MINUTES
REGULAR JOINT MEETING OF THE BOARD OF TRUSTEES OF THE
POLICE AND FIREMEN’S PENSION FUND
October 1, 2014
A REGULAR MEETING of the Board of Trustees of the Police & Firemen Pension Fund was held on Monday, October 1, 2014 in the City Hall Auditorium.
Those in attendance included Mayor Elinor Carbone, Corporation Counsel Raymond Rigat, Members of the Police & Firemen’s Pension Fund Angelo LaMonica, Richard Zaharek, Douglas Benedetto, Robert Conforti, Darlene Battle, Glenn McLeod, Edward Delisle, Michael Soliani and Stephen Krzanowski. Member Oscar Segui was absent. City Treasurer Arthur Mattiello was also present.
Mayor Carbone called the meeting to order at 6:30 p.m. beginning with the Pledge of Allegiance.
CITY TREASURER UPDATE
Mr. Mattiello explained that the CEO of one of our largest pension fund managers abruptly departed, creating nervousness in the investment field. We have 17% of our total investments in PIMCO, which has been on Watch status for the past two quarters, he said, and FIA has recommended that we terminate our business with PIMCO and replace it with other managers. Mr. Mattiello said that FIA insisted that time was of the essence so he made the decision to move the 8.8 million dollar investment from PIMCO to a manager called MetWest.
Mr. Mattiello added that this situation points to the need to have a small group of trustees in place to make a decision in a hurry.
DECISION TO MOVE FUNDS
On a motion by Commissioner Battle, seconded by Commissioner Benedetto, the Board voted unanimously to ratify the City Treasurer’s decision to accept the recommendation of Fiduciary Investment Advisors, LLC to liquidate PIMCO holdings and reinvest them in MetWest.
MINUTES
On a motion by Commissioner Benedetto, seconded by Commissioner Conforti, the Board voted unanimously to accept the minutes of the meeting held jointly with the Board of Trustees of the City Employees’ Retirement Fund on August 7, 2014.
ADJOURNMENT
On a motion by Commissioner Benedetto, seconded by Commissioner McLeod, the meeting was adjourned at 6:40 p.m.
ATTEST: Joseph L. Quartiero, CMC
City Clerk
Carol L. Anderson, CMC
Asst. City Clerk
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