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Old Saybrook Pension Benefits Board
Meeting Minutes
May 22, 2014 at 7PM
First Floor Conference Room Town Hall
Present: Suzanne Taylor, Ray Muratori, Gary Lehrman, Eileen Torrenti, Carol Voigt
Also Present: Lisa Carver, Tom Forma, John Dunn, Sharon Migliaccio, Dean Clemetsen and Paul Condrat of Davidson Investment Advisors
The Meeting was called to order by Susanne Taylor at 7PM. She welcomed all present.
The minutes of the April 24th were reviewed and a motion made by Ray Muratori to accept the minutes as presented. The motion was seconded by Gary Lehrman. After some discussion the motion was unanimously accepted.
Chair’s Report
- CPPF – The CPPF conference was held on May 1st at Walter’s Edge in Westbrook. Five attended. It was a very informative and interesting conference.
- Recent Benefit Calculations – There are two new retirees. One will retire June 1, 2014 and the other November 1st.
Investment Reports
- Davidson Investment Advisors –Paul Candrat of Davidson discussed past activities.
- Merrill Lynch – Tom Forma reported as of May 19th there is $19,065,566 in the Old Saybrook Pension Fund and $1,035,927 in the Health Care Fund.
- Investment Policy – Tom Forma discussed the Investment Policy Statement for the defined benefit plan of the Town of Old Saybrook. There was some discussion regarding the total amount allowed to invest in stocks. The After some discussion a motion was made by Ray Muratori to increase the maximum of the equity allocation from 70% to 75%. The motion was seconded by Carol Voigt. More discussion ensued then the motion was unanimously accepted. There was some discussion regarding the Health Care Trust Agreement for GASB 65-67. A meeting with Lisa Carver and Bob Fish should be set up.
- 457 Report - Gary Lehrman distributed a Quarterly Financial Report for the 457 Deferred Compensation Plan for the Boards review. The ending balance as of March 31st is $1,140,081.33. Also, he talked about a problem with one of the investors of the 457. When the Town switched over to ICMA it was understood that some investments would be transferred to ICMA over time. One of the investor’s funds had not transferred in 2013. Laura Hancock looked into the problem and the money has now been transferred.
Old Business
- Fire Department Plan Revision – J.T. Dunn of the Old Saybrook Fire Department spoke about the revised Fire Department Pension Plan and some changes that need to be made. One change is to Section 9.5 pertaining to Permanent and Total Disability received in the Line of Duty. The other is to Section 6.4 which pertains to years of service for Pre-Retirement Death (Line of Duty). After some discussion a motion was made by Ray Muratori and seconded by Eileen Torrenti to change the language in Section 6.4. After some discussion the motion was passed unanimously accepted. A second motion was made by Eileen Torrenti and seconded by Carol Voigt to revise Section 9.5. After some discussion the motion unanimously passed. JT Dunn will get a final copy to Lisa for the Board of Selectmen and the Pension
Board for their approval.
- Health Care for Retirees – On April 30th there was a meeting between the retirees and ConnectiCare giving information about a supplemental plan being offered to the Town. At the end of the meeting retirees were told that this matter would be discussed at a Pension meeting before a decision was made. However it came to board’s attention that the Board of Selectmen have already agreed to this new plan and have sent notification to all the retirees. Discussion ensued.
New Business
- Discussion of Request by Actuaries to Adopt Funding Policy – This item will be postponed to the next meeting.
The next meeting is June 26, 2014 when the Board will have a conference call with London Investment regarding their investments.
A motion to adjourn was made at 9:15 PM by Carol and seconded by Eileen. The motion was unanimously accepted.
Respectfully Submitted,
Sharon E Migliaccio
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