MINUTES
SPECIAL JOINT MEETING OF THE BOARD OF TRUSTEES OF THE CITY EMPLOYEES’ RETIREMENT FUND AND THE BOARD OF TRUSTEES OF THE POLICE & FIREMEN’S PENSION FUND
November 9, 2015
A SPECIAL JOINT MEETING of the Board of Trustees of the City Employees Retirement Fund and the Board of Trustees of the Police & Firemen’s Pension Fund was held on Monday, November 9, 2015 in the City Hall Auditorium.
Those in attendance included Mayor Elinor Carbone, Corporation Counsel Raymond Rigat, members of the Board of Trustees of the City Employees Retirement Fund Anne Ruwet, Christopher Anderson, Paul Samele, Raymond Drew, Robert Lizotte, Mark Zordan, John Schnyer, Nancy Michna, Sheryl Lewis, and City Treasurer Arthur Mattiello.
Also present were members of the Board of Trustees of the Police & Firemen’s Pension Fund Angelo LaMonica, Robert Conforti, Glenn McLeod, and Alex Rehnberg.
Members Gregg Cogswell, Paul Cavagnero, Drake Waldron, Christopher Paganini, Mark Kugler, Richard Zaharek, Douglas Benedetto, Darlene Battle, Stephen Krzanowski, Oscar Sequi and Edward Delisle were absent.
Mayor Carbone called the meeting to order at 6:06 p.m. beginning with the Pledge of Allegiance.
Presentation: Fiduciary Investment Advisors
Mr. Anthony Tranghese updated the boards on increased market volatility during the third quarter that was due to concerns about global growth. He said that at the end of the quarter the City plan was at $34,300,000 and the Police & Fire plan was at $52,000,000. Both plans remain well diversified across a number of investment managers, broad asset classes and sub-asset classes within the categories. Mr. Tranghese said he has no recommendations for asset allocation changes on either plan at this time.
Recess
Mayor Carbone called a 10-minute recess to wait for a quorum at 6:24 p.m. The meeting reconvened at 6:38 p.m.
Investment Policy Statement
Mr. Tranghese explained this is the guiding document for the plan and noted changes, including the relocation of the Asset Allocation Table and the adjustments made to it.
Minutes
On a motion by Councilor Anderson, seconded by Councilor Ruwet, the Board of Trustees of the City Employees’ Retirement Fund voted unanimously to accept the minutes of the Regular Meeting held March 2, 2015.
Tabled: Pension Comp. for R. Savanella & B. Sekulski
On a motion by Councilor Ruwet, seconded by Councilor Samele, the Board of Trustees of the City Employees’ Retirement Fund voted unanimously to table acceptance of the pension computations for Ronald Savanella and Brian Sekulski, due to a lack of representatives from the Board of Education.
Pension Comp. for A. Alduini
On a motion by Councilor Ruwet, seconded by Councilor Anderson, the Board of Trustees of the City Employees’ Retirement fund voted unanimously to accept the pension computation effective October 1, 2015 for Angelo Alduini, Caretaker II for the Parks Dept., after 17.0 years of service.
Pension Comp. for E. Andreski
On a motion by Councilor Anderson, seconded by Councilor Samele, the Board of Trustees of the City Employees’ Retirement fund voted unanimously to accept the pension computation effective July 8, 2015 for Edward Andreski, Parking Meter Attendant for the Police/Traffic Dept., after completing 5.45 years of service.
Investment Policy Statement
On a motion by Councilor Ruwet, seconded by Councilor Anderson, the Board of Trustees of the City Employees’ Retirement fund voted unanimously to accept the updated Investment Policy Statement, as presented.
Tabled Items
Acceptance of the minutes of the Special Meeting held May 6, 2015 and acceptance of the updated Investment Policy Statement, as presented, were both tabled due to a lack of quorum from the Board of Trustees of the Police and Firemen’s Pension Fund.
Adjournment
On a motion by Councilor Ruwet, seconded by Councilor Anderson, the meeting was adjourned at 6:46 p.m.
ATTEST: Joseph L. Quartiero, CMC
City Clerk
Carol L. Anderson, CMC
Asst. City Clerk
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