SUBJECT TO APPROVAL AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, December 04, 2013
The meeting was called to order by Joseph Carlson, Chairman at 5:45 P.M. in the Town Council Majority Room, 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 Investment Advisors
Ann Gineo, The Segal Company
Mark Sirois, Police Chief
Rich Vibberts, EHPD Retiree
George T. Law, Firefighter
Michael D. Colanese
Matt Flor, EHFD
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- Chief Sirois addressed the Board and distributed copies of an email dated 11/25/13 with concerns pertaining to his 1/1/14 retirement final calculations. After discussions and due to the extensive agenda items for this meeting, it was agreed the Board will hear Chief Sirois’s concerns at the January 2014 meeting. Board members requested Corporation Counsel Chadwick and Pension Attorney Percy also attend this meeting.
- George T. Law, Firefighter addressed the Board concerning his Service-Connected Disability Retirement under item #3b. Mr. Law has concerns regarding the calculation of his years of service. Chairman Carlson advised him that the Board will act on his Service-Connected Disability Retirement first and then address his calculations.
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of October 23, 2013
Motion by Mr. Damaschi, seconded by Mr. Thompson to approve as presented the minutes of the Regular Meeting of October 23, 2013.
Motion was voted; Motion was unanimously approved
3. COMMUNICATIONS:
a. Retirements and Final Calculations:
1. Andrew Nielsen, Police Dept., Normal Ret. Eff. 10/24/13
2. Robert Javinett, Public Works, Normal Ret. Eff. 10/16/13
3. Rhonda Hogan, Police Dept., Normal Ret. Eff. 09/22/13
4. James Gabriel, BOE, Early Ret. Eff. 11/01/13
5. Ken Rosa, Police Dept., DROP Eff. 09/23/13
6. Erik Hansen, Police Dept., DROP Eff. 09/26/13
7. Timothy Juergens, Police Dept., DROP Eff. 09/19/13
These items reviewed by the Board, no action taken.
b. George T. Law, Fire Dept., Request for Service-Connected Disability Retirement effective 11/7/13.
Executive Session:
Motion by Mr. Thompson, seconded by Mr. Vignati to move into Executive Session at 6:10 pm with only Board members, Mr. Walsh and clerk present.
Motion was voted; Motion was unanimously approved.
Motion by Mr. Vignati, seconded by Mr. Thompson to move out of Executive Session at 6:24 pm No votes were taken in Executive Session.
Motion was voted; Motion was unanimously approved.
Regarding the request for a Service-Connected Disability Retirement for George T. Law the following motion was made:
Motion by Mr. Vignati, seconded by Mr. Damaschi to approve as presented the request for a Non-Service Connected Disability Retirement for George T. Law, effective 11/07/13 based on the medical opinion of Dr. James Mazo and Dr. Roshanak Bagheri and to Table Mr. Law’s concerns on “years of service” until the Segal Company has reviewed and approved the calculations.
Motion was voted; Motion was unanimously approved.
c. Withdrawals of Contributions:
1. Alexander Hilliard, Fire Dept., resigned 8/16/13
This item reviewed by the Board, no action taken.
4. ~OLD BUSINESS: None
5. ~NEW BUSINESS:
1. Election of Officers:
Chairman:
Motion by Mr. Vignati, seconded by Mr. Damaschi to nominate Joseph Carlson as Chairman.
Motion was voted; Motion was unanimously approved.
Vice Chairman:
Motion by Mr. Damaschi, seconded by Mrs. Clarke to nominate Frank Vignati as Vice Chairman.
Motion was voted; Motion was unanimously approved.
Secretary:-
Motion by Mrs. Clarke, seconded by Mr. Vignati to nominate Scott Thompson as Secretary
Motion was voted; Motion was unanimously approved.
2. Pension Plan Valuation, COLA Study and Experience Study Presentations – Ann Gineo, The Segal Company
Ann Gineo of The Segal Company distributed the Pension Plan Valuation, COLA Study and Experience Study to the Board members. An in-depth discussion was held on the items presented. Members will review the information and discuss further at the December 18, 2013 scheduled meeting.
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~ ~1. ~ Summary of Portfolio Asset – October, 2013
2. Summary of Expenses – October, 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 October 31, 2013 with the Board. Mr. Kachmar reviewed the Performance Study that combines the 3D and FIA Assets. The combined total is $208,167,826 with a quarter to date 3.0% return and 14.2% return since inception of 01/01/09. The FIA Fixed Income Composite has a market value of $72,297,520 and this was a 1.0% return for the month and a 1.9% since 7/1/13. 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.
4. ~3 D Asset Management Report
Mr. O’Connor, of 3D Asset Management discussed the East Hartford Pension Report as of October 31, 2013 for the Equity portion of the investments. The ending market value was at $136,059,850, this was a return of 4.09% for the quarter to date. The year to date return is 22.16% and the fund has a 17.63% return since inception (11/3/08). Mr. O’Connor reviewed the Asset Category Performance Report with the Board and a brief discussion followed on “relative return”.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – October, 2013
- Summary of Expenses – October, 2013
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report ~as of October 31, 2013
The OPEB Trust report indicated the Market Value at $2,442,223 with a 0.8% 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 October 31, 2013
The OPEB Trust has a Market Value at $4,725,145 with an 18.73% return since inception of 11/03/08. The fund had a return of 20.82% for the year to date and a 24.67% return for the trailing 12 months.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – December 4, 2013 ~~~~~~~ ~~~~~~$ ~100.00
Motion by Mr. Vignati, seconded by Mrs. Clarke to approve as presented for payment item
# 7. a.
Motion was voted; Motion was unanimously approved.
Mrs. Clarke distributed a copy of a memo to Council Chair Kehoe regarding referral to Ordinance Committee regarding the Pension and Retirement Benefits Board.
8. ~~~~~Adjournment: ~
There being no further business,
Motion by Mr. Damaschi, seconded by Mr. Vignati to adjourn the meeting at 7:50 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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