Personnel & Pension Board

Personnel & Pension Board Minutes Page l of 2 November 15, 2016 Regular Meeting Room 213, 2nd floor, 6:00 PM, City Hall Building Norwich, Connecticut 06360 I. Roll Call Meeting called to order by Paul Schroder at 6:00 pm. A Members Present 1. Paul Schroder, Chair (voting member) 2. Peter Barber (voting member) 3. John John (voting member) 4. Scott Suplita, Vice Chair (voting member) 5. Shiela Hayes (voting member) 6. Andre Rosedale (alternate) B. Members Absent 1. Zato Kadambaya (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 II. Minutes A. Minutes of the October 18, 2016 Combined Regular/Investment Personnel & Pension Board Meeting. Motion to approve the October 18, 2016 Personnel & Pension Board meeting minutes made by John John, seconded by Scott Suplita, all in favor. III. Old Business A. Review of the current interest rates for pension contributions was requested by Brigid Marks. Ms. Marks presented the response from Hooker & Holcombe on establishing a policy to review rates annually against a matching index. Motion made at the October 2016 meeting to table to the November 2016 meeting. The board reviewed the information provided by Hooker & Holcombe and UBS to establish an annual interest rate. Motion to adopt the following procedure to review interest rates annually made by Shiela Hayes, seconded by Peter Barber, all in favor: The interest rate on contributions is the calculated average on a rolling five-year basis of the ten-year US Treasury Bond. The percentage is to be calculated annually on January 1st of each year. The final calculated percentage will not pay more than 3.5%. This calculation and rate will be reviewed and approved by the board in January of each year. This calculation and rate may be changed by vote of the board. IV. New Business A. Notifications of death: 1. Lena Cedrone (DOD October 6, 2016) who retired on June 29,1985 from the BOE. No further benefits due. Motion to acknowledge the notification of death made by John John, seconded by Scott Suplita, all in favor.