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MINUTES
SPECIAL MEETING
BOARD OF TRUSTEES OF THE POLICE & FIREMEN PENSION FUND
MAY 4, 2011
A SPECIAL MEETING of the Board of Trustees of the Police & Firemen Pension Fund was held on Wednesday, May 4, 2011, in the City Hall Auditorium.
Those in attendance included Mayor Ryan J. Bingham, Corporation Counsel Ernestine Yuille Weaver, Treasurer Arthur Mattiello, members of the Board of Trustees of the Police & Firemen Pension Fund James Potter, Christopher Cook, Douglas Benedetto, and Darlene Battle, Officer Robert Shopey, Firefighter Edward Delisle and Lt. Kevin Hayes. Members Angelo LaMonica, Richard Zaharek and Police Lieutenant Michael Emanuel were absent.
Mayor Bingham called the meeting to order at 6:27 p.m.
REALLOCATION OF FUNDS
Mayor Bingham said there was a recommendation made for both pension plans including diversification of investments. He said questions could be forwarded to Mr. Tranghese of FIA.
There were no questions.
On a motion by Officer Shopey, seconded by Commissioner Potter, the Board voted unanimously to move forward with the following recommendation made at the joint meeting on May 2, 2011:
Mr. Tranghese recommended the Boards of Trustees implement the changes outlined in the “Supplemental Materials” handout which include the following transactions to be implemented through a dollar-cost-averaging process in equal segments over two months:
Sell: |
Buy: |
Vanguard Total Bond - $3 million |
Eaton Vance Floating Rate - $1.4 million |
Vanguard 500 Index - $1.1 million |
Templeton Global Bond - $1.4 million |
Bank of America Money Market - $200,000 |
Vanguard Inflation Protected Securities - $500,000 |
PIMCO Commodity Real Return - $500,000 |
Van Eck Global Hard Assets - $500,000 |
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n Eck Global Hard Assets - $500,000an Eck Global Hard Assets - $500,000 Additionally, the target asset allocation outlined |
on page 5 of the “Supplemental Materials” package should also be adopted.
Mr. Tranghese recommended the Boards of Trustees implement the changes outlined in the “Supplemental Materials” handout which include the following transactions to be implemented through a dollar-cost-averaging process in equal segments over two months:
Additionally, the target asset allocation outlined on page 5 of the “Supplemental Materials” package should also be adopted.
ADJOURNMENT
On a motion by Commissioner Benedetto, seconded by Councilor Potter, the Boards voted unanimously to adjourn at 6:30 p.m.
ATTEST: Joseph L. Quartiero, CMC
City Clerk
Respectfully Submitted,
Carol L. Anderson, CCTC
Asst. City Clerk
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