SUBJECT TO APPROVAL AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, April 25, 2012
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: Frank Vignati, Member
Scott Thompson, Member
Robert Damaschi, Member
Eileen Powers, Member
ABSENT:~~ None~~~~~~~
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Wayne Connors, 3D Asset Management
Chris Kachmar, Fiduciary Investment Advisors
Dan Wasilewski, Pres. E. H. Firefighters Union
Shawn Kinkade, E. H. Firefighter
John Tuller, E. H. Firefighter
Andrew Malone, E. H. Firefighter
John Spaulding, E. H. Firefighter
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Mr. Wasilewski, President of the E. H. Firefighters Union addressed the Board members on the request for the Service-Connected Disability Retirement for Chris Foley. He referred to the Boards decision to defer Mr. Foley for physical therapy, followed by a functional capacity evaluation at the Boards meeting in March. Mr. Thompson referred Board members to his letter on this matter. Mr. Tuller also addressed the Board of his concerns on the procedures. Mr. Walsh gave a brief overview of the procedures in this case. Board members: Mr. Vignati, Ms. Powers and Mr. Damaschi informed the representatives of the Fire Department, that they were doing their best to address the request from Mr. Foley and they were following the advice of the Board’s doctor on this matter. They assured
the firefighters that they would again review the matter in Executive Session.
2. ACCEPTANCE OF MINUTES
a. ~~Acceptance of Minutes of Regular Meeting of March 28, 2012
Motion by Mr. Thompson, seconded by Mr. Damaschi to approve as presented the Minutes of the Regular Meeting of March 28, 2012.
~
Motion was voted; Motion was approved, with Ms. Powers abstaining.
Mr. Walsh advised the Board that as a result of the ongoing Police negotiations and their request to change the date for the Pension Actuarial Valuation from end of March to end of December. Mr. Walsh requested the Board’s consent to advise The Segal Company to move ahead with the 8.25% interest rate with the possibility of dropping to 8% if funds are available as discussed at the March meeting. Brief discussion followed with the members present agreeing with his request.
4. ~OLD BUSINESS:
a. Christopher Foley, Fire Dept., Request for Service-Connected Disability Retirement
EXECUTIVE SESSION:
Motion by Mr. Damaschi, seconded by Mr. Vignati to go into Executive Session at 6:05 PM with only Board members, Mr. Walsh and clerk in attendance to review the independent medical evaluations from Dr. Erdil and Dr. Lena for Christopher Foley.
The motion was voted; Motion was unanimously approved.
Motion by Ms. Powers, seconded by Mr. Thompson to come out of Executive Session at 6:29 PM .
No votes were taken in Executive Session.
The motion was voted; Motion was unanimously approved.
After an in-depth discussion the following motion was made:
Motion by Mr. Vignati, seconded by Mr. Thompson to approve the request from Christopher Foley for a Service-Connected Disability Retirement based on reviewing Dr. Erdil and Dr. Lena’s independent medical evaluation.
The motion was voted; Motion was approved 3-1, with Mr. Damaschi opposed.
Mr. Wasilewski addressed the Board members and thanked them for reviewing the Foley request for Service-Connected Disability Retirement.
Mr. Vignati excused himself from the meeting at 6:33 PM.
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations: None
b. ~~~~Withdrawals of Contributions: None
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~ Summary of Portfolio Asset – March 2012
2. Summary of Expenses – March 2012
~~~
This was accepted as information for the Board members.
3. ~3 D Asset Management Report
Mr. Connors, 3D Asset Management distributed the East Hartford Pension Report as of March 31, 2012 and the First Quarter 2012 Market Review on the Equity portion of the investments. The ending market value was at $112,682,736, this was a gain of 2.00% for the month and a gain of 11.30% quarter to date and year to date. The past 12 months has a loss of -0.46% . The fund has an 18.54% return since inception (11/3/08). Mr. Connors advised the members that the equity portion of the fund is doing well. Brief discussion followed on the Asset Allocation
4. ~Fiduciary Investment Advisors, LLC Report ~~
Mr. Kachmar distributed the East Hartford Fixed Income Report as of March 31, 2012 to the Board. The Fixed Income Composite has a market value of $66,403,539 and this was up 2.6% for the quarter and year to date. The return since inception of 1/1/09 is 7.4%. Mr. Kachmar advised the Board that the fund is doing well. Mr. Kachmar reviewed the portfolio and the Managers Performance Overview was discussed. A brief discussion followed.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – March 2012
- Summary of Expenses – March 2012
This was accepted as information for the Board members.
- 3 D Asset Management Report as of March 31, 2012
Mr. Connors advised the Board that the OPEB Trust has a Market Value at $1,124,324 with a 20.95% return since inception of 6/22/09. He advised the Board members that this fund was doing what it was set up to do and performing very well. A brief discussion followed.
- Fiduciary Investment Advisors, LLC Report ~as of March 31, 2012~
The OPEB Trust report indicated the Market Value at $696,791 with a 2.4% gain for the quarter, with an 8.6% return since inception of 7/01/09. A brief discussion followed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – April 25, 2012 ~~~~~~~~~~~~~~$ ~100.00
b. The Segal Company, #181336 - 3/22/12 (13 benefit calc.) 2,275.00
c. The Segal Company, #181804 - 4/2/12 (qrtly. Fee) 7,675.00
Motion by Mr. Thompson, seconded by Ms. Powers to approve as presented for payment items # 7. a. – c.
Motion was voted; Motion was unanimously approved.
Mr. Thompson and Ms. Powers excused themselves from the meeting at 6:40 PM.
8. ~~~~~Adjournment: ~
There being no further business,
The meeting adjourned at 6:45 PM.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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