Retirement Board

CITY OF MIDDLETOWN MINUTES OF THE RETIREMENT BOARD Regular Meeting Monday, November 15, 2021 at 9:00 am via WebEx Board Members Present: Carl Erlacher, Steve Gomes, Sandy Pasculano, Vinny Loffredo, Linda Salafia, John Milardo Board Members Absent: Mayor Florsheim, Joe Serra City Employees/Public/Others Present: Diana Doyle, Michael Lepore (GYL), Kori Wisneski (OGC), Gar Chung (Financial Investment News)  Meeting Called to Order at approximately 9:00 am o For the record, John joined the meeting via WebEx dial-in  No Public Comments on the Agenda  Approval of Minutes o August 16, 2021 Regular Meeting  Vinny motioned to approve the minutes and was seconded by Linda  All in favor o Vinny asked for clarification on when the pension checks would be released if there was a bank holiday? Carl responded that most new pensioners are set up for direct deposit, just a few left receiving an actual check, he will be releasing those checks before the Thanksgiving and Christmas holidays.  Proposed 2022 Meeting Schedule Monday, February 14, 2022 Monday, May 16, 2022 Monday, August 15, 2022 Monday, November 14, 2022 o Vinny accepted the Pension Meeting Schedule with recommendations made from Steve, seconded by Sandy.  GYL Review o Gerry Goldberg opened with a few words on the Capital Market. He discussed the journal sent out a few weeks ago, specifically the use of their acronym, “ENDURING”. He thought it appropriate for what we have all been enduring as we work our way through the pandemic. E – Economy N – Nation of interest (China)  D – National debt U – Unemployment R – Rates I – Inflation N – News G – Global population o Michael Lepore reviewed the specifics of the portfolio stating that the performance of the market and economy continue to move in a positive direction o The portfolio was down about 1.2% for the quarter, consistent with the benchmark which was down 1.1%. o Year to date the portfolio return was up 5.4% and the benchmark return was 5.1%. The trailing one year number continues to be in the double digits, returning 16.4% vs 16% for the benchmark. o Balance of the portfolio as the close of Friday, November 12th was $560,042,000. o Asset allocation is within the 5% variance prescribed by the investment policy. No recommendation for rebalance. o OPEB trust was down 94 basis points for the quarter, a few points behind the benchmark which was down 81 basis points. o Balance of the trust as of close on Friday, November 12th was $28,448,000. o The portfolio is within the parameters set within the investment policy. No recommendation for rebalance.  Discussion of Disability Pension Audit – o Kori stated that they have received all information that was requested from individuals receiving a disability pension. No additional discussion.  Reports: (informational) o Treasurer’s Report o Pension Management Fee Report  Applications for Membership Start Date Department/Union Amy Syme 3/1/21 BOE/466 Nicholas Dionne 3/15/21 Recreation/466 Quinn Drake 3/22/21 BOE/466 Basil Lu 4/1/21 Police/Police Albert Hall 3/29/21 Public Works/466 Donald Austin 4/12/21 BOE/466 Rose Bourne 5/3/21 BOE/466 Renee Lajoice 5/10/21 BOE/466 Marik Pemberton 5/3/21 BOE/466 Amanda Russo 5/17/21 BOE/466 Katie Ehlers 5/17/21 BOE/466 Christopher Murphy 5/19/21 Public Works/ 466 Taylor Woitowitz 6/21/21 Health Dept/466 Stefan Butler 7/12/21 BOE/466 Damian Chuchro 8/9/21 W & S Dept/466 Tammy Zawisa 4/26/21 BOE/466 Dylan Tiedemann 7/26/21 BOE/466 Ryan Larson 8/23/21 Fire/Fire Derek Cartagena 9/9/21 Reg of Voters Michelle Franks 9/10/21 Police/Police Kelsey White 9/10/21 Police/Police Brian Murphy 9/6/21 Police/Police Jared White 9/3/21 Police/Police Thomas Ganley 9/6/21 Police/Police Joseph DeGoursey 9/3/21 Police/Police Craig Zalewski 8/30/21 BOE/466 Nicole Mosca 8/16/21 BOE/466 Diane Marques 9/27/21 Library/Library Kaitlyn Raymond 9/20/21 Central Comm/466 Erik Costa 10/2/21 Chief of Police/Non-Barg Patrick Farrell 10/12/21 Public Works/466 Wafaa Razeq 10/25/21 Library/Library Joe Santiago 11/1/21 Police/Police Requests to Retire/Collect/Vest Yrs of Svc Age Department/Union David Boyce 22 yrs 42 Central Comm/466 Steven Czajka 22 yrs 55 Central Comm/466 Samuel Privott 18 yrs 65 BOE/466 Louis Carta 32 yrs 69 Health Dept/466 Lucy Gennuso 29 yrs 60 BOE/466 Scott Aresco 29 yrs 53 Police/Police Mark Lemieux 10 yrs 35 Police/Police Kristen Tyrseck 20 yrs 43 Police/Police Julia Lee 22 yrs 64 Police/Police Rosa Perichi 33 yrs 66 Police Dept/466 Michael Timbro 26 yrs 54 Police/Non-Barg Susan Rebstock 18 yrs 71 BOE/466 Michael Inglis 29 yrs 57 Police/Police Joyce Rossi 24 yrs 65 BOE/466 Kevin White 34 yrs 58 Police/Police James Johnson 20 yrs 66 BOE/466 Maria Morello 23 yrs 68 Finance Dept/466 Mary Tokarz 23 yrs 68 BOE/466 Timothy Cooney (refund) Public Works/466 Da’Vaune Carr (refund) BOE/466 Adam Hobart (refund) Public Works Janet Calabro (roll-over) BOE/UPSEU Maegen Lisitano (roll-over) Town Clerk’s Off/466 Nelson Rivera (refund) Police Dept/UPSEU Paul Higgins (refund) Public Works/466 Devon Green (refund) BOE/466 Deceased Pensioners Patrica Green William Pillarella (benefits to spouse) Richard Randall Henry Solek (benefits to spouse) Calvin Stewart Rose Scotti Jeffrey Lagrange (benefits to spouse) John Ziomek (benefits to spouse) Francis Hunt  Virginia Maxwell  Adjournment of Meeting o John motioned to adjourn and was seconded by Sandy o All in favor Respectfully submitted: Carl Erlacher tv