fiduciary Investment Advisors
1.~ PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES
a. ~~Acceptance of Minutes of Regular Meeting of August 24, 2011
Motion by Ms. Powers, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of August 24, 2011.
~
The Motion was voted; Motion was unanimously approved.
3. Communications:
4. Old Business:
a. 2011 Retiree COLA Study – The Segal Company
The Segal Company prepared a report showing COLA info to date and remitted invoice to the board. Due to concerns with the price, it will be considered at the next month’s meeting when the full board is present.
5. New Business:
a. Retirements and Final Calculations: None
b. Withdrawals of Contributions: None
c. Request from Scott Thompson – Cancellation of Military Buyback Time
Motion by Ms. Rossi, seconded by Ms. Powers to accept the request to cancel Mr. Thompson’s Military Buyback Time and direct the Town to reimburse the amount that he paid. Motion carried.
6. Reports:
a. Pensions:
1. Summary of Portfolio Asset – August, 2011
2. Summary of Expenses – August, 2011
3. Fiduciary Investment Advisors, LLC Report
4. 3 D Asset Management Report
Mr. ~Kachmar, Fiduciary Investment Advisors distributed to the Board the East Hartford Fixed Asset Report as of August 31, 2011. ~The report reflected the Fixed Income Composite has a market value of $65, 036,349 with an 8.2% return since inception of 1/1/09. ~Brief discussion followed.
Mr. O’Connor, 3D Asset Management distributed the East Hartford Pension Report as of
August 31, 2011 Equity portion to the Board and advised them that the ending market value was at $110, 534,594. This is a -3.78% return for the year to date and an 18.94% return since inception (11/3/08). ~Brief discussion followed with Mr. O’Connor advising the Board members that the market has been volatile due to foreign markets being down a bit, but overall reflection shows everything is heading in right direction. ~
b. OPEB Trust:
1. Summary of Portfolio Asset – August, 2011
2. Summary of Expenses – August, 2011
3. Fiduciary Investment Advisors, LLC Report
4. 3 D Asset Management Report
The board received monthly results from FIA and 3D for the month of August. Brief discussion of the results was held and 3D and FIA answered questions. A copy of the August results are attached for the readers information.
7. Approval of Disbursements:
a. Clerk for Pension & Ret. Benefit Board – September 21, 2011 $ 100.00
Motion by Ms. Rossi, seconded by Ms. Powers to approve as presented for payment item # 7. a.
8. Adjournment:
There being no further business,
Motion by Ms. Rossi, seconded by Ms. Powers to adjourn the regular meeting at 6:15 PM
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Respectfully submitted,
Tatia Lewis, Acting Clerk
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