Retirement Board

CITY OF MIDDLETOWN MINUTES OF THE RETIREMENT BOARD REGULAR MEETING Monday, May 14, 2018 at 9:00 am The Regular Meeting of the Retirement Board of the City of Middletown was held in room 208 of the Municipal Building Board Members Present: John Milardo, Jim Reynolds, Steve Gomes, Linda Salafia, Carl Erlacher, Joe Serra (9:24) Board Members Absent: Mayor Drew, Mary Bartolotta City Employees/Public/Others Present: Diana Doyle, Kori Wisneski (OGC), Gerry Goldberg (GYL), Michael Lepore (GYL)  Meeting Called to Order at approximately 9:00 am  No Public Comments on the Agenda  Approval of Minutes o February 12, 2018 regular meeting  Linda motioned to approve and was seconded by Steve  All in favor  Review of Investments o The Pension Fund value at the end of the 1st quarter was $414,018,163 o Mike reviewed the Plan performance, noted that the Fund outperformed the benchmark for the quarter; continued with recap of the individual investment managers performance for the quarter o Affirmed that the asset allocation of the portfolio is on target, no recommendation to rebalance o Gerry discussed Capital Group focusing on the costs associated with the management fees; GYL has negotiated a dual-contract basis that will reduce the fees (to the Plan) by 7 basis points resulting in a $20k+ savings per year, with no change to current investments; GYL is preparing paperwork to forward to Carl, for signature o Gerry suggested that investment managers begin meeting with Board in person; New Amsterdam Senior Portfolio Manager will attend next meeting o The OPEB Trust value at the end of the 1st quarter was $12,664,757 o Mike reviewed the OPEB performance, noted that it outperformed the benchmark for the 1st quarter o Affirmed that the asset allocation is on target, no recommendation to rebalance  Discussion of Disability Pension Audit o Kori discussed the letter sent to disability pensioners, noting that all 25 responded and none appear to be in violation  o Kori reminded the Board that the employment restrictions of the current disability pensioners falls under old contract language, restricting them from working, specifically, as a police officer o Discussion of the responses from disability pensioners and further/future action by the Board; Board determined that, at this time, no additional follow-up is required; Kori suggested regular follow-up correspondence with disability pensioners by Board  John motioned that Board perform regular review of disability pensioners and was seconded by Linda  All in favor  Reports: o Treasurer’s Report (informational) o Pension Investment Report (informational)  Applications for Membership Start Date Department/Union Michael Carta 2/5/18 Fire/Fire Daniel Corcoran 4/30/18 Central Comm/466 Joseph Crescimanno 1/27/18 Rec & Comm Svc/466 Amy Ekblade 4/23/18 IT/UPSEU Ben Newell 3/19/18 Fire/Fire Kimberly Spachman 3/12/18 Library/Library  Requests to Retire/Collect/Vest Yrs of Svc Department/Union Sebastiano Branciforte 17 yrs Public Works/466 Ronald Carver 23 yrs Public Works/466 Salvatore Cretella 21 yrs Fire/Fire Giuseppe Lombardo 39 yrs Police/Police Phyllis Nathanson 10 yrs Library/Library  Refund Requests/Adjustments/Other Department/Union Linda Bettencourt Beneficiary – Rollover Town Clerk/UPSEU Tayna Cretella – QDRO Martin Martinez – Refund BOE/466 Felicia Moncada – Refund Purchasing/466 Francesca Quaranta – Rollover Police/Police  Deceased Pensioners Shirley Hills Eugene Rame (benefits to spouse) Sharon Rosano Gloria Smith Edward C White  Adjournment of Meeting  John motioned to adjourn and was seconded by Linda  All in favor Respectfully submitted: Carl Erlacher