Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting October 10, 2006 The Volunteer Firefighters’ Relief Fund Committee held a special meeting on Tuesday, October 10, 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 Red McKeon, Occum/Past Chairman Joshua Pothier, Deputy Comptroller Donald Leary, East Great Plain Bruce Sabourin, North Pointe Investments Karen Mankowski, Occum Members absent were: Dennis Davis, City Pension Board Member Joseph Ruffo, Comptroller/Treasurer Robert Zarnestke, City Manager Richard Benoit called the meeting to order at 5:08 p.m. 1. Presentation by Bruce Sabourin, North Pointe Investments a. Thank you for the appointment as Financial Advisor to the Volunteer Firefighters’ Relief Fund and its Committee. b. Financial Advisor Services Agreement: i. Joshua Pothier reports that Bill Murray and Bill Block have reviewed and agree with the Agreement content without comment. ii. Fee for annual services is in the target range is $8,000 to $10,000 for the first year. Therefore, PERFORMANCE IS KEY: investments must earn greater than the service fee to justify/warrant the services of a Financial Advisor. iii. Motion made by Thomas Quinley, seconded by Thomas Dawkins to accept the agreement and submit it to Mr. Driscoll, City Attorney, for final review and acceptance. c. Questions presented by Committee members relating to the Financial Advisor contract: i. Joshua Pothier presented a question as to the address noted in section 10, paragraph 3 of the Agreement. Bruce Sabourin verified that the address listed is the correct one. The content addresses resolution of concerns/disagreements between the Relief Fund and the Financial Advisors by using arbitration resolution versus law suit activities.  ii. Section 7, representation: The Committee requests clarification to section 2a, identifying the Committee as the client and the ratified and adopted Financial Policy Statement as the form of governance for the agreement. Agreement between Bruce and the Committee is based on day to day performance and contains no penalty clause for either party if termination is desired. Bruce will provide additional wording and clarification. iii. Section 11 –The Committee agreed to leave as is. iv. The Committee voted unanimously to approve the tentative approval of the Agreement pending Attorney Driscoll’s review and approval for finality of acceptance. v. A special meeting will be scheduled after Attorney Driscoll’s review and approval to discuss initial financial moves. vi. Red McKeon questioned the fees noted in Section 6 relating to 12b-1 fees paid for advisor services relating to mutual funds. Further description of fees will be included in the final draft. Normal fees range from 8/10 of 1%. Return to regular agenda: 2. Minutes a. Review of meeting minutes from September 25, 2006 was performed. A motion was made by Donald Leary to approve the meeting minutes as read, seconded by Joshua Pothier. Approved. 3. Reports: None due to staffing issues in the Comptroller’s Office. 4. Communications: None 5. Old Business: None 6. New Business a. Buy Back Presentations: 1. Taftville: 3 members requesting buy back – Daniel Auger (5-years for a total of 35 years) Steven Caisse (4 years for a total of 34 years) Paul LaBrecque (3 years for a total of 33 years). Motion made by Thomas Quinley to accept these members’ buyback, seconded by Donald Leary. Approved. 2. East Great Plain: 4 members requesting buy back – Donald Leary (4 years for a total of 34 years) William Sabrowski (5 years for a total of 35 years) Joseph Winski Jr. (3 years for an unknown total of years) Thomas Leffingwell (2 years for a total of 22 years) i. Question regarding Mr. Leffingwell’s participation status in buy back: He retired, started receiving benefits (~1988, at 20 years of service) and moved  away for an extended period of time and then returned to EGP as an active member for the past two years (beginning in 2004). ii. His history clearly dictates a Break in Service as denoted in the Relief Fund Ordinance. He is qualified to purchase his two years (2004, 2005) under the revisions. iii. A motion made by Thomas Quinley, seconded by Joseph Kochanski to keep original 20 years at the $7 rate and allow purchase of the 2 years for the $15 rate, which will be reflected in future payments. Motion passed with one disagreeing vote by Donald Leary. Motion made by Thomas Quinley, seconded by Thomas Dawkins to accept the three other members buy back as presented. Approved unanimously. 