Personnel & Pension Board
Regular MeetingNorwich, CT · April 18, 2017
Minutes
Personnel & Pension Board Meeting Minutes Page i of3
April 18,2017 Combined Regular/Investment Meeting
Room 213,2^^ floor,6:00 PM,City Hall Building
Nonvich, Connecticut 06360
I. RoUCaU
Meeting called to order by Paul Schroder at 6:02 pm.
A. Members Present
1. Paul Schroder, Chair(voting member)
2. Scott Suplita, Vice Chair(voting member)
3. Peter Barber(voting member)
4. Shiela Hayes(voting member)
5. Andre Rosedale (alternate)
6. Richard Morelli(alternate - seated as a voting member)
B. Members Absent
1. John John (voting member)
C. Others Present
1. Brigid Marks,HR Director, City of Nonvich
2. Sandra Pimentel,PScP Board Secretary
3. Marc Shegoski, UBS(phone.Item III.A. only)
4. David Sears, UBS Qeft after Item III.A.)
5. Ashley Martella, UBS Qeft after Item III.A.)
II. Minutes
A. Minutes ofthe March 21,2017 Regular Personnel & Pension Board Meeting.
Motion to approve the March 21,2017 Personnel & Pension Board meeting minutes
made by Peter Barber,seconded by Shiela Hayes, all in favor.
III. New Business
A 2017 first quarter review and re-evaluation of investment strategy for the OPEB and
Retirement Funds with Marc Shegoski, Ashley Martella and David Sears of UBS.
Marc Shegoski presented the UBS House View: After initial volatility, markets have
responded well to the US election and the Brexit vote. UBS predicts earnings will
pick up and the bull market will continue. The potential fiscal stimulus may boost
the GDP and earnings growth. Central banks will continue to provide liquidity and
the Fed will continue to raise rates. UBS continues to favor US large-cap and global
equities, mid-cycle US cyclical sectors. Treasury Inflation Protected Securities
(TIPS)and high yield corporate bonds.
The pension portfolio was reviewed by Ashley Martella: The portfolio was up 4.51%
for tie first quarter. The pension fund increased from $155,715,896 on December
31,2016 to $161,278,916 as of March 31,2017. The current asset allocation is 67.18%
equity,32.82% fixed income.
The OPEB portfolio was reviewed by David Sears: The portfolio was up 4% for the
first quarter. The OPEB fimd increased from $14,987,626 on December 31, 2016 to
$15,663,541 on March 31, 2017 with 59.39% in equity and 40.61% in cash and fixed
income. The plan is to proposal to mirror the asset allocation ofthe pension fund.
David Sears updated the transition plan from Matrix:The contractis currently being
reviewed by Corporation Counsel. 75% of the assets are currently being held at
Matrix. With the assets to be held at UBS,they are now able to negotiate fees with
the managers. With the same allocation and indexing, the proposed portfolio
currently indicates $155,948 savings. Review of the asset allocation was scheduled
Agenda
Personnel & Pension Board Agenda Page 1 of 1
April 18, 2017 Regular Meeting
Room 213, 2nd floor, 6:00 PM, City Hall Building
Norwich, Connecticut 06360
I. Roll Call
II. Minutes
A. Minutes of the March 21, 2017 Regular Personnel & Pension Board Meeting.
III. New Business
A. 2017 first quarter review and re-evaluation of investment strategy for the OPEB and
Retirement Funds with Marc Shegoski and David Sears of UBS.
B. Applications for retirement:
1. Harry Sewart, Laborer, for a normal retirement effective May 2, 2017.
2. Paul Bonneville, LEO, for a normal retirement effective July 1, 2017.
3. Deborah Ouellette, Chief Plant Operator – Water, for a normal retirement effective
October 21, 2017.
C. Notifications of death:
1. Maureen Talbot (DOD March 8, 2017) who retired from the BOE on July 1, 2013.
No further benefit due.
2. Marion Brogno (DOD April 2, 2017) surviving spouse of Alfred Brogno who retired
from Public Works on October 2, 1986. No further benefit due.
D. Application for refund/rollover of pension contributions:
1. Jessie Jusseaume, LPN - BOE, who terminated January 6, 2017. Refund in the
amount of $456.06 with interest (thru 2/28/2017).
E. Request from Chief Scandariato, Fire Chief, to extend the eligibility list for Fire Captain
for one year. The current list expires on June 16, 2017.
F. Review refund policy for non-vested retirement fund participants.
G. New Employees:
DATE OF
NAME POSITION HIRE CITY/STATE
Nathan O’Keefe Police Officer 4/4/2017 Brooklyn CT
H. Employee(s) to be admitted into the City of Norwich Employees’ Retirement Fund:
ACADAMY REQUEST
GRADUATIO PROBATION /EVAL
NAME POSITION DATE OF HIRE N DATE PERIOD UP RECEIVED
Cherrie Leighton Cafeteria Mgr-BOE 11/21/2016 n/a 2/21/2017 3/16/2017
Administrative
Elizabeth Velez 12/12/2016 n/a 3/11/2017 3/16/2017
Assistant-BOE
Erin Haggan Caseworker (YFS) 10/10/2016 n/a 4/11/2017 4/11/2017
IV. Correspondence
A. Request from Tracy Montoya, Fire Department, to address the board concerning a
pension/military issue.
B. Acknowledge resignation letter from Zato Kadambaya, board alternate, presented to
the City Clerk.
V. Adjournment
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