Personnel & Pension Board
Regular MeetingNorwich, CT · October 18, 2016
Minutes
Personnel &Pension Board Minutes Page 1of4
October 18, 2016 Combined Regular/Investment Meeting
Room 213, 2nd floor, 6:00 PM, CityHall Building
Norwich, Connecticut 06360
I. Roll Call
Meeting called to order by Paul Schroder at 6:09 pm.
A. Members Present
1. Paul Schroder, Chair (voting member)
2. Peter Barber (voting member)
3. Zato Kadambaya (alternate - seated as a voting member)
B. Members Absent
1. John John (voting member)
2. Scott Suplita, Vice Chair (voting member)
3. Shiela Hayes (voting member)
4. Andre Rosedale (alternate)
C. Others Present
1. Michael Gualtieri, Treasurer, City of Norwich
2. Brigid Marks, HR Director, City of Norwich
3. Sandra Pimentel, P&P Board Secretary
4. Marc Shegoski, UBS (left after item IILA.)
5. Ashley Martella, UBS (left after item IILA.)
II. Minutes
A. Minutes of the September 20, 2016 Regular Personnel &Pension Board Meeting.
Motion to approve the September 20, 2016 Personnel & Pension Board meeting
minutes made by Peter Barber, seconded by Zato Kadambaya, all in favor.
Motion to suspend the agenda to address Item IV.A made by Paul Schroder and
seconded by Peter Barber, all in favor.
IV. New Business
A. 2016 second and third quarter review of the OPEB Fund and Retirement Fund with
Marc Shegoski and Ashley Martella of UBS.
Marc Shegoski presented the UBS House View. The GDP growth rate has been slow
(i.5%-2%) with low inflation. The Federal Reserve is not expected to raise interest
rates until December and they remain at historic lows. The markets weathered the
Brexit impact and emerging markets show signs of stabilization. China will not face
an economic hard landing. Going forward, UBSbelieves earnings should pick up and
the bull market should continue.
The portfolio was reviewed by Ashley Martella. Equity and bonds performed well
this quarter. The fund is currently at 65% equity and 35% fixed income. He reported
the pension fund increased from $151,918,422 on June 30, 2016 to $155,356,831 as
of September 30, 2016. Investment income exceeded the net flow out in payments
this quarter. OPEB increased to $14,590,206.89 as of October 14,2016. He reviewed
the pension fund manager allocations against the targets; Palisade is on the watch
list. NFJ International is underperforming in both the pension and OPEB funds,
although the due diligence team still predicts they will do better going forward.
Motion to take the UBS recommendation to move from NFJ International with an
equal split of the target allocation to Lazard Asset Management (4%) and Delaware
Agenda
Personnel & Pension Board Agenda Page 1 of 2
October 18, 2016 Combined Regular/Investment Meeting
Room 213, 2nd floor, 6:00 PM, City Hall Building
Norwich, Connecticut 06360
I. Roll Call
II. Minutes
A. Minutes of the September 20, 2016 Regular Personnel & Pension Board Meeting.
III. Old Business
A. Review of the current interest rates for pension contributions was requested by Brigid
Marks. Ms. Marks to contact Hooker & Holcombe to advise on establishing a policy to
review rates annually against a matching index. Motion made at the September 2016
meeting to discuss at the October 2016 meeting.
IV. New Business
A. 2016 second and third quarter review of the OPEB Fund and Retirement Fund with
Marc Shegoski and Ashley Martella of UBS.
B. Applications for retirement:
1. George Gardner, Code Enforcement Officer, for a revised retirement date effective
November 8, 2016. Original retirement date of December 17, 2016 approved at the
December 2015 meeting.
C. Pension calculations:
1. Mark Gladue, retired September 10, 2016. His pension is calculated for $30,264.91
annually. His application for retirement was approved at the July 2016 meeting.
2. James Kurasz, retired September 16, 2016. His pension is calculated for $80,071.58
annually. His application for retirement was approved at the September 2016
meeting.
D. Applications for refund and/or rollover of pension contributions:
1. Heather (Aldi) Grisham, LPN-BOE, who terminated February 1, 2016. Refund in the
amount of $1,487.48 with interest (thru 07/31/2016).
