SUBJECT TO APPROVAL AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, June 27, 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: Scott Thompson, Member
~~~~ Frank Vignati, Member
ABSENT:~~ Eileen Powers, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Wayne Connors, 3D Asset Management
Michael Goss, Fiduciary Investment Advisors
Thomas Dawidowicz, The Segal Company
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES - Tabled to next meeting
a. ~~Acceptance of Minutes of Regular Meeting of May 23, 2012
3. COMMUNICATIONS:
Mr. Dawidowicz distributed information for the Board to review regarding GASB’s Proposed Changes to Pension Accounting Standards for Public Sector Employers. A brief discussion followed.
4. ~OLD BUSINESS: None
5. ~NEW BUSINESS: None
a. ~~~~~Retirements and Final Calculations
b. ~~~~Withdrawals of Contributions
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~ Summary of Portfolio Asset – May 2012
2. Summary of Expenses – May 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 May 31, 2012 for the Equity portion of the investments. The ending market value was at $102,350,635, this was a loss of -6.25% for the month and a loss of -7.12 % for the quarter to date. The past 12 months has a loss of -8.77%. The fund has a 15.25% return since inception (11/3/08). Mr. Connors discussed the performance of the market for the month of May and reported that June had a good start but was pulled back lately. Mr. Connors advised the Board that 3D was leaning to less volatile funds and that 78% of the portfolio is US based. Brief discussion was held on the Index Performance Global Markets report that was also distributed to the Board.
4. ~Fiduciary Investment Advisors, LLC Report ~~
Mr. Goss distributed the East Hartford Fixed Income Report as of May 31, 2012 to the Board. The Fixed Income Composite has a market value of $66,828,803 and this was a loss of -0.4% for the month and a 0.6% gain for the quarter and 3.2% for the year to date. The return since inception of 1/1/09 is 7.2%. A brief discussion was held on the bond market.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – May 2012
- Summary of Expenses – May 2012
This was accepted as information for the Board members.
- 3 D Asset Management Report as of May 31, 2012
Mr. Connors advised the Board that the OPEB Trust has a Market Value at $1,029,590 with a 16.13% return since inception of 6/22/09. He advised the Board members that this fund had a decline of -7.19% for the month of May similar to the Equity portion of the pension investment. A brief discussion followed.
- Fiduciary Investment Advisors, LLC Report ~as of May 31, 2012~
Mr. Goss advised the Board that the OPEB Trust report indicated the Market Value at $715,535 with a 5.1% gain for the year to date and a 9.1% return since inception of 7/01/09. Mr. Goss advised the Board that the OPEB performed better and discussion followed on government bonds.
ADD-ON – Fiduciary Investment Advisors invoice #3521202 for $8,750.00
Motion by Mr. Vignati, seconded by Mr. Thompson to eliminate item 7.b and add 7.c for $17,500 payment to Fiduciary Investment Advisors for two quarterly payments.
Motion was voted; Motion was unanimously approved.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – June 27, 2012 ~~~~~~~~~~~~~~$ ~100.00
b. Fiduciary Investment Advisors, #3521201 ¼’ly payment 8,750.00
c. Fiduciary Investment Advisors, #3521201 & #3521202 (1st and 2nd ¼’ly payments
dated 3/31/12 and 6/30/12) 17,500.00
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented for payment items # 7. a. & c.
Motion was voted; Motion was unanimously approved.
8. ~~~~~Adjournment: ~
There being no further business,
Motion by Mr. Vignati, seconded by Mr. Thompson to adjourn the meeting at 6:15 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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