MINUTES
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
February 1, 2016
A 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, February 1, 2016 in the City Hall Auditorium.
Those in attendance included Mayor Elinor Carbone, Corporation Counsel Jaime LaMere, members of the Board of Trustees of the City Employees Retirement Fund Paul Cavagnero, Drake Waldron, Luisa Noujaim, Daniel Farley, Mark Zordan, 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 Robert Conforti, Oscar Sequi and Edward Delisle.
Members Gregg Cogswell, Anne Ruwet, Raymond Drew, Robert Lizotte, John Schnyer, Christopher Paganini, Mark Kugler, Richard Zaharek, Douglas Benedetto, Darlene Battle, Angelo LaMonica, Glenn McLeod, Stephen Krzanowski and Alex Rehnberg were absent.
Mayor Carbone called the meeting to order at 6:32 p.m. beginning with the Pledge of Allegiance.
Presentation: Fiduciary Investment Advisors
Mr. Anthony Tranghese updated the boards on the portfolios’ performance, saying the City Employees Plan finished the year at $35,500,000 and the Police & Firemen’s Plan finished at $54,400,000.
Add to Agenda
On a motion by Councilor Farley, seconded by Councilor Cavagnero, the Board of Trustees of the City Employees’ Retirement Fund voted unanimously to add the following to the agenda:
Investment Change
On a motion by Councilor Farley, seconded by Councilor Cavagnero, the Board of Trustees of the City Employees’ Retirement Fund voted unanimously to accept the recommendation of Fiduciary Investment Advisors, LLC to terminate Columbia Acorn International as an investment manager and replace it with Vanguard International Explorer.
Minutes
On a motion by Ms. Michna, seconded by Ms. Lewis, the Board of Trustees of the City Employees’ Retirement Fund voted unanimously to accept the minutes of the Special Joint Meeting held November 9, 2015. Councilors Farley and Noujaim abstained.
Tabled: Pension Comp. for R. Savanella & B. Sekulski
The Mayor tabled 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 T. Kozlak
On a motion by Mr. Zordan, seconded by Ms. Michna, the Board of Trustees of the City Employees’ Retirement Fund voted unanimously to accept the pension computation effective January 26, 2016 for Thomas Kozlak, Engineering Surveyor for the Engineering Dept., after 27.43 years of service.
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 Cavagnero, seconded by Councilor Noujaim, the meeting was adjourned at 7:09 p.m.
ATTEST: Joseph L. Quartiero, CMC
City Clerk
Carol L. Anderson, CMC
Asst. City Clerk
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