MUNICIPAL PENSION BOARD MINUTES
TUESDAY, DECEMBER 9, 2008
The monthly meeting of the Municipal Pension Board was called to order at 5:28 p.m. by Jim Suzio.
Present were, Gerard Adelman, Caroline Beitman, Brian Daniels, Corinne Eisenstein, Brian Kogut, Martin Lilienthal, 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 November 18, 2008 meeting and a motion to accept the Minutes as submitted was made by Brian Daniels, seconded by Brian Kogut. Motion unanimous.
Board members reviewed the November 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 he is in the process of changing the recording of monthly activity from an annual basis to a monthly basis.~He anticipates being able to report to the board; interest, dividends transfers, gains/losses and~fees~on a monthly basis beginning in January 2009. 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 Detective Dennis Sullivan, normal retirement, effective date December 31, 2008, monthly benefit $2,995.83. A motion to accept Detective Sullivan’s application as submitted was made by Gerard Adelman, seconded by Caroline Beitman. Captain Michael Zakrzewski spoke of Detective Sullivan’s commendable work on the force. He spoke of Detective Sullivan’s loyalty and dedication to the department and City and how the department is loosing an outstanding individual. Motion unanimous.
Ø April Ferron, Librarian II, normal retirement, normal form, monthly benefit $2144.36. A motion to accept Ms. Ferron’s application as submitted was made by Martin Lilienthal, seconded by Gerard Adelman. Motion unanimous
The Board reviewed an invoice from Bercham, Moses & Devlin, P.C. A motion to pay the invoice was made by Gerard Adelman, seconded by Caroline Beitman. Motion unanimous.
Patrick Sheehan presented the Board with an overview of Meriden’s Retirement Funds and reported that the Meriden composite fund closed November at $180.8 million, dropping 2.9% for the month, compared to a decline of 7.4% in the S&P 500. ~The Dow Industrials lost 5.3% in November, and the NASDAQ fell 10.8%. ~The Meriden municipal funds maintain an extraordinary cash position (money market funds and government bonds) of more than $82 million, or 46% of the fund total.
In light of John Ivers’ resignation, the Board had discussion about the appointment of a new Chairperson. A discussion ensued and Corinne Eisenstein agreed to act as the Chair for a one year period. A motion to appoint Corinne Eisenstein as the Chair was made by Gerard Adelman, seconded by Brian Kogut. Motion unanimous.
The meeting adjourned at 6:20 p.m.
The next meeting of the Municipal Pension Board will be held on January 13, 2009 in the City Manager’s Conference Room.
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Caroline Beitman, Secretary
Municipal Pension Plan
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