MUNICIPAL PENSION BOARD MINUTES
TUESDAY, JUNE 10, 2008
The monthly meeting of the Municipal Pension Board was called to order at 5:33 p.m. by Chairman John Ivers.
Present were John Ivers, James Suzio, Martin Lilienthal, Brian Daniels and Caroline Beitman. Also present were Patrick Sheehan and Gerald Glass, Vice Presidents Investments, A.G. Edwards & Sons, Inc.
The Board reviewed the Minutes of the May 13, 2008 meeting. A motion to accept the Minutes was made by James Suzio, seconded by Martin Lilienthal. Motion unanimous.
The Financial Reports for April for City, Police and Fire remained tabled awaiting clarification from the Director of Accounting. Motion made by Brian Daniels, seconded by Caroline Beitman. Motion unanimous.
The Board also reviewed the Financial Reports for May for City, Police and Fire. Motion to table reports awaiting clarification from the Director of Accounting made by Brian Daniels, seconded by Caroline Beitman. Motion unanimous.
Rose Kevorkian presented the following applications for retirement:
Ø Fire Lieutenant EMT, James Benson, normal retirement, effective June 29, 2008, monthly benefit $3,785.71. A motion to accept Fire Lieutenant Benson’s application as submitted was made by Jim Suzio, seconded by Brian Daniels. Chief Trainor spoke highly of Fire Lieutenant Benson’s character and commended him for his respect and caring of others and how he helped so many people in his career. Motion unanimous.
Ø Fire Lieutenant John Fantozzi, disability retirement, effective June 11, 2008, monthly benefit $4,321.23.
Brian Daniels made motion to move to executive session at 5:45, seconded by Jim Suzio. Motion unanimous.
Jim Suzio made motion to come out of executive session at 5:55, seconded by Martin Lilienthal. Motion unanimous.
A motion to accept Fire Lieutenant Fantozzi’s application for disability retirement was made by Caroline Beitman seconded by Martin Lilienthal.
Chief Trainor spoke of Fire Lieutenant Fantozzi’s many years of devoted service to the City and the department and of his dedication to his work and that he will be sorely missed. Motion carried.
Ø Firefighter EMT, Ebelio Lopez, normal retirement, effective date June 29, 2008, monthly benefit $3,448.30. A motion to accept Firefighter EMT Lopez’s application as submitted was made by Martin Lilienthal, seconded by Caroline Beitman. Chief Trainor spoke of how dependable and loyal Firefighter Lopez is and how he has given excellent service to the department and the City . The Chief wished him the best of luck in his retirement. Motion unanimous.
Ø Detective Lieutenant Robert Hettrick, normal retirement, effective date June 21, 2008, monthly benefit $4,793.12. A motion to accept Detective Lieutenant Hettrick’s application as submitted was made by Jim Suzio, seconded by Caroline Beitman. Councilman John Thorp spoke of Detective Lieutenant Hettrick's commendable work and of their work together on patrol, SWAT and the detective teams. He spoke of his loyalty and dedication to the department and City and how the department is loosing an outstanding individual. Motion unanimous.
Captain Tim Topulos spoke on behalf of Chief Cossette. He commended the retiring officers on their personal sacrifice and commitment to their jobs. Meriden is a better place because of them. The Chief is proud to call them friends and he will cherish the memories.
Detective Lieutenant Hettrick said he did not expect to retire, however, an opportunity came his way that he could not ignore. He thanked the City of Meriden and the Pension Board for their dedication and commitment.
Ø Deputy Chief Stephen Legere, normal retirement, effective June 21, 2008, monthly benefit $5,546.28. A motion to accept Deputy Chief Legere ‘s application as submitted was made by Brian Daniels, seconded by Martin Lilienthal. Motion unanimous.
Ø Detective Lue Sobieraj, normal retirement, effective July 12, 2008, monthly benefit $3,693.24. A motion to accept Detective Sobieraj’s application as submitted was made by Caroline Beitman, seconded by Brian Daniels. Motion unanimous.
Ø Sergeant George Soucie, normal retirement, effective June 14, 2008, monthly benefit $3,959.30. A motion to accept Sergeant Souci’e application as submitted was made by Jim Suzio, seconded by Brian Daniels. Motion unanimous.
Ø Antonio Stellato, BOE early retirement, effective June 3, 2008, monthly benefit $398.80. A motion to accept Mr. Stellato’s application as submitted was made by Caroline Beitman, seconded by Martin Lilienthal. Motion unanimous.
A motion was made by Caroline Beitman, seconded by Jim Suzio to remove from the table Steven Santoni’s pension buy back request. Motion unanimous.
The Board reviewed the buy back language from the plan document and the list of previously approved buy backs. A discussion ensued about adding possible time constraints and looking at increasing interest rate for the purpose of buy backs.
A motion to approve Steven Santoni’s pension buy back was made by Brian Daniels, seconded by Caroline Beitman. Motion unanimous.
The Board reviewed a recruitment ad invoice from the Hartford Courant for the position of Pension Assistant/Personnel Technician II, in the amount of $1,447.40. A motion to process the invoice was made by Jim Suzio, seconded by Brian Daniels. Motion unanimous.
The Board reviewed a memo from Caroline Beitman regarding prior disability retirement follow up medical reports. A discussion ensued regarding the follow up~of disability medicals that~should be scheduled in the fall of 2008~and the cost associated with the examinations.~ The Board requested copies of the follow up disability medical reports~that were~completed in the fall of 2005.
Patrick Sheehan presented the Board with an Overview of the pension funds and reported that the City Employee retirement fund totaled $142.8 million and the Police/Fire pension totaled $110.2 million.
A motion to accept the following financials was made by Martin Lilienthal, seconded by Jim Suzio. Motion unanimous.
(1.) Resolved, that the Meriden Retirement Board authorize the redemption of its remaining positions with Campbell Trust, and the allocation of those funds to the Board’s existing accounts with the Futures Portfolio Fund. The Board authorizes its chairman, John Ivers, to execute the required redemption and subscription documents to effect this transfer.
(2.) Resolved, that the Meriden Retirement Board authorizes the following cash transfers, and directs its portfolio managers to liquidate assets as required to fund the transfers.
For the City Employees Retirement accounts:
$2.0 million from Fund “E” (Templeton) to Fund “D” (Wentworth)
$1.0 million from Fund “US” (Armstrong-Shaw) to Fund “RX” (Roxbury)
$1.0 million from Fund “Q” (Tradewinds NWQ) to Fund “NV” (Navellier)
For the Police/Fire Pension accounts:
$1.5 million from Fund “E” (Templeton) to Fund “D” (Wentworth)
$1.0 million from Fund “M” (Armstrong-Shaw) to Fund “RX” (Roxbury)
$750,000 from Fund “Q” (Tradewinds NWQ) to Fund “NV” (Navellier)
(3.) Resolved, that the Meriden Retirement Board authorizes the purchase of additional Inflation-indexed US Treasury notes in City Employees Fund “M” and in the Meriden Police/Fire Fund “H,” and that funds for these purchases be raised by the sale of current US Treasury positions.
A motion to adjourn the meeting at 6:22 p.m. was made by Caroline Beitman, seconded by Jim Suzio. Motion unanimous.
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Caroline Beitman, Secretary
Municipal Pension Plan
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