SUBJECT TO APPROVAL AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, October 23, 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
Robert Damaschi, Member
Frank Vignati, Member
ABSENT:~ None
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ John O’Connor, 3D Asset Management
Christopher Kachmar, Fiduciary Asset Advisors
ADD-ON: At the request of Chairman Carlson the following motion was made:
Motion by Mrs. Clarke, seconded by Mr. Vignati to add the following items to the agenda:
3. d. Legal Opinion from Scott Chadwick, Corporation Counsel
4. b. The Segal Company – Proposal for COLA Study
7. d Beacon Behavioral Services, (T. DelGazio) $1,500
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- PUBLIC PARTICIPATION: ~ None
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of September 25, 2013
Motion by Mr. Damaschi, seconded by Mrs. Clarke to approve as presented the minutes of the Regular Meeting of September 25, 2013.
Motion was voted; Motion was approved 3 – 1 with Mr. Vignati abstaining.
3. COMMUNICATIONS:
a. Memo dated 9/26/13 “Amended November 20, 2013 Meeting”
b. Retirements and Final Calculations:
1. Pam D’Amore, BOE Nurse, Early Ret. Eff. 8/01/13
c. Withdrawals of Contributions: None
d. Legal Opinion – Scott Chadwick, Corporation Counsel
Brief discussion was held on the legal opinion from Corporation Counsel, Scott Chadwick. Mr. Vignati, as maker of the original motion was satisfied with the response from Corporation Counsel. Mrs. Clarke would consider asking the Town Council to revisit the duties of the Board with legislative changes.
4. ~OLD BUSINESS:
a. Request for Non-Service Connected Disability Retirement for Todd DelGazio.
Executive Session:
Motion by Mr. Thompson, seconded by Mr. Vignati to move into Executive Session at 5:53 pm with only Board members, Mr. Walsh and clerk present.
Motion was voted; Motion was unanimously approved.
Motion by Mr. Thompson, seconded by Mr. Vignati to move out of Executive Session at 6:04 pm No votes were taken in Executive Session.
Motion was voted; Motion was unanimously approved.
Regarding the request for a Non-Service Connected Disability Retirement for Todd DelGazio the following motion was made:
Motion by Mr. Vignati, seconded by Mr. Thompson to approve as presented the request for a Non-Service Connected Disability Retirement for Todd DelGazio based on the Independent Medical Evaluation from Beacon Behavioral Services.
Motion was voted; Motion was unanimously approved.
b. The Segal Company – Proposal for COLA Study
Mr. Walsh reviewed the COLA Study Proposal from Ann Gineo, The Segal Company with the Board members. Mr. Walsh noted one change to Ms. Gineo’s letter and that would be to extend the 2% COLA through 1990 (currently 1980). After a brief discussion the following motion was made:
Motion by Mr. Vignati, seconded by Mrs. Clarke to approve the COLA Study with the date change as stated by Mr. Walsh.
Motion was voted; Motion was unanimously approved
5. ~NEW BUSINESS: None
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~ ~1. ~ Summary of Portfolio Asset – September 2013
2. Summary of Expenses – September, 2013
~~~
This was accepted as information for the Board members.
3. ~Fiduciary Investment Advisors, LLC Report ~~
Mr. Kachmar reviewed the East Hartford Fixed Income Report as of September 30, 2013 with the Board. Mr. Kachmar reviewed the Performance Study that combines the 3D and FIA Assets. The combined total is $202,051,022 with a quarter to date 5.0% return and 13.7% return since inception of 01/01/09. The FIA Fixed Income Composite has a market value of $71,588,880 and this was a 1.5% return for the month and a -1.0% for the year to date. The return since inception of 1/1/09 is 6.1%. Mr. Kachmar advised that the Fixed Income portion is performing above the market indexes. A brief discussion followed.
4. ~3 D Asset Management Report
Mr. O’Connor, of 3D Asset Management discussed the East Hartford Pension Report as of September 30, 2013 for the Equity portion of the investments. The ending market value was at $131,982,992, this was a return of 7.13% for the quarter to date. The year to date return is 17.36% and the fund has a 17.00% return since inception (11/3/08). Mr. O’Connor reviewed a new Asset Category Performance Report with the Board and he advised the Board that the US markets are heavily favored. A brief discussion followed.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – September, 2013
- Summary of Expenses – September, 2013
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report ~as of September 30, 2013
The OPEB Trust report indicated the Market Value at $2,423,990 with a 1.4% return for the one month and a 6.5 % return since inception of 7/01/09. A brief discussion followed.
- 3 D Asset Management Report as of September 30, 2013
The OPEB Trust has a Market Value at $4,537,358 with an 18.01% return since inception of 11/03/08. The fund had a return of 16.01% for the year to date and a 19.28% return for the trailing 12 months.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – October 23, 2013 ~~~~~~~ ~~~~~~$ ~100.00
b. The Segal Co., Inv. #218048, 1/4ly payment dated 10/9/13 7,675.00
c. Johnson Occ. Medicine, Inv. #32444 (T. DelGazio IME) 10/1/13 850.00
d. Beacon Behavioral Services, (T. DelGazio) dated 10/17/13 1,500.00
Motion by Mr. Thompson, seconded by Mr. Vignati to approve as presented for payment items
# 7. a. b. c. & d.
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 6:33 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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