MUNICIPAL PENSION BOARD MINUTES
TUESDAY, November 18, 2008
The monthly meeting of the Municipal Pension Board was called to order at 5:18 p.m. by Chairman, John Ivers.
Present were John Ivers, Caroline Beitman, Brian Daniels, Corinne Eisenstein, Martin Lilienthal, James Suzio and Michael Lupkas.
Also present: Patrick Sheehan and Gerald Glass, Vice Presidents Investments, A.G. Edwards & Sons, Inc.
The Board reviewed the Minutes of the October 14, 2008 meeting and a motion to accept the Minutes as submitted was made by Martin Lilienthal, seconded by Caroline Beitman. Motion unanimous.
The Board members reviewed the Minutes of the October 7, 2008 Special Meeting. A motion to accept the Minutes as submitted was made by Brian Daniels, seconded by Jim Suzio. Caroline and Corinne abstained as they were not present. Motion unanimous.
Board members reviewed the October 2008 Financial Reports for City, Police and Fire. Michael Lupkas, Finance Director, presented the Board with information regarding the reports. Mike further explained to the Board that they had received the credit from the Hartford Courant for the Pension Assistant Ad. A motion to accept the financial reports as submitted was made by Martin Lilienthal, seconded by Jim Suzio. Motion unanimous.
Rose Kevorkian presented the following applications for retirement:
Ø Tabled disability retirement for Firefighter EMT, Michael Majesky. A motion to move from table was made by Caroline Beitman, seconded Corinne Eisenstein:
A motion to move to executive session to discuss personal medical information was made by Jim Suzio at 5:29 p.m., seconded by Martin Lilienthal. A motion to move out of executive session was made by Brian Daniels seconded by Caroline Beitman at 5:33 p.m.
Firefighter EMT Michael Majeski, Disability retirement, effective November 19, 2009, monthly benefit $3,781.67. Chief Trainor spoke of Firefighter Majeski’s many years of devoted service to the City and the department and that he would be sorely missed by all. The Chief commended his loyalty and dedication and wished him the best of luck. A vote on the original motion to accept Firefighter Majeski’s application was unanimous.
Ø Linda Calabrese, vested former Tax Collector, normal retirement, normal form, effective November 19, 2008, monthly benefit $2146.15. A motion to move to executive session due to Ms. Calabrese pending litigation was made by Brian Daniels at 5:39 p.m., seconded by Caroline Beitman. A motion to come out of executive at session was made by Caroline Beitman at 6:05 p.m. seconded by Mike Lupkas. Motion unanimous.
A motion to accept Ms. Calabrese’s application as submitted was made by Brian Daniels, Seconded by Caroline Beitman.
Yeas: Brian Daniels, Caroline Beitman, Corinne Eisenstein, Michael Lupkas
Nays: Martin Lilienthal and Jim Suzio
The Board reviewed the following invoices from Hospital of St. Raphael’s:
Ø IME for Michael Majeski. A motion to pay invoice was made by Caroline Beitman seconded by Corinne Eisenstein . Motion unanimous.
Ø IME for Kathleen Baker. A motion to pay invoice was made by Martin Lilienthal seconded by Caroline Beitman. Motion unanimous.
Ø Follow up IME’s Disability retirements for James Rodriquez and Terry Smith. A motion to pay invoice was made by Caroline Beitman seconded by Jim Suzio. Motion unanimous.
The Board reviewed two (2) invoices from the Segal Company for actuarial services. A motion to pay the invoices was made by Mike Lupkas, seconded by Corinne Eisenstein. Motion Unanimous.
The Board reviewed two invoices from Bercham, Moses & Devlin, P.C. A motion to pay the invoices was made by Brian Daniels, seconded by Caroline Beitman. Motion unanimous.
A motion to move into Executive Session to discuss William Abbatematteo’s pending claim regarding his pension was made by Caroline Beitman and seconded by Brian Daniels at 6:10 a motion to come out of executive session was made by Caroline Beitman and seconded by Brian Daniels at 6:15 The Chair directed staff to compile the claimed retroactive Pension amount for a future meeting for further discussion.
Patrick Sheehan presented the Board with an overview of Meriden’s Retirement Funds and reported that the first quarter of FY’09 was awful, and October was worse.~~ Actually, any relative stability in the Meriden funds is due to a significant cash position held for the past year – an allocation increased by the Board just last month. Treasury notes are paying very low rates, but they haven’t turned negative. The September quarterly loss was 13.6%, followed by an historic sell-off in October, as the S&P fell 17% and the Meriden funds lost another 14%.~ At the close of the first fiscal quarter, the City Employees funds had fallen to $122.8 million, and the Police/Fire accounts to $95.3 million.~ On October 31st, the City Employee fund closed at $105.1 million, and the Police/Fire
fund at $82.3 million.~ Six of our ten portfolio managers lost more than 20% percent in the market value of their accounts during October alone, with nine of ten managers losing more than 10%.
Brian Daniels made the following motion, seconded by Caroline Beitman:
Resolved, that the Meriden Retirement Board instructs the following equity managers to raise the designated cash positions for transfer to the Board’s money market accounts.
City Employee Funds:
Neuberger Berman $ 1,820,000
Templeton Advisors $ 605,000
Armstrong Shaw $ 425,000
Anchor Capital $ 670,000
Roxbury Capital $ 590,000
Navellier Associates $ 1,430,000
Wentworth Hauser $ 1,155,000
Police/Fire Funds:
Neuberger Berman $ 1,450,000
Templeton Advisors $ 475,000
Armstrong Shaw $ 330,000
Anchor Capital $ 480,000
Roxbury Capital $ 575,000
Navellier Associates $ 1,125,000
Wentworth Hauser $ 880,000
And, further resolved that the assets raised be invested in US Treasury securities or cash alternative money-fund instruments.
Motion unanimous.
The meeting adjourned at 6:30 p.m.
The next meeting of the Municipal Pension Board will be held on December 9, 2008 at Pies Ons Pizzeria at 5:15. The holiday dinner will follow after the meeting.
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Caroline Beitman, Secretary
Municipal Pension Plan
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