SUBJECT TO APPROVAL AT NEXT MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
SPECIAL MEETING
Wednesday, November 16, 2011
The meeting was called to order by Joseph Carlson, Chairman at 5:00 P.M. in the Majority Room, East Hartford Town Hall. ~In addition to Mr. Carlson there were:
PRESENT: Barbara-Ann Rossi, Member
Scott Thompson, Member
Eileen Powers, Member
ABSENT:~~~~~~~~~ Frank Vignati, 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 October 26, 2011
Motion by Ms. Powers, seconded by Ms. Rossi to approve as presented the Minutes of the Regular Meeting of October 26, 2011.
~
Motion was voted; Motion was approved, with Mr. Carlson abstaining.
3. COMMUNICATIONS: None
4. ~OLD BUSINESS:
a. ~ The Segal Company –1% COLA Study Retirees of 1999
Mr. Dawidowicz advised the Board members that he would have the study completed for the December meeting and he would also discuss the valuation of 8 or 8.25 percent. A brief discussion the followed.
b. Trent Reopell Service Connected Disability Retirement final calculations
After a brief discussion the following motion was made:
Motion by Mr. Thompson, seconded by Ms. Powers to approve as presented the final calculations for Mr. Reopell.
Motion was voted; Motion was unanimously approved.
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations: None
b. ~~~~Withdrawals of Contributions: None
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~Summary of Portfolio Asset – October 2011
- Summary of Expenses - October 2011
~~~
This was accepted as information for the Board members.
3. ~Fiduciary Investment Advisors, LLC Report ~~
Mr. Kachmar, Fiduciary Investment Advisors was not available for the meeting and Mr. Walsh distributed the East Hartford Fixed Asset Report as of October 31, 2011 to the Board. The report reflected the Fixed Income Composite has a market value of $64,949,942 with a 7.6% return since inception of 1/1/09. A brief discussion followed.
4. ~3 D Asset Management Report
Mr. Connors, 3D Asset Management distributed the East Hartford Pension Report as of October 31, 2011 on the Equity portion. Discussion was held on the month of October and the ongoing crisis in the European countries and its’ effect on Wall Street. The ending market value was at $108,452,503 and this was an 11.76% return for the month, but a -3.67% year to date and a 17.84% return since inception (11/3/08). Brief discussion followed with Mr. Connors advising the Board members of the volatility of the market and a brief discussion followed on the upcoming congressional meeting on November 23, 2011 and what would be the results.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – October 2011
- Summary of Expenses – October 2011
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report ~as of October 31, 2011~
The OPEB Trust report indicated the Market Value at $1,330,249 with an 8.7% return since inception of 7/01/09. A brief discussion followed on the purpose of the trust being used to fund the retiree’s medical expenses.
- 3 D Asset Management Report as of October 31, 2011
Mr. O’Connell advised the Board that the OPEB Trust has a Market Value at $2,249, 449 with a -1.71% return for the year to date and 19.83 since inception of 6/22/09. A brief discussion followed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – November 16, 2011 ~~~~~~~~~~~~~~$ ~100.00
Motion by Ms. Powers, seconded by Ms. Rossi 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 Mr. Thompson, seconded by Ms. Rossi to adjourn the regular meeting at 5:38 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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