APPROVED AT THE MAY 22, 2013 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, Chair 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:~ Scott Thompson, Member
Eileen Powers, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Wayne Connors, 3D Asset Management
Chris Kachmar, Fiduciary Investments Advisors
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of March 27, 2013
Motion by Mrs. Clark, seconded by Mr. Vignati to approve 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 Retirement
After a brief discussion the following motion was made:
Motion by Mr. Vignati, seconded by Mrs. Clark move to accept the classifying amendments proposed by Attorney Percy to the Town of East Hartford’s defined contribution and defined benefit pension plans.
Motion was voted; Motion was unanimously approved.
5. ~NEW BUSINESS:
a. ~~~~~Retirements and Final Calculations:
1. Linda Lapierre-Guiliano, 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 the retirement for items 5 a. & 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, the return was 8.47% for the quarter to date and 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 on 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 fiscal year 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, & Green #28229 invoice dated 4/3/13 647.50
c. The Segal Co., inv. #205695 ¼’ly invoice (01/01/13 – 03/31/13) 7,675.00
Motion by Mrs. Clarke, seconded by Mr. Vignati 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 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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