Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 124th Meeting February 13, 2012 The Volunteer Firefighters’ Relief Fund Committee held its 124th meeting on Monday, February 13, 2012, at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. Roll Call a. Members Present: Richard Benoit, Taftville Joshua Pothier, Assistant Comptroller Red McKeon, Occum/Past Chairman Donald Leary, East Great Plain Frank Davis, Citizen Appointee Thomas Quinley, Yantic Karen Mankowski, Occum Brigid Marks, City of Norwich Human Resources Art Meizner, Hooker & Holcombe (guest) b. Members Absent: Joseph Ruffo, Comptroller Brian Curtin, City Treasurer Joseph Kochanski, Laurel Hill Richard Benoit called the meeting to order at 5:04 p.m. 2. Minutes: The September meeting minutes were reviewed. Motion made to accept the meeting minutes by Joshua Pothier, seconded by Donald Leary. Approved. Mr. Benoit called on Mr. Art Meizner to report on the Volunteer Firefighters’ Relief Fund Financial Status. Art Meizner reported on the Funds 4th Quarter status, ending December 31, 2011:  Mr. Meizner reported that this quarter was a bit better than in the 3rd quarter.  Page 3: Illustrates last year’s picture. There was a good recovery in the 4th quarter.  Small Value was a reversal. When the risk was on, it was a good place to be.  If risk is off you want stable investments.  Year ended up with approximately 2% for S&P.  Time to be in US Bonds versus International.  Page 4: Choppy market since 1997.  Price Earnings Ratio, cheap (stocks are cheap).  Earnings went up.  Page 5: End of the last quarter we made up our losses for the year and had 3.25-3.5% growth.  Page 6: Profits are high and earnings are up. Stock prices remain relatively cheap.  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 124th Meeting February 13, 2012  Inventories continue to be depleted without replenishment or hiring.  Page 7: Unemployment rate currently 8.6%.  We expect to see unemployment decrease to 8% by the end of the year.  A major default by Greece or similar event could likely shock the markets.  Page 8: Housing.  Homes are cheaper than renting.  Banks make it tough to refinance.  Page 9: Interest rates.  10-year Treasury Notes are paying out less than 2%.  The VFFRF Portfolio has 5% in Money Market Funds.  Recommend moving 4% to Bonds.  Page 10: GDP growth to Net Debt to GDP Ratio.  We want the circle to be in the upper left quadrant.  The desired move is to the upper left quadrant, with circles getting smaller.  Page 14: The Portfolio/Fund has a little too much cash at the present time.  Need to promote Fund growth.  Russell Strategic Bond – move 4% cash to this bond fund. Currently at we are at 7%, suggest that it increase to 11%.  Page 15: Quarter to Date.  The Portfolio has increased almost 5.5%.  The Portfolio has increased 11.2% over the past 3 years.  Page 16: January 1, 2012 to February 7, 2012, the Portfolio has increased 5.35%.  Page 17: Increased 2.82%  Page 18: The life of the Portfolio has seen an increase of 3.36%. It has increased 13.93% for the past 3.95 years.  Page 21: Most of the Portfolio’s money is in Russell.  Blended returns are 11.2%.  For the quarter, a static snapshot, the portfolio is up 5.33%.  Page 22: Quarter to Date through February 7, 2012  Funds did well, up 5.33%.  Russell Strategic Bonds projected earnings target for the 2012 year is 4%.  Motion made by Thomas Quinley to move 4% from Money Market Account to Russell Strategic Bond Fund, maintaining the Fund’s overall 50/50 balance. Seconded by Joshua Pothier. Approved.  This fund will increase from 4% to a cap of 11%. Mr. Meizner concluded his review at 5:40 p.m. He will be attending the May 14th meeting. 3. Treasurer’s Report – The Treasurer’s Report was reviewed. A motion to accept the report as presented was made by Thomas Quinley, seconded by Frank Davis. Approved. 4. New Business  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 124th Meeting February 13, 2012 a. Timely payments – A discussion was held related to timely transfer of monies for payments into the VFFRF for members completing the most recent Year of Service. i. In order to more efficiently update Departmental and City of Norwich documentation associated with pension payment adjustments and tax abatement rosters, a due date must be established. ii. Going forward, the Relief Fund Committee agreed that all payments for a Year of Service shall be due to the Fire Companies’ Representatives on or before January 15th of the following year (i.e. The qualifying Year of Service is 2012, the payment shall be due by January 15, 2013). iii. A motion was made by Thomas Quinley to require that all members’ payments for a qualified service year shall be made by January 15th of the ensuing year, seconded by Donald Leary. Unanimously approved. b. New Members: i. East Great Plain – presented 4 new member applications for review: 1. Beth A. Brevik 2. Erik L. Brevik 3. Paul Rafuse 4. Andre Rosedale ii. Taftville: Mr. Benoit presented on new member whose application had been given to Mr. Pothier prior to the meeting. 1. Costa Konstantindis iii. Motion to accept new members made by Thomas Quinley, seconded by Frank Davis. Accepted. c. Taftville: i. Mr. Benoit provided Mr. Pothier the Date of Birth information requested for Taftville member(s). ii. Mr. Benoit reported that one member, Jim Milhomme, paid for the year but lacked training hours. Thomas Quinley made a motion to refund Mr. Milhomme’s payment of $216.00, seconded by Frank Davis. Approved. d. Occum: i. Occum member Dennis Brennan is requesting to be withdrawn from the VFFRF Pension Plan. 1. Thomas Quinley made a motion that accepts Mr. Brennan’s request for withdrawal. Refund payment will be based on the Comptroller’s verification of deposits/payments into the Plan for Mr. Brennan. Seconded by Frank Davis. Approved. ii. Karen Mankowski stated that one Occum Member, Robert Riley, had his check misplaced within the Occum Fire Station. 1. The check has just been located. 2. Karen confirmed that Mr. Riley met all the qualifications for payment into the plan for the year.  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 124th Meeting February 13, 2012 3. Karen inquired whether the Committee would accept this late payment. 4. Thomas Quinley made a motion to accept Mr. Riley’s payment, seconded by Brigid Marks. Approved. e. Yantic: Mr. Quinley provided Mr. Pothier with the requested information regarding several Yantic members: i. Social Security Number for Cliff Bartiss. ii. Date of Birth for Elaine Flaherty. iii. Eric Conley’s completed Application for Membership remains incomplete. 1. Mr. Conley has been notified to complete both the Application for Membership and the Beneficiary forms and return the completed, signed forms to Thomas Quinley or Joshua Pothier. f. Officers: Election of Officers – Donald Leary made a motion to continue for the year 2012 with the same slate of officers, seconded by Karen Mankowski. Approved. i. Richard Benoit, Chair ii. Brigid Marks, Co-Chair iii. Thomas Quinley, Secretary iv. Joshua Pothier, Treasurer A motion was made by Frank Davis to adjourn the meeting, seconded by Thomas Quinley. Approved. Meeting adjourned at 1758 hrs. Respectfully submitted, Thomas G. Quinley Secretary  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 124th Meeting February 13, 2012