MUNICIPAL PENSION BOARD MINUTES
TUESDAY, MAY 12, 2009
The monthly meeting of the Municipal Pension Board was called to order at 5:19 p.m. by Chairperson, Corinne Eisenstein.
Present were: Corinne Eisenstein, Martin Lilienthal, Caroline Beitman, Brian Daniels, Brian Murdy, Jim Suzio, 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 April 14, 2009 meeting and a motion to accept the Minutes as submitted was made by Martin Lilienthal, seconded by Caroline Beitman. Motion unanimous.
Board members reviewed the April 2009 Financial Reports for City, Police and Fire. Michael Lupkas, Finance Director, presented the Board with information regarding the reports; the checking accounts did not show any abnormal activity for the month. The method of recording transaction changed during the month for the recording of "Medical Benefits Payroll", this is now show broken down by category (City, Police, Fire). This was recorded under "City" in the past and reclassified as part of the~year-end process. The monthly activity report showed graphically that the value of the trust has now increased two months in a row.
In addition, the Board was presented with the Executive Summaries of the new actuarial reports as of June 30, 2008. It was noted that the City’s annual contributions to all three plans are shown on this report. There was additional discussion that due to the collapsing economy following the date of this report; the next report will in all likelihood contain a sizeable increase in contribution rates.
A motion to accept the financial reports as submitted was made by Caroline Beitman, seconded by Brian Murdy. Motion unanimous.
Rose Kevorkian presented the following applications for retirement:
Ø Virginia Aviles, Health Aid II, Health Department, normal retirement, normal form, effective date, June 26, 2009, monthly benefit $1444.36. A motion to accept Ms. Aviles’ application as submitted was made by Caroline Beitman, seconded by Martin Lilienthal. Motion unanimous.
Ø Jane Salerno, normal retirement, normal form, effective date, July 1, 2009, monthly benefit $2743.47. A motion to accept Ms. Salerno’s application as submitted was made by Caroline Beitman, seconded by Martin Lilienthal. Motion unanimous.
Ø Police Officer Janice Hankey, Normal Retirement, effective date May 8, 2009, monthly benefit $3026.95. A motion to accept Officer Hankey’s application as submitted was made by Caroline Beitman, seconded by Martin Lilienthal. Deputy Chief Topulos was unable to attend but asked that the following be read into record: Officer Hankey has 22 years of service; highlighted by being a School Resource Officer; Hostage Negotiator; Domestic Violence Instructor; court liaison officer and PBA Treasurer; additionally she has received several
Department Awards/Letters of Appreciation. Motion unanimous.
The Board reviewed an invoice from Berchem, Moses & Devlin, P.C. A motion to pay the invoice was made by Brian Daniels, seconded by Caroline Beitman. Motion unanimous.
Caroline Beitman made a motion to move to executive session at 5:35 p.m., seconded by Brian Murdy.
Caroline Beitman made a motion to move out of executive session at 5:43 p.m., seconded by Jim Suzio.
Patrick Sheehan presented the Board with an overview of Meriden’s Retirement Funds and reported that Meriden investment funds continue to rebuild from this year’s lows, lifting by more than six percent in March and nearly two percent in April.~ The first week in May also provided a strong upturn, as the City Employees fund closed last week at $108.8 million, and the Police/Fire funds at $85.5 million.~ The combined total of $194.3 million represents a gain of $23 million since the end of February valuations, reducing the FY09 losses to 21% from more than 30%.~ Composite asset allocation of the funds remains at 50% equities, 12% alternatives, and 38% fixed income.
Martin Lilienthal made the following motion, seconded by Caroline Beitman:
Resolved, that the Meriden Retirement Board authorize the transfer of liquidated funds to the following designated managed accounts:~
From the City Employees “M” Account:
~~~~~~~~~~~~~~ $1,000,000~ ~~~~~~~ to Neuberger Berman (Fund B)
~~~~~~~~~~~~~~ $~~ 800,000~ ~~~~~~~ to Templeton Advisors (Fund E)
~~~~~~~~~~~~~~ $1,200,000~ ~~~~~~~ to Armstrong Shaw (Fund US)
~~~~~~~~~~~~~~ $1,000,000~ ~~~~~~~ to Orrell Capital (Fund S)
~~~~~~~~~~~~~~ $~~ 800,000~ ~~~~~~~ to Anchor Capital (Fund AC)
~~~~~~~~~~~~~~ $2,400,000~~~~~~~~~ to Madison Advisors (Fund FX)
~~~~~~~~~~~~~~ $~~ 800,000~ ~~~~~~~ to Roxbury Capital (Fund RX)
~~~~~~~~~~~~~~ $1,000,000~ ~~~~~~~ to Navellier & Associates (Fund NV)
~~~~~~~~~~~~~~ $~~ 800,000~ ~~~~~~~ to Wentworth Hauser (Fund D)
From the Police & Fire “H” Account:
~~~~~~~~~~~~~~ $1,000,000 ~~~~~~~~ to Neuberger Berman (Fund A)
~~~~~~~~~~~~~~ $~~~ 500,000 ~~~~~~~ to Templeton Advisors (Fund E)
~~~~~~~~~~~~~~ $1,000,000 ~~~~~~~~ to Armstrong Shaw (Fund US)
~~~~~~~~~~~~~~ $1,000,000 ~~~~~~~~ to Orrell Capital (Fund S)
~~~~~~~~~~~~~~ $~~ 800,000 ~~~~~~~~ to Anchor Capital (Fund AC)
~~~~~~~~~~~~~~ $1,800,000 ~~~~~~~~ to Madison Advisors (Fund FX)
~~~~~~~~~~~~~~ $~~ 800,000 ~~~~~~~~ to Roxbury Capital (Fund RX)
~~~~~~~~~~~~~~ $1,000,000 ~~~~~~~~ to Navellier & Associates (Fund NV)
~~~~~~~~~~~~~~ $~~ 800,000 ~~~~~~~~ to Wentworth Hauser (Fund D)
Motion Unanimous.
The meeting adjourned at 6:10 p.m.
The next meeting of the Municipal Pension Board is on June 9, 2009 in the City Manager’s Conference Room.
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Caroline Beitman, Secretary
Municipal Pension Plan
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