MUNICIPAL PENSION BOARD MINUTES
TUESDAY, JULY 10, 2007
The monthly meeting of the Municipal Pension Board was called to order at 5:20 p.m. by Chairman John Ivers, Jr.
Present were: John Ivers, Jr., Gerard Adelman, Robert Tait, Caroline Beitman, James Suzio, Martin Lilienthal, George McGoldrick, Corinne Eisenstein and Barbara Homerston. Also present were Patrick Sheehan and Gerald Glass, Vice-Presidents Investments, A.G. Edwards & Sons, Inc., and Sergeant Joyce Amann.
The Board reviewed the Minutes from the June 12, 2007 meeting and a motion to accept the Minutes as presented was made by George McGoldrick, seconded by Corinne Eisenstein. Motion carried.
The Board also reviewed the Minutes from the June 29, 2007 Special Meeting and a motion to accept the Minutes as submitted was made by James Suzio, seconded by Martin Lilienthal. Motion carried.
The Board reviewed the financial reports for April, May and June for City, Police and Fire. Bob Tait explained the new reports that he created that documents changes in the funds value for each month. A motion to accept the reports as submitted was made by Martin Lilienthal, seconded by James Suzio. Motion carried.
Barbara Homerston presented the following applications for retirement:
· Police Sergeant Joyce Amann, normal retirement, effective August 11, 2007, monthly benefit $2,950.39. A motion to accept Sergeant Amann’s application as submitted was made by Gerard Adelman, seconded by George McGoldrick. Motion carried.
· Gwendolyn Savio, Library Clerk II, normal retirement, normal form, effective June 30, 2007, monthly benefit $460.00 that includes a five (5) year enhancement under the Voluntary Retirement Enhancement Program. A motion to accept Ms. Savio’s application as submitted was made by Gerard Adelman, seconded by James Suzio. Motion carried.
· Victoria Navin, Librarian III, normal retirement, normal form, effective August 1, 2007, monthly benefit $2,479.60 that includes a five (5) year enhancement under the Voluntary Retirement Enhancement Program. A motion to accept Ms.
· Navin’s application as submitted was made by Martin Lilienthal, seconded by Caroline Beitman. Motion carried.
· Michael Osiecki, Water Treatment Supervisor, normal retirement, normal form, effective August 1, 2007, monthly benefit $4,476.02 that includes a five (5) year enhancement under the Voluntary Retirement Enhancement Program. A motion to accept Mr. Osiecki’s application as submitted was made by Corinne Eisenstein, seconded by Caroline Beitman. Motion carried.
Patrick Sheehan presented the Board with an overview of the Retirement Funds and reported that the City Employees fund closed the 2006/2007 fiscal year with $140 million and the Police and Fire Funds closed with $106.5 million. The Investment Sub-Committee will begin screening for additional international growth-equity manager in the next couple of months.
A motion to adjourn at 5:55 p.m. was made by Caroline Beitman, seconded by James Suzio. Motion carried.
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Caroline Beitman
Secretary Municipal Pension Board
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