TO BE APPROVED AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
Wednesday, April 30, 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
Chris Kachmar, Fiduciary Investment Advisors
Ann Gineo, Segal Company
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- PUBLIC PARTICIPATION: ~ None
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of March 26, 2014
Motion by Mr. Vignati, seconded by Mrs. Clarke to approve as presented the minutes of the Regular Meeting of March 26, 2014
Motion was voted; Motion was unanimously approved
3. COMMUNICATIONS:
a. Retirements and final Calculations:
1. Juan Rivera-Malave, Police, DROP Retirement eff. 1/6/14
2. Jason Jones, Fire, DROP Retirement eff. 1/1/14
3. Christine Bedard, Town Clerk, Normal Ret. 1/31/14
4. Linda Chamberlain, Youth Serv., Normal Ret. 1/1/14
b. Withdrawals of Contributions: None
1. Jennifer Garcia, resigned 8/11/14
2. Amanda Tower, resigned 1/29/14
c. Death Benefit
1. Jay Blakeslee, BOE, Pre-retirement Benefit, deceased 12/24/13
This was accepted as information for the Board members.
4. ~OLD BUSINESS:
a. Retirements and final Calculations:
1. John Welch, BOE, Non-Service Connected Disability Retirement
Mr. Walsh advised the Board members that Dr. Erdil has retired and Mr. Welch has been referred to St. Francis Occupational Health for an Independent Medical Evaluation and the results should be available at the May meeting. Mr. Walsh also advised the Board that moving forward would they like St. Francis Occupational Health for future IME’s. Brief discussion was held on asking the doctor to attend a future meeting. Mr. Vignati inquired if Dr. Erdil had a recommendation to replace him and Mr. Walsh answered he had not received a recommendation. Mrs. Clarke recommended that a sub-committee be formed with 2 members of the Board, Mr. Walsh, member of Health Department and Fire Department to address replacing Dr. Erdil. Mr. Walsh will inquire on this matter.
After a brief discussion the following motion was made:
Motion by Mr. Vignati, seconded by Mr. Damaschi to Table Mr. Welch’s request to the May meeting.
Motion was voted; Motion was unanimously approved
5. ~NEW BUSINESS: None
6. ~~REPORTS: ~
a. ~~~~~Pensions:
~~~~~~ ~1. ~ Summary of Portfolio Asset – March, 2014
2. Summary of Expenses – March, 2014
~~~
This was accepted as information for the Board members.
3. ~Fiduciary Investment Advisors, LLC Report as of March 31, 2014
The FIA Fixed Income Composite has a market value of $73,112,242 and this was a 0.1% return for the month and a 1.6% since 7/1/13. The return since inception of 1/1/09 is 5.9%. Mr. Kachmar reviewed the managers and discussed PIMCO and they are watching this manager. A brief discussion followed. Mr. Kachmar reviewed the Performance Study that combines the 3D and FIA Assets. The combined total is $207,655,832 with a quarter to date 1.9% return and 12.4% return for 1 year and 13.9% return since inception of 01/01/09.
4. ~3 D Asset Management Report as of March 31, 2014
Mr. O’Connell reviewed the 3D Asset Management the East Hartford Pension Report as of March 31, 2014 for the Equity portion of the investments. The ending market value was at $137,218,262 and this was a return of 2.12% for the year to date. The trailing 12 months is 19.34% and the fund has a 17.43% return since inception (11/3/08). Mr. O’Connell advised the Board that he was “guardedly optimistic” for the market. A brief discussion followed.
b. ~~~~~OPEB Trust:
~~~~~~~1. ~ Summary of Portfolio Asset – March, 2014
- Summary of Expenses – March, 2014
This was accepted as information for the Board members.
- Fiduciary Investment Advisors, LLC Report~as of March 31, 2014
The OPEB Trust report indicated the Market Value at $1,694,149 with a - 0.5% return for the one month and a 6.0 % return since inception of 7/01/09. A brief discussion followed.
- 3 D Asset Management Report as of March 31, 2014
The OPEB Trust has a Market Value at $2,696,096 with an 18.17% return since inception of 11/03/08.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~Clerk for Pension & Ret. Benefit Board – April 30, 2014 ~~~~~~~ ~~~~~~$ 100.00
b. Segal Co., Inv. #230451, ¼’ly payment, dated 4/8/14 7,675.00
c. FIA, Inv. 321401, dated 3/31/14 8,750.00
d. Atty. Percy, Inv. #30120, dated 3/19/14 157.50
Motion by Mr. Vignati, seconded by Mr. Damaschi to approve as presented for payment item
# 7. a. – d.
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 6:23 PM.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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