APPROVED AT THE JUNE 25, 2014 BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, May 28, 2014
The meeting was called to order by Joseph Carlson, Chair at 5:45 P.M. in Conference Room B, East Hartford Town Hall. ~In addition to Mr. Carlson there were:
PRESENT: Robert Damaschi, Member
Scott Thompson, Member
Frank Vignati, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Ann Gineo, The Segal Company
John O’ Connor, 3D Asset Management
Chris Kachmar, Fiduciary Investments Advisors
ABSENT: Esther Clarke, Member
Member Scott Thompson asked for a moment of silence for the New Britain Fire Department and their Assistant Fire Chief Fiore who passed away.
At this time Chair Carlson requested to move Item #7 a and b to the beginning of the agenda because member Scott Thompson needs to leave to report to work by 6:40 pm.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~ Clerk for Pension & Ret. Benefit Board – May 28, 2014 ~~~~~~ ~~~~~~$ ~100.00
b . Segal Co., Inv #232181, 14 benefit calc. & 2 QDROs
dated 4/30/14 3230.00
Motion by Frank Vignati, seconded by Robert Damaschi to approve as presented for payment items # 7. a.and b
Motion was voted; Motion was unanimously approved.
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of April 30, 2014
Robert Damaschi made a motion to accept the minutes of April 30, 2014. Seconded by Frank Vignati.
Minutes approved.
3. COMMUNICATIONS:
a. Retirements and Final Calculations: None at this time.
b. Withdrawals of Contributions: None at this time.
Michael Walsh reported he will be working with Ann Gineo to present the unfunded liability presentation to report to the Board. He and Ann will be working with John O’Connor and Chris Kachmar on projections. This unfunded liability will be noted on the balance sheet.
4. ~OLD BUSINESS:
a. Retirements and Final Calculations:
1. John Welch, BOE, Non-Service Connected Disability Retirement
John Welch did not bring his medical records when he had an appointment with the UConn Medical Center. He will be giving his records to the doctor for review and this agenda item will be on the June 25, 2014 agenda.
5. ~NEW BUSINESS:
Two recommendations from Dr. Erdil for his replacement: Dr. Jay Poliner and
Dr. Robert Fitzpatrick.
Resumes were attached to the minutes and discussion was held. Members would like to know the fees charged by each physician for various treatments.
Frank Vignati made a motion to table this item until the June 25, 2014 meeting. Seconded by Robert Damaschi.
Approved.
6. ~~REPORTS: ~
a. Pensions:
1. Summary of Portfolio Asset – April, 2014
2. Summary of Expenses – April, 2014
3. Fiduciary Investment Advisors, LLC Report
4. 3D Asset Management Report
Discussion by Chris Kachmar, Fiduciary Investments Advisors.
Chris Kachmar distributed information in reference to PIMCO hiring Paul McCulley as Chief Economist. Chris stated that Paul McCulley is well regarded as a Chief Economist and is a good addition to PIMCO.
Chris Kachmar further discussed the reports and stated the fixed income is very modest and the rates were down a bit in April. He discussed the fixed income diversification and the profiles.
He will come forward with a recommendation at the next meeting.
This was accepted as information for the Board members.
b. OPEB Trust:
1. Summary of Portfolio Asset – April, 2014
2. Summary of Expenses – April,2014
3. Fiduciary Investment Advisors, LLC Report
4. 3 D Asset Management Report
Discussion by John O’Connor, 3D Asset Management. He stated it is anticipated there will be good performance at the end of the fiscal year.
This was accepted as information for the Board members.
8. ~~~~~Adjournment: ~
There being no further business,
Motion by Scott Thompson, seconded by Frank Vignati to adjourn the meeting at 6:11 P.M.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Theresa Godreau, Clerk
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