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TUESDAY, DECEMBER 11, 2007
The monthly meeting of the Municipal Pension Board was called to order at 5:30 p.m. by Chairman John Ivers.
Present were John Ivers, Gerard Adelman, Jim Suzio, Martin Lilienthal, Corinne Eisenstein, Caroline Beitman, Brian Daniels, Brian Kogut, Robert Tait and Barbara Homerston. Also present were Patrick Sheehan and Gerald Glass, Vice Presidents Investments, A.G. Edwards & Sons, Inc. and past Board member George McGoldrick.
The Board reviewed Minutes from the November 13, 2007 meeting. A motion to accept the Minutes as submitted was made by Jim Suzio, seconded by Caroline Beitman. Brian Daniels and Brian Kogut abstained from vote as they are newly appointed members of the Board. Motion carried.
Board members reviewed financial reports for City, Police and Fire for November 2007. Bob Tait presented the Board with detailed reports regarding investment portfolios for their review. A motion to accept the financial reports as submitted was made by Martin Lilienthal, seconded by Caroline Beitman. Motion carried.
Barbara Homerston presented the following application for retirement:
· Sharon Adkins, Board of Education custodian, normal retirement, normal form, effective January 3, 2008, monthly benefit $2,239.68. A motion to accept Ms. Adkins application as submitted was made by Gerard Adelman, seconded by Jim Suzio. Motion carried.
The Board reviewed the scheduled monthly meeting dates for calendar year 2008. A motion to accept the schedule for the second Tuesday of each month with a meeting time of 5:15, unless otherwise posted, was made by Gerard Adelman seconded by Corinne Eisenstein. Motion carried.
The Board reviewed invoices from the Segal Company for actuarial and consulting services rendered for GASB 25/27 for City, Police and Fire. A motion to process these invoices for payment was made by Gerard Adelman, seconded by Jim Suzio. Motion carried.
Members of the Board reviewed information regarding a cost of living increase for retirees who retired prior to 1989 and who had retired without any provisions for
Cost of living increases. Following a brief discussion a motion was made by Gerard Adelman, seconded by Martin Lilienthal to make a recommendation to the City Council to allow a one time cost of living increase of 4% for this group of retirees. Motion carried.
Patrick Sheehan presented the Board with an overview of the pension funds. Through November the City employees fund totaled $143.3 million and Police/Fire totaled $109.1 million.
Martin Lilienthal presented the Board with Resolutions that the Investment Sub-Committee was recommending to the Board. Caroline Beitman made the following motion seconded by Gerard Adelman:
1) To add an International Growth Manager – Resolved, that the Meriden Retirement Board approves the engagement of Wentworth Hauser & Violich as portfolio manager for two new investment accounts, and further resolved that the Board authorizes its chairman and/or vice chair to execute appropriate contract documents to facilitate this assignment.
Initial funding for the city Employees account will be $4,300,000 to be transferred from the Board’s City Employees Fund M. The Police/Fire account will begin with the transfer of $3,250,000 from the board-directed Police/Fire Fund H.
2) To Authorize the assignment of management for a domestic Utilities fund – Resolved, that the Meriden Retirement Board authorizes the purchase of mutual fund shares in the Fidelity Advisor Utilities Fund (ticker: FUGAX) on behalf of the designated, Board-directed retirement accounts: City Employees Fund M: $3.5 million; Police/Fire Fund H: $2.75 million.
3) To Fund the prior resolutions:
The Meriden Retirement Board authorizes the following fund transfers and instructs fund managers to raise the appropriate assets for transfer:
To City Employees Fund M:
$3.3 million from Fund E (Templeton)
$2.0 million from Fund placecountry-regionUS (Armstrong Shaw)
$1.5 million from Fund RX (Roxbury)
To Police/Fire Fund H:
$1.3 million from Fund E (Templeton)
$1.5 million from Fund M (Armstrong Shaw)
$1.25 million from Fund RX (Roxbury)
Motion carried.
John Ivers congratulated Brian Daniels and Brian Kogut on their appointments as members of the Pension Board.
A motion to adjourn the meeting at 6:00 p.m. was made by Jim Suzio, seconded by Gerard Adelman. Motion carried.
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Caroline Beitman
Secretary Municipal Pension Board
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