SUBJECT TO APPROVAL AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, April 24, 2013
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
Frank Vignati, Member
ABSENT:~ Eileen Powers, Member
Scott Thompson, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 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 March 27, 2013
Motion by Mrs. Clarke, seconded by Mr. Vignati to approve as presented the minutes of the Regular Meeting of March 27, 2013.
Motion was voted; Motion was approved.
3. COMMUNICATIONS:
a. Mr. Walsh advised the Board of the Police Pension arbitration award.
4. ~OLD BUSINESS:
a. Attorney Percy - Pension Policy on Re-Employment of Retired Employees
After a brief discussion the following motion was made:
Motion by Mr. Vignati, seconded by Mrs. Clarke to accept the clarifying amendments proposed by Attorney Percy to the Town of East Hartford’s defined contribution and defined benefit pension plans.
Motion was voted; Motion was approved.
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations
1. Linda Lapierre-Giuliano, Fire Dept., Normal Retirement eff. 3/1/13
2. Mary Kida, Inspect. & Permits, Early Retirement eff. 3/1/13
b. ~~~~Withdrawals of Contributions: None
c. Death Benefit – Samantha Mitchell, Paraprofessional
Motion by Mrs. Clarke, seconded by Mr. Vignati to approve as presented for items 5a & c.
Motion was voted; Motion was unanimously approved.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~ Summary of Portfolio Asset – March, 2013
2. Summary of Expenses – March, 2013
~~~
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, 2013 for the Equity portion of the investments. The ending market value was at $125,704,321, this was a return of 8.47% for the quarter to date and the year to date return. The Fiscal Year to date has a 16.32% return and a 17.00% return since inception (11/3/08). 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 March 31, 2013 to the Board. Mr. Kachmar reviewed the Flash Report with the Board. The Fixed Income Composite has a market value of $66,378,310 and this was a gain of 0.8% for the quarter and a 0.8% for the year to date. The return since inception of 1/1/09 is 7.3%. 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 – March, 2013
- Summary of Expenses – March, 2013
This was accepted as information for the Board members.
- 3 D Asset Management Report as of March 31, 2013
Mr. Connors advised the Board that the OPEB Trust has a Market Value at $1,969,437 with an 18.65% return since inception of 6/22/09. The fund had a return of 8.98% for the quarter to date and a 12.50% for the trailing 12 months. Mr. Connors advised the Board that this fund is managed very conservatively.
- Fiduciary Investment Advisors, LLC Report ~as of March 31, 2013~
The OPEB Trust report indicated the Market Value at $1,213,881 with a 0.4% gain for the year to date and an 8.3% return since inception of 7/01/09. A brief discussion followed.
Mrs. Clarke requested the reports be distributed to them before the meetings and the managers will make them available to the clerk for mailing with the agenda packets.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – April 24, 2013 ~~~~~~~~ ~~~~~~$ ~100.00
b. Convicer, Percy and Green, #28229 April 3, 2013 647.50
c. The Segal Co., #205695 qtr’ly. invoice dated 4/4/13 7,675.00
Motion by Mrs. Clarke, seconded by Mr. Vignati 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 Mrs. Clarke, seconded by Mr. Vignati to adjourn the meeting at 6:35 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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