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MUNICIPAL PENSION BOARD MINUTES
TUESDAY, AUGUST 14, 2007
The monthly meeting of the Municipal Pension Board was called to order at 5:20 p.m. by Vice-Chairman Gerard Adelman.
Present were Gerald Adelman, Martin Lilienthal, Caroline Beitman, George McGoldrick, Corinne Eisenstein, Jim Suzio, Carol Shade and Barbara Homerston. Also present were Police Officer David Puska and Patrick Sheehan and Gerald Glass, Vice Presidents Investment, A.G. Edwards & Sons, Inc.
The Board reviewed the Minutes from the July 10, 2007 meeting and a motion to accept the Minutes as presented was made by Marty Lilienthal, seconded by Caroline Beitman. Motion carried.
The Board reviewed Financial Reports for July for Police, Fire and City. Carol Shade, on behalf of Robert Tait, explained the report to the Board. A motion to accept the report as submitted was made by George McGoldrick, seconded by Martin Lilienthal. Motion carried.
Barbara Homerston presented the following applications for retirement:
Ø Police Officer David Puska, normal retirement, effective September 1, 2007, monthly benefit $3,316.66. A motion to accept Officer Puska’s application as submitted was made by Jim Suzio, seconded by Caroline Beitman. Motion carried.
Ø Thomas Jones, Water Plant Operator III, normal retirement, normal form, effective August 1, 2007, monthly benefit $4,230.46 that includes a five (5) year enhancement under the Voluntary Retirement Enhancement Program. A motion to accept Mr. Jones’ application as submitted was made by Martin Lilienthal, seconded by James Suzio. Motion carried.
Ø Thomas Impronto, Sewer Plant Operator I, normal retirement, normal form, effective August 1, 2007, monthly benefit $3,847.96 that includes a five year enhancement under the Voluntary Retirement Enhancement Program. A motion to accept Mr. Impronto’s application as submitted was made by George McGoldrick, seconded by Caroline Beitman. Motion carried.
Ø Marie Grodzicki, Board of Education, Cafeteria, normal retirement, normal form, effective August 1, 2007, monthly benefit $756.46. A motion to accept Ms. Grodzicki’s application as submitted was made by George McGoldrick, seconded by Martin Lilienthal. Motion carried.
Ø Maryanne Rinaldi, Vested hospital employee, early retirement, normal form, effective July 1, 2007, monthly benefit $424.25. A motion to accept Ms. Rinaldi’s application as submitted was made by Jim Suzio, seconded by Corinne Eisenstein. Motion carried.
Ø Eddie Mae Phipps, Board of Education, Venture Program, normal retirement, normal form, effective August 27, 2007, monthly benefit $260.25. A motion to accept Ms. Phipps’ application as submitted was made by Martin Lilienthal, seconded by Corinne Eisenstein. Motion carried.
The Board reviewed an invoice from Berchem, Moses & Devlin in the amount of $1,137.50 for research/review of pension disability language. A motion to table this invoice pending written documentation from them was made by Jim Suzio, seconded by Martin Lilienthal. Motion to table carried.
Patrick Sheehan presented audit reports for City, Police and Fire Retirement Plan funds for 2006/2007 fiscal year that also includes performance reports and a summary.
Martin Lilienthal made the following motion, seconded by Corinne Eisenstein:
Resolved, that the Meriden Retirement Board authorizes the purchase of laddered US Treasury securities in the City Employees “M” and Police Fire “H” accounts, and further, approves the liquidation of existing positions in global-income, real-estate, and dividend opportunity Closed End income funds in those Board-directed accounts. Motion carried.
Martine Lilienthal made the following motion seconded by Corinne Eisenstein:
Resolved, that the Meriden Retirement Board request each of its equity managers liquidate for transfer the following assets:
Anchor Capital Advisors $2,500,000 City Employees
$2,000,000 Police/Fire
Armstrong Shaw $2,500,000 City Employees
$2,000,000 Police/Fire
Franklin Templeton $4,400,000 City Employees
$3,000,000 Police/Fire
Navellier Associates $3,500,000 City Employees
$2,400,000 Police/Fire
Neuberger Berman $4,800,000 City Employees
$2,800,000 Police/Fire
NWQ Tradewinds $1,000,000 City Employees
$1,000,000 Police/Fire
Orrell Capital Mgmt. $2,500,000 City Employees
$2,000,000 Police/Fire
Roxbury Capital $1,400,000 City Employees
$1,200,000 Police/Fire
Motion carried.
A motion to adjourn at 6:00 p.m. was made by Jim Suzio, seconded by Caroline Beitman. Motion carried.
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Caroline Beitman, Secretary
Municipal Pension Plan
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