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Old Saybrook Pension Benefits Board
Meeting Minutes
June 26, 2014 at 7PM
First Floor Conference Room Town Hall
Present: Suzanne Taylor, Ray Muratori, Eileen Torrenti, Carol Voigt
Also Present: Lisa Carver, Alma Kruh, Sharon Migliaccio, Ray Allen, and Robert Weinscott of London Co.
Absent: Gary Lehrman, Stephen Sheehan, and Carl Fortuna
The Meeting was called to order by Susanne Taylor at 7 p.m. She welcomed all present.
An item scheduled under New Business was brought to the attention of the Board. Ray Allen of the Old Saybrook Parks and Recreation requested Vicki Duffy, former director and now retired, be allowed to return to work in a temporary summer position. He explained that she would be working at the Concerts on the Green during July and August only. After reviewing the classification with the Park and Recreation Director the consensus was to agree to Ray Allen’s proposal.
The minutes of the May 26, 2014 were reviewed and a few changes made. A motion made by Carol Voigt to accept the minutes as corrected. The motion was seconded by Ray Muratori and unanimously accepted.
Chair’s Report
- Suzanne announced that the Pension Benefits Board will have a new secretary. Her name is Cathy Duncan and she will start at the September 25th meeting.
- There were four update benefit contributions for the Fire Department as of July 1, 2014. Sharon reported that there was a problem with one of the calculations and she notified Steve Lemanski to correct it, which has been done.
Investment Reports
- Merrill Lynch – Alma Kruh reported as of June 23, 2014 there is $19,747,069 in the Old Saybrook Pension Fund and $1,065,540 in the Health Care Fund.
- London Investment – Robert Weinscott was contacted via speaker-phone. He gave an informative overview of London Investment Company. After some questions and comments the Board thanked him for his presentation.
- ICMA - Due to Gary’s absent Suzanne reported that Laura Hancock will send an end of fiscal year report and copies will be sent to the Board.
Old Business
- Status of the Fire Department Retirement Plan – The Fire Department Retirement Plan was unanimously approved at the Board of Selectmen meeting June 10, 2014. Copies will be made and kept on file in the Accounting office.
- Status of the Retiree Health Care Fund – There is $1,065,540 in the Health Care Fund.
- Status of the GASB 45 Valuation on OPED -Suzanne read a letter from Steve Lemanski regarding the Town of Old Saybrook Other Post-Employment Benefits Program GASB 45 Actuarial Valuation as of July 1, 2014 requesting information from the Town. He is requesting that all information be put on CD and sent overnight delivery. Sharon will gather the information and send it back to him. The estimated cost of this required valuation will be about $13,000 plus.
- Status of the GASB 67-68 Sub-Committee- The committee consists of Carol Voigt, Eileen Torrenti, Suzanne Taylor and Gary Lehrman. A meeting with scheduled with the actuary prior to July 18th.
Other – The Police Union has ratified their contract. There will be no changes in regards to the Pension. Future health insurance will be in the Health Savings Account. There was some discussion regarding the Police retro and how the 5% deduction will be handled. Chief Spera has informed the Selectman’s office that he will take the money from a fund he has to cover the contribution from the retro paychecks promised for immediate distribution.
The Support Union has settled their contract but has not yet ratified it.
New Business
- Other – Suzanne requested a comparison of H S A and P P O costs to the Town. The paper she received was not clear and was hard to figure the cost. More will be discussed at a later meeting.
- A vested employee will be retiring as of August 1st. She will be 55 years old and have 25 years of services with the Town. An issue of whether she could receive her health benefits was discussed. Pat McHale, the labor attorney for the Town has determined that she is not entitled to benefit citing Appendix E of the Support Union Contract. The Board would like to review the matter more and Attorney Muratori will do some additional research.
The next meeting of the Board is September 25, 2014 and INVESCO will attend.
A motion to adjourn was made at 9:15 p.m. by Ray Murtori and seconded by Carol Voigt. The motion was unanimously accepted.
Respectfully Submitted,
Sharon E Migliaccio
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