Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting 118 May 10, 2010 The Volunteer Firefighters’ Relief Fund Committee held its 118th meeting on Monday, May 10, 2010, at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut 1. Roll Call a. Members Present: Richard Benoit, Taftville Karen Mankowski, Occum Brigid Marks, City of Norwich Personnel Manager Brian Curtin, City Treasurer Joseph Kochanski, Laurel Hill Art Meizner, Hooker & Holcombe (guest) b. Members Absent: Joseph Ruffo, Comptroller Joshua Pothier, Assistant Comptroller Thomas Quinley, Yantic Red McKeon, Occum/Past Chairman Donald Leary, East Great Plain Frank Davis, Citizen Appointee Richard Benoit called the meeting to order at 5:01 p.m. 2. Minutes: Minutes were not available and will be reviewed at the next Committee meeting. 3. Treasurer’s Report – The Treasurer’s Report was provided by Joshua Pothier; reviewed by the Committee. A motion to accept the report as presented was made by Karen Mankowski, seconded by Joseph Kochanski. Approved. Suspension from normal agenda a. Art Meizner distributed the First Quarter Performance Report for discussion and review. He discussed the following with the Committee: i. Interest rates. ii. The employment rate is weak. iii. Consumer spending is starting to increase (refer to the chart in 1Q2010). iv. He inflation rate is on the increase. There will be a need to address this issue late in the year. v. The Volunteer Firefighters’ Relief Fund (VFRF) 50/50 diversified portfolio asset allocation is appropriate for today’s market. vi. The VFRF portfolio increased 3.25% for the first quarter of 2010. vii. The VFRF portfolio one-year increase was 36% from March 2009 to March 2010. b. Recommendations: i. None at this time  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting 118 May 10, 2010 ii. Possible recommendations for the future – (i) Move more money into Short Duration Bonds to offset the higher inflation rates. c. Richard Benoit discussed the Hooker & Holcombe Actuarial Valuation. Special mention was made to the “Cost Estimates for Proposed Changes to Plan Benefits” chart. This will be discussed at a future special meeting. d. Donald Leary’s letter regarding benefit changes was read. e. Brigid Marks distributed the “Summary of Benefits for Firefighters” and “Back to Work” as sample guides for the Committee to use as future Plan changes are discussed. 4. New Business a. Mr. Jeffrey Selvidio of East Great Plain Volunteer Fire Department, submitted a letter requesting refund of his contributions due to his moving out of the area. A motion made by Karen Mankowski to approve the refund for the appropriate amount as determined by Joshua Pothier, Assistant Comptroller. Seconded by Joseph Kochanski, approved. b. A special meeting will be held on Monday, May 24, 2010, at 5:00 p.m. to discuss plan changes and the Actuarial Valuation. A motion was made by Karen Mankowski to adjourn the meeting, seconded by Joseph Kochanski. Approved. Meeting adjourned at 5:37 p.m. Respectfully submitted, For: Joseph Kochanski Laurel Hill Representative