Personnel & Pension Board

Personnel & Pension Board Minutes Page 1 of 3 September 19, 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 4:59pm A. Members Present 1. Paul Schroder, Chair (voting member) 2. Mike Dziavit, (voting member) 3. Chris Golas, (voting member) 4. Bob Pounch, (voting member) 5. Kenneth Scandariato, (voting member) 6. Patrick McMahon, (appointed alternate) 7. Mary Osten, (appointed alternate) B. Members Absent 1. Gary Gross, (alternate) C. Others Present 1. Robert V. Scalise, Director of Human Resources 2. Evelyn Lopez, Retirement Plan Administrator 3. Robert Buckley, City Treasurer 4. Marc Shegoski, UBS 5. Ashley Martella, UBS 6. Ryan Iannuzzo, UBS (via phone) 7. Larry Teitelbaum, (Managing Director, PGIM) (via phone) 8. Joanna Mulford, (Managing Director and Portfolio Manager, PGIM) (via phone) II. Minutes A. Minutes of the August 20, 2024 Personnel & Pension Board Meeting. Motion to correct Paul Schroder’s last name on section IV, Correspondence section and accept the August 20,2024 minutes was made by Paul Schroder, seconded by Kenneth Scandariato, all in favor. III. New Business A. Nominations for Co-Chair for Personnel & Pension Board Paul Schroder nominated Chris Golas as Co-Chair for Personnel & Pension Board, seconded by Mike Dziavit, all in favor. B. UBS Investment Review Marc Shegoski, Ashley Martella from UBS Financial Services, Inc. provided a detailed review of the current stock market. They talked about the performance, interest rates, inflation and current real estate struggles with the current stock market. Larry Tietelbaum and Joanna Mulford from PGIM provided board members a detailed overview of the current real estate market. The portfolio was reviewed by Ashley Martella. The pension fund asset allocation as of July 31, 2024 was 70.6% equity, 26% fixed income and 3.4% real estate. The OPEB fund asset allocation as of July 31, 2024 was 70.8% equity and 29.1% fixed income. UBS asked the P&P Board members for approval on their plan to invest and make changes to the portfolio: UBS recommended the following: 1. Final POB investment from the money market. Transition $7.2 million to the Vanguard Intermediate-Term Bond Index Fund Admiral. Transition $ 1.67 million to RNC Genter’s Quality Short Term mandate. Transition the balance $10.35 million into DSAM Core Plus Bond. Motion to approve UBS recommendation to invest POB money market was made by Paul Schroder, seconded by Kenneth Scandariato, all in favor. Personnel & Pension Board Minutes Page 2 of 3 September 19, 2024 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 2. POB and Pension portfolio consolidation Consolidate POB mutual fund investments into their respective pension counterparts: Fidelity Mid Cap Index Fund iShares Core S&P Small-Cap ETF Vanguard Total International Stock Index Fund Admiral Vanguard S&P 500 Index Fund Admiral Transition the POB’s Vanguard Intermediate-Term Bond Index Fund Admiral into a new Pension account with the same investment. Motion to approve consolidation of POB and Pension portfolios was made by Mike Dziavit, seconded by Bob Pounch, all in favor. 3. Rebalance of Pension portfolio Transition the POB’s Vanguard Short-Term Bond Index Fund Admiral $14.63 million into the Pension’s Vanguard Intermediate-Term Bond Index Fund Admiral Motion to rebalance pension portfolio was made by Paul Schroder, seconded by Kenneth Scandariato, all in favor. C. Application for retirement: 1. Doreen Brennan, Paraeducator – BOE, for a normal retirement effective August 1, 2024. 2. Sheryle Y. Perkins, Paraeducator - BOE, for a deferred retirement effective June 22, 2024 payable November 24, 2025. Motion to approve retirement applications was made by Mike Dziavit, seconded by Bob Pounch, all in favor. D. Pension Calculations: 1. Doreen Brennan, Paraeducator – BOE, retired August 1, 2024. Her annual pension calculation is $12,007.61 with a 100% joint & survivor benefit reducing her pension to $10,758.82. Her application is on the agenda at this meeting. 2. Jason R. Calouro, Police Officer, retired August 17, 2024. His annual pension calculation is $53,113.30. His application was approved at the August 20, 2024 meeting. 3. Marilyn Feliciano Rivera, Paraeducator – BOE, retired August 30, 2024. Her annual pension calculation is $11,598.12. Her application was approved at the August 20, 2024 meeting. 4. Harrison Formiglio, Police Sergeant, retired July 17, 2024. His annual pension calculation is $59,518.69. His application was approved at the August 20, 2024 meeting. 5. Suzanne Lozada, Paraeducator – BOE, retired August 28, 2024. Her annual pension calculation is $3,000.44 with a 50% joint & survivor benefit reducing her pension to $2,838.42. Her application was approved at the August 20, 2024 meeting. 6. Christopher J. Merrill, Police Lieutenant, retired July 19, 2024. His annual pension calculation is $ 71,659.20. His application was approved at the August 20, 2024 meeting. 7. Sheryle Perkins, Paraeducator, retired June 22, 2024. Her annual pension calculation is $5,675.19. Her application is on the agenda at this meeting. 8. Monique D. Riccitelli, Police Officer, retired July 17, 2024. Her annual pension calculation is $65,965.34. Her application was approved at the August 20, 2024 meeting. Motion to approve pension calculations was made by Kenneth Scandariato, seconded by Mike Dziavit, all in favor. E. Applications for refund/rollover of pension contributions: 1. Clare Strickland, Payroll Manager – BOE, who terminated effective June 30, 2024. Rollover in the amount of $15,012.13 including interest. Personnel & Pension Board Minutes Page 3 of 3 September 19, 2024 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 2. Sonia M. Veracruz, 10 Month Secretary – BOE, who terminated effective June 30, 2024. Rollover in the amount of $22,246.32 including interest. Motion to approve rollover applications was made by Bob Pounch, seconded by Mike Dziavit, all in favor. 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 Kenneth Scandariato, seconded by Mike Dziavit, all in favor. NAME POSITION DATE OF ACADAMY LAST DAY REQUEST/EVAL HIRE GRADUATION ON RECEIVED DATE PROBATION Yelitza Brooks Comm. & Family 07/15/2024 N/A N/A 08/05/2024 Engagement Coordinator Teresa Johnson Revenue Collection 10/17/2023 N/A 08/16/2024 08/14/2024 Clerk Craig Kleman Comm. Development 02/26/2024 N/A 08/26/2024 09/05/2024 Director Denise Long Records Clerk 03/11/2024 N/A 09/11/2024 09/06/2024 G. New Employees: Motion to acknowledge new employees made by Kenneth Scandariato, seconded by Mike Dziavit, all in favor. Name Position Date of Hire City/State Griffin Bellavance Firefighter 08/20/2024 Moosup, CT Yelitza Brooks Comm. & Family Engagement Coordinator 07/15/2024 Norwich, CT Melanie Concepcion 911 Emergency Dispatcher 08/19/2024 Norwich, CT Jacob Fabry Firefighter 08/20/2024 Lisbon, CT Maximillian Kuczorski Firefighter 08/20/2024 Simsbury, CT H. Approval of 2025 Meeting Schedule. Motion to approve 2025 Meeting Schedule made by Paul Schroder, seconded by Bob Pounch, all in favor. IV. Correspondence None V. Adjournment Motion to adjourn made by Mike Dziavit, seconded by Kenneth Scandariato, all in favor. Meeting adjourned at 6:40pm. Respectfully submitted, ______________________ Evelyn Lopez, Secretary