APPROVED AT THE JULY 25, 2012 BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, May 23, 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: Robert Damaschi, Member
Eileen Powers, Member
ABSENT:~~ Scott Thompson, Member
~~~~ Frank Vignati, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ John O’Connell, 3D Asset Management
Thomas Dawidowicz, The Segal Company
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES
a. ~~Acceptance of Minutes of Regular Meeting of April 25, 2012
Motion by Mr. Damaschi, seconded by Ms. Powers to approve as presented the Minutes of the Regular Meeting of April 25, 2012.
~
Motion was voted; Motion was unanimously approved.
4. ~OLD BUSINESS: None
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations:
1. Maureen Bulkeley, BOE, Normal Retirement eff. 4/27/12
Motion by Mr. Damaschi, seconded by Ms. Powers to approve as presented the normal retirement for Maureen Bulkeley effective 4/27/12.
Motion was voted; Motion was unanimously approved.
b. ~~~~Withdrawals of Contributions:
1. Amanda Rivard, BOE Para., resigned 5/20/11
2. Marcy Williams, BOE Para, resigned 8/14/08
Motion by Mr. Damaschi, seconded by Ms. Powers to approve as presented the withdrawal of contributions for Amanda Rivard and Marcy Williams.
Motion was voted; Motion was unanimously approved.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~ Summary of Portfolio Asset – April 2012
2. Summary of Expenses – April 2012
~~~
This was accepted as information for the Board members.
3. ~3 D Asset Management Report
Mr. O’Connell, 3D Asset Management distributed the East Hartford Pension Report as of /April 30, 2012 for the Equity portion of the investments. The ending market value was at $110,443,946, this was a loss of 0.93% for the month and a gain of 10.28 % for the quarter to date. The past 12 months has a loss of -4.53% . The fund has a 17.80% return since inception (11/3/08). Discussion was held on the market and Mr. O’Connell is hopeful that May and June will recover. Brief discussion was held on the European market.
4. ~Fiduciary Investment Advisors, LLC Report ~~
Mr. Kachmar was not able to make the meeting and Mr. Walsh distributed the East Hartford Fixed Income Report as of April 30, 2012 to the Board. The Fixed Income Composite has a market value of $67,064,183 and this was up 1.0% for the quarter and 3.6% for the year to date. The return since inception of 1/1/09 is 7.5%. A brief discussion followed.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – April 2012
- Summary of Expenses – April 2012
This was accepted as information for the Board members.
- 3 D Asset Management Report as of April 30, 2012
Mr. O’Connell advised the Board that the OPEB Trust has a Market Value at $1,109,403 with a 19.75% 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 April 30, 2012~
The OPEB Trust report indicated the Market Value at $707,893 with a 1.6% gain for the quarter, with a 9.0% return since inception of 7/01/09. A brief discussion followed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – May 23, 2012 ~~~~~~~~~~~~~~$ ~100.00
Motion by Ms. Powers, seconded by Mr. Damaschi 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. Damaschi, seconded by Ms. Powers to adjourn the meeting at 6:15 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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