MUNICIPAL PENSION BOARD MINUTES
TUESDAY, November 13, 2007
The monthly meeting of the Municipal Pension Board was called to order at 5:15 p.m. by Chairman John Ivers.
Present were John Ivers, George McGoldrick, Caroline Beitman, Robert Tait, Martin Lilienthal, and Corinne Eisenstein. Also present were Patrick Sheehan and Gerald Glass, Vice Presidents Investments, A.G. Edwards & Sons, Inc., Derek Moulton and Sara Monde from The Segal Company and Stuart Herskowitz and Arthur J. Meizner from Hooker & Holcombe.
The Board reviewed the Financial Reports for City, Police, and Fire for October 2007; Robert Tait reviewed with the Board the Pension Plans, Change in Market Value Report for October. A motion to accept the reports as submitted was made by Martin Lilienthal, seconded by George McGoldrick. Motion carried.
Barbara Homerston presented the following applications for retirement:
· Nancy Lauretano, Director Meriden Public Library, normal retirement, normal form, effective December 1, 2007, monthly benefit $2,501.61. A motion to accept Mrs. Lauretano’s application as submitted was made by George McGoldrick, seconded by Corinne Eisenstein. Motion carried.
· Donald Smith, Public Safety Dispatcher, normal retirement (Rule of 80), Option 2, effective November 18, 2007, monthly benefit $1,873.72. Caroline Beitman read a letter from Frank Kiernan, Director of Emergency Communications regarding Mr. Smith that said he was a model employee with exemplary service, and wished him well in retirement. A motion to accept Mr. Smith’s application as submitted was made by George McGoldrick, seconded by Corinne Eisenstein. Motion carried.
The Board reviewed an invoice from Berchem, Moses & Devlin in the amount of $262.50 for preparation of a memorandum regarding disability language for disability pensions. A motion to process this invoice for payment was made by George McGoldrick seconded by Martin Lilienthal. Motion carried.
Arthur Meizner and Stuart Herskowitz from Hooker & Holcomb presented the Board with a report that outlined an Agenda for RFQ’s for Investment Services for pension funds. John Ivers said that the Board wants to be sure they understand where monies are being spent and that what the Board is doing is prudent and fees are appropriate. The Board would like to review and understand standard contract language and compare fund performances as it relates to other municipalities.
Members of the Board agreed that Hooker & Holcomb attend the January 8, 2008 meeting with an expense audit and recommendations; the Board may then go forward with the RFQ.
Patrick Sheehan presented the Board with an overview of the pension funds and suggested that the Sub-Committee meet prior to the December meeting to assess year end asset assignments.
A motion to adjourn at 6:30 p.m. was made by Martin Lilienthal, seconded by Jim Suzio. Motion carried.
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Caroline Beitman, Secretary
Municipal Pension Board
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