MUNICIPAL PENSION BOARD MINUTES
TUESDAY, JANUARY 13, 2009
The monthly meeting of the Municipal Pension Board was called to order at 5:20 p.m. by Jim Suzio.
Present were, Caroline Beitman, Brian Daniels, Corinne Eisenstein, , Jim Suzio, and Michael Lupkas.
Also present: Patrick Sheehan and Gerald Glass, Vice Presidents Investments, Wachovia Securities LLC.
The Board reviewed the Minutes of the December 9, 2008 meeting and a motion to accept the Minutes as submitted was made by Jim Suzio, seconded by Brian Daniels. Motion unanimous.
Board members reviewed the December 2008 Financial Reports for City, Police and Fire. Michael Lupkas, Finance Director, presented the Board with information regarding the reports. An additional report was presented this month, which was explained to demonstrate the fiscal year-to-date activity. This report will be modified to show additional information as discussed at the meeting. It will show activity change~on a monthly basis for both the~City Employee~and~the Police/Fire~accounts.~ The report was for the period 7/1/08 through January 13, 2009 and will be modified and re - presented at the next meeting.
A motion to accept the financial reports as submitted was made by Caroline Beitman, seconded by Brian Daniels. Motion unanimous.
Rose Kevorkian presented the following applications for retirement:
Ø Police Lieutenant Robert Green, normal retirement, effective date 1/18/09, monthly benefit $5390.60. A motion to accept Lieutenant Green’s application as submitted was made by Caroline Beitman, seconded by Brian Daniels. Chief Cossette was present and spoke of Lt. Green’s commendable work on the force. He went on to say how Lt. Green was both a mentor and friend to other officers and how much he will be missed.
Deputy Chief Topulos also spoke of Lt. Green’s outstanding service and that he was a role model to the department. Detective Pocobello and retired Detective Lt. Hettrick were also present to wish Lt. Green well on his retirement. Lt. Green thanked the City and Board.
Motion unanimous.
The Board reviewed an invoice from Bercham, Moses & Devlin, P.C. A motion to pay the invoice was made by Brian Daniels, seconded by Jim Suzio. Motion unanimous.
The Board also reviewed an invoice from Segal for actuarial consulting services in connection with transferring census data to the new actuarial firm. A discussion ensued and Brian Daniels made a motion to table the invoice pending a breakdown of the services from Segal. Jim Suzio seconded. Motion unanimous.
The Board reviewed IME reports from St. Raphael’s Occupational Heath. Jim Suzio made a motion to move to executive session at 5:40 p.m., seconded by Brian Daniels. Motion unanimous.
Brian Daniels made a motion to move out of executive session at 5:45 p.m. seconded by Jim Suzio. Motion unanimous.
Patrick Sheehan presented the Board with an overview of Meriden’s Retirement Funds and reported that at the end of December, the City Employees retirement funds totaled $105 million, and the Police/Fire pension funds were at $82.1 million. The overall Meriden composite dropped 13.3% during the most recent quarter, although the fund today is higher than at the end of October. The preliminary performance report indicates the composite fund closed December with a 2.9% gain, which offset November’s decline. The asset allocation of the Meriden composite shows 39.3% in equity exposure, 43.9% in fixed income, and 3.8% in cash equivalents. The remaining 13.0% represents the alternative partnerships invested in real estate and managed futures.
Caroline Beitman made the following motion, seconded by Brian Daniels:
Resolved, that the Meriden Retirement Board authorize the following transfer of assets as soon as practical following the liquidation of sufficient US Treasury positions currently held in the Board-Directed funds of the City Employees Retirement Fund and the Police & Fire Pension Funds.
From the City Employees “M” Account:
$2,000,000 to Neuberger Berman (Fund B)
$1,000,000 to Templeton Advisors (Fund E)
$ 500,000 to Armstrong Shaw (Fund US)
$3,000,000 to Orrell Capital (Fund S)
$1,200,000 to Anchor Capital (Fund AC)
$2,000,000 to Madison Advisors (Fund FX)
$1,000,000 to Roxbury Capital (Fund RX)
$1,600,000 to Navellier & Associates (Fund NV)
$1,000,000 to Wentworth Hauser (Fund D)
From the Police & Fire “H” Account:
$1,600,000 to Neuberger Berman (Fund A)
$ 700,000 to Templeton Advisors (Fund E)
$ 500,000 to Armstrong Shaw (Fund US)
$2,000,000 to Orrell Capital (Fund S)
$ 800,000 to Anchor Capital (Fund AC)
$1,500,000 to Madison Advisors (Fund FX)
$ 900,000 to Roxbury Capital (Fund RX)
$1,200,000 to Navellier & Associates (Fund NV)
$ 800,000 to Wentworth Hauser (Fund D)
Motion unanimous.
The meeting adjourned at 6:00 p.m.
The next meeting of the Municipal Pension Board will be held on February 10, 2009 in the City Manager’s Conference Room.
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Caroline Beitman, Secretary
Municipal Pension Plan
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