2. Shirley Cherenfant, Paraeducator-BOE, who terminated on August 17, 2010.
Rollover in the amount of $610.07 with interest (thru 07/31/2016).
3. Corey Corcoran, Paraeducator-BOE, who terminated on February 22, 2013. Refund
in the amount of $4,279.86 with interest (thru 07/31/2016).
4. Robin Faulise, Paraeducator-BOE, who terminated June 22, 2010. Refund in the
amount of $563.05 with interest (thru 07/31/2016).
5. Melissa Garcia, Paraeducator-BOE, who terminated June 13, 2016. Refund in the
amount of $7,726.73 with interest (thru 07/31/2016).
6. Carol Ann Geiler, LPN-BOE, who terminated August 10, 2012. Refund in the amount
of $1,216.60 with interest (thru 07/31/2016).
7. Lauren Hughes, Paraeducator-BOE, who terminated July 24, 2015. Refund in the
amount of $2,142.48 with interest (thru 07/31/2016).
8. Mike Hughes, Communications & Community Outreach, who terminated on April
19, 2013. Refund in the amount of $17,006.40 with interest (thru 07/31/2016)
9. Rebecca Karis, Paraeducator-BOE, who terminated August 4, 2014. Rollover in the
amount of $505.98 with interest (thru 07/31/2016).
10. Lauren (Barrett) Pittman, NPU, who terminated May 30, 2003. Rollover in the
amount of $8,476.32 with interest (thru 07/31/2016).
11. Jeffrey Rice, Police Officer, who terminated November 29, 2009. Refund in the
amount of $1,544.96 with interest (thru 07/31/2016).
Personnel & Pension Board Agenda Page 2 of 2
October 18, 2016 Combined Regular/Investment Meeting
Room 213, 2nd floor, 6:00 PM, City Hall Building
Norwich, Connecticut 06360
12. Destiny Twomey, Paraeducator-BOE, who terminated February 7, 2013. Refund in
the amount of $8,869.47 with interest (thru (07/31/2016).
13. Robin Williams (Vilchez), Paraeducator-BOE, who terminated December 8, 2008.
Refund in the amount of $79.48 with interest (thru (07/31/2016).
14. James West Jr, Custodian-BOE, who terminated March 16, 2007. Refund in the
amount of $6,771.03 with interest (thru 07/31/2016).
15. Melinda Wilson, Payroll Clerk-BOE, who terminated July 4, 2008. Refund in the
amount of $9,005.55 with interest (thru 07/31/2016).
16. Jami Zagarenski, Paraeducator-BOE, who terminated December 19, 2008. Refund
in the amount of $79.48 with interest (thru 07/31/2016).
17. Andrea Funk, Paraeducator-BOE, who terminated January 25, 2008. Refund in the
amount of $7,461.87 with interest (thru (08/31/2016).
18. Christopher Kimble, Apprentice STCO, who terminated December 8, 2008. Refund
in the amount of $371.78 with interest (thru (08/31/2016)
19. Llajaire Rodriguez, Paraeducator-BOE, who terminated February 6, 2009. Refund
in the amount of $4,495.33 with interest (thru (08/31/2016).
E. Notifications of death:
1. Mary Lou Walski (DOD April 26, 2016) who terminated on March 29, 1997 from
NPU. Refund due to Carl Smith, beneficiary, in the amount of $29,264.12.
2. Victor DeBartolo (DOD September 30, 2016) who retired from NPU on March 10,
1993. Survivor benefit due Theresa DeBartolo in the amount of $15,145.05 annually.
F. Presentation of Hooker & Holcombe invoices for the Pension Plan and OPEB.
G. Discussion of interest rates on pension contributions.
H. New Employees:
DATE OF
NAME POSITION HIRE CITY/STATE
Youth & Family
Erin Wood 10/11/2016 Norwich, CT
Caseworker
I. 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:
Metering &
Andrew Shetland Revenue Asset 3/21/2016 n/a 10/4/2016 9/21/2016
Manager-NPU
Apprentice
Thomas Palmer Maintenance 4/11/2016 n/a 10/10/2016 9/22/2016
Mechanic-NPU
Dillon Dube Janitor 10/5/2015 n/a 10/4/2016 09/26/2016
V. Adjournment
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