Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting 116 December 14, 2009 The Volunteer Firefighters’ Relief Fund Committee held its 116th meeting on Monday, December 14, 2009, at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. Roll Call Members present were: Richard Benoit, Taftville Karen Mankowski, Occum Joshua Pothier, Assistant Comptroller Thomas Quinley, Yantic Red McKeon, Occum/Past Chairman Brian Curtin, City Treasurer Joseph Kochanski, Laurel Hill Donald Leary, East Great Plain Frank Davis, Citizen Appointee Art Meizner, H&H (Guest) Members absent were: Brigid Marks, City of Norwich Personnel Manager Joseph Ruffo, Comptroller Richard Benoit called the meeting to order at 5:03 p.m. 2. Minutes: A correction to the September meeting minutes – Thomas Dawkins is no longer a member of the Committee and not present at September’s meeting, having retired from the City of Norwich. A motion was made by Donald Leary to accept the minutes with correction, seconded by Karen Mankowski. Approved. 3. Reports: Treasurer’s Report – Josh Pothier submitted a one page report. A motion was made by Red McKeon to accept the Treasurer’s Report as presented, seconded by Donald Leary. Approved. Motion to suspend the regular agenda made by Thomas Quinley, seconded by Joseph Kochanski. Approved. Art Meizner from Hooker & Holcombe recapped the Relief Fund’s Quarterly Performance Report for the third quarter of 2009. Page 3: Closed at approximately 1050-1080. The Market’s ascent has slowed. Page 4: -The S&P Index is down 9% but over all up 56% from the Market’s March low. -Unemployment 9.8% is trending higher, post-WWII high, December 1982 – 10.8%. -End of this quarter; recession is over. Retail sales have risen 1%+, the economy is starting to see growth. Inventories have not been depleted. -Uncorrected unemployment approximately 18%. -Slow recovery. Page 5: Year-to-Date Capital Market Returns.  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting 116 December 14, 2009 Page 6: Lower quality firms did better in 2009. Page 7: High yield up 51.7%. Page 8: High yield bonds decreasing returns. Page 9: The dollar weakened, but is now starting to strengthen. Page 10: GDP growth is starting to correct and rise. Page 11: Employment – more dropping off, less claims. Weaker recovery as compared to the early 1980’s. Retail sales are up in the last 6 of 7 months. Page 12: N/A Page 13: Movement to cash did not pay. Continues to be negative for 02/08, approximately -2% Page 15: 18% in International, asset review. Page 16: Portfolio up 12% this quarter. YTD – up 20.5%+. Page 17: 1 year total increase of 21.44%, which is down 2.6% from the start. Page 18: Rates of return – international up 39%; fixed up 15.87% for bonds. Page21/22: Comparison of portfolio to benchmark – the Fund is tracking well. The Activity Managed Funds are doing better. U.S. Quantitative Equity is not doing so well. Funds are doing a good job. Page 23: YTD – up 22.32%. Funds continue to out perform the benchmarks. No recommendations to change at this time. Two alternative funds for consideration – TIPS (Treasury Inflation Protection) ƒ PIMCO. Consider implementing at next meeting. Maybe transfer 4% from other bond funds. ƒ T. Rowe Price New Era – allocate 2% for stock protection is a potential future recommendation. Maybe down the road allocate up to 6-8%. The next regularly scheduled Relief Fund financial review will be at the second Monday of February 2010. Mr. Meizner concluded his presentation at 1746hrs.  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting 116 December 14, 2009 Josh Pothier made an appeal for direct deposit. ƒ Currently 75% payouts are by checks. ƒ Direct deposit is immediate and will reduce Fund expenses. ƒ Each department will work on conversion in the 1st quarter 2010. Motion made by Thomas Quinley to accept this recommendation, seconded by Donald Leary. Approved. Motion made to return to the regular agenda by Thomas Quinley, seconded by Joseph Kochanski. Approved. 4. Old Business: None 5. New Business: a. Richard Benoit of Taftville, request for benefits payable to Charles Miclette. Retroactive to October 15, 2009, 28 years of service. Motion made by Thomas Quinley to accept, seconded by Donald Leary. Approved. b. Red McKeon – paperwork presentation of service years - 1995-1998. He was not active as of 2000 and is not eligible to purchase additional years of service. The Chair requests records from day one for re-review. Richard Benoit will report the findings at next meeting. Red how many years are you being paid for? $240.00 – 30 years at $8/yr. c. Re-review for Occum retirees was completed satisfactory by the Comptrollers office. No open issues were identified. d. Ed Martin will be filling in for Joseph Kochanski in January and February. New member is expected to be brought up for approval at the next meeting by Laurel Hill, cost $180.00 Mr. Quinley made a motion to adjourn, seconded by Frank Davis. Approved. Meeting adjourned at 1807 hrs. Respectfully Submitted, Thomas G Quinley, Secretary  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting 116 December 14, 2009