MINUTES
SPECIAL JOINT MEETING OF THE BOARD OF TRUSTEES OF THE POLICE & FIREMEN'S PENSION FUND
& THE BOARD OF TRUSTEES OF THE CITY EMPLOYEES RETIREMENT FUND
March 5, 2014
A SPECIAL 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, March 5, 2014 in the City Hall Auditorium.
Those in attendance included Mayor Elinor Carbone, Corporation Counsel Raymond Rigat, City Treasurer Arthur Mattiello, members of the Board of Trustees of the City Employees Retirement Fund Gregg Cogswell, Anne Ruwet, Christopher Anderson, Gail Sartori, Ray Drew, John Schnyer, Mark Zordan and Nancy Michna, and members of the Brd. of Trustees of the Police & Firemen Pension Fund, Glenn McLeod, Richard Zaharek, Douglas Benedetto, Robert Conforti, Darlene Battle, Steven Krznowski, Oscar Segui, and Michael Soliani.
Members Angelo LaMonica, Paul Cavagnero, Drake Waldron, Paul Samele, David Prahm and Edward Delisle were absent. Anthony Tranghese of Fiduciary Investment Advisors, LLC was also present.
Mayor Carbone called the meeting to order at 6:48 p.m.
CITY TREASURER UPDATE
Mr. Mattiello reported that Bank of America, custodian for our pension funds, notified him that due to legislative changes, they will no longer participate in the business of holding public funds. He said another custodian needs to be found by June 30, 2014, and noted that FIA, LLC will assist with an RFP, the results of which will be presented to both Boards of Trustees for approval.
PRESENTATION: FOURTH QUARTER RESULTS
Mr. Tranghese reviewed the index results through December 31, 2013, saying the S & P 500 index was up about 32.4% in the quarter and U.S. equity markets had an outstanding year. International equities had similar results, although not as robust, he said, and the fixed income interest rates finally rose causing the aggregate bond index to go down. Mr. Tranghese said that, as a result, it was down 2% last year and long bonds were down almost 9%.
Mr. Tranghese said that a ten year treasury bond started the year yielding 1.87% and ended the year over 3%. These are still historically low absolute levels but a very large jump from that 1.87% base, he said.
ALLOCATION
Mr. Tranghese reported that the City Employees' plan value was at 35.5 million and the Police and Firemen's plan was at 54.7 million dollars.
PERFORMANCE
Mr. Tranghese said both plans were up close to 17%, having very strong absolute and relative results last year.
MANAGERS
Mr. Tranghese reviewed all the managers while noting that most of the managers in the portfolio have done quite well compared to their peers over longer time frames.
Pension Committee
Mayor Carbone said she hopes to form a Pension Committee to review these results on a quarterly basis and advance recommendations from the committee to the Boards.
Minutes
On a motion by Ms. Michna, seconded by Ms. Sartori, the Board of Trustees of the City Employees' Retirement fund voted unanimously to accept the minutes of the Regular Meeting held September 9, 2013. Councilors Anderson and Ruwet abstained.
Pension Computation – L. Busch
On a motion by Councilor Cogswell, seconded by Councilor Ruwet, the Board of Trustees of the City Employees' Retirement fund voted unanimously to accept the pension computation for Leo Busch, Highway Maintainer III for the Torrington Street Dept., who completed 21 years of service with 1 year military buy-back for a total of 22 years, effective December 5, 2013.
Pension Computation – J. Allegrini
On a motion by Councilor Cogswell, seconded by Councilor Anderson, the Board of Trustees of the City Employees' Retirement fund voted unanimously to accept the pension computation for Joseph Allegrini, Pothole Patcher Operator for the Torrington Street Dept., who completed 33 years of service with 4 years of military buy-back for a total of 37 years, effective November 23, 2013.
Minutes
On a motion by Commissioner Benedetto, seconded by Commissioner Battle, the Board of Trustees of the Police and Firemen's Pension Fund voted unanimously to accept the minutes of the Regular Meeting held November 13, 2013. Commissioner McLeod abstained.
Pension Computation – K. Deland
On a motion by Commissioner Benedetto, seconded by Commissioner Battle, the Board of Trustees of the Police and Firemen's Pension Fund voted unanimously to accept the pension computation for Kenneth Deland, Patrolman for the Torrington Police Dept., who completed 25 years of service, effective January 9, 2014.
PENSION COMPUTATION – V. Corsi
On a motion by Commissioner Benedetto, seconded by Commissioner Zaharek, the Board of Trustees of the Police and Firemen's Pension Fund voted unanimously to accept the pension computation for Victor Corsi, Firefighter for the Torrington Fire Dept., who completed 28.23 years of service, effective January 5, 2014.
ADJOURNMENT
On a motion by Commissioner Benedetto, seconded by Commissioner Conforti, the meeting was adjourned at
7:12 p.m.
ATTEST: Joseph L. Quartiero, CMC
City Clerk
Respectfully Submitted,
Carol L. Anderson, CCTC
Asst. City Clerk
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