MUNICIPAL PENSION BOARD MINUTES
TUESDAY, JUNE 9, 2009
The monthly meeting of the Municipal Pension Board was called to order at 5:15 p.m. by Chairperson, Corinne Eisenstein.
Present were: Corinne Eisenstein, Martin Lilienthal, Caroline Beitman, Brian Daniels, Brian Murdy, 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 May 12, 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 May, 2009 Financial Reports for City, Police and Fire. Michael Lupkas, Finance Director, presented the Board with information regarding the reports. 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 James Bowman, BOE Custodian, normal retirement, normal form, effective date, July 2, 2009, monthly benefit $1360.08. A motion to accept Mr. Bowman’s application as submitted was made by Martin Lilienthal, seconded by Brian Kogut. Motion unanimous.
Ø Joan Hesse, Administrative Assistant, Senior Center, normal retirement, normal form, effective date, July 1, 2009, monthly benefit $2035.15. A motion to accept Ms. Hesse’s application as submitted was made by Caroline Beitman, seconded by Mike Lupkas. Motion unanimous.
Ø Ann Collette, BOE Accounting Clerk, normal retirement, normal form, effective date, August 1, 2009, monthly benefit $1715.64. A motion to accept Ms. Collette’s application as submitted was made by Caroline Beitman, seconded by Brian Daniels. Corinne Eisenstein spoke of Ms. Collette’s dedication and hard work in her 25 years of service with the BOE. Motion unanimous.
Fire Lt. EMT Mark Fritz, Normal retirement, effective date July 2, 2009, monthly benefit $4702.05. A motion to accept Lt. Fritz’s application as submitted was made by Caroline Beitman, seconded by Brian Kogut. Chief Trainor spoke of Lt. Fritz’s many years of devoted service to the City and the department and that he would be missed by all. The Chief commended his loyalty and dedication and wished him the best of luck. Motion unanimous
Fire Captain Eric Wruck, Disability retirement, effective date June 10, 2009, monthly benefit $4399.79.
A motion to move to executive session at 5:20 p.m. was made by Caroline Beitman, seconded by Brian Daniels. Caroline Beitman made a motion to come out of executive session at 5:35 p.m. seconded by Mike Lupkas.
A motion to accept Captain Wruck’s application as submitted was made by Brian Daniels seconded by Mike Lupkas. Chief Trainor commended Captain Wruck for his many years of devoted service and loyalty to the City and the department and that he would be missed by all. Motion unanimous
The Board reviewed an invoice from Berchem, Moses & Devlin, P.C. A motion to pay the invoice was made by Caroline Beitman, seconded by Brian Murdy. Motion unanimous.
The Board also reviewed and outstanding invoice from The Segal Company. A discussion ensued and Mike Lupkas made a motion to table the invoice pending additional information from Segal. Martin Lilienthal seconded. Motion unanimous.
Caroline Beitman made a motion to move to executive session at 5:50 to discuss pending litigation. Martin Lilienthal seconded.
Brian Daniels made a motion to move out of executive session at 5:55p.m., Brian Kogut seconded.
Patrick Sheehan presented the Board with an overview of Meriden’s Retirement Funds and reported that Meriden pension funds experienced outstanding investment performance during the past month, closing May with a composite gain of more than 9.2%, and raising calendar year 2009 performance above 10.2%.~ The fiscal year remains down 17.9%.~ The Meriden composite topped $200 million for the first time since the dramatic market decline of last October.~ Strong domestic and international stock performance, coupled with Meriden’s reallocation of funds over the past several months (from Treasuries to externally managed portfolios) resulted in raising the overall equity exposure to 59% by the end of May.
Gold and international growth equities have fueled the performance with 2009 YTD gains of greater than 30%.~ Mid-cap growth has gained more than 18.6% this calendar year.~ And bullish commodity trends powered the AIS Managed Futures fund to a 39.6% monthly gain. The City Employees fund closed the month with $113.5 million and the Police/Fire investment funds totaled $89.2 million.~
The meeting adjourned at 5:59 p.m.
The next meeting of the Municipal Pension Board is on July 14, 2009 in the City Manager’s Conference Room.
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Caroline Beitman, Secretary
Municipal Pension Plan
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