MUNICIPAL PENSION BOARD MINUTES
TUESDAY, August 11, 2009
The monthly meeting of the Municipal Pension Board was called to order at 5:16 p.m. by Chairperson, Corinne Eisenstein.
Present were: Corinne Eisenstein, Martin Lilienthal, Jim Suzio, Brian Kogut, Brian Daniels, and Michael Lupkas. Brian Murdy arrived at 5:35 p.m.
Also present: Patrick Sheehan and Gerald Glass, Vice Presidents Investments, Stifel, Nicolaus & Co., Inc.
The Board reviewed the Minutes of the July 14, 2009 meeting and a motion to accept the Minutes as submitted was made by Martin Lilienthal, seconded by Brian Daniels. Motion unanimous.
Board members reviewed the July, 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 Martin Lilienthal, seconded by Brian Daniels. Motion unanimous.
The Board reviewed the following invoices:
Berchem, Moses & Devlin, P.C. A motion to pay the invoice was made by Brian Daniels, seconded by Mike Lupkas. Motion unanimous.
Hooker & Holcombe: The Board reviewed 3 invoices from Hooker & Holcombe. Brian Daniels felt that the per hour rate noted on the invoices was high. A discussion ensued and Mike Lupkas made a motion to approve the invoices pending the confirmation of the per hour rate that was originally agreed upon in the Hooker and Holcombe contract. Martin Lilienthal seconded. Motion unanimous.
Martin Lilienthal expressed concern over the Investment Advisory Contract and the fact that the City is not trading while the contract is being reviewed by outside counsel. Mike Lupkas reassured the Board that there are just a few issues left and both he and Caroline are in constant contact with the Attorney and Stifel Nicholaus.
Patrick Sheehan presented the Board with an overview of Meriden’s Retirement Funds and reported that the composite total of the Meriden pension funds has gained more than $9 million since the opening of the new fiscal year, as the Board’s growth and international portfolios advanced sharply through July and early August. Through last Friday, the City Employees plan gained 5.2% and the Police/Fire fund was up 5.3%.~ The AIS Managed Futures fund also had another outstanding month, gaining 6.2% in July and now ahead more than 31% since the first of the year.~ Asset allocation remains steady at 63% in stocks, 21% in fixed income (and cash), and 16% in alternative investments.
The Investment Subcommittee has scheduled a meeting for Tuesday, Sept. 1st, to discuss the current fund allocations to the Board’s portfolio advisors and consider potential candidates to manage international value equities.
The meeting adjourned at 5:47 p.m.
The next meeting of the Municipal Pension Board is on September 8, 2009 in the City Manager’s Conference Room.
_______________________________________
Caroline Beitman, Secretary
Municipal Pension Plan
| 
