TO BE APPROVED AT THE NEXT BOARD MEETING
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFITS BOARD
MINUTES
REGULAR MEETING
Wednesday, June 25, 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
Esther Clarke, Member
ALSO PRESENT:~~~ Michael Walsh, Finance Director
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Ann Gineo, The Segal Company
Mike Goss, Fiduciary Investments Advisors
ABSENT: Frank Vignati, Member
Scott Thompson, Member
- PUBLIC PARTICIPATION: ~None
2. ACCEPTANCE OF MINUTES:
a. ~~Acceptance of Minutes of Regular Meeting of May 28, 2014
Motion by Mr. Damaschi, seconded by Mr. Carlson to accept the minutes of May 28, 2014 Regular meeting.
Minutes approved 2 – 1, with Mrs. Clarke abstaining.
3. COMMUNICATIONS:
a. Retirements and Final Calculations:
1. Bonnie Granger, BOE, Early Ret. Eff. 3/10/14
2. Steve Dube, Police Dept., Early Ret. Eff. 4/1/14
3. Jose Maldonado, Library, Normal Ret. Eff. 4/11/14
b. Withdrawals of Contributions: None at this time.
This was accepted as information for the Board members.
Mr. Walsh advised the Board that he received word that Mr. O’Connor was not available to tonight’s meeting and Mr. Goss will be representing Fiduciary Investment Advisors tonight in place of Mr. Kachmar.
4. ~OLD BUSINESS:
a. Retirements and Final Calculations:
1. John Welch, BOE, Non-Service Connected Disability Retirement
Mr. Walsh advised the Board that Mr. Welch was seen by St. Francis Rehabilitation, but although a bill had been received from them and calls were made, so far we have not received a report. He would recommend to Table until the next meeting.
Motion by Mrs. Clarke, seconded by Mr. Damaschi to Table the Non-Service Connected Disability Retirement for John Welch until the July meeting.
Motion was unanimously approved.
b. Two recommendations from Dr. Erdil for his replacement: Dr. Jay Poliner and
Dr. Robert Fitzpatrick.
Mr. Walsh distributed the emails sent to Dr. Poliner and Dr. Fitzpatrick requesting information on the fees charged. Mr. Walsh advised the Board members that an email was received back from Dr. Poliner with his fees and he would perform the evaluations at Town Hall Health Department site. No response from Dr. Fitzpatrick to the email. Mr. Walsh discussed Dr. Poliner’s fees as being comparable to Dr. Erdil’s fees. Discussion was held forming a committee along with the Fire Chief that was discussed at the April meeting. Since two Board members were absent at tonight’s meeting the following motion was made.
Motion by Mr. Damaschi, seconded by Mrs. Clarke to table this item until the July meeting.
Motion was unanimously approved.
5. ~NEW BUSINESS: None
6. ~~REPORTS: ~
a. Pensions:
1. Summary of Portfolio Asset – May, 2014
2. Summary of Expenses – May, 2014
3. Fiduciary Investment Advisors, LLC Report
4. 3D Asset Management Report
Mr. Carlson reviewed the Performance Summary as of May 31, 2014 with the Board members in the absent of Mr. Kachmar and Mr. O’Connell. The total market value is at $207,596,217 and has a year to date return of 14.1%. A brief discussion was held and hopes for a good year end return.
This was accepted as information for the Board members.
Mr. Goss advised the Board members that they were watching the exposure to PIMCO Unconstrained Fund and they are advising to change to BlackRock Strategic Income Opportunities fund. This is will affect approximately $7.3 million. FIA will need a motion to make this change. After further discussion the following motion was made:
Motion by Mrs. Clarke, seconded by Mr. Damaschi to replace PIMCO Unconstrained Bond fund with BlackRock Strategic Income Opportunities fund as advised by Fiduciary Investment Advisors.
Motion was unanimously approved.
b. OPEB Trust:
1. Summary of Portfolio Asset – May, 2014
2. Summary of Expenses – May, 2014
3. Fiduciary Investment Advisors, LLC Report
4. 3 D Asset Management Report
Mr. Goss further advised the Board members that to raise cash for the upcoming reimbursement to the General Fund to allocate funds to Metropolitan West Total Return fund. A discussion was held on this matter and the following motion was made:
Motion by Mr. Damaschi, seconded by Mrs. Clarke to raise cash for Reimbursement to General Fund and initial investment in Metropolitan West Total Return fund.
Motion was unanimously approved.
7. ~APPROVAL OF DISBURSEMENTS:
a. ~~~~ Clerk for Pension & Ret. Benefit Board – June 25, 2014 ~~~~~~ ~~~~~~$ ~100.00
Motion by Mrs. Clarke, seconded by Mr. Damaschi to approve as presented for payment items # 7. a.
Motion was unanimously approved.
8. ~~~~~Adjournment: ~
There being no further business,
Motion by Mr. Damaschi, seconded by Mrs. Clarke to adjourn the meeting at 6:15 P.M.
Motion was voted; Motion was unanimously approved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Respectfully submitted,
Janet Penney, Clerk
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