MUNICIPAL PENSION BOARD MINUTES
TUESDAY, JULY 8, 2008
The monthly meeting of the Municipal Pension Board was called to order at 5:19 p.m. by Vice Chairman, Gerard Adelman.
Present were James Suzio, Martin Lilienthal, Brian Daniels, Caroline Beitman, Corinne Eisenstein and Brian Kogut.
Also present: Carol Shade from the Finance Department, Patrick Sheehan and Gerald Glass, Vice Presidents Investments, A.G. Edwards & Sons, Inc.
The Board reviewed the corrected Minutes of the June 10, 2008 meeting. Rose Kevorkian explained the corrections made to 3 retirees’ pension benefits and the process in place that picks up these types of errors. A motion to accept the Minutes was made by Caroline Beitman, seconded by Jim Suzio. Motion unanimous.
A motion to remove the tabled April and May reports was made by Caroline Beitman, seconded by Jim Suzio. Motion unanimous.
The Board reviewed the Financial Reports for April for City, Police and Fire. Carol Shade, Director of Accounting, presented the Board with information regarding investment portfolios for their review. A motion to accept the financial reports as submitted was made by Caroline Beitman, seconded by Brian Daniels. Motion unanimous.
The Board reviewed the Financial Reports for May for City, Police and Fire. Carol Shade presented the Board with information 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 unanimous.
The Board reviewed the Financial Reports for June for City, Police and Fire. Carol Shade presented the Board with information regarding investment portfolios for their review. A motion to accept the financial reports as submitted was made by Martin Lilienthal, seconded by Brian Kogut. Motion unanimous.
Rose Kevorkian presented the following applications for retirement:
Ø Fire Lieutenant EMT, John Paczek, disability retirement, effective July 9, 2008, monthly benefit $4,414.67.
Jim Suzio made a motion to move to executive session at 5:30p.m., seconded by Brian Kogut. Motion unanimous. Brian Kogut made motion to come out of executive session at 5:39 p.m., seconded by Brian Daniels. Motion unanimous.
A motion to accept Fire Lieutenant Paczek’s application for disability retirement was made by Caroline Beitman, seconded by Brian Daniels. Lieutenant Paczek thanked the Board for their hard work and said he appreciated their concerns and understands their position. He went on to say that he had a great career with the City. Chief Trainor spoke of Fire Lieutenant Paczek’s many years of devoted service to the City and the department. The Chief commended his loyalty, dedication and humility. The chief wished him the best of luck. Motion unanimous, Martin Lilienthal abstained.
Jim Suzio and Martin Lilienthal raised questions and voiced their concerns about the cost of these disability pensions and the fiduciary responsibility that the Board has and that perhaps a dangerous precedent may be set.
Ø Maryann B. Oberg, Board of Education Secretary, normal retirement, normal form, monthly benefit $2,124.10. A motion to accept Ms. Oberg’s application as submitted was made by Brian Kogut, seconded by Martin Lilienthal. Motion unanimous.
Ø Gail M. Hyde, Board of Education, Business Office Manager, normal retirement, normal form, monthly benefit $3131.11. A motion to accept Ms. Hyde’s application as submitted was made by Corinne Eisenstein, seconded by Brian Kogut. Corinne Eisenstein informed the Board that she had worked with Ms. Hyde for many years and that she was a dedicated person with exceptional skills and work ethics and would be sorely missed. Motion unanimous.
The Board reviewed an invoice from Milliman for OPEB presentations and consulting services. A motion to table the invoice pending further clarification was made by Martin Lilienthal, seconded by Brian Daniels. Motion unanimous.
Patrick Sheehan presented the Board with an overview of the pension funds and reported that the City Employee retirement fund totaled $141.6 million and the Police/Fire pension totaled $109.7 million.
The Board agreed to meet on August 12th at 4:00 in the City Manager’s Conference room to discuss new investment policy and recommendations of AG Edwards.
A motion to adjourn the meeting at 6:20 p.m. was made by Martin Lilienthal, seconded by Brian Daniels. Motion unanimous.
The next meeting of the Municipal Pension Board will be August 12, 2008 at 5:15 p.m. in the City Manager’s Conference Room.
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Caroline Beitman, Secretary
Municipal Pension Plan
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