Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting # 98 The Volunteer Firefighters’ Relief Fund Committee held its ninety-eighth meeting on Monday, March 13 2006 at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. Roll Call Members present were: Richard Benoit, Taftville Thomas Quinley, Yantic Thomas Dawkins, Personnel Manager Joseph Kochanski, Laurel Hill Karen Mankowski, Occum Joshua Pothier, Deputy Comptroller Red McKeon, Occum/Past Chairman Joseph Ruffo, Comptroller/Treasurer John Crooks, guest Members absent were: Donald Leary, East Great Plain Robert Zarnestke, City Manager Dennis Davis, City Pension Board Member Richard Benoit called the meeting to order at 5:05 p.m. Motion made by Thomas Quinley to adjust the meeting to accommodate Councilman Crooks availability and allow him to take the floor. Motion seconded by Richard Benoit, approved. (a) Councilman Crooks has agreed to work with the Relief Fund Committee and provide potential investment options for further discussion and review. 1. Councilman Crooks states that the City needs to fund the recommended amount as stated by the Actuarial Evaluation Firm, Hooker & Holcombe. 2. Mr. Crooks suggests that the Committee set up interviews with three (3) advisors: i. Manly K. Church, representing Merrill Lynch. ii. Bruce Sabourin, representing North Pointe Investment Partners. iii. Stan Humphries, representing Paine Webber.  3. Mr. Crooks stated the key points the Committee should look for in an investment partner are: i. How do they work/function/perform their job? ii. What is their primary approach? How do they use diversification? iii. Are they stock pickers? iv. Are they money managers? v. What processes do they use to perform their function(s)? How do they perform assessment of risk and present a strategy for success? vi. The Relief Fund Committee’s focus should be aimed at determining how these financial partners will perform their service for the Committee. vii. The Committee should be looking at the minimization of personal risks. viii. The Committee should be looking at mutual funds that are low to moderate risk, i.e. ix. Diversity is the key to successful investment strategy. 4. Mr. Crooks stated the he would be happy to work with the Committee on developing an investment policy. Motion made by Thomas Quinley to have a special investment meeting on April 4, 2006. Motion seconded by Red McKeon, approved. Motion made by Thomas Quinley to return to the regular agenda, seconded by Red McKeon. Approved, meeting returned to the regular agenda at 1725 hrs. 2. Minutes a. Review of last meeting minutes, including the 2005 Department summaries was performed. 1. Motion made by Red McKeon to accept review of minutes and summaries, seconded by Karen Mankowski. Approved 3. Reports None 4. Communications a. Thomas Quinley made a motion to suspend the rules of order to allow Josh Pothier to present a Hooker & Holcombe invoice, seconded by Karen Mankowski. Approved.  (a) Hooker & Holcombe invoice for $1450.00 for actuarial services. Motion made by Thomas Dawkins to pay the invoice/bill, seconded by Thomas Quinley, approved. b. Thomas Quinley made a motion to return to the regular agenda, seconded by Karen Mankowski. Approved. 5. Old Business a. A review to the changes to the Relief Fund Plan was discussed by the Committee. (a) The only suggested change was to incorporate specific wording associated with fire ground injuries and the impact to response percentages so that the wording would be consistent between the Tax Abatement Ordinance and the Relief Fund. b. A motion made to approve all changes to the Relief Fund Plan and forward the changes to Corporation Council, Mike Driscoll, and the City Clerk for review and incorporation into the Ordinance. Current schedule goals are for all reviews to be completed by early May to support a Council vote in late May/early June. Motion made by Thomas Quinley, seconded by Thomas Dawkins, approved. c. Joe Ruffo took an action item to determine the death benefit that is paid out to firefighter beneficiaries in accordance with state statute. Motion made to adjourn by Thomas Quinley, seconded by Karen Mankowski, approved. Meeting adjourned at 1815 hrs. Respectfully Submitted, Thomas G. Quinley May 8, 2006