MERIDEN MUNICIPAL PENSION BOARD MINUTES
TUESDAY, JANUARY 8, 2008
The monthly meeting of the Municipal Pension Board was called to order at 5:20 p.m. by Chairman John Ivers.
Present were John Ivers, Robert Tait, Corinne Eisenstein, Brian Daniels, Caroline Beitman, Brian Kogut, Gerard Adelman, James Suzio and Barbara Homerston. Also present were Patrick Sheehan and Gerald Glass, Vice Presidents Investments, A.G. Edwards & Sons, Inc. and Rodger Metzger, CFA Partner & Chief Investment Officer, Hooker & Holcombe Investment Advisors, Inc., Arthur J. Meizner, CFA, CFP, Director Investment Consulting Services, Hooker & Holcombe Investment Advisors, Inc. and Stuart Herskowitz, CRC, Partner & Investment Consultant, Hooker & Holcombe Investment Advisors, Inc.
The Board reviewed the Minutes from the December 11, 2007 meeting. A motion to accept the Minutes as submitted was made by Jim Suzio, seconded by Corinne Eisenstein. Motion carried.
Board members reviewed financial reports for City, Police and Fire for December 2007. Bob Tait explained the reports to the members and a motion to accept the reports as submitted was made by Caroline Beitman, seconded by Corinne Eisenstein. Motion carried.
Barbara Homerston presented the following application for retirement:
§ Jerzy Borowski, Board of Education custodian, normal retirement, Option 2, effective January 23, 2008, monthly benefit $1,811.74, co-annuitant to receive $1,207.89. A motion to accept Mr. Borowski’s application as submitted was made by Gerard Adelman, seconded by Brian Kogut. Motion carried.
Patrick Sheehan presented the Board with an overview of the pension funds. The City Employees fund closed the quarter at $143.9 million and the Police/Fire fund at $109.7 million. For fiscal year 2008, the placeCityMeriden fund composite ($253.6 million) shows a 4.16% gain through the second quarter.
Patrick Sheehan also informed the Board that sub-committee meetings are being scheduled to meet with the fund Managers beginning February 26, 2008.
Arthur Meizner, Director Investment Consulting Services presented the Board with a detailed Pension Expense Audit and reviewed in detail with the members.
Robert Tait indicated that he will do some research that compares placeCityMeriden to other municipalities regarding the performance of investments.
John Ivers indicated that he would forward a copy of the Expense Audit Report to A.G. Edwards & Sons for their review.
John Ivers also asked Brian Kogut and Brian Daniels if they would sponsor the Resolution regarding the recommendation of a COLA for the pre 1989. Brian Daniels indicated that the Resolution would be referred to the Finance Committee for review as there would potentially be a cost to the City for these increases.
Meeting adjourned at 6:50 p.m.
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Caroline Beitman, Secretary
Municipal Pension Board
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