Personnel & Pension Board
Regular MeetingNorwich, CT · April 19, 2016
Minutes
Personnel & Pension Board Minutes Page l of 3
April 19, 2016 Combined Regular/Investment Meeting
Room 213, 2nd floor, 6:00 P.M., City Hall Building
Norwich, Connecticut 06360
I. Roll Call
Meeting called to order by Paul Schroder at 6:05 pm.
A. Members Present
1. Paul Schroder, Chair (voting member)
2. Scott Suplita, Vice Chair (voting member)
3. Sheila Hayes (voting member)
4. Peter Barber (voting member)
B. Members Absent
1. John John (voting member)
2. Zato Kadambaya (alternate)
3. Andre Rosedale (alternate)
C. Others Present
1. Michael Gualtieri, Treasurer, City of Norwich
2. Sandra Pimentel, P&P Board Secretary
3. Marc Shegoski, UBS (left after Item IV. A.)
4. Ashley Martella, UBS (left after Item IV. A.)
II. Minutes
A. Minutes of the March 15, 2016 Regular Personnel & Pension Board Meeting.
Motion to approve the March 15, 2016 Regular Personnel & Pension Board meeting
minutes made by Peter Barber, seconded by Shiela Hayes, all in favor.
III. Old Business
A. Discussion of rollover or withdrawal of pension contributions (plus interest) upon
resignation or termination of employment. Kevin Emerson researching state
escheatment laws. Motion to table to the April 2016 meeting made at the March 15,
2016 meeting.
Motion to table to the May 2016 meeting made by Shiela Hayes, seconded by Peter
Barber, all in favor.
IV. New Business
A. 2016 first quarter review of the OPEB Fund and Retirement Fund with Marc Shegoski
and Ashley Martella of UBS.
Marc Shegoski gave a general market outlook. He reported market volatility will
continue with oil market issues in China, Syria, Russia and ISIS. Generally the US
economy is doing well due to low interest rates and oil prices. Oil demand is
increasing and is predicted to catch-up with supply by the end of the year with the
price of oil going to $60 per barrel. The GDP was 2.8% last year; this year it is 1.5%.
Interest rates are expected to remain low to contain inflation. No growth is
expected in earnings.
The portfolio was reviewed by Ashley Martella. Government and bonds are the only
markets that did well this quarter. The fund is still in line to reach the 7096-30%
targets. Currently it is at 65% equity and 35% fixed income which allowed
investment gains this quarter. He reviewed the pension fund managers against the
indexes; NFJ International is on the watch list. He reported the pension fund
Agenda
Personnel & Pension Board Agenda Page 1 of 2
April 19, 2016 combined Regular/Investment Meeting
Room 213, 2nd floor, 6:00 P.M., City Hall Building
Norwich, Connecticut 06360
I. Roll Call
II. Minutes
A. Minutes of the March 15, 2016 Regular Personnel & Pension Board Meeting.
III. Old Business
A. Discussion of rollover or withdrawal of pension contributions (plus interest) upon
resignation or termination of employment. Kevin Emerson researching state
escheatment laws. Motion to table to the March 2016 meeting made at the February 16,
2016 meeting.
IV. New Business
A. 2016 first quarter review of the OPEB Fund and Retirement Fund with Marc Shegoski
and Ashley Martella of UBS.
B. Applications for retirement:
1. Stuart Carter, Battalion Chief, for a normal retirement effective May 15, 2016.
2. Michael LaLima, Wastewater Integrity Manager-NPU, for a normal retirement
effective July 26, 2016.
3. Mark Lamphere, Wastewater Plant Operator-NPU, for a normal retirement effective
September 3, 2016.
4. Pamela Mykietyn, Food Services-BOE, for a non-service connected disability
effective when approved.
C. Revised Application for retirement:
1. Paul Forrest Winslow, Maintenance Mechanic-NPU, for a normal retirement revised
to May 7, 2016. Original application effective July 7, 2016 approved at the March
2015 meeting.
D. Pension calculation:
1. Katherine Daley, retired April 2, 2016. Her pension is calculated for an annual
amount of $29,924.60. Her application for retirement was approved at the February
2016 meeting.
2. Peter Davis, retired April 2, 2016. His pension is calculated for an annual amount of
$60,992.04. His application for retirement was approved at the March 2016
meeting.
E. Notification of deaths:
1. Josephine Boyer (DOD March 9, 2016), surviving spouse of Harry Kane who retired
from NPU on January 17, 1987. No further benefits due.
F. Request from Ryan Thompson, Public Works Director, to extend the eligibility list for
Heavy Equipment Operator for one year. The current list expires on July 27, 2016.
Personnel & Pension Board Agenda Page 2 of 2
April 19, 2016 combined Regular/Investment Meeting
Room 213, 2nd floor, 6:00 P.M., City Hall Building
Norwich, Connecticut 06360
G. New Employees:
DATE OF
NAME POSITION HIRE CITY/STATE
Garry Niles Laborer 3/7/2016 Norwich, CT
Jeremiah Shea Laborer 3/10/2016 Lisbon, CT
Metering &
Andrew Shetland Revenue Asset 3/21/2016 Griswold, CT
Manager-NPU
Karlene Deal Tax Collector 3/23/2016 Hampton, CT
Apprentice
Thomas Palmer Maintenance 4/11/2016 Lisbon, CT
Mechanic-NPU
H. Employee(s) to be admitted into the City of Norwich Employees’ Retirement Fund:
ACADAMY REQUEST
DATE OF GRAD PROBATION /EVAL
NAME POSITION HIRE DATE PERIOD UP: RECEIVED:
Ryan Thompson PW Director 9/14/2015 n/a 3/13/2016
Walter Burgess Custodian-BOE 9/28/2015 n/a 3/28/2016 3/30/2016
V. Correspondence
VI. Adjournment
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