Personnel & Pension Board
Regular MeetingNorwich, CT · January 17, 2017
Minutes
Personnel & Pension Board Meeting Page l of 3
January 17, 2017 Combined Regular/Investment Meeting
Room 213, 2nd floor, 6:00 PM, City Hall Building
Norwich, Connecticut 06360
I. RoU Call
Meeting called to order by Paul Schroder at 6:00 pm.
A. Members Present
1. Paul Schroder, Chair (voting member)
2. Scott Suplita, Vice Chair (voting member)
3. Peter Barber (voting member)
4. John John (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
4. Marc Shegoski, UBS
5. Ashley Martella, UBS
II. Minutes
A. Minutes of the November 15, 2016 Regular Personnel & Pension Board Meeting.
Motion to approve the November 15, 2016 Personnel & Pension Board meeting
minutes made by Peter Barber, seconded by Shiela Hayes, all in favor.
III. New Business
A. 2016 fourth quarter review of the OPEB Fund and Retirement Fund with Marc Shegoski
and David Sears of UBS.
Marc Shegoski presented the UBS House View: In the aftermath of the US election,
markets have focused on pro-growth policies. Increases are expected in interest rates,
inflation, and the GDP spurring higher bond yields. Emerging markets are stabilizing
and global growth should increase. Brexit uncertainty is creating market volatility and
China will not face a hard economic landing. UBS expects the bull market to continue
and hold preference to US large-cap and EM equities, mid-cycle US cyclical sectors and
Treasury Inflation Protected Securities (TIPS).
The portfolio was reviewed by David Sears: Total portfolio was up 5.94% for 2016. The
pension fund increased from $155,356,831 on September 30, 2016 to $155,715,896 as
of December 31, 2016. Defensively positioned stocks did better at the beginning of the
year; post-election money flowed out of defensive names into cyclical names. Currently
evaluating small to mid-size managers using indexes. Paul Schroder discussed an index
fund forwarded to him from Mike Gualtieri and the procedures board members follow
for review.
Motion to authorize Marc Shegoski to talk to Diversified and report opinion to the board
made by Paul Schroder, seconded by John John, all in favor.
Agenda
Personnel & Pension Board Agenda Page 1 of 2
January 17, 2017 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 November 15, 2016 Regular Personnel & Pension Board Meeting.
III. 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. Calculation and review of the 2017 interest rate on contributions.
C. Application for retirement:
1. Robert Sewart, Facilities & Grounds Manager – PW, for a normal retirement
effective December 1, 2016.
D. Pension calculations:
1. George Gardner, retired November 8, 2016. His pension is calculated for $14,347.05
annually. His revised application for retirement was approved at the October 2016
meeting.
2. Robert Sewart, retired December 1, 2016. His pension is calculated for $60,228.03
annually. His application for retirement to be approved at this meeting.
E. Notification of death:
1. William Dufault (DOD December 5, 2016) who retired on July 25, 2016 from Public
Works. Survivor benefit due Deanna Dufault in the amount of $39,738.42 annually.
F. Request from Ryan Thompson, Public Works Director, to extend the eligibility list for
Janitor for one year. The current list expires on February 23, 2017.
G. New Employees:
DATE OF
NAME POSITION HIRE CITY/STATE
Police Records
Katie Smith Computer 12/5/2016 Norwich CT
Operator
Field Services
Joseph Delgado 12/12/2016 Taftville CT
Technician-NPU
Benjamin Mahoney-
Laborer 12/12/2016 Franklin CT
Balestracci
Joseph Muscarella Janitor 12/17/2016 Norwich CT
Partnership for
Angela Duhaime Success 12/21/2016 Norwich CT
Coordinator
Christina Ramos Police Officer 12/30/2016 Manchester CT
Apprentice
Ryan Koschmieder 1/3/2017 Oakdale CT
STCO–NPU
Personnel & Pension Board Agenda Page 2 of 2
January 17, 2017 Combined Regular/Investment Meeting
Room 213, 2nd floor, 6:00 PM, City Hall Building
Norwich, Connecticut 06360
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:
Donald Cox Janitor 10/19/2015 n/a 11/18/2016 11/16/2016
Paul Tardif, Jr Firefighter 8/26/2015 12/11/2015 12/10/2016 12/6/2016
Alexander John Firefighter 12/2/2016 5/21/2015 11/20/16 12/6/2016
Ryan Froehlich Police Officer 7/1/2015 12/15/2015 12/15/2016 12/12/2016
Deanna Rhodes City Planning 7/5/5016 n/a 1/4/2017 1/5/2017
IV. Adjournment
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