Personnel & Pension Board

Personnel & Pension Board Minutes Page 1 of 3 February 20, 2024 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 5:02pm A. Members Present 1. Paul Schroder, Chair (voting member) 2. Bob Pounch, (voting member) 3. Mike Dziavit, (voting member) B. Members Absent 1. Gary Gross, (alternate) 2. Chris Golas, (voting member) C. Others Present 1. Brigid Marks, Director of Human Resources 2. Robert Buckley, City Treasurer 3. Evelyn Lopez, Retirement Plan Administrator 4. David Sears, UBS 5. Marc Shegoski, UBS (via phone) 6. Ashley Martella, UBS (via phone) II. Minutes A. Minutes of the February 05, 2024 Personnel & Pension Board Special Meeting. Motion to accept February 05, 2024 minutes made by Mike Dziavit, seconded by Bob Pounch, all in favor. Paul Schroder made a motion to add an item to agenda under suspension of rules, A to section III New Business, seconded by Mike Dziavit, all in favor. III. New Business A. UBS Investment Review Mark Shegoski, David Sears and Ashley Martella from UBS Financial Services, Inc. provided a brief overview of the current stock market. They all talked about the performance, interest rates, inflation and struggles with the current stock market. The portfolio was reviewed by David Sears. The pension fund asset allocation as of December 31, 2023 was 68.2% equity, 27.8% fixed income and 4% real estate. The OPEB fund asset allocation as of December 31, 2023 was 71.5% equity and 28.4% fixed income. UBS asked the P&P Board members for approval on their plan to input (invest). UBS recommended the following: 1. Invest $3,611 million from the POB proceeds and release $460,000 to City to finance pension benefits as planned. Motion to approve investment of $3,611 million was made by Paul Schroder, seconded by Mike Dziavit, all in favor. B. (Formerly A.) Contents of the P&P Board Meeting Agenda for January 16, 2024 January 16, 2024 agenda was reviewed by Paul Schroder and P&P Board members. See January 16, 2024 meeting minutes. C. (Formerly B.) Application for retirement: 1. Jennifer G. Peabody, Firefighter, for a normal retirement effective April 2, 2024, payable. 2. Glenn M. Watts, Fire Lieutenant, for a normal retirement effective March 17, 2024. Motion to approve retirement applications made by Mike Dziavit, seconded by Bob Pounch, all in favor. Personnel & Pension Board Minutes Page 2 of 3 February 20, 2024 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 D. (Formerly C.) Pension Calculations: 1. Mark Estes, Light Equipment Operator, retired January 04, 2024, payable April 23, 2030. His annual pension calculation is $ 22,002.22. His application was on the January 16, 2024 agenda. 2. Damien Martin, retired January 03, 2024. His annual pension calculation is $53,197.67. His application was on the January 16, 2024 agenda. Motion to approve the pension calculations made by Bob Pounch, seconded by Mike Dziavit, all in favor. E. (Formerly D.) Applications for refund/rollover of pension contributions: 1. Anne Boehmcke, Board Cert. Behavior Analyst – BOE, who terminated effective October 09, 2023. Refund of $4,677.54 including interest. 2. Craig Berard, Janitor, who terminated effective January 04, 2024. Refund of $17,326.93 including interest. 3. Holly Gorman, Paraeducator – BOE, who terminated effective November 10, 2023. Refund of $10,015.85 including interest. 4. Tyler Pacheco, Police Officer, who terminated effective December 27, 2023. Refund of $16,969.86 including interest. 5. Jeremiah Shea, Laborer, who terminated effective January 09, 2024. Refund of $ 33,337.94 including interest. Motion to approve refund/rollover applications made by Mike Dziavit, seconded by Bob Pounch, all in favor. F. (Formerly E.) Notification of Death: 1. Thomas M. Pedersen, DOD December 24, 2023, Police Department, who retired on August 30, 1998. Survivor benefit to be paid to his spouse Mindy, in the amount of $26,283.86. Motion to approve survivor benefit made by Mike Dziavit, seconded by Bob Pounch all in favor. 2. David J. Plante, DOD February 06, 2024, NPU, who retired on September 15, 2007. No further benefit due. Motion made to acknowledge notification of death made by Bob Pounch, seconded by Mike Dziavit, all in favor. G. (Formerly F.) 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 Mike Dziavit, seconded by Bob Pounch, all in favor. NAME POSITION DATE OF ACADAMY LAST DAY REQUEST/EVAL HIRE GRADUATION ON RECEIVED DATE PROBATION Tania Broggins Teen 11/20/2023 N/A N/A 01/02/2024 Outreach/Extended Learning Coordinator Scott Joly Laborer 01/09/2023 N/A 01/08/2024 01/11/2024 Kelly Lodyko Nurse 08/30/2023 N/A 12/08/2023 01/05/2024 Thomas J. Palmer Laborer 01/23/2023 N/A 01/22/2024 01/23/2024 Personnel & Pension Board Minutes Page 3 of 3 February 20, 2024 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 H.(Formerly G.) New Employees: Motion to acknowledge new employees made by Mike Dziavit, seconded by Bob Pounch, all in favor. Name Position Date of Hire City/State Jason Erban Director of Training & Safety 01/29/2024 East Lyme, CT Christopher Mozden Utility Construction Pipefitter Apprentice 01/22/2024 Griswold, CT Tyler Rokowski Firefighter 02/06/2024 Norwich, CT Andre Salaun Firefighter 02/06/2024 Pawcatuck, CT IV. Correspondence Paul Schroder made a motion to add an item to agenda under suspension for rules. A to section IV Correspondence, seconded by Mike Dziavit, all in favor. A. Milliman OPEB Actuarial Valuation report as of July 1, 2023. Motion made by Paul Schroder to request Milliman consultant to go over OPEB results at the March 19, 2024 P&P Board meeting, seconded by Mike Dziavit, all in favor. V. Adjournment Motion to adjourn made by Bob Pounch, seconded by Mike Dziavit, all in favor. Meeting adjourn at 6:08pm. Respectfully submitted, ________________________ Evelyn Lopez, Secretary