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MINUTES
REGULAR MEETING OF THE BOARD OF TRUSTEES OF THE CITY EMPLOYEES’ RETIREMENT FUND
October 6, 2014
A REGULAR MEETING of the Board of Trustees of the City Employees Retirement Fund was held on Monday, October 6, 2014 in the City Hall Auditorium.
Those in attendance included Mayor Elinor Carbone, Corporation Counsel Raymond Rigat, members of the Board of Trustees of the City Employees Retirement Fund Gregg Cogswell, Anne Ruwet, Paul Cavagnero, Paul Samele, Drake Waldron, Mark Zordan, Robert Lizotte, John Schnyer, Nancy Michna, Sheryl Lewis and Mark Kugler. Members Raymond Drew and Craig Audia were absent. City Treasurer Arthur Mattiello was also present.
Mayor Carbone called the meeting to order at 6:30 p.m.
UPDATE FROM CITY TREASURER
Mr. Mattiello explained that he is reporting on an action that has already been completed. The pension funds had a little scare last week due to a resignation at PIMCO, he said, and about 17% of our funds were contained in that manager. Mr. Mattiello said FIA, LLC reported that there was an atmosphere of uncertainty and distraction in the industry. He said that since time was of the essence, he accepted FIA’s recommendation to terminate PIMCO from both pension funds. Their recommendation for a replacement manager is MetWest, and Mr. Mattiello said he consented to that move after consulting with the Mayor and Comptroller.
RATIFY INVESTMENT CHANGE
On a motion by Councilor Waldron, seconded by Councilor Cogswell, the Board voted unanimously to ratify the decision to accept the recommendation of Fiduciary Investment Advisors, LLC to liquidate PIMCO holdings and reinvest them in MetWest.
MINUTES
On a motion by Councilor Waldron, seconded by Councilor Cogswell, the Board voted unanimously to accept the minutes of the special meeting held jointly with the Board of Trustees of the Police and Firemen’s Pension Fund on August 7, 2014.
pension computations – R. Roulin, L. Chevalier
On a motion by Councilor Waldron, seconded by Councilor Cavagnero, the Board voted unanimously to accept the pension computation for Raymond Roulin, Highway Maintainer II, effective September 3, 2014, after 35 years of service. Mayor Carbone added that 35 years is remarkable.
On a motion by Councilor Waldron, seconded by Councilor Samele, the Board voted unanimously to accept the pension computation for Leonard Chevalier, Street Dept. Secretary, effective August 1, 2014, after 26.5 years of service.
pension computations – T. Barbero
On a motion by Councilor Waldron, seconded by Councilor Cogswell, the Board voted unanimously to accept the pension computation for Thomas Barbero, former Asst. Zoning Enforcement Officer, who completed 27 years of service, effective September 3, 2014.
ADJOURNMENT
On a motion by Councilor Ruwet, seconded by Councilor Waldron, the meeting was adjourned at 6:41 p.m.
ATTEST: Joseph L. Quartiero, CMC
City Clerk
Carol L. Anderson, CMC
Asst. City Clerk
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