SUBJECT TO APPROVAL AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, October 24, 2012
The meeting was called to order by Joseph Carlson, Chairman at 5:45 P.M. in the Second Floor Conference Room B, East Hartford Town Hall. ~In addition to Mr. Carlson there were:
PRESENT: Esther Clarke, Member
Eileen Powers, Member
Scott Thompson, Member
Frank Vignati, Member
ABSENT:~ None~
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Thomas Dawidowicz, The Segal Company
Wayne Connors, 3D Asset Management
Christopher Kachmar, Fiduciary Asset Advisors
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of September 19, 2012
Motion by Ms. Powers, seconded by Mrs. Clarke to approve as presented the minutes of the Regular Meeting of September 19, 2012.
Motion was voted; Motion was approved, with Mr. Thompson abstaining.
3. COMMUNICATIONS:
a. Memo to Town Clerk dated 9/20/12 “Amended Calendar”
4. ~OLD BUSINESS:
a. Attorney Percy review of consistent policy for all Retirement Plans – No Action Taken
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations
1. Jeff Robinson, BOE, Normal Retirement eff. 7/18/12
2. Michael Francione, BOE, Normal Retirement eff. 8/01/12
3. Jerry Blige, Board of Ed., Early Retirement eff. 8/05/12
4. Beverly Dillon, BOE Paraprofessional, Normal Retirement eff. 8/27/12
5. Anthony Piacenta, Jr., Police DROP, eff. 7/21/12
6. Ellen Stoldt, Police DROP, eff. 8/03/12
7. Steven Syme, Police DROP, eff. 8/31/12
After a brief review by Mr. Walsh of the DROP Retirement, the following motion was made:
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented the retirement calculation for items 5a. 1-7.
Motion was voted; Motion was unanimously approved.
A brief discussion was held on Mr. Thompson’s request for an opinion on a Firefighter who is in the DROP Retirement but has a Workers’ Compensation issue and if he could be eligible for a Disability Retirement. Mr. Walsh assured him that the Firefighter would be eligible to submit for an Independent Medical Evaluation.
b. ~~~~Withdrawals of Contributions: None
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~ Summary of Portfolio Asset – September, 2012
2. Summary of Expenses – September, 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 September 30, 2012 for the Equity portion of the investments. The ending market value was at $121,056,350, this was a return of 5.40% for the quarter to date. The year to date return is 12.71% and the fund has a 16.40% return since inception (11/3/08). Mr. Connors advised the Board that September was a very good month. A brief discussion was held various accounts in the portfolio.
4. ~Fiduciary Investment Advisors, LLC Report ~~
Mr. Kachmar distributed the East Hartford Fixed Income Report as of September 30, 2012 to the Board. Mr. Kachmar reviewed the Economic Review with the Board. The Fixed Income Composite has a market value of $65,047,172 and this was a gain of 3.1% for the quarter and a 7.6% for the year to date. The return since inception of 1/1/09 is 7.7%. Mr. Kachmar advised that the Fixed Income portion is performing above the market indexes. A brief discussion followed.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – September, 2012
- Summary of Expenses – September, 2012
This was accepted as information for the Board members.
- 3 D Asset Management Report as of September 30, 2012
Mr. Connors advised the Board that the OPEB Trust has a Market Value at $2,632,791 with a 17.63% return since inception of 6/22/09. The fund had a return of 11.70% for the fiscal year to date and a 25.12% for the trailing 12 months. Mr. Connors advised the Board that this fund is managed very conservatively.
- Fiduciary Investment Advisors, LLC Report ~as of September 30, 2012~
The OPEB Trust report indicated the Market Value at $1,347,417 with an 8.6% gain for the year to date and a 9.2% return since inception of 7/01/09. A brief discussion followed.
Mr. Dawidowicz advised the Board that The Segal Company was working on the Evaluation and should be ready for the Board by the November or December meeting. Mr. Dawidowicz will keep Mr. Walsh informed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – October 24, 2012 ~~~~~~~~ ~~~~~~$ ~100.00
b. Fiduciary Investment Advisors, #3521203, 3rd qtr. invoice
dated 9/30/12 8,750.00
c. The Segal Co., #194578, 3rd qtr. Invoice dated 10/16/12 7,675.00
Motion by Ms. Powers, seconded by Mrs. Clarke 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 6:30 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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