Personnel & Pension Board
Regular MeetingNorwich, CT · July 18, 2017
Minutes
Personnel & Pension Board Minutes Page 1 of 4
July 18,2017 Combined Regular/Investment Meeting
Room 213,2"<^ floor,6:00 PM,City Hall Building
Norwich, Connecticut 06360
L Roll 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. Shiela Hayes(voting member)
4. Andre Rosedale (alternate,seated as a voting member)
5. Richard Morelli (alternate, seated as a voting member)
B. Members Absent
1. Peter Barber (voting member)
2. John John (voting member)
C. Others Present
1. Brigid Marks,Human Resources Director
2. Mike Gualtieri, City Treasurer
3. Josh Pothier, Comptroller
4. Sandra Pimentel,P&P Board Secretary
5. Tim Ryor, Hooker & Holcombe (arrived at item III.)
6. Marc Shegoski, UBS
7. David Sears, UBS
8. Ashley Martella, UBS
II. Minutes
A. Minutes of the June 20,2017 Regular Personnel & Pension Board Meeting.
Motion to approve the June 20, 2017 Personnel & Pension Board meeting minutes
made by Shiela Hayes,seconded by Scott Suplita, all in favor.
III. New Business
A. Review the Assumed Rate of Return, investment mix and changes in mortality tables
with Hooker & Holcombe and UBS.
Tim Ryor presented the Review of the Long-Term Rate of Return Assumption for
Use in the July 1,2017 Actuarial Valuation: After smoothing,the Actuarial Value of
Assets as of July 1,2017 is $170.4 million. The city's current assumed ROR is 7.75%.
The average long term rate of return for the 184 Connecticut municipal plans in 2015
was 7.14%. This reflects a continuing downward trend and is consistent with the
inflation rate. Based on the fund's 70/30 target asset allocation and long-term
Capital Market Assumptions, a 7.0% to 7.5% range is supported. Each 0.25%
reduction in the LTROR increases the city's contribution(ADEC)by about $900,000.
As of July 1,2015,the funded portion of the plan was 63.5% which is below the 2016
average range of high-70s to low-80s percentages for CT plans. A change in the
LTROR to 7.50% would lower the estimated unfunded liability to 61.3%; a change
to 7.25% would lower it to 59.7%.
Agenda
Personnel & Pension Board Agenda Page 1 of 2
July 18, 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 June 20, 2017 Regular Personnel & Pension Board Meeting.
III. New Business
A. Review the Assumed Rate of Return, investment mix and changes in mortality tables
with Hooker & Holcombe and UBS.
B. 2017 second quarter review and re-evaluation of investment strategy for the OPEB and
Retirement Funds with UBS.
C. Review RFP/RFQ status for investment services.
D. Applications for retirement:
1. Sharon Smith, RN-School Nurse, for a normal retirement effective September 27,
2016.
2. Thomas Dougherty, Recreation Maintenance Supervisor, for a normal retirement
effective July 8, 2017.
3. Mark Rankowitz, Police Lieutenant, for a normal retirement effective August 2,
2017.
4. Robert Pounch, General Line Foreman-NPU, for a normal retirement effective
August 26, 2017.
E. Pension calculations:
1. Sharon Smith, retired September 27, 2016. Her pension is calculated for $17,204.79
annually. Her application for retirement is on this agenda for approval.
2. Paul Bonneville, retired July 1, 2017. His pension is calculated for $15,520.39. His
application for retirement was approved at the April 2017 meeting.
3. Sherry Bryant, retired July 1, 2017. Her pension is calculated for $11,942.40 annually.
Her application for a deferred retirement was approved at the June 2017 meeting.
4. Thomas Dougherty, retired July 8, 2017. His pension is calculated for $45,833.51
annually. His application for retirement is on this agenda for approval.
F. Notification of death:
1. Marie Taylor, DOD June 22, 2017, who retired from the BOE on April 15, 2000. No
further benefit due.
2. Lois Andruskiewicz, DOD July 7, 2017, who retired from the BOE on June 23, 1993.
No further benefit due.
3. Joseph Aksterowicz, DOD July 8, 2017, who retired from NPU on December 31,
1992. No further benefit due.
G. Request from Chief Scandariato, Fire Chief, to extend the eligibility list for Firefighter
for one year. The current list expires on November 4, 2017.
H. Calendar year 2016 outside earnings report for service-connected disability retirees.
Personnel & Pension Board Agenda Page 2 of 2
July 18, 2017 Combined Regular/Investment Meeting
Room 213, 2nd floor, 6:00 PM, City Hall Building
Norwich, Connecticut 06360
I. Employee(s) to be admitted into the City of Norwich Employees’ Retirement Fund:
ACADAMY LAST DAY REQUEST
GRADUATION ON /EVAL
NAME POSITION DATE OF HIRE DATE PROBATION RECEIVED
Karon Ashe Paraeducator-BOE 1/10/2017 n/a 6/12/2017 6/14/2017
Alejandra Peralta Paraeducator-BOE 1/23/2017 n/a 6/13/2017 6/19/2017
Brandon
Police Officer 12/29/2015 6/20/2016 6/19/2017 6/19/2017
Wisniewski
Partnership for
Angela Duhaime Success 12/21/2016 n/a 6/20/2017 6/14/2017
Coordinator-YFS
Apprentice STCO-
Ryan Koschmieder 1/3/2017 n/a 7/2/2017 6/9/2017
NPU
Erik Milton Custodian-BOE 1/9/2017 n/a 7/9/2017 7/12/2017
Mark Gilot Fire Inspector 7/13/2016 n/a 7/13/2017 6/15/2017
IV. Correspondence
Letter from Donald E Williams.
V. Adjournment
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