TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
REVISED 7/24/2013
MINUTES
REGULAR MEETING
Wednesday, June 26, 2013
The meeting was called to order by Joseph Carlson, Chair at 5:45 P.M. in the Majority Council Room, East Hartford Town Hall. ~In addition to Mr. Carlson there were:
PRESENT: Esther Clarke, Member
Scott Thompson, Member
ABSENT: Frank Vignati, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ John O’ Connor, 3D Asset Management
Chris Kachmar, Fiduciary Investments Advisors
Thomas Dawidowicz, The Segal Company
Ann Gineo, The Segal Company
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of May 22, 2013
Motion by Esther Clarke , seconded by Scott Thompson to approve the minutes of the Regular Meeting of May 22, 2013.
Motion was voted; Motion was unanimously approved.
3. COMMUNICATIONS:
Mike Walsh stated that 3 invoices were received after the agenda was posted. The invoices were from Segal Consulting, Convicer, Percy & Green, LLP and FIA.
Motion by Esther Clarke, seconded by Scott Thompson to add the invoices for payment under Approval of Disbursements.
Motion was voted; Motion was unanimously approved.
Mike Walsh reported that the Valuation will be on the Town of East Hartford’s website with a link on the Finance Department page.
Thomas Dawidowicz announced that this will be his last meeting because he is retiring. Ann Gineo will be attending the meetings for The Segal Company. Further, data is being gathered for the Valuation and Experience study up to June 30, 2013.
Esther Clarke requested a draft of the Valuation/Experience study for the Pension and Retiree Benefits Board prior to approval by the Town Council.
John O’Conner reported that Wayne Conners is no longer with 3D Asset Management. The company continues to grow and now has 10 employees.
4. ~OLD BUSINESS:
Scott Thompson reported he is meeting with the unions. He also stated that he attended the FIA Conference and found it to be very informative.
5. ~NEW BUSINESS:
Retirements and Final Calculations:
1. Mary Pelletier, Police Dispatcher, Early Ret. Eff. 1/11/13
2. Patrick Jones, Library Director, Normal Ret. Eff. 3/8/13
3. Fred Paquette, Police Dept., DROP Ret. Eff. 5/10/13
4. Todd Lentocha, Police Dept., Request for Service Connected Disability Retirement
Chairman Joseph Carlson favored a motion to approve Retirements and Final Calculations: 1 – 4.
Esther Clarke requested motions be done individually.
1. Mary Pelletier, Police Dispatcher, Early Ret. Eff. 1/11/13
Esther Clarke made a motion to approve as submitted. Seconded by Scott Thompson.
Motion was voted; Motion was unanimously approved.
2. Patrick Jones, Library Director, Normal Ret. Eff. 3/8/13
Esther Clarke had a question about severance pay.
Esther Clarke made a motion to move to Executive Session for discussion of Retirement And Final Calculation of Patrick Jones, Library Director. Seconded by Scott Thompson.
Motion was voted; Motion was unanimously approved.
Esther Clarke made a motion to defer the Retirement and Final Calculation of Patrick Jones until the the July 24, 2013 meeting. Seconded by Scott Thompson.
Motion was voted; Motion was unanimously approved.
3. Fred Paquette, Police Dept., DROP Ret. Eff. 5/10/13
Scott Thompson made a motion to accept Fred Paquette to the DROP program. Seconded by Esther Clarke.
Motion was voted; Motion was unanimously approved.
4. Todd Lentocha, Police Dept., Request for Service Connected Disability Retirement
Mike Walsh discussed the injury of Officer Lentocha and how the injury occurred. In reviewing the towns medical records, there is no disagreement as to the extent of his injuries.
Scott Thompson made a motion to approve as stated. Seconded by Esther Clarke.
Motion was voted; Motion was unanimously approved.
b. Withdrawals of Contributions:
1. Crystal Williams, resigned 2/3/13
2. Donna Caplin, resigned 12/25/04
Esther Clarke made a motion to approve Withdrawals of Contributions 1 and 2. Seconded by Scott Thompson.
Motion was voted; Motion was unanimously approved.
6. ~~REPORTS: ~
a. Pensions:
1. Summary of Portfolio Asset – May, 2013
2. Summary of Expenses – May, 2013
This was accepted as information for the Board members.
3. Fiduciary Investment Advisors, LLC Report
Mr. Kachmar reviewed the Town of East Hartford Performance Summary as of May 31, 2013. The fixed income composite value is $66,075,750. Discussion followed.
4. 3 D Asset Management Report
Mr. O’Connor reviewed the East Hartford Pension Performance report as of May 2013. The plan gained 2.6%. The annual payout for the pension plan is approximately $16 million annually.
b. OPEB Trust:
1. Summary of Portfolio Asset – May, 2013
2. Summary of Expenses - May, 2013
This was accepted as information for the Board members.
3. Fiduciary Investment Advisors, LLC Report
Mr. Kachmar advised the Board members that the OPEB Trust has good returns. He discussed the Vanguard tips strategy and recommended funds be placed there. It was the consensus of the Board to move the funds as recommended.
Scott Thompson made a motion to approve the recommendation. Seconded by Esther Clarke.
Motion was voted; Motion was unanimously approved.
4. 3 D Asset Management Report
Mr. O’Connor reviewed the report with the Board members. Brief discussion followed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – June 26, 2013 ~~~~~~ ~~~~~~$ ~100.00
b. Segal Consulting $3,755.00
c. Convicer, Percy & Green, LLP $ 315.00
d. FIA Fiduciary Investment Advisors $8,750.00
Motion by Esther Clarke, seconded by Scott Thompson to approve as presented for payment items # 7. a-d.
Motion was voted; Motion was unanimously approved.
8. ~~~~~Adjournment: ~
There being no further business,
Motion by Esther Clarke , seconded by Scott Thompson to adjourn the meeting at 6:31 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Theresa Godreau, Clerk
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