MUNICIPAL PENSION BOARD MINUTES
TUESDAY, APRIL 10, 2007
The monthly meeting of the Municipal Pension Board was called to order at 5:20 p.m. by Chairman John Ivers.
Present were John Ivers, Robert Tait, Martin Lilienthal, Gerard Adelman, Caroline Beitman, James Suzio, George McGoldrick, Sandra Schede and Barbara Homerston. Also present were Chief James Trainor, Deputy Chief David Bowen, Patrick Sheehan and Gerald Glass Vice President Investments, A.G. Edwards & Sons, Inc.
The Board reviewed the Minutes from the March 13, 2007 meeting and a motion to accept the Minutes as presented was made by Gerard Adelman, seconded by Martin Lilienthal. Motion carried.
The Board reviewed the Financial Reports for City, Police and Fire for March 2007. Robert Tait informed the Board that he included a more detailed investment report for their review. A motion to accept the Financial Reports as submitted was made by Martin Lilienthal, seconded by Gerard Adelman. Motion carried.
Caroline Beitman made a motion to remove the disability retirement for Firefighter William Grella from the table, seconded by James Suzio. Gerard Adelman abstained. Motion to remove from the table carried.
Caroline Beitman made a motion to retire Firefighter William Grella on a disability retirement effective April 11, 2007, seconded by James Suzio. Gerard Adelman suggested that the Board consider retiring Firefighter Grella effective April 19, 2007 after the completion of twenty-five (25) years. George McGoldrick amended the motion to change Firefighter Grella’s retirement date to April 19, 2007, seconded by Sandra Schede.
Vote on the amended motion: Ayes: George McGoldrick, Nayes: Caroline Beitman, Robert Tait, James Suzio, Sandra Schede, Martin Lilienthal. Gerard Adelman abstained. Motion denied.
Vote on the original motion to retire Firefighter Grella effective April 11, 2007: Ayes: Caroline Beitman, Robert Tait, James Suzio, Sandra Schede, Martin Lilienthal, George McGoldrick. Gerard Adelman abstained. Motion to retire effective April 11, 2007 carried.
Chief Trainor addressed the Board and informed them that Firefighter Grella was a loyal employee and wishes him well in his retirement.
Barbara Homerston presented the following application for retirement:
· Michael Deegan, normal retirement, normal form, effective March 31, 2007, monthly benefit $2,168.84. A motion to accept application as submitted was made by Sandra Schede, seconded by George McGoldrick. Motion carried.
The Board reviewed an invoice from Robinson & Cole in the amount of $2,530.00 for services provided regarding the taxability of health insurance benefits in retirement. A motion to process invoice for payment was made by Gerard Adelman, seconded by Caroline Beitman. Motion carried.
Robert Tait addressed the Board with a recommendation that all direct pension costs should be charged to the Pension Plan. The Finance Department employs a Finance Specialist who dedicates 25% of her time to pension matters and requested that 25% of this positions salary, which currently represents $12,750 annually, be charged to the pension plan. A motion was made by Sandra Schede to approve this recommendation seconded by George McGoldrick. Caroline Beitman amended this motion to include that this salary be paid from all three funds (Police, Fire and City). Amended motion carried.
Caroline Beitman made a motion to re-elect John Ivers as Chairman and Gerard Adelman as Vice-Chairman, seconded by James Suzio. Motion carried.
Patrick Sheehan presented the Board with an overview of the Retirement Funds and reported that the City Employees fund totaled $133.7 million and the Police and Fire fund totaled $101.5 million.
Martin Lilienthal made the following motion, seconded by Sandra Schede:
Resolved, that the Meriden Retirement Board authorize the transfer of assets, as follows:
From City Employees Fund S (Orrell Capital Management) to:
City Fund “B” (Neuberger Berman) $2,000,000
City Fund “US” (Armstrong Shaw) $3,000,000
City Fund “NV” (Navellier) $3,000,000
And, from Police/Fire Fund S (Orrell) to:
Police/Fire Fund “A” (Neuberger) $1,000,000
Police/Fire Fund “M” (Armstrong) $2,000,000
Police/Fire Fund “NV” (Navellier) $2,000,000
Motion carried.
Martin Lilienthal made the following motion, seconded by George McGoldrick:
Resolved, that the Meriden Retirement Board authorize the investment of up to $250,000 each from the City Employees Fund M and the Police/Fire Fund H into the share offering of the Alpine Primer Properties Fund, contingent on the approval this date by CNL Hospitality shareholders of the sale of CNL Hospitality to Morgan Stanley Real Estate. Referenced funds for these investments were previously designated for investment in shares of Quadra Realty Trust.
Motion carried.
Caroline Beitman updated the Board on the RFP process for a consultant and informed them that a meeting is scheduled for May 18, 2007 to review the RFP’s.
A motion to adjourn at 6:30 p.m. was made by Jim Suzio, seconded by Caroline Beitman.
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Caroline Beitman, Secretary
Municipal Pension Board
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