Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting # 104, May 14, 2007 The Volunteer Firefighters’ Relief Fund Committee held its 104th meeting on Monday, May 14, 2007, at 5:00 P.M. in room 209 of Norwich City Hall. 1. Roll Call Members present were: Richard Benoit, Taftville Thomas Dawkins, Human Resources Director Joseph Kochanski, Laurel Hill [left at 5:04 P.M.] Karen Mankowski, Occum Red McKeon, Occum/ Past Chairman Donald Leary, East Great Plain Joshua Pothier, Deputy Comptroller Brian Curtin, City Treasurer Robert Zarnetske, City Manager [entered at 5:17 P.M., left at 5:47 P.M.] Members absent were: Dennis Davis, City Pension Board Member Richard Benoit called the meeting to order at 5:02 P.M. 2. Minutes: The march meeting minutes were reviewed. A motion to accept the minutes as presented was made and approved. 3. Reports: a. Treasurer’s Report: Reports for the months ended March 31, 2007 and April 30, 2007 were reviewed. A motion to accept the reports was made by Richard Benoit and seconded by Karen Mankowski. Approved. 4. Communications: None 5. Old Business: a. The committee was unable to review North Pointe Investment Partners’ plan for investing the relief fund’s money because Bruce Sabourin did not attend the meeting. A motion was made by Robert Zarnetske to direct the Deputy Comptroller to ask Corporation Counsel how we can go about terminating the contract with North Pointe. Seconded by Richard Benoit. Approved. 6. New Business: a. Red McKeon brought in Certification of Service and Application for Buyback forms for volunteer service for the years 1995-1998, inclusive, and for one year of military service. Joshua Pothier explained that the committee already decided that a member would have had to have been and Active Member as of January 1, 2006 in order to buy back time and that the ordinance passed in 2006 to change the plan included a provision  that precludes amendments “improving the benefits” of the plan before January 1, 2010. Robert Zarnestske made a motion to direct the Deputy Comptroller to: 1) make a concise summary of the current rule; 2) make an estimate of what it would cost to allow all members with fewer than 35 years of credited service who were inactive at January 1, 2006 to buy back years of service to the maximum of 35 years; and 3) make a recommendation to the committee on whether or not they should pursue making such a change to the Plan. b. Tom Dawkins informed the committee that the City Council is looking to have all of the city’s Boards and Commissions to present a 5-minute report in a City Council informational session. Because of the number of Boards and Commissions, the Volunteer Firefighters’ Relief Fund Committee’s turn may not come up until 2008. c. Red McKeon mentioned pending federal legislation giving death benefits to emergency responders who have heart attacks within 24 hours of responding to a fire incident. Next regularly scheduled meeting to be held September 10, 2007. Motion made to adjourn by Richard Benoit and seconded by Thomas Dawkins. Meeting adjourned at 5:50 P.M. CITY OF NORWICH VOLUNTEER FIREFIGHTERS' RELIEF FUND TREASURER'S REPORT FOR THE MONTH ENDED 3/31/2007 Eastern Savings Federal CD Institute CD maturing maturing Citizens Bank Checking 6/27/07 7/29/07 MMF Total BEGINNING BALANCE 82,256.50 800,000.00 55,480.30 1,077,148.36 2,014,885.16 RECEIPTS: ANNUAL CITY APPROPRIATION - - - - - EAST GREAT PLAIN - - - - - LAUREL HILL - - - - - OCCUM - - - - - TAFTVILLE - - - - - YANTIC 180.00 - - - 180.00 INTEREST INCOME 44.58 - 714.09 3,024.32 3,782.99 - - TOTAL RECEIPTS 224.58 - 714.09 3,024.32 3,962.99 TRANSFERS AMONG ACCOUNTS - - 800,000.00 800,000.00 DISBURSEMENTS: REFUNDS - - - - - PENSIONS PAID 31,679.00 - - - 31,679.00 ACTUARY FEES - - - - - POSTAGE - - - TOTAL DISBURSEMENTS 31,679.00 - - - 31,679.00 ENDING BALANCE 50,802.08 800,000.00 56,194.39 280,172.68 1,187,169.15 Interest rate on account (if applicable) 0.750% 5.000% 5.130% 3.820% Notes: All checks are paid out of the General Fund as a part of the payroll process and then are later reimbursed by the VFFRF. Sometimes this reimbursement is not made in the same month as the pension payment. CITY OF NORWICH VOLUNTEER FIREFIGHTERS' RELIEF FUND TREASURER'S REPORT FOR THE MONTH ENDED 4/30/2007 Eastern Savings Federal CD Institute CD maturing maturing Citizens Bank Checking 6/27/07 7/29/07 MMF Total BEGINNING BALANCE 50,802.08 800,000.00 56,194.39 280,172.68 1,187,169.15 RECEIPTS: ANNUAL CITY APPROPRIATION - - - - - EAST GREAT PLAIN - - - - - LAUREL HILL - - - - - OCCUM - - - - - TAFTVILLE - - - - - YANTIC - - - - INTEREST INCOME 11.44 - - 822.56 834.00 - - TOTAL RECEIPTS 11.44 - - 822.56 834.00 TRANSFERS AMONG ACCOUNTS - - - - DISBURSEMENTS: REFUNDS - - - - - PENSIONS PAID 14,219.00 - - - 14,219.00 ACTUARY FEES - - - - - POSTAGE - - - TOTAL DISBURSEMENTS 14,219.00 - - - 14,219.00 ENDING BALANCE 36,594.52 800,000.00 56,194.39 280,995.24 1,173,784.15 Interest rate on account (if applicable) 0.750% 5.000% 5.130% 3.630% Notes: All checks are paid out of the General Fund as a part of the payroll process and then are later reimbursed by the VFFRF. Sometimes this reimbursement is not made in the same month as the pension payment.