SUBJECT TO APPROVAL AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, November 28, 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
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ John O’Connell, 3D Asset Management
Christopher Kachmar, Fiduciary Asset Advisors
Frank Cassetta, Asst. Corporation Counsel
Santiago Malave, Human Resources Director
Sandy Franklin, Benefits Administrator
Elizabeth Turi, Retired Employee (Teamsters Union)
Steve Nettleton, Advisor to Ms. Turi
John Lupacchino, Representing Teamsters Local #559
~~~~~~~~~~~~~~~~~~~~~~~~~~~
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of October 24, 2012
Motion by Mrs. Clarke, seconded by Ms. Powers to approve as presented the minutes of the Regular Meeting of October 24, 2012.
Motion was voted; Motion was unanimously approved.
3. COMMUNICATIONS: None
4. ~OLD BUSINESS:
a. Attorney Percy review of consistent policy for all Retirement Plans – No Action Taken
Mr. Walsh advised the Board that Attorney Percy has a draft and will be presenting it at the December meeting.
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations
1. Patricia Talbot, Police Dept., Normal Retirement eff. 10/12/12
2. Anne Hoff-Laliberte, Social Services, Normal Retirement eff. 10/19/12
b. ~~~~Withdrawals of Contributions: None
1. Ralph Federico, BOE, resigned 04/13/12
2. Donna Belske, Paraprofessional, resigned 06/20/12
Motion by Mr. Vignati, seconded by Mrs. Clarke to approve as presented items 5 a. & b.
Motion was voted; Motion was unanimously approved.
c. Elizabeth Turi, Dispatchers Union, Pension Calculation Dispute
Mr. Nettleton, representing Ms. Turi, advised the Board that they dispute the calculations for her pension benefit. Discussion was held on the process that the Benefits Administrator used for determining the final average salary. Mr. Nettleton is requesting the Board change Ms. Turi’s calculations in the final year to July 1, 2011 and not July 11, 2011.
Mr. Cassetta advised the Board that he was representing Human Resources and he reviewed that process and determined that the calculations were followed according to the Plan. Ms. Franklin also reviewed with the Board that she followed the calculations according to the Plan.
Ms. Powers, Mr. Vignati, Mr. Thompson, Board members asked questions on the process and with Mr. Carlson a discussion was held on this matter. Mr. Walsh also was asked questions on this matter.
Motion by Mr. Vignati, seconded by Ms. Clarke to go into Executive Session.
Mr. Walsh advised the Board that in order to go into Executive Session it would need to be on the Agenda. After a brief discussion the following motion was made:
Motion by Ms. Powers, seconded by Ms. Clarke to Table this matter until the December 19, 2012 meeting.
Motion was voted; Motion was unanimously approved.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~ Summary of Portfolio Asset – October, 2012
2. Summary of Expenses – October, 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 October 31, 2012 for the Equity portion of the investments. The ending market value was at $118,241,482, this was a return of -1.31% for the quarter to date. The year to date return is 11.23% and the fund has a 15.64% return since inception (11/3/08). Mr. O’Connell advised the Board that October performance was down slightly. 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 October 31, 2012 to the Board. Mr. Kachmar advised the Board the Fixed Income had a modest return for the month and has a market value of $65,328,753 and this was a gain of .04% for the quarter and an 8.1% 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 – October, 2012
- Summary of Expenses – October, 2012
This was accepted as information for the Board members.
- 3 D Asset Management Report as of October 31, 2012
Mr. O’Connell advised the Board that the OPEB Trust has a Market Value at $2,278,799 with a 17.02% return since inception of 6/22/09. The fund had a return of 11.30% for the fiscal year to date and a -0.36% for the quarter to date. A brief discussion followed.
- Fiduciary Investment Advisors, LLC Report ~as of October 31, 2012~
Mr. Kachmar advised the Board that the OPEB Trust had good returns and the report indicated the Market Value at $1,353,455 with a 9.1% gain for the year to date and a 9.1% return since inception of 7/01/09. A brief discussion followed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – November 28, 2012 ~~~~~~ ~~~~~~$ ~100.00
b. Robert Percy, Esq. #27317 invoice dated 10/22/12 840.00
c. The Segal Co., #195381, calculations & QDRO’s dated 10/30/12 6,110.00
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented for payment items # 7. a., b. &- c.
Motion was voted; Motion was unanimously approved.
8. ~~~~~Adjournment: ~
There being no further business,
Motion by Ms. Powers, seconded by Mr. Vignati to adjourn the meeting at 6:55 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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