Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting, November 5, 2007 The Volunteer Firefighters’ Relief Fund Committee held a special meeting on Monday, November 5, 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 Joseph Kochanski, Laurel Hill Karen Mankowski, Occum Art Meizner, guest (Hooker & Holcombe) Members absent were: Joseph Ruffo, Comptroller Richard Benoit called the meeting to order at 5:03 p.m. 2. Minutes: Minutes from the October 1, 2007 special meeting were reviewed. Frank Davis made a motion for approval, Donald Leary seconded. Meeting minutes approved. 3. Reports: Treasurer Report: Treasurer’s report dated September 30, 2007, was reviewed. A motion for approval was made by Thomas Quinley, seconded by Thomas Dawkins. Approved. Thomas Quinley made a motion to move $25,000-30,000 from the checking account, as determined appropriate by the City Treasurer, to the State of Connecticut “STIF” account. Motion seconded by Donald Leary. Approved. 4. Communications: None 5. Old Business: a. Review of the Hooker & Holcombe proposal. Mr. Art Meizner presided over the review. 1. Mr. Meizner performed an overview of the Investment Proposal and a sample Asset Allocation Analysis Fund Selection Study. 2. Currently he is assessing the fund to be worth approximately $1,160,000.00.  3. Mr. Meizner is looking at a 7% return on investment versus most normal actuarials which would be looking to achieve 8% or higher. 4. The Asset Allocation will probably be based on a 50/50 mix, representing fixed income investments and equity investments. Art stated the he did not believe that the Fund need go much richer than a 45/55 mix. His goal is to reduce expenses and save the Relief Fund money. Art believes that the best portfolio can be achieved by maximizing I Shares and keeping expenses low. 5. The Committee reviewed primarily two (2) Asset Allocation models. Those based on 7% and 7.5%. Art believes that there is significant potential growth in Small Cap and Developed International markets. 6. Real Estate, in comparison, is recommended at 0% investment currently based on the volatility of the market. Mr. Meizner’s belief is that the Relief Fund should wait a year or more to invest in Real Estate Funds. b. Red McKeon excused himself from the Committee at 1750hrs and Mr. Davis excused himself at 1800hrs, both for prior commitments. c. The remaining Committee members reviewed the details and asked questions of the Investment Proposal and the Asset Allocation Analysis Fund Selection until 1820hrs. The Asset Allocation Models consisted of sample investment returns of 7.00%, 7.50%, 7.67%, 8.00%, and 8.20%. d. City Corporation Council, Attorney Driscoll, has provided a verbal O.K. to the Relief Fund Committee via Joshua Pothier/Thomas Dawkins to enter into an agreement with Hooker & Holcombe. Based on the above information, Thomas Quinley made the motion to move forward with entering into an agreement with Hooker & Holcombe for the purpose of providing investment service to the Volunteer Firefighters’ Relief Fund with an effective date of no earlier than December 1, 2007. Seconded by Thomas Dawkins, approved unanimously. 6. New Business None Motion to adjourn made by Thomas Quinley and seconded by Thomas Dawkins. Approved. Meeting adjourned at 1830. Respectfully Submitted, Thomas G. Quinley December 3, 2007