Personnel & Pension Board

Personnel & Pension Board Minutes Page 1 of 4 September 19, 2017 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. Shiela Hayes (voting member) 4. Andre Rosedale (alternate, seated as a voting member) B. Members Absent 1. Scott Suplita, Vice Chair (voting member) 2. Peter Barber (voting member) 3. John John (voting member) 4. Richard Morelli (alternate) 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. Marc Shegoski, UBS 6. David Sears, UBS II. Minutes A. Minutes of the July 18, 2017 Combined Regular/Investment Personnel & Pension Board Meeting. Motion to approve the July 18, 2017 Personnel & Pension Board meeting minutes made by Peter Barber, seconded by Shiela Hayes, all in favor. III. New Business A. Review of online services and transition update with UBS. Mark Shegoski presented the market outlook: The bull market continues. The recovery from Hurricanes Harvey and Irma will add inflation to the marketplace and will negatively affect the GDP. The potential positive impacts to the economy are tax reform, regulatory relief and an infrastructure spending plan; the negative are trade reform, immigration reform and global engagement. David Sears reviewed the portfolio and transition: In general the managers are showing strong performances with a YTD of 9.95%. The updated Proposed Portfolio was presented. Due to DOL deregulation, there is more transparency and managers are dropping fees. As of August 31st, the updated proposed cost savings from fee negotiation and removing Matrix as the trustee is $298,930. B. Review recommendation from Josh Pothier and Mike Gualtieri to appoint Comerica as custodian and trustee of the pension fund. Personnel & Pension Board Minutes Page 2 of 4 September 19, 2017 Regular Meeting Room 213, 2nd floor, 6:00 PM, City Hall Building Norwich, Connecticut 06360 Josh Pothier reported Comerica is currently the trustee for the OPEB plan. A flat fee quote for both plans for three years was requested. The fee for OPEB would drop from $8000 to $4000. The fee for custody services would be $46,000 and trustee fees would be $1000 per plan, about half the amount Matrix charged. Their annual statements are easy to interpret which saves time for Finance and the auditors. Marc Shegoski stated UBS and Comerica will mirror each other with more robust reporting from two independent services. He added Corporation Counsel is more comfortable with a custodian. With the addition of Comerica as custodian and trustee, the updated proposed cost savings is $251,930. Motion to change the custodian and trustee for the pension funds to Comerica by October 10, 2017 made by Paul Schroder, seconded by Peter Barber, all in favor. Motion to approve the UBS recommended manager changes per the Proposed Portfolio effective on or by October 10, 2017 made by Paul Schroder, seconded by Shiela Hayes, all in favor. Motion to appoint Comerica Bank & Trust, National Association (the “Successor Trustee”) to act as Trustee of the Trust established as part of the Plan and is authorized to hold the assets of the Trust under the terms of the Trust Agreement entered into with the Successor Trustee and that Matrix Trust Company (“Matrix Trust”) currently serving as non-discretionary Trustee of the Plan be removed as Trustee effective as of the date the Successor Trustee accepts their appointment made by Shiela Hayes, seconded by Peter Barber, all in favor. Motion to authorize Paul Schroder to sign on behalf of the board for the transition documents made by Shiela Hayes, seconded by Andre Rosedale, all in favor. C. Applications for retirement: 1. Alisa Carlson, School RN-BOE, for a deferred retirement effective January 12, 2013. 2. Karin McNaughton, Paraeducator-BOE, for a deferred retirement effective August 6, 2017. 3. Janet Ashton, Paraeducator-BOE, for a deferred retirement effective August 10, 2017. 4. Diana Gwozdz, Paraeducator-BOE, for a normal retirement effective August 14, 2017. Motion to approve the applications for retirement made by Shiela Hayes, seconded by Peter Barber, all in favor. D. Pension calculations: 1. Thomas Jodoin, retired June 14, 2016. His pension is calculated for $21,833.74 annually. His application for a deferred retirement was approved at the June 2017 meeting. 2. Paula Furber, retired June 17, 2017. Her pension is calculated for $5,053.11. Her application for a deferred retirement was approved at the May 2017 meeting. 3. John Fusaro, retired July 14, 2017. His pension is calculated for $89,689.97 annually. His application for retirement was approved at the May 2017 meeting. Personnel & Pension Board Minutes Page 3 of 4 September 19, 2017 Regular Meeting Room 213, 2nd floor, 6:00 PM, City Hall Building Norwich, Connecticut 06360 4. Mark Rankowitz, retired August 2, 2017. His pension is calculated for $94,398.51. His application for retirement was approved at the July 2017 meeting. 5. Janet Ashton, retired August 10, 2017. Her pension is calculate for $4,744.46. Her application for a deferred retirement is on this agenda for approval. 6. Diana Gwozdz, retired August 14, 2017. Her pension is calculated for $15,883.60. Her application for retirement is on this agenda for approval. 7. Robert Pounch, retired August 26, 2017. His pension is calculated for $111,184.66. His application for retirement was approved at the July 2017 meeting. Motion to approve the pension calculations made by Shiela Hayes, seconded by Peter Barber, all in favor. E. Applications for refund/rollover of pension contributions: 1. Pauline Johns, Paraeducator-BOE, who terminated June 30, 2016. Refund of $1,883.56 with interest (thru 07/31/2017). 2. Edward Nowakowski, Custodian-BOE, who terminated February 13, 2017. Refund of $7,141.06 with interest (thru 07/31/2017). 3. Tyler Smith, Police Officer, who terminated on August 19, 2017. Refund of $12,591.36 with interest (thru 07/31/2017). Motion to approve the applications for refund/rollover made by Shiela Hayes, seconded by Andre Rosedale, all in favor. F. Notifications of death: 1. Traci Fargo, DOD November 3, 2016 while still employed. Refund of $2,567.14 due to beneficiary. Motion to acknowledge the notification of death and approve the refund to the beneficiary made by Shiela Hayes, seconded by Peter Barber, all in favor. 2. Claire Nasso, DOD August 29, 2017, who retired from the BOE on July 1, 2006. No further benefit due. Motion to acknowledge the notification of death made by Shiela Hayes, seconded Peter Barber, all in favor. G. Review of procedure for unclaimed pension refund checks. A refund check issued on October 14, 2016 was returned as unclaimed. After additional efforts by Human Resources were made to locate the former pensioner, Corporation Counsel was contacted to advise on disposition of the funds. Mike Driscoll requested the former pension participant’s information to perform one last search and he will report results and advise on disposition of unclaimed pension refunds. Motion to table procedure for unclaimed funds to the October meeting made by Paul Schroder, seconded by Shiela Hayes, all in favor. H. Calendar year 2016 outside earnings report update for service-connected disability retirees. Although other 2016 wage information has been received, the required IRS transcript for Roger Lynck has not been received. Motion to table review for further Personnel & Pension Board Minutes Page 4 of 4 September 19, 2017 Regular Meeting Room 213, 2nd floor, 6:00 PM, City Hall Building Norwich, Connecticut 06360 action to the October 2017 meeting made by Paul Schroder, seconded by Shiela Hayes, all in favor. I. Employee(s) to be admitted into the City of Norwich Employees’ Retirement Fund: Motion to admit the following employees into the City of Norwich Employees’ Retirement Fund made by Shiela Hayes, seconded by Andre Rosedale, all in favor. ACADAMY LAST DAY REQUEST GRADUATION ON /EVAL NAME POSITION DATE OF HIRE DATE PROBATION RECEIVED Police Records Nicole Yon Computer 11/7/2016 n/a 8/6/2017 8/7/2017 Operator Fredmane Petit- Paraeducator-BOE 1/26/2017 n/a 8/30/2017 9/5/2017 Homme Kendrick Amy Paraeducator-BOE 2/2/2017 n/a 9/12/2017 9/13/2017 Nixaliz DeJesus Paraeducator-BOE 6/7/2017 n/a 9/13/2017 9/14/2017 LAN Technician / Gerard Gonzalez 3/13/2017 n/a 9/12/2017 8/31/2017 User Support Alexander School Safety 8/28/2017 n/a n/a 8/15/2017 Choinier Officer-BOE IV. Correspondence None. V. Adjournment Motion to adjourn made by Shiela Hayes, seconded by Andre Rosedale, all in favor. Meeting was adjourned at 7:14 pm. Respectfully submitted, ____________________ Sandra Pimentel, Secretary