MUNICIPAL PENSION BOARD MINUTES
TUESDAY, FEBRUARY 10, 2009
The monthly meeting of the Municipal Pension Board was called to order at 5:17 p.m. by Vice Chairman, Gerard Adelman.
Present were, Gerard Adelman, Caroline Beitman, Brian Daniels, Martin Lilienthal, Jim Suzio, Brian Kogut and Michael Lupkas.
Also present: Patrick Sheehan and Gerald Glass, Vice Presidents Investments, AG Edwards/ Wachovia Securities LLC.
The Board reviewed the Minutes of the January 13, 2009 meeting and a motion to accept the Minutes as submitted was made by Brian Daniels, seconded by Jim Suzio. Motion unanimous.
Board members reviewed the January 2009 Financial Reports for City, Police and Fire. Michael Lupkas, Finance Director, presented the Board with information regarding the reports. A discussion ensued regarding the employee contribution reconciliation~between the financial report the board has regularly received and the new report that has been added to the presentation. While believed to be timing~differences, the questioned variance will be researched by the Finance Department and~reported back to the Board.~
A motion to accept the financial reports as submitted was made by Caroline Beitman, seconded by Martin Lilienthal. Motion unanimous.
Rose Kevorkian presented the following application for buy back of prior service with another municipality, state or non profit entity:
Karen Roesler, Library Director, made a request to the Board to buy 5 years prior service pursuant to the provisions enacted by the City Council allowing department heads to purchase up to 5 years of non profit/other municipal time. The Board reviewed the application and a motion to accept Ms. Roesler’s request was made by Brian Daniels, seconded by Brian Kogut. Motion Unanimous.
The following invoices were reviewed by the Board:
- Tabled Segal Invoice. A motion was made by Caroline Beitman to remove the Segal Invoice from table, seconded by Jim Suzio. Segal indicated that there would be other invoices to follow and the Board agreed to keep the invoice tabled pending receipt of other invoices. The Board suggested that future payments must be approved prior to invoicing. Brian Daniels made a motion to keep the invoice tabled, seconded by Caroline Beitman. Motion unanimous.
- Segal in the amount of $330.00 for actuarial services. A motion to process payment was made by Brian Daniels, seconded by Martin Lilienthal. Motion unanimous.
- Bercham, Moses & Devlin, P.C. A motion to pay the invoice in the amount of $558.50 was made by Caroline Beitman, seconded by Jim Suzio. Motion unanimous.
- Regional Medical Center – IME . Martin Lilienthal made a motion to move to executive session at 5:37 p.m. A motion to move out to executive session was made by Caroline Beitman at 5:40 p.m. A motion to process payment in the amount of $90.45 was made by Martin Lilienthal, seconded by Brian Daniels. Motion unanimous.
The Board moved into executive session at 5:45 to discuss negotiations. At 5:54 p.m. the Board moved out of executive session. A motion to have Caroline Beitman do a Bid waiver to enter into a contract with AG Edwards/Wachovia Securities was made by Caroline Beitman, seconded by Brian Daniels. Motion unanimous.
Patrick Sheehan presented the Board with an overview of Meriden’s Retirement Funds and reported that at Meriden fared relatively well in January, but once again the key word is relatively. The stock market began the new calendar year with its worst January in history. The Dow Industrials lost 8.8%, the S&P was down 8.6%, the NASDAQ fell 6.4%, and some long duration US Treasury bonds fell in value by double-digits during the month. Meriden’s City Employee Retirement Fund closed the month with a 1.4% decline, and the Police/Fire pension plans dropped 1.5%. As agreed last month, $23.3 million was recommitted from the Board-directed accounts to managers of equity and fixed accounts by Inauguration Day and additional assets are positioned for second- and third-stage transfers in March and
May. Through last night, the City Employees fund totaled $104.7 million, and the Police/Fire funds, $81.9 million – with asset allocation at 50% equities, 31% fixed income, 13% in real estate and managed futures partnerships, and 6% in money funds.~
The meeting adjourned at 6:15 p.m.
The next meeting of the Municipal Pension Board will be held on March10, 2009 in the City Manager’s Conference Room.
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Caroline Beitman, Secretary
Municipal Pension Plan
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