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
July 7, 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 Monday, July 7, 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 Paul Cavagnero, Gregg Cogswell, Anne Ruwet, Paul Samele, Drake Waldron and Christopher Anderson, Ray Drew, Mark Zordan and members of the Brd. of Trustees of the Police & Firemen Pension Fund Glenn McLeod, Robert Conforti and Firefighter Edward Delisle.
Members Gail Sartori, John Schnyer, Nancy Michna, Angelo LaMonica, Mark Kugler, Richard Zaharek, Douglas Benedetto, Darlene Battle, Steven Krznowski, Oscar Segui and Michael Soliani were absent.
Mayor Carbone called the meeting to order at 6:30 p.m. beginning with the Pledge of Allegiance. She explained that due to a lack of quorum, only the Board of Trustees of the City Employees’ Retirement Fund would vote at this meeting.
MINUTES
On a motion by Councilor Waldron, seconded by Councilor Anderson, the Board of Trustees of the City Employees Retirement Fund voted unanimously to accept the minutes of the Regular Joint Meeting held March 5, 2014.
PENSION FUND CUSTODIAN: WELLS FARGO BANK
On a motion by Councilor Waldron, seconded by Councilor Anderson, the Board of Trustees of the City Employees Retirement Fund voted unanimously to accept FIA’s recommendation to replace the current custodian of pension funds with Wells Fargo Bank. Mr. Mattiello explained that this institution is well experienced, located in Connecticut and will save the City money.
MEETING SCHEDULE & PENSION COMPUTATION APPROVAL PROCESS
Mr. Mattiello suggested that the Boards of Trustees appoint a steering committee of nine members with a representative from each group, empowered to make decisions and recommendations to both Boards of Trustees. He said the four quarterly meetings would remain in place, but have FIA’s presentation in August and February only. In the event that something needs to be decided, Mr. Mattiello said, the steering committee would meet and be empowered to make a decision. He said it might not occur often, but it would avoid situations like this meeting where a quorum isn’t available.
ADJOURNMENT
On a motion by Councilor Ruwet, seconded by Councilor Anderson, the meeting was adjourned at 6:53 p.m.
ATTEST: Joseph L. Quartiero, CMC
City Clerk
Respectfully Submitted,
Carol L. Anderson, CCTC
Asst. City Clerk
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