APPROVED AT THE 9/25/13 BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, August 28, 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
Scott Thompson, Member
Frank Vignati, Member
Robert Damaschi, Member
ABSENT:~ None~
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Ann Gineo, The Segal Company
John O’Connell, 3D Asset Management
Christopher Kachmar, Fiduciary Asset Advisors
Eileen Powers
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- PUBLIC PARTICIPATION: ~None
Eileen Powers Recognition – Chairman Carlson presented Eileen Powers with a letter and plaque of recognition for her time as a former Board member. Ms. Powers thanked the Board members for this honor and said that she enjoyed her time on the Board.
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of July 24, 2013
Motion by Mr. Vignati, seconded by Mr. Damaschi to approve as presented the minutes of the Regular Meeting of July 24, 2013.
Motion was voted; Motion was unanimously approved.
3. COMMUNICATIONS:
a. Aug. 9, 2013 email to Board members from Mike Walsh, Finance Director
Mrs. Clarke advised the Chairman and Board members that in lieu of the meeting from last month and the opinion from Corporation Counsel that the Board does not approve the pension calculations, she has requested an opinion from the Corporation Council on the duties and responsibilities as a Board member. Discussion was held on the request for Disability Retirements presented to the Board and how these should be handled. An in-depth discussion was held and the following motion was made:
Motion by Mr. Vignati, seconded by Mr. Damaschi to send a letter from the Board to the Corporation Council for a written opinion on the full duties of Board members in regard to disability retirements, pension calculations, the duties given through the collective bargaining agreements and pensioners challenge to calculations and the authority of the Board.
Motion was voted; Motion was unanimously approved.
b. Retirements and Final Calculations:
1. Lauren Keegan, BOE Paraprofessional, Normal Ret. Eff. 6/30/13
2. Edith Sylvester, Library Dept., Normal Ret. Eff. 6/28/13
3. Bea Piersa, Library Dept., Normal Ret. Eff. 6/28/13
4. Fern Strong, Library Dept., Normal Ret. Eff. 6/28/13
5. Wendy Jean Russell, Library Dept., Normal Ret., Eff. 7/5/13
6. Karen Gorman, BOE, Early Ret., Eff, 7/5/13
c. Withdrawals of Contributions:
1. Dawn Ward, BOE Paraprofessional, resigned 7/1/13
2. Cynthia Gilligan, BOE Paraprofessional, resigned 6/12/13
3. Avery Kahn, Police Dept., resigned 6/28/13
4. Gordon Leslie, Police Dept., resigned 6/14/13
5. Juma Jones, Police Dept., resigned 2/22/13
Brief discussion was held on the withdrawals for the three Police officers and the cost of training these officers and then their leaving.
4. ~OLD BUSINESS: None
5. ~NEW BUSINESS: None
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~~1. ~ Summary of Portfolio Asset – July 2013
2. Summary of Expenses – July, 2013
~~~
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 July 30, 2013 for the Equity portion of the investments. The ending market value was at $132,068,739, this was a return of 5.28% for the quarter to date. The year to date return is 15.33% and the fund has a 17.22% return since inception (11/3/08). Mr. O’Connell advised the Board that July was a good month, but he is guardedly optimistic for the coming months. 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 July 30, 2013 to the Board. Mr. Kachmar reviewed the Capital Markets Flash Report with the Board. The Fixed Income Composite has a market value of $64,886,570 and this was a gain of 0.3% for the quarter and a -- -1.5% for the year to date. The return since inception of 1/1/09 is 6.2%. 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 – July, 2013
- Summary of Expenses – July, 2013
This was accepted as information for the Board members.
- 3 D Asset Management Report as of July 30, 2013
The OPEB Trust has a Market Value at $3,947,494 with an 18.45% return since inception of 6/22/09. The fund had a return of 14.58% for the year to date and a 22.28% for the trailing 12 months.
- Fiduciary Investment Advisors, LLC Report ~as of July 30, 2013
The OPEB Trust report indicated the Market Value at $1,167,226 with a 0.7% gain for the one month return and a 6.6 % return since inception of 7/01/09. A brief discussion followed.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – August 28, 2013 ~~~~~~~~ ~~~~~~$ ~100.00
b. Convicer, Percy & Green, LLP, Inv. #28838 & 28942 1,207.50
c. Michael Walsh, reimbursement for plaque (E.Powers) 45.00
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 Mr. Vignati, seconded by Mr. Damaschi to adjourn the meeting at 6:35 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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