3. Laurel Hill: 1 member requesting buy back – Joseph Kochanski (1 year for a total of 31 years) Motion made by Thomas Quinley, seconded by Thomas Dawkins to accept buy back. Approved. 4. Occum: 6 members requesting buy back (No verifying paperwork submitted). Jake Jacowbowski (5 years for a total of 35 years) Roland Lambert (5 years for a total of 35 years) Roland McKeon (5 years for a total of 35 years) Carmine Coletti (5 years for a total of 25 years) Kevin McKeon (3 years for a total of 33 years) Red McKeon (5 years for a total of 35 years) i. Thomas Quinley questioned all personnel qualifications for buy-back. Karen Mankowski verbally verified that all but Red McKeon were certified for buy back. Motion made by Thomas Quinley to accept buy back of all personnel with the exception of Red McKeon, pending proper submittal of certification paperwork to the City Comptroller and Personnel Offices. Approved. ii. Red McKeon: it was noted that Mr. McKeon is requesting buy back of 5 years of service. 1. Karen Mankowski confirms that Mr. Red McKeon is currently listed as a non-active member and has not met the Relief Fund’s participation criteria of 20% of calls and 20% of drills/training, nor has he been on the active roles or had a physical since 1999, which would qualify him for active status. 2. Mr. McKeon and Karen Mankowski, Occum Representative, acknowledge his status and are in agreement as to his listing as an inactive, Honorary Life Member of the Occum Fire Department, who has NOT met the Relief Fund’s criteria for participation. 3. Mr. McKeon states Attorney Driscoll is currently reviewing the issue and will submit an opinion on the matter to the Committee for review. It was noted by Mr. Quinley that the opinion is simply an opinion for the Committee to consider and does NOT indicate the course of action the Committee must take regarding the matter. The committee is  bound by the content of the Ordinance. Clearly the opinion letter and the Ordinance should agree. Mr. McKeon requests that the Committee delay any ruling on his buy back until review of Attorney Driscoll’s opinion. 4. The Committee agreed to review the opinion at a special meeting prior to the October 17 deadline without penalty to Mr. McKeon if buy back is accepted. 5. Yantic: 4 members requesting buy back Tryon Lathrop (5 years for a total of 35 years) Raymond O’Connell (5 years for a total of 35 years) Ronald Stolz (5 years for a total of 35 years) Edward Sanborn (5 years for a total of 35 years) Motion made by Joseph Kochanski, seconded by Thomas Dawkins to accept Yantic members buy back as presented with no comments. Approved. b. Thomas Quinley proposed that the adjustment to upgrade payment to those Volunteers already receiving payment be reflected in the November/December checks and include payment upgrade retrograde to January 1, 2006 as delineated in the approved Ordinance. There should no be “special” checks issued for retrograde payment. One time payment included in the November/December check is recommended to minimize the impact to the Comptroller’s Office. c. Mr. Leary, EGP, stated that he has 4 members who are requesting buy back but has not been able to complete the verification and certification of service for these members. The Committee agreed to meet prior to the October 17 deadline to review their requests and certifications for buy back. Mr. Leary to have the completed forms for presentation by that meeting. d. Special meeting scheduled for Monday, October 16, 2006 at 1700 hrs to review EGP members requests, Mr. McKeon’s request, and Attorney Driscoll’s approval of the Financial Services Agreement with Bruce Sabourin and North Pointe Investments. The next meeting, Special Meeting, is tentatively scheduled for October 16, 2006 at 5pm. Motion made to adjourn by Thomas Quinley, seconded by Donald Leary. Approved. Meeting adjourned at 1826 hrs. Respectfully Submitted, Thomas G. Quinley October 16, 2006