MUNICIPAL PENSION BOARD MINUTES
TUESDAY, APRIL 8, 2008
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, Brian Daniels, Caroline Beitman, Robert Tait, James Suzio and Martin Lilienthal. Also present were Patrick Sheehan and Gerald Glass Vice Presidents Investments, A.G. Edwards & Sons, Inc.
The Board reviewed the Minutes from the March meeting. A motion to accept the Minutes with a correction from the February “Special” meeting to Fleurette Belote’s monthly benefit from $1,731.11 to $1,721.02 was made by Jim Suzio, seconded by Caroline Beitman. Motion carried.
The Board reviewed the Financial reports for March 2008 for City, Police and Fire. A motion to accept the reports as submitted was made by Martin Lilienthal, seconded by Caroline Beitman. Motion carried.
Barbara Homerston presented the following application for retirement::
Police Lieutenant John Thorp, normal retirement, effective April 19, 2008, monthly benefit $4,694.78. A motion to accept Lt. Thorp’s application as submitted was made by Brian Daniels, seconded by Caroline Beitman. Chief Cossette indicated that Lt. Thorp count be counted on at all time with no hesitation, he was dedicated and did a great job. The Chief thanked Lt. Thorp for his years of service and wished him well in retirement. Detective Sergeant Robert Hettrick also mentioned that Lt. Thorp did a great job, thanked him for his service and wished him well in retirement. Motion carried.
Kathleen Baker, disability retirement (early retirement), effective April 12, 2008, monthly benefit $1,285.87. A motion to move into executive session at 5:25 p.m. was made by Caroline Beitman, seconded by Jim Suzio. A motion to move out of executive session at 5:35 p.m. was made by Brian Daniels, seconded by Jim Suzio. A motion to accept Ms. Baker’s application as submitted and to update Board members on disability retirements on an annual basis was made by Brian Daniels seconded by Jim Suzio. Motion carried.
Patrick Sheehan presented the Board with an overview of the pension funds. As of March 31, 2008 the City Employees fund totaled $139.4 million and the Police/fire funds totaled $107.6 million.
Jim Suzio made the following motion, seconded by Martin Lilienthal:
Resolved, that the Meriden Retirement Board authorizes a reassignment of certain managed funds, the transfer of funds among Meriden’s investment accounts, and the investment of designated assets in approved Exchange-Traded-Funds and US Treasury securities.
• From Armstrong Shaw to the Board-directed accounts: $2 million each (for the City Employees and the Police/Fire accounts).
• From Anchor Capital to the board-directed accounts: $4.7 million from the City Employees fund, and $3.5 million from the Police/Fire account.
• From Templeton, the withdrawal of $4.5 million from the City Employees account and $3.5 million from the Police/Fire account.
Resolved, that the Board authorizes the withdrawal of $1.5 million from each of its managed futures accounts invested by the Campbell Trust.
Resolved, that the Board approves the additional contributions of $1 million to each of its managed futures accounts invested by AIS, and an additional $500,000 to each of its managed futures accounts invested by the Futures Portfolio Fund. Further resolved, that the Board approves additional contributions to the Wentworth accounts of $4.5 million (City Employees) and $3.5 million (Police/Fire).
Motion carried.
A motion to move into executive session at 6:15 p.m. to discuss a negotiated contract vs. RFP was made by Jim Suzio, seconded by Caroline Beitman. Motion carried.
A motion to move out of executive session at 7:10 p.m. was made by Brian Daniels seconded by Jim Suzio. Motion carried.
Meeting adjourned at 7:15 p.m.
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Caroline Beitman, Secretary
Municipal Pension Board
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