Old Saybrook Pension and Benefits Board Minutes, April 24, 2014
Attendees Tom Forma, Gary Lehrman, Suzanne Taylor, Barbara Maynard, Charles Glovsky and, Brian Arcara of Eaton Vance, Sharon Migliaccio, Francesca Shilington of Brown and Brown, Eileen Torrenti, Ray Muratori, Lisa Carver, Carol Voight, Carl Fortuna and JoAnn Lockwood
The meeting was called to order at 7:04 p.m. The Minutes of the last meeting were approved unanimously.
Suzanne’s report noted that the agenda item for the Fire Department Pension Plan Revisions will be tabled until the next meeting due to the unavailability of Chief Dunn.
A reminder of the CPPF Meeting next week was stated and several members will be attending.
One Retirement application from Former firefighter Paul Retono was received.
Discussion concerning the review of an article by Segal Company on the helpfulness of considering a sort of localized charter for the Pension Board was reviewed and will be further discussed next month along with a review of our investment policy.
An invoice was received for additional services from our actuarial firm in the amount of $4,988.75. A motion was made by Eileen Torrenti and seconded by Ray Muratori to pay the bill. Motion passed unanimously.
The next Report involved a discussion about Retiree Health Care Plans and information was presented by Francesca Shillingotn from Brown and Brown. Kim McGuire of Medicare Assurance Group had also given earlier information to Suzanne re the cost of the proposed program, which should save overall about $22,000. After a prolonged discussion it was decided to recommend that even more discussion would be helpful at the planned April 30th meeting for retirees. Francesca will also explore a comparison with the current Blue Cross program.
The Board heard from Eaton Vance as to their success in investing. Their detailed report is attached. Tom Forma presented the Board with two comprehensive reports on the status of our Health Funds, nearly a million dollars and the status of our Pension Plan, whose returns are exceeding the actuary’s expected rate of return and are close to 20 million dollars.
Gary Lehrman also reported on his understanding of earnings for those in the 457 plan and asked Tom Forma for some assistance .Thus more information should be available next month. One problem with a transfer of funds from the previous 457 manager, ING, has arisen as not all the transfer of monies due to have been forwarded to ICMA have been received by one of the participants. Further research is underway to resolve this problem.
The meeting adjourned at 8:50 p.m.
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