Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting, October 1, 2007 The Volunteer Firefighters’ Relief Fund Committee held a special meeting on Monday, October 1, 2007, 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 Red McKeon, Occum/Past Chairman Donald Leary, East Great Plain Joshua Pothier, Assistant Comptroller Brian Curtin, City Treasurer Frank Davis, Citizen Appointee Ed Martin, Laurel Hill - Chief (alternate) Members absent were: Joseph Ruffo, Comptroller Joseph Kochanski, Laurel Hill Karen Mankowski, Occum Richard Benoit called the meeting to order at 5:05 p.m. 2. Minutes: Minutes from the June 4, September 10 and September 24, 2007 meetings were reviewed. Frank Davis made a motion for approval, Thomas Dawkins seconded. Meeting minutes approved. 3. Reports: Treasurer Report: Treasurer’s report will be forthcoming with corrections. The report will indicate all deposits to the Volunteer Firefighters’ Relief Fund for 2007 have been completed in accordance with the Ordinance and effective September 30, 2007. Joshua Pothier commented that he will email the corrected Treasurer’s Report and has provided a copy of the tax collection schedule for the fiscal year 2006-2007. (see attachment) 4. Communications: None 5. Old Business: a. The Committee members discussed the recent Hooker & Holcombe investment proposal provided September 24, 2007. The following highlights were discussed in greater detail among the members present:  1. The presentation contained significant detail and was easy to read and evaluate the presented options. 2. It was noted that the Russell Funds select their managers. 3. Committee members agreed that it would be helpful and beneficial to have two options presented (i.e. a target earnings option of 7-7.5% and a second earnings target option of 8-9%). 4. Mr. Dawkins specifically stated that his experiences with Art Meizner and his associates in dealings with the City’s Pension Fund, have been that they are always focused on customer service and he has been very impressed with their attention to detail and commitment. 5. Mr. Benoit stated that H&H have been a tremendous help in the past with the City Pension Fund and with retirement questions and issues. 6. The Committee agreed that the presentation was very thorough, comprehensive and professional. One of the key issues for the Committee is to ask specific questions. 7. Mr. Crooks agreed that it was a very well prepared proposal, however as he has previously stated, the costs associated with this type of plan are relatively high. 8. Mr. Quinley commented that the Committee and the Fund might be able to realize some actuarial cost savings by bundling the investment strategy and performance of the Fund with the same group that is responsible for the periodic actuarial assessments. b. The Committee agreed that an action item will be taken for Hooker & Holcombe to prepare an alternate proposal with a target performance of 8-8.5%. Mr. Pothier and Mr. Curtin committed to discussing this second proposal with H&H and to follow-up with a letter discussing the details to Art Meizner. 1. The Committee agreed that Hooker & Holcombe should email this second proposal to Committee members via Joshua Pothier at least one week in advance of the next meeting so that all topics associated with both proposals could be discussed at the same meeting. 2. The target time frame that the Committee would like to get together to discuss the details of each investment proposal and proceed along the path of entering into an investment agreement with H&H, should be early November. c. Frank Davis questioned as to whether we were prepared to enter into a formal agreement at this time. The Committee confirmed that insufficient information is available and as a minimum, one more fact-finding meeting would have to occur. 6. New Business None Motion to adjourn based on the above information and the commitment by Mr. Pothier and Mr. Curtin to: 1. Discuss with H&H the details of a second proposal of 8-8.5% target earnings 2. To provide the details of that proposal via email to Committee members approximately one week in advance of the next meeting. Motion made by Thomas Quinley and seconded by Thomas Dawkins. Approved. Meeting adjourned at 1745. Respectfully Submitted, Thomas G. Quinley November 5, 2007  Attachment 1 City of Norwich Town Consolidated District Tax Collections Fiscal Year 2006-2007 July 35.28% August 15.70% September 1.43% October 1.83% November 1.13% December 7.17% January 27.82% February 5.65% March 1.31% April 0.63% May 0.91% June 1.14% 100.00%