Personnel & Pension Board

Personnel & Pension Board Minutes Page 1 of 3 July 19, 2022 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 I. Roll Call Meeting called to order by Paul Schroder at 5:10pm A. Members Present 1. Paul Schroder, Chair (voting member) 2. Rich Morelli (voting member) 3. Chris Golas (voting member) 4. Francis Gavigan (alternate) B. Members Absent 1. Shiela Hayes, Vice-Chair (voting member) 2. Bob Pounch (alternate) 3. Gary Gross (alternate) 4. Mike Dziavit (voting member) C. Others Present 1. Brigid Marks, Director of Human Resources 2. Evelyn Lopez, Retirement Plan Administrator 3. Michael Gualtieri, City Treasurer 4. Marc Shegoski, UBS (via phone) 5. Ashley Martella, UBS 6. David Sears, UBS II. Minutes A. Minutes of the June 21, 2022 Personnel & Pension Board Meeting. Motion to revise Shiela Hayes attendance record and accept the June 21, 2022 minutes made by Paul Schroder, seconded by Chris Golas, all in favor. III. Old Business A. Domestic Relations Order (DRO) Fees Motion to accept and approve DRO fees schedule made by Paul Schroder, seconded by Rich Morelli, all in favor. IV. New Business A. UBS Investment Review Marc Shegoski, Ashley Martella and David Sears from UBS Financial Services Inc., provided an overview of the current stock markets. They talked about the performance, risks, interest rates, inflation and struggles with the current market situation. The portfolio was reviewed by David Sears and Ashley Martell. The pension fund asset allocation as of June 30, 2022 was 63.6% equity, 31.7% fixed income and 4.7% real estate. The OPEB fund asset allocation as of June 30, 2022 was 67.3% equity, 32.7% fixed income. The pension fund decreased by 6.06% and OPEB fund by 10.99% as of June 30, 2022. UBS recommended the following changes to the portfolios: 1. Pension: Move 6 million from Capital Group International to S&P 500 Index Purchase Fund 2. OPEB: Move $600,000 from Capital Group International to: $300,000 to Vanguard Equity Income, $150,000 to Fidelity Mid Cap Index, $ 150,000 to Eagle Mid Cap Growth. Paul Schroder opened the floor to board members for discussion/questions on the two UBS recommendations. Motion made by Paul Schroder to approve UBS recommendations, seconded by Chris Golas, all in favor. B. Application for retirement: Personnel & Pension Board Minutes Page 2 of 3 July 19, 2022 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 1. Laurie Cydylo-Bousquet, Paraeducator – BOE, for a normal retirement effective July 01, 2022. 2. Richard A. Canova Jr., Chief Field Service Technician, for a normal retirement effective, November 1, 2022. 3. Brian Harrison, Heavy Equipment Operator, for a normal retirement effective, September 7, 2022. 4. Robert L. Jackson Jr., 911 Dispatcher, for a normal retirement effective, July 31, 2022. 5. Judith A. Rizzuto, PPC Administrator, for a normal retirement effective December 31, 2022. 6. Paul T. Sas Jr., Head Custodian – BOE, for a normal retirement effective, 7. August 20, 2022 Sheila Sullivan, Paraeducator, for a normal retirement effective June 1, 2022. Motion to approve retirement applications made by Rich Morelli, seconded by Chris Golas, all in favor. C. Pension Calculations: 1. Kathryn Crees, Director of Community Development, retired June 7, 2022. Her annual pension calculation is $32,965.89. Her application was approved at the March 15, 2022 meeting. 2. Laurie Cydylo-Bousquet, Paraeducator -BOE, retired July 1, 2022. Her annual pension calculation is $ 16,909.26. Her application is on the agenda at this meeting. 3. Lois Eggleston, Secretary, retired June 25, 2022. Her annual pension calculation is $ 10,517.28. Her application was approved at the May 17, 2022 meeting. 4. Kerri Kemp, NPU Division Manager, retired June 18, 2022. Her annual pension calculation is $ 97,183.65. Her application was approved at the March 15, 2022 meeting. 5. Anthony Madeira, Assistant Comptroller, retired July 2, 2022. His annual pension calculation is $ 35,672.24. His application was approved at the May 15, 2022 meeting. 6. Timothy Teper, Fire Lieutenant, retired June 30, 2022. His annual pension calculation is $ 52,592.40. His application was approved at the June 21, 2022 meeting. 7. Notification of new pension benefit due to a Domestic Relations Order payable to Amy Teper effective July 1, 2022. Her annual amount = $ 13,264.92. Mr. Teper’s will be reduced to $ 39,327.48 annual Motion to approve the pension calculation made by Chris Golas, seconded by Francis Gavigan, all in favor. Paul Schroder made a motion to add to the agenda under suspension of rules, 8 to section IV letter C, seconded by Chris Golas, all in favor. 8. Survivorship Benefit for Nikoleta Provatas (alternate payee) per DRO on file. Her annual pension calculation is $ 45,510.03. Motion to approve the pension calculation made by Chris Golas, seconded by Rich Morelli, all in favor. D. Application for refund/rollover of pension contributions: 1. Julie Lang, Family Engagement/Attendance Coordinator- BOE, who terminated effective June 03, 2022. Refund of $ 2,392.05 including interest. 2. Daniel Sandoval, Custodian – BOE, who terminated effective March 02, 2022. Refund of $ 49,006.55 including interest. 3. Lino Vaz Fernandes, Custodian –BOE, who terminated effective June 20, 2022. Refund of $ 2,219.81 including interest. Personnel & Pension Board Minutes Page 3 of 3 July 19, 2022 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 Motion to approve the refund/rollover applications made by Chris Golas, seconded by Rich Morelli, all in favor. E. Notification of Death: 1. Helen K. Carolinas, DOD June 12, 2022, who retired from BOE on August 31, 1993. No further benefit due. 2. Kenneth V. Murkett, DOD June 27, 2022, who retired from Fire on April 03, 1995. Survivor benefit payable to his spouse, Carol J. Murkett, in the amount of $ 30,692.72 Motion to acknowledge notification of deaths made to Chris Golas, seconded by Rich Morelli, all in favor. F. Review of 2021 service-connected disability outside earnings. Board members reviewed and discussed outside earnings report for CY2021. Motion to suspend Peter Casey and Donald Cilley Jr. monthly pension payments until retiree’s provide CY2021 earning to Retirement Plan Administrator was made by Paul Schroder, seconded by Chris Golas, all in favor. Motion to stop and restart (February 2023) William Nash monthly pension payments made by Paul Schroder, seconded by Chris Golas, all in favor. G. Review draft update of the Fire Pension Plan Summary book. Motion to table to September 20, 2022 meeting made by Paul Schroder, seconded by Chris Goas, all in favor. H. Employees to be admitted into the City of Norwich Employees’ Retirement Fund: Motion to admit the following employees into the City of Norwich Employee’s Retirement Fund made by Chris Golas, seconded by Rich Morelli, all in favor. NAME POSITION DATE OF ACADAMY LAST DAY ON REQUEST/EVAL HIRE GRADUATIO PROBATION RECEIVED N DATE Todd Marsh Laborer 06/21/2021 N/A N/A 07/01/2022 IV. Correspondence None V. Adjournment Motion to adjourn made by Paul Schroder, seconded by Chris Golas, all in favor. Meeting adjourn at 6:16pm Respectfully submitted, _____________________ Evelyn Lopez, Secretary