SUBJECT TO APPROVAL AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, March 26, 2014
The meeting was called to order by Joseph Carlson, Chairman at 5:45 P.M. in the 2nd Floor Conference Room, East Hartford Town Hall. ~In addition to Mr. Carlson there were:
PRESENT: Esther Clarke, Member
Robert Damaschi, Member
Frank Vignati, Member
ABSENT:~ Scott Thompson, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ John O’Connor, 3D Asset Management
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- PUBLIC PARTICIPATION: ~ None
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of February 26, 2014
Motion by Mrs.Clarke, seconded by Mr. Vignati to approve as presented the minutes of the Regular Meeting of February 26, 2014.
Motion was voted; Motion was unanimously approved
3. COMMUNICATIONS:
Mr. Walsh advised the Board members that the Police Union contract was approved by the members of the Union. Town approval and funding will be considered by the Town Council.
a. Retirements and final Calculations:
1. John Welch, BOE, Non-Service Connected Disability Retirement
After a brief discussion the following motion was made:
Motion by Mrs. Clarke, seconded by Mr. Vignati to refer Mr. Welch to Dr. Erdil for an Independent Medical Evaluation.
Motion was voted; Motion was unanimously approved
b. Withdrawals of Contributions: None
4. ~OLD BUSINESS: None
5. ~NEW BUSINESS: None
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~ ~1. ~ Summary of Portfolio Asset – February, 2014
2. Summary of Expenses – February, 2014
~~~
This was accepted as information for the Board members.
3. ~Fiduciary Investment Advisors, LLC Report as of February 28, 2014
Mr. Kachmar was not available for the meeting and Mr. Walsh reviewed the Performance Study that combines the 3D and FIA Assets. The combined total is $209,780,470 with a quarter to date 12.2% return since July 2013. The FIA Fixed Income Composite has a market value of $73,008,923 and this was a 0.9% return for the month and a 1.5% since 7/1/13. The return since inception of 1/1/09 is 6.0%. A brief discussion followed.
4. ~3 D Asset Management Report as of February 28, 2014
Mr. O’Connell reviewed the 3D Asset Management the East Hartford Pension Report as of February 28, 2014 for the Equity portion of the investments. The ending market value was at $137,655,247 and this was a return of 1.38% for the quarter to date. The year to date return is 17.30% and the fund has a 17.57% return since inception (11/3/08). A brief discussion followed.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – February. 2014
- Summary of Expenses – February, 2014
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report~as of February 28, 2014
The OPEB Trust report indicated the Market Value at $1,703,101 with a 0.4% return for the one month and a 6.2 % return since inception of 7/01/09. A brief discussion followed.
- 3 D Asset Management Report as of February 28, 2014
The OPEB Trust has a Market Value at $2,678,825 with an 18.36% return since inception of 11/03/08.
In open discussion, Mr. Vignati asked Mr. Walsh the amount that the Town contributes to the Pension annually and Mr. Walsh replied $12 million dollars.
Mr. Walsh advised the Board members that the recommended COLA increase of 1% for retired employees who retired after January 1, 2000 through December 31, 2001 and increasing the COLA from 1% to 2% for retired employees who retired after 1980 and before 1990 would be sent to the Town Council for approval on April 1, 2014 by resolution.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – March 26, 2014 ~~~~~~~ ~~~~~~$ ~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.
8. ~~~~~Adjournment: ~
There being no further business,
Motion by Mr. Vignati, seconded by Mrs. Clarke to adjourn the meeting at 6:05 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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