Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting, November 19, 2007 The Volunteer Firefighters’ Relief Fund Committee held a special meeting on Monday, November 19, 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 Members absent were: Joseph Ruffo, Comptroller Richard Benoit called the meeting to order at 5:04 p.m. 2. Minutes: Minutes were deferred until the next meeting of the Relief Fund Committee. 3. Reports: Treasurer Report: Treasurer’s report for the period ending October 31, 2007, was reviewed. A motion for approval was made by Thomas Quinley, seconded by Donald Leary. Approved. 4. Communications: a. Mr. Benoit stated that he and Thomas Quinley were contacted by Mr. John Crooks regarding investment options for the Relief Fund. Mr. Benoit stated that Mr. Crooks had explained to Thomas Quinley and I (Richard Benoit) that based on the recent election results he (Mr. Crooks) would no longer be serving in the capacity of City Councilman. Therefore, he was offering to the Committee that he would be willing to provide investment management of the Relief Fund at no cost to the Committee. Mr. Benoit and Mr. Quinley believe that it is important that the Committee as a whole meet once again and discuss this proposal prior to entering into a formal agreement with Hooker & Holcombe. 5. Old Business: None 6. New Business a. Based on the above information it (Mr. Crooks’ offer) was then put to the Committee for general comment, discussion and recommendation. 1. Red McKeon stated that he believes that it is better to work with a local investment representative than one from out of the area, and he liked the idea of no cost. 2. Thomas Dawkins reminded the Committee that John Crooks would continue to be a Council member until December 4, 2007. 3. Joshua Pothier stated he could see both pro and con issues with both options, however Hooker & Holcombe are professional pension managers and he does not know how versed Mr. Crooks is in that particular field. 4. Brian Curtin stated he did not know what credentials Mr. Crooks possessed and it was difficult to review and assess his offer without a formal written proposal. 5. Frank Davis stated he did not really know how to evaluate the offer without John Crooks being present to answer questions and with no written proposal to review. 6. Joseph Kochanski stated that the proposed agreement with Hooker & Holcombe is expected to have an annual expense between $5,000 – 6,000. 7. Karen Mankowski asked, why this proposal is being offered now. Why was it not discussed earlier in the investment option phase of the process? Mr. Benoit responded that until Mr. Crooks lost the recent Council election, he could not make such an offer to the Relief Fund Committee. 8. Mr. Dawkins commented that if the Committee were to entertain an offer from Mr. Crooks, the Committee would have to have a written proposal. 9. Mr. Leary asked what is Mr. Crooks really offering. What are the investment options? Is there any knowledge of his track record? Has he worked with other plans similar to ours? 10. Mr. Quinley stated that at this time based on the uncertainties associated with Mr. Crooks’ offer, and with the existing City of Norwich ruling that ex-Council members cannot engage in any activities within 24 months of leaving office that would return them a profit, he would prefer to stay the course with Hooker & Holcombe. In addition, Mr. Quinley commented that he very much appreciated Mr. Crooks offer and thought as a minimum the Committee should follow-up with a thank-you letter to Mr. Crooks and keep the Committee’s communications and options for potential future business dealings open with Mr. Crooks.  b. Based on the above discussions, Mr. Benoit made a motion that the committee should stay the course with the Hooker & Holcombe proposal and at this time continue to move forward and avoid any potential appearance of a “conflict of interest” between the Committee and an outgoing City Council member. Motion seconded by Thomas Dawkins, approved unanimously. c. The next meeting will be on December 3, 2007 at 1700hrs. Motion to adjourn made by Donald Leary and seconded by Thomas Dawkins. Approved. Meeting adjourned at 1735. Respectfully Submitted, Thomas G. Quinley December 3, 2007