Personnel & Pension Board

Personnel & Pension Board Minutes Page 1 of 4 January 21, 2025 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 5:00pm A. Members Present 1. Paul Schroder, Chair (voting member) 2. Bob Pounch, (voting member) 3. Mike Dziavit, (voting member) 4. Mary Osten, (voting member) B. Members Absent 1. Chris Golas, Vice Chair (voting member) 2. Gary Gross, (alternate) 3. Patrick McMahon, (appointed alternate C. Others Present 1. Evelyn Lopez, Retirement Plan Administrator 2. Marc Shegoski, UBS 3. Ashley Martella, UBS 4. David Sears, UBS (via phone) II. Minutes A. Minutes of the November 19, 2024 Personnel & Pension Board Meeting. Motion to accept the November 19, 2024 minutes was made by Mike Dziavit, seconded by Bob Pounch, all in favor. B. Minutes of the December 02, 2024 Personnel & Pension Board Special Meeting. Motion to accept the December 02, 2024 minutes was made by Mike Dziavit, seconded by Bob Pounch, all in favor. III. Old Business A. Milliman’s Experience Study proposal Tabled from the November 19, 2024 meeting. Paul Schroder and board members discussed the pros and cons of Milliman’s Experience Study and decided to review at a later date. Paul Schroder made a motion to table Milliman’s Experience Study to a future date, seconded by Mike Dziavit, all in favor. Paul Schroder made a motion to add to the agenda under suspension of rules, item A. UBS Investment Review, seconded by Mike Dziavit, all in favor. IV. 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 and inflation and struggles with the current stock market. The portfolio was reviewed by David Sears and Ashley Martella. The pension fund asset allocation as of December 31, 2024 was 68.5% equity, 29.4% fixed income and 2.1% real estate. The OPEB fund asset allocation as of December 31, 2024 was 71.4% equity and 28.6% 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. Terminate Eagle Mid Growth (2.4% of the portfolio) and allocate to the Fidelity Mid Cap Index. Personnel & Pension Board Minutes Page 2 of 4 January 21, 2025 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 Motion made by Mike Dziavit to terminate Eagle Mid Growth and allocate to the Fidelity Mid Cap Index, seconded by Bob Pounch, all in favor. B. (Formerly A.) 2025 interest rate for employee contributions Motion made by Paul Schroder to accept the 2025 interest rates, seconded by Mike Dziavit, all in favor. C. (Formerly B.) Application for retirement: 1. Tracy Montoya, Fire Chief, for a normal retirement effective March 29, 2025. Motion to approve retirement application made by Mike Dziavit, seconded by Mary Osten, all in favor. D. (Formerly C.) Pension Calculations: 1. Joel F. Grispino, Police Officer, retired December 28, 2024. His pension calculation is $59,520.42. His application was approved at the October 15, 2024 meeting. Motion to approve pension calculation made by Mike Dziavit, seconded by Bob Pounch, all in favor. E. (Formerly D.) Applications for refund/rollover of pension contributions: 1. Melissa Bergeron, Paraeducator – BOE, who terminated effective September 20, 2024. Refund in the amount of $8,112.89 including interest. 2. Lindsay Caron, Human Services, who terminated effective November 08, 2024. Refund in the amount of $ 3,344.75 including interest. 3. Brian C. Carroll, Police Officer, who terminated effective July 27, 2024. Refund in the amount of $71,193.53 including interest. 4. Christopher Feder-Craney, Apprentice Maintenance Mechanic- Gas, NPU, who terminated effective November 04, 2024. Refund in the amount of $8,941.33 including interest. 5. William Greene, Paraeducator – BOE, who terminated effective October 25, 2024. Refund in the amount of $1,073.72 including interest. 6. Tracie Price, Records Clerk, who terminated effective October 07, 2024. Refund in the amount of $25,767.94 including interest. Motion to approve refund/rollover applications made by Bob Pounch, seconded by Mike Dziavit, all in favor. F. (Formerly E.) Notification of Death: 1. William T. Headrick, DOD December 13, 2024, Police Department, who retired on January 17, 1987. No further benefit due. 2. Dolores Hudyma, DOD December 02, 2024, BOE, who retired on November 01, 2007. Survivor benefit to be paid to her spouse David M. Hudyma, in the amount of $7,194.94. 3. John McGuire, DOD October 04, 2024, Police Department, who retired on March 26, 1985. No obituary. No further benefit due. 4. Barbara A. Ruffo, DOD December 11, 2024. Human Services, who retired on August 03, 1999. No further benefit due. 5. William Tewksbury, DOD December 02, 2024, Police Department, who retired on August 27, 1988. No further benefit due. Motion to acknowledge notifications of deaths and approval of David M. Hudyma’s survivorship benefit made by Mary Osten, seconded by Bob Pounch, 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. Personnel & Pension Board Minutes Page 3 of 4 January 21, 2025 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 NAME POSITION DATE OF ACADAMY LAST DAY REQUEST/EVAL HIRE GRADUATION ON RECEIVED DATE PROBATION Ninette Aldi Accounting Generalist 04/24/2024 N/A 12/22/2024 12/23/2024 Kellie Evola Nurse – BOE 09/03/2024 N/A 12/09/2024 12/11/2024 Keith Milton Fire Inspector 11/13/2023 N/A 11/13/2024 11/13/2024 Zackary Mingo Attendance, 10/21/2024 N/A N/A 11/20/2024 Engagement & After School – BOE Madison Nott Police Officer 04/04/2023 10/05/2024 12/15/2024 12/15/2024 Mabel Ojieyan Extended Learning Plan entry N/A N/A 12/13/2024 Supervisor - GOE date 11/19/2024 Amber Smith Attendance, 09/03/2024 N/A N/A 11/21/2024 Engagement & After School – BOE Andrea Trout Paraeducator 04/01/2024 N/A 10/31/2024 12/06/2024 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 Bryant Campos-Sanchez Customer Account Representative I 11/25/2024 Taftville, CT Chandler Costa Apprentice Maintenance Mechanic - Gas 12/16/2024 Pawcatuck, CT Kellie Evola Nurse 09/03/2024 Groton, CT Scott Marcheterre Apprentice Maintenance Mechanic 01/06/2025 Brooklyn, CT Zachary Mingo Attendance, Engagement & After School 10/21/2024 Norwich, CT Amber Smith Attendance, Engagement & After School 09/03/2024 Norwich, CT Andrea Trout Paraeducator 04/01/2024 Ledyard, CT Kyle Young Police Officer 12/29/2024 Plainfield, CT IV. Correspondence 1. Letter from Frances Melendez Evelyn Lopez provided the P&P Board members background information on Ms. Melendez’s request. Paul Schroder and board members discussed/reviewed the circumstances of Ms. Melendez’s request to join the Employee Retirement Pension Fund. P&P Board members approved Ms. Melendez’s request. Ms. Melendez’s is required to pass Personnel & Pension Board Minutes Page 4 of 4 January 21, 2025 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 a physical prior to joining the Employee Retirement Pension Fund. She was giving two options: 2. Join pension fund effective March 15, 2023 – January 21, 2025 – this option will require for Ms. Melendez’s to buyback interim period. She will have 2 years to payback owed pension contributions with interest. 3. Join pension fund effective January 21, 2025. Motion to approve request was made by Mike Dziavit, seconded by Bob Pounch, all in favor. 2. Anonymous letter Paul Schroder and Board members would like to table this item to the February 18, 2025 board meeting. P&P Board members have requested for Rob Scalise, Human Resources Director and Angela Fuller, Human Resources Generalist to attend the February 18, 2025 to go over the testing process. Motion to table anonymous letter was made by Paul Shroder, seconded by Mike Dziavit, all in favor. V. Adjournment Motion to adjourn made by Mary Osten, seconded by Bob Pounch, all in favor. Meeting adjourned at 6:01pm. Respectfully submitted, ______________________ Evelyn Lopez, Secretary