MINUTES
REGULAR JOINT MEETING OF THE
BOARD OF TRUSTEES OF THE POLICE & FIREMEN'S PENSION FUND
& THE BOARD OF TRUSTEES OF THE CITY EMPLOYEES RETIREMENT FUND
February 6, 2013
A REGULAR JOINT MEETING of the Board of Trustees of the Police & Firemen Pension Fund and the Board of Trustees of the City Employees Retirement Fund was held on Wednesday, February 6, 2013, in the City Hall Auditorium.
Those in attendance included Mayor Ryan J. Bingham, Corporation Counsel Raymond Rigat, City Treasurer Arthur Mattiello, members of the Board of Trustees of the City Employees Retirement Fund Gerald Zordan, John Schnyer, Gail Sartori and Delisse Locher, and members of the Board of Trustees of the Police & Firemen Pension Fund Angelo LaMonica, Darlene Battle, James Potter, Christopher Cook, Richard Zaharek Douglas Benedetto, Police Lt. Michael Emanuel, Police Officer Oscar Segui, and Fire Lt. Michael Soliani.
Anthony Tranghese of Fiduciary Investment Advisors, LLC was also present.
Members Gregg Cogswell, Marie Soliani, Elinor Carbone, Paul Samele, Drake Waldron, Raymond Drew, Angelo Alduini, Nancy Michna, and Edward Delisle were absent.
Mayor Bingham called the meeting to order at 6:30 p.m.
Presentation: Fourth Quarter Results
Mr. Tranghese said U.S. and overseas equities finished very strongly in 2012 with strong double-digit results across the board. He said fixed income also held up quite well. The Employee plan was at 30.9 million dollars and the Police & Firemen's plan was at 43.8 million dollars. In the fourth quarter both plans were up 1.8% or 1.7% and up over 14% for the year.
Since these portfolios were put into place in October 2008, the two plans have annualized at a little over 7%.
Mr. Tranghese said there are no recommendations for changes in either portfolio as all the underlying mandates carry a 'maintain' status.
ADJOURNMENT
On a motion by Commissioner Benedetto, seconded by Commissioner Cook, both Boards of Trustees voted unanimously to adjourn at 6:36 p.m.
ATTEST: Joseph L. Quartiero, CMC
City Clerk
Respectfully Submitted,
Carol L. Anderson, CCTC
Asst. City Clerk